PENGARUH FINANCIAL DISTRESS, FIRM SIZE, LIKUIDITAS, DAN PRICE TO CASH FLOW FROM OPERATING ACTIVITIES TERHADAP RETURN SAHAM
DOI:
https://doi.org/10.51903/kompak.v17i1.1762Keywords:
stock returns, financial distress, firm size, liquidity, price to cash flow from operating activitiesAbstract
Stock returns are generated by investors from buying and selling activities of the stocks they own. The generated return is determined by the increase or decrease in the stock prices. These prices are formed by the fundamental performance of the company. The purpose of this research is to examine the influence of factors such as financial distress, firm size, liquidity, and price to cash flow from operating activities on stock return. This study was conducted on transportation and logistics companies during the period of 2019-2022. A total of 22 companies were selected as samples for this research, using purposive sampling method and obtaining 88 relevant research data. The relationship between the dependent variable and independent variables was analyzed using multiple linear regression. The hypothesis test showed that the variable of financial distress, analyzed using the Zmijewski method, did not have any significant influence on stock return. Firm size, measured by total assets, was also not found to have a significant impact on stock return. The analysis of liquidity using the current ratio did not find a significant influence on stock return. However, price to cash flow from operating activities showed a significant and positive influence on stock return. This factor can be taken into consideration by investors and potential investors when analyzing the financial fundamentals of transportation and logistics companies before investing, as it has an impact on stock return.
References
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Andari, A. T., & Bakhtiar, Y. (2019). Pengaruh Price Cash Flow Ratio (PCFR) dan Price Sales Ratio (PSR) pada Return Saham. Owner, 3(2), 184. https://doi.org/10.33395/owner.v3i2.158
Ardiansyah, J. (2020). Pengaruh Perubahan Laba Akuntansi , Arus Kas Operasi, Arus Kas Investasi Dan Arus Kas Pendanaan Terhadap Return Saham. Jurnal Ilmiah Keuangan Dan Perbankan, 3(2), 111–127.
Bangun, N., Feren, Santoso, L., & Wijaya, H. (2020). Pengaruh Interest Rate, Investor Sentiment, Financial Distress Terhadap Stock Return. Jurnal Bina Akuntansi, 7(1), 80–106. https://doi.org/10.52859/jba.v7i1.75
Chabachib, M., Setyaningrum, I., Hersugondo, H., Shaferi, I., & Pamungkas, I. D. (2020). Does financial performance matter? Evidence on the impact of liquidity and firm size on stock return in Indonesia. International Journal of Financial Research, 11(4), 546–555. https://doi.org/10.5430/ijfr.v11n4p546
Chandra, A. A., & Darmayanti, N. P. A. (2022). Pengaruh Profitabilitas, Likuiditas, Penilaian Pasar, Dan Ukuran Perusahaan Terhadap Return Saham. E-Jurnal Manajemen, 11(2), 358–377. https://doi.org/10.24843/ejmunud.2022.v11.i02.p08
Chandra, T., Junaedi, A. T., Wijaya, E., Suharti, S., Mimelientesa, I., & Ng, M. (2019). The effect of capital structure on profitability and stock returns Empirical analysis of firms listed in Kompas 100. Journal of Chinese Economic and Foreign Trade Studies, 12(2), 74–89. https://doi.org/10.1108/jcefts-11-2018-0042
Chasanah, N., & Sucipto, A. (2019). Liquidity Ratio, Profitability, And Solvency On Stock Returns With Capital Structure As An Intervening Variable (Study On Food And Beverage Sub Sector Listed In Indonesia Stock Exchange (Idx) Period 2013-2017). Ekspektra : Jurnal Bisnis Dan Manajemen, 3, 52–68. https://doi.org/10.25139/ekt.v3i1.1476
Destriwanti, O., Sintha, L., Bertuah, E., & Munandar, A. (2022). Analyzing the impact of Good Corporate Governance and Financial Performance on predicting Financial Distress using the modified Altman Z Score model. American International Journal of Business Management (AIJBM), 5(02), 27–36.
Dewi, N. L. P. S. U., & Sudiartha, i G. M. (2019). Pengaruh Profitabilitas, Likuiditas, Leverage, Dan Ukuran Perusahaan Terhadap Return Saham Pada Perusahaan Food and Beverage. E-Jurnal Manajemen Universitas Udayana, 8(2), 7892–7921. https://doi.org/10.24843/ejmunud.2019.v08.i02.p13
Ernawati, Y., & Purwaningsih, E. (2022). Pengaruh Total Arus Kas, Debt To Equity Ratio dan Return On Assets Terhadap Harga Saham. Jurnal Ilmiah MEA (Manajemen, Ekonomi Dan Akuntansi), 6(2), 1708–1726.
Fachrudin, K. A., & Ihsan, M. F. (2021). The effect of financial distress probability, firm size and liquidity on stock return of energy users companies in Indonesia. International Journal of Energy Economics and Policy, 11(3), 296–300. https://doi.org/10.32479/ijeep.10677
Farhan, M., & Sharif, S. (2021). The Effect of Size on Stock Returns in an Emerging Financial Exchange. City University Research Journal, 11(4), 551–564. http://cusitjournals.com/index.php/CURJ
Fathihani, Randyantini, V., Saputri, I. P., & Wijayanti, F. A. K. (2023). Pengaruh Pengungkapan Corporate Social Responsibility, Struktur Modal, dan Financial Distress terhadap Return Saham Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2017-2021. Jurnal Samudra Ekonomi Dan Bisnis, 14(1), 15–24. https://doi.org/10.33059/jseb.v14i1.6046
Fredrick, I. (2019). Firm specific determinants of financial distress: Empirical evidence from Nigeria. Journal of Accounting and Taxation, 11(3), 49–56. https://doi.org/10.5897/jat2019.0333
Gantino, R., & Jonathan, I. (2020). Pengaruh Hasil Altman Z-Score, Springate, Dan Zmijewski Sebagai Alat Prediksi Kebangkrutan (Financial Distress) Terhadap Harga Saham (Studi Empiris Perusahaan Property & Real Estate dan Food and Beverages yang Terdaftar di Bursa Efek Indonesia Periode 2014. Jurnal Ratri (Riset Akuntansi Tridinanti), 1(2), 121–144. http://univ-tridinanti.ac.id/ejournal/index.php/ratri/article/view/693
Hisar, R., Suharna, J., & Amiruddin, A. (2021). Pengaruh ROA Dan DER , Terhadap Return Saham Pada Perusahaan Manufaktur di BEI Yang Go Publik. Forum Ilmiah, 18(2), 178–189. https://digilib.esaunggul.ac.id/public/UEU-Journal-20798-11_1700.pdf
Irfani, A. S. (2020). Manajemen Keuangan dan Bisnis Teori dan Aplikasi (Bernadine (ed.)). PT Gramedia Pustaka Utama.
Isayas, Y. N. (2021). Financial distress and its determinants: Evidence from insurance companies in Ethiopia. Cogent Business and Management, 8(1), 1–17. https://doi.org/10.1080/23311975.2021.1951110
Jermsittiparsert, K., Ambarita, D. E., Mihardjo, L. W. ., & Ghani, E. K. (2019). Risk-Return Through Financial Ratios as Determinants of Stock Price: A Study from ASEAN Region. Journal of Security and Suatainability Issues, 9(1), 199–210. https://doi.org/http://doi.org/10.9770/jssi.2019.9.1(15)
Jogiyanto, H. (2015). Teori Portofolio dan Analisis Investasi (Edisi Kesepuluh). BPFE Yogyakarta.
Karimah, I. M., & Mahroji, M. (2023). Pengaruh struktur modal,ukuran perusahaan, likuiditas dan pertumbuhan penjualan terhadap profitabilitas. Journal of Advances in Digital Business and Entrepreneurship, 02(02), 33–50.
Karnawati, Y., & Wahyuningsih, D. (2023). Faktor-Faktor Yang Berpengaruh Terhadap Harga Saham. Journal Advancement Center for Finance and Accounting, 03(01), 107–124. http://journal.jacfa.id
Kasmir. (2019). Analisis Laporan Keuangan (Edisi Revisi). Rajawali Pers.
Kewal, S. S., Vallentliy, & Anggraini, S. (2020). Pengaruh Financial Distress Terhadap Return Saham (Studi Pada Perusahaan Subsektor Batubara Di Bursa Efek Indonesia). Jurnal Keuangan Dan Bisnis, 18(2), 65–83. https://doi.org/10.32524/jkb.v18i2.66
Kisman, Z., & Krisandi, D. (2019). How to Predict Financial Distress in the Wholesale Sector: Lesson from Indonesian Stock Exchange. Journal of Economics and Business, 2(3), 569–585. https://doi.org/10.31014/aior.1992.02.03.109
Lesmana, H., Erawati, W., Mubarok, H., & Suryanti, E. (2021). Pengaruh Likuiditas dan Ukuran Perusahaan terhadap Return Saham pada Perusahaan Manufaktur Sub Sektor Makanan dan Minuman. Moneter - Jurnal Akuntansi Dan Keuangan, 8(1), 25–31. https://doi.org/10.31294/moneter.v8i1.9077
Mardiana, L., Nurastuti, P., & Rakhmat, A. (2023). Pengaruh Free Cash Flow, Firm Size, Dan Market Value Added (MVA) Terhadap Return Saham. Management Studies and Entrepreneurship Journal, 4(3), 2950–2959.
Ningsih, W. W., & Maharani, N. K. (2022). Pengaruh Kebijakan Dividen, Return on Asset Dan Return on Equity Terhadap Return Saham. PAPATUNG: Jurnal Ilmu Administrasi Publik, Pemerintahan Dan Politik, 5(1), 60–69. https://doi.org/10.54783/japp.v5i1.509
Nursita, M. (2021). Pengaruh Laba Akuntansi, Arus Kas Operasi, Arus Kas Investasi, Arus Kas Pendanaan, Dan Ukuran Perusahaan Terhadap Return Saham. Going Concern : Jurnal Riset Akuntansi, 16(1), 1. https://doi.org/10.32400/gc.16.1.32435.2021
Ojimba, F., Okege, T. o., & Ifurueze, M. S. (2021). Cash Flow Activities and Stock Returns : Evidence from Nigerian Consumer Goods Firms. International Journal of Trend in Scientific Research and Development, 5(6), 1259–1266.
Ompusunggu, H., & Wage, M. S. (2021). Manajemen Keuangan (Poniman (ed.)). Batam Publisher.
Oroud, Y., Islam, M. A., Ahmad, T. S. T., & Ghazalat, A. (2019). Does Audit Quality Moderate the Relationship between Accounting Information and the Share Price? Evidence from Jordan. International Business Research, 12(3), 58. https://doi.org/10.5539/ibr.v12n3p58
Pradiana, N., & Yadnya, I. P. (2019). Pengaruh Leverage, Profitabilitas, Firm Size, Dan Likuiditas Terhadap Return Saham Perusahaan Sektor Industri Barang Konsumsi. E-Jurnal Manajemen Universitas Udayana, 8(4), 2239. https://doi.org/10.24843/ejmunud.2019.v08.i04.p13
Prayoga, D., Suripto, & Harori, M. I. (2023). Pengaruh Price Earning Ratio , Price Cash Flow Ratio , Price Sales Ratio Dan Ukuran Perusahaan Terhadap Return Saham ( Studi Pada Perusahaan Perbankan Yang Terdaftar Di Bei Periode 2017-2020 ). Jurnal Kompetitif Bisnis, 1(10), 799–811.
Purwaningsih, E., & Safitri, I. (2022). Pengaruh Profitabilitas, Likuiditas, Leverage, Rasio Arus Kas, dan Ukuran Perusahaan terhadap Financial Distress. Ilmu Dan Riset Akuntansi, 7(2), 147–156. https://doi.org/10.29407/jae.v7i2.17707
Raharjo, N., & Abdurrahman. (2020). Pengaruh Likuiditas, Profitabilitas, Struktur Modal Dan Perputaran Piutang Terhadap Return Saham. JCA Ekonomi, 1(1), 1–23.
Saji, T. G. (2018). Financial Distress and Stock Market Failures: Lessons from Indian Realty Sector. Vision, 22(1), 50–60. https://doi.org/10.1177/0972262917750244
Sanjaya, M. Y., & Maulida, A. (2023). Analsis Pengaruh Rasio Likuiditas, Solvabilitas dan Profitabilitas terhadap Return Saham. 2(2), 65–83.
Septyanto, D., Welandasari, N. F., & Sayidah, N. (2022). An Empirical Test of The Financial Ratio Effect on Financial Distress in Indonesia (Study in Garment and Textile Industry). Journal of Economics and Business, 5(2). https://doi.org/10.31014/aior.1992.05.02.428
Siswanto, E. (2021). Manajemen Keuangan Dasar. In Jurnal Penelitian Pendidikan Guru Sekolah Dasar (Cetakan 1, Vol. 6, Issue August). Universitas Negeri Malang.
Sitoresmi, M. W., & Herawaty, V. (2020). Pengaruh Financial Distress Dan Financial Statement Fraud Terhadap Return Saham Yang Dimoderasi Oleh Earning Management Pada Perusahaan Perbankan Yang Terdaftar Di Bei Tahun 2013-2015. Prosiding Seminar Nasional Pakar, 1–7. https://doi.org/10.25105/pakar.v0i0.6872
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.1055/s-2004-820924
Sukesti, F., Ghozali, I., Fuad, F., Almasyhari, A. K., & Nurcahyono, N. (2021). Factors Affecting the Stock Price: The Role of Firm Performance. Journal of Asian Finance, Economics and Business, 8(2), 165–173. https://doi.org/10.13106/jafeb.2021.vol8.no2.0165
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Published
2024-04-05
How to Cite
Nurhalimah, N. (2024). PENGARUH FINANCIAL DISTRESS, FIRM SIZE, LIKUIDITAS, DAN PRICE TO CASH FLOW FROM OPERATING ACTIVITIES TERHADAP RETURN SAHAM. Kompak :Jurnal Ilmiah Komputerisasi Akuntansi , 17(1), 185–204. https://doi.org/10.51903/kompak.v17i1.1762
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