Fluktuasi Harga Saham Batu Bara: Peran Faktor Spesifik dan Makroekonomi
DOI:
https://doi.org/10.22219/jaa.v5i3.21065Keywords:
Debt to Earning Ratio, Earning Per Share, Inflation, Product Domestic Bruto, Return on AssetsAbstract
This study aims to analyze the effect of specific faktor (profitability, leverage, EPS) and makroeconomic factor (inflation , PDB) on the variable stock price. Using the financial reports of mining companies in the coal company, we take specific factor data (profitability/ROA, leverage/DER), EPS), Macroeconomic factor (Inflation, PDB) and stock price (closing price) from 10 companies, which were selected as samples, from 2011 to 2020. Data was analyzed using the Regression analysis panel data method. The results show that ROA, DER, EPS, Inflation, PDB affect changes in stock prices. The implication of this research is to provide knowledge to investors about the importance of knowing the company’s financial performance. Companies with good financial performance will easily develop because there are sufficient funds for company operations. By analyzing financial ratios, investors can get signals to decide whether to invest in the company they want.
Downloads
References
Akbar, M. 2020. Pengaruh Inflasi, Kurs Dan Pertumbuhan Ekonomi Terhadap Return Saham Pada Perusahaan Sektor Pertambangan Yang Terdaftar Di Bursa Efek Indonesia. 64(2), 204–207.
Ananda, Mochammad Hanif Admiral, and Dewi Urip Wahyuni. 2019. “Pengaruh CR, DER Dan NPM Terhadap Harga Saham Perbankan Yang Tergabung Dalam Indeks LQ45.” Jurnal Ilmu dan Riset Manajemen (cr, der, dan npm): 1–16.
Andamari, R. J. B. I., Rahayu, C. W. E., dan Yulita, I. K. 2021. The Influence of Earning Per Share, Price Earnings Ratio, and Price to Book Value toward Price of Stok of Coal Mining Companies Listed in the Indonesia Stock Exchange During 2014-2018. Journal of Management and Business Environment (JMBE), 3(1), 32. https://doi.org/10.24167/jmbe.v3i1.3338
Antono, Z. M., Jaharadak, A. A., dan Khatibi, A. A. 2019. Analysis of factors affecting stock prices in mining sector: Evidence from Indonesia Stock Exchange. Management Science Letters, 9(10), 1701–1710. https://doi.org/10.5267/j.msl.2019.5.018
Arenggaraya, K. 2020. Pengaruh Faktor Internal dan Faktor Eksternal Terhadap Harga Saham Perusahaan Sektor Pertambangan di ISSI The influence of internal and external factors towards the stock prices of mining sector companies in ISSI. 1(1), 200–213.
Asmirantho, Edhi, and Oktiviani Kusumah Somantri. 2017. “The Effect of Financial Performance on Stock Price At Pharmaceutical Sub-Sector Company Listed in Indonesia Stock Exchange.” JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi) 3(2): 94–107.
Atika Rahmi, Muhammad Arfan Dan Jalaluddin.2013. Pengaruh faktor – faktor fundamental dan resiko sistematik terhadap harga saham ( studi pada perusahaan manufaktur yang terdaftar di Bursa). Jurnal Akuntansi ISSN 2302-0164 Pascasarjana Universitas Syiah Kuala Volume 2, No. 2
Bertuah, Eka, and Indra Sakti. 2019. “The Financial Performance and Macroeconomic Factors in Forming Stock Return.” Jurnal Riset Manajemen dan Bisnis (JRMB) 4(1): 511–22. https://jrmb.ejournal-feuniat.net/index.php/JRMB/article/view/321.
Chiarella, Carl, and Shenhuai Gao. 2004. “The Value of the S&P 500—A Macro View of the Stock Market Adjustment Process.” Global Finance Journal 15(2): 171–96. https://www.sciencedirect.com/science/article/pii/S104402830400050X.
Dedali, S. H. 2019. Analisis Pengaruh Corporate Social Responsibility Dan Variabel Makro Ekonomi Terhadap Kinerja Keuangan Dan Harga Saham
Dewi, Sari Puspita, and Rahmat Hidayat. 2019. “Pengaruh Net Profit Margin Dan Return on Assets Terhadap Harga Saham Pada Perusahaan Otomotif Yang Terdaftar Di Bursa Efek Indonesia.” Jurnal Ilman: Jurnal Ilmu Manajemen 1(1).
Fama, Eugene F, and Kenneth R French. 1998. “Taxes, Financing Decisions, and Firm Value.” The Journal of Finance 53(3): 819–43. https://onlinelibrary.wiley.com/doi/abs/10.1111/0022-1082.00036.
Gursida, H. 2017. The Influence of Finance and Macroeconomic Variables on Stock Price. Jurnal Terapan Manajemen Dan Bisnis, 3(2), 222-234 ISSN 2477-5282.
Hanie, U. P., & Saifi, M. (2018). Pengaruh Rasio Likuiditas Dan Rasio Leverage Terhadap Harga Saham Studi Pada Perusahaan Indeks LQ45 Periode 2014-2016. Jurnal Administrasi Bisnis, 58(1), 95- 102.
Idawati, W., dan Wahyudi, A. 2015. Effect of Earning Per Share (EPS) and Return On Assets (ROA) Against Share Price on Coal Mining Company Listed in Indonesia Stocks Exchange. Journal of Resource Development and Management, 7(January), 79–92.
Indah Kurnia, Rista. 2018. “Harga Saham Yang Dipengaruhi Oleh Likuiditas Dan Rasio Hutang Terhadap Modal (Survei Pada Perusahaan Properti, Real Estate Dan Konstruksi Bangunan Sub Sektor Konstruksi Bangunan Yang Terdaftar Di Bursa Efek Indonesia Periode 2012-2016).
Hooker, Mark A. 2004. “Macroeconomic Factors and Emerging Market Equity Returns: A Bayesian Model Selection Approach.” Emerging Markets Review 5(4): 379–87. https://www.sciencedirect.com/science/article/pii/S1566014104000494.
Jiwandono, Teguh. 2014. “Analisis Faktor Fundamental Terhadap Harga Saham Sektor Perbankan Yang Go Public Di Indeks Kompas 100.” Jurnal Ilmu Manajemen 2(3): 783–94.
Juwita, Anita, and Putu Aditya Pratama. 2022. “The Influence of Liquidity, Profitability, Solvency and Stock Prices on Stock Liquidity Lq 45.” Journal of Applied Finance & Accounting 9(1): 53–63.
Kewal, Suramaya Suci. 2012. “Pengaruh Inflasi, Suku Bunga, Kurs, Dan Pertumbuhan PDB Terhadap Indeks Harga Saham Gabungan.” Jurnal economia 8(1): 53–64.
Kinasih, Hayu Wikan, and Rizza Hardiyanti Rukmana. 2021. “Dampak Nilai Tukar Rupiah Terhadap Harga Saham Yang Dimoderasi Oleh Pertambahan Kasus Covid 19 Di Indonesia.” Jurnal Akademi Akuntansi 4(1): 50–55.
Kamar, K. 2017. Analysis of the Effect of Return on Equity (Roe) and Debt to Equity Ratio (Der) On Stock Price on Cement Industry Listed In Indonesia Stock Exchange (Idx) In the Year of 2011-2015. IOSR Journal of Business and Management, 19(05), 66–76. https://doi.org/10.9790/487x-1905036676
Kinasih, H.K., dan Rukmana, R.H. (2021). Dampak Nilai Tukar Rupiah Terhadap Harga Saham yang dimoderasi oleh Peningkatan Kasus Covid 19 di Indonesia. Jurnal Akademi Akuntansi, vol 4 no 1, p. 50-55. DOI: 10.22219/jaa.v4i1.15557
Kusuma, P. J., Hartoyo, S., dan Sasongko, H. 2018. Analysis of Factors that Influence Dividend Payout Ratio of Coal Companies in Indonesia Stock Exchange. Jurnal Dinamika Manajemen, 9(2), 189–197. https://doi.org/10.15294/jdm.v9i2.16417
Mogonta, K., dan Pandowo, M. 2016. Analyzing the Effect of Return on Assets, Return on Equity and Earnings Per Share on Market Share Price: a Study of Lq-45 Mining Companies Listed on Indonesia Stock Exchange. Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 4(2), 703–713.
Nababan, L. U. 2019. Penerapan Model Regresi Data Panel Pada Analisis Harga Saham Perusahaan Batubara. Akuntabel, 16(1), 81–97.
Novasari, E. 2013. Pengaruh Per, Eps, Roa Dan Der Terhadap Harga Saham Perusahaan Sub-Sektor Industri Textile Yang Go Public Di Bursa Efek Indonesia (Bei) Tahun 2009-2011. In Development (Vol. 134, Issue 4).
Oktavia, Irene, and Kevin Genjar. 2019. “FAKTOR-FAKTOR YANG MEMPENGARUHI HARGA SAHAM.” Jurnal Riset Akuntansi Multiparadigma 6(1): 29–39.
Panuntas, A. P., Nazar, M. R., & Zultilisna, D. (2018). Pengaruh Net Profit Margin, Return On Equity, Dan Earning Per Share Terhadap Harga Saham (Studi Empiris Pada Perusahaan Property & Real Estate Yang Terdaftar Di Bursa Efek Indonesia 2013-2016). eProceedings of Management, 5(1).
P, Ratna Cinthia A., Anita Wijayanti, and Endang Masitoh. 2019. “Pengaruh Likuiditas, Profitabilitas, Solvabilitas, Dan Ukuran Perusahaan Terhadap Harga Saham Perusahaan Industri Barang Konsumsi Di Bursa Efek Indonesia.” Jurnal Ekonomi: 373–80.
Pratama, A., & Erawati, T. (2014). Pengaruh current ratio, debt to equity ratio, return on equity, net profit margin dan earning per share terhadap harga saham (study kasus pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia periode 2008-2011). Jurnal akuntansi, 2(1), 1-10.
Purnamawati, I Gusti Ayu, and Desak Nyoman Sri Werastuti. 2013. “Faktor Fundamental Ekonomi Makro Terhadap Harga Saham LQ45.” Jurnal Keuangan dan Perbankan 17(2): 211–19. http://jurnal.unmer.ac.id/index.php/jkdp/article/view/740/402.
Pyranka et al. 2014. “Rasio Keuangan Pengaruhnya Terhadap Harga Saham Pada Bank Umum Swasta Nasional Devisa Yang Go Public Di Bursa Efek Indonesia
Rakasetya, G. 2013. “Pengaruh Faktor Mikro Dan Faktor Makro Ekonomi Terhadap Harga Saham Perusahaan Mining and Mining Services Yang Terdaftar Di Bursa Efek Indonesia (Bei) Periode 2008-2011.” Jurnal Administrasi Bisnis S1 Universitas Brawijaya 6(2): 77871
Raharjo, D., & Muid, D. (2013). Analisis Pengaruh Faktor-Faktor Fundamental Rasio Keuangan Terhadap Perubahan Harga Saham. Diponegoro Journal of Accounting, 444-454.
Ramdhani, Idris, and Rachma Zannati. 2018. “Pengaruh Profitabilitas, Likuiditas, Solvabilitas Terhadap Harga Saham.” Jurnal Manajemen Strategi dan Aplikasi Bisnis 1(2): 59–68
Rini Dwiastutiningsih, F. A. 2012. Analisis Harga Saham Sektor Pertambangan Batubara Di Bursa Efek Indonesia Periode 2008-2011 Dengan Analisis Fundamental Dan Teknikal. UG Jurnal, 6(10), 5–10.
Sangkyun, P., 1997. Rationality of negative Stock Price Responses to Strong Economics Activity. Journal Financial Analyst. Sept/Oct 1997. Hal. 35-43
Saprudin, Saprudin. 2019. “Pengaruh Kepemilikan Manajerial, Leverage Dan Profitabilitas Terhadap Harga Saham Perusahaan Manufaktur.” Journal of Information System, Applied, Management, Accounting and Research 3(3): 19–26
Saputra, Indra, Veny Veny, and Sekar Mayangsari. 2019. “Pengaruh Rasio Keuangan, Aksi Korporasi Dan Faktor Fundamental Ekonomi Makro Terhadap Harga Saham.” Jurnal Magister Akuntansi Trisakti 5(1): 89–114
Sebastian, P. E. 2017. Pengaruh Inflasi, Suku Bunga, Nilai Tukar dan GDP terhadap Harga Saham Subsektor Otomotif dan Komponen. 2, 1–16. Setiawan, A., & Sumantri, M. B. A. (2020). The Effect of Return On Asset (ROA), Debt to Equity Ratio (DER), and Earning Per Share (EPS) on Stock Prices in the Mining Sector on the Indonesia Stock Exchange for the 2015-2019 Period. Technium, 2(7), 324–335. https://www.cnbcindonesia.com
Sholihah, R. M. 2018. PDB dan kinerja lingkungan terhadap harga saham Syariah sektor pertambangan yang tergabung dalam Indeks Saham Syariah Indonesia (ISSI)(periode 2013 http://etheses.uin-malang.ac.id/12749/
Sholichah, Fatmawati et al. 2021. “The Effects of Profitability and Solvability on Stock Prices: Empirical Evidence from Indonesia.” Journal of Asian Finance, Economics and Business 8(3): 885–94
Sivilianto, H., dan Endri, E. (2019). Determinants of external and internal stock price of coal mining subsector companies period 2005-2017. Scholars Bulletin, 9771, 162–168. https://doi.org/10.21276/sb.2019.5.4.5
Susilawati, Christine Dwi Karya. 2012. “Analisis Perbandingan Pengaruh Likuiditas , Solvabilitas , Dan Profitabilitas Terhadap Harga Saham Pada Perusahaan LQ 45.” Jurnal Akuntansi 4(2): 165–74. http://majour.maranatha.edu/.
Sutomo, S., Wahyudi, S., Pangestuti, I. R. D., dan Muharam, H. 2020. The determinants of capital structure in coal mining industry on the Indonesia Stock Exchange. Investment Management and Financial Innovations, 17(1), 165–174. https://doi.org/10.21511/imfi.17(1).2020.15
Suyatna, Oggi Bagus, and Mohamad Rafky Nazar. 2015. “Pengaruh Return on Equity, Pertumbuhan Penjualan, Deviden, Dan Inflasi Terhadap Harga Saham Pada Perusahaan Food and Beverage (Studi Empiris Di BEI 2009-2013).” e-proceeding of Management 2(2): 1722–35.
Tandelilin, Eduardus. 2017. “Pasar Modal Manajemen Portofolio & Investasi.” Yogyakarta: PT Kanisius.
Utomo, Wahyu Pambudi, and Ulil Hartono. 2014. “Pengaruh Faktor Fundamental Eksternal Dan Internalterhadap Perubahan Harga Saham Perusahaan Sektor Pertambangan.” Jurnal Ilmu Manajemen 2.
Zuhroh, I. (2020). How Banking Stock Prices Respond to Gross Domestic Products, Exchange Rate, and Inflation: An Empirical Study in Indonesia and Hong Kong Stock Exchanges. Jurnal Reviu Akuntansi dan Keuangan, vol 10 no 1, p. 64-78. DOI: 10.22219/jrak.v10i1.10539
Downloads
Published
Issue
Section
License
Copyright (c) 2022 Ummi Khusnul Habibah, Idah Zuhroh, Dhurotus Sangadah
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Jurnal Akademi Akuntansi is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
Jurnal Akademi Akuntansi dilisensikan di bawah lisensi Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International.
Penulis yang menerbitkan artikel di jurnal ini menyetujui ketentuan berikut:
- Penulis mempertahankan hak cipta dan memberikan hak jurnal atas publikasi pertama dengan karya yang secara serentak dilisensikan di bawah Lisensi Pengaitan Creative Commons yang memungkinkan orang lain untuk berbagi karya dengan pengakuan atas karya penulis dan publikasi awal dalam jurnal ini.
- Penulis dapat masuk ke dalam pengaturan kontrak tambahan yang terpisah untuk distribusi non-eksklusif versi karya jurnal yang diterbitkan (misalnya, mempostingnya ke repositori institusional atau mempublikasikannya dalam sebuah buku), dengan pengakuan publikasi awalnya di jurnal ini.
- Penulis diizinkan dan didorong untuk memposting pekerjaan mereka secara online (misalnya, di repositori institusional atau di situs web mereka) sebelum dan selama proses pengajuan, karena dapat mengarah pada pertukaran produktif, serta kutipan pekerjaan sebelumnya dan yang lebih besar (Lihat Pengaruh Akses Terbuka).