Pengaruh Struktur Modal, Profitabilitas, Dan Price To Book Value Terhadap Harga Saham
DOI:
https://doi.org/10.51903/kompak.v17i2.2070Kata Kunci:
capital structure, profitability, price to book value, stock priceAbstrak
The purpose of this research is to analyze the correlation between capital structure, profitability, and stock market value, proxied by the price-to-book ratio. The capital structure variable is measured using DER, while profitability is measured using the ROA. In this study, the data used comes from the financial statements of property and real estate companies listed on the IDX during the period of 2020 to 2023. This study applies multiple linear regression analysis with the help of SPSS to process data obtained from 22 purposively selected companies over four years. The research concludes that capital structure and profitability are crucial factors that can influence stock prices. These results indicate that companies need to focus on improving profitability and maintaining healthy debt management to enhance their value in the eyes of investors. Additionally, investors should not rely solely on the PBV when evaluating investment prospects.
Referensi
Akbar, A., & Nurita, E. (2021). The Effect of Current Ratio (CR), Price to Book Value (PBV), and ROA (ROA) on Stock Price at Surya Citra Media Period. December 2019. www.idx.co.id
Akinyemi, P., & Adegboyega Olaolu, A. (2023). Capital Structure and Stock Price Nexus: Evidence from Financial and Real Sector Firms in Nigeria. IOSR Journal of Economics and Finance, 11(June), 1–12. https://doi.org/10.9790/5933-1101010112
Andamari, R. J. B. I., Rahayu, C. W. E., & 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
Bustani, B., Kurniaty, K., & Widyanti, R. (2021). The Effect of Earning Per Share, Price to Book Value, Dividend Payout Ratio, and Net Profit Margin on the Stock Price in Indonesia Stock Exchange. Jurnal Maksipreneur: Manajemen, Koperasi, Dan Entrepreneurship, 11(1), 1. https://doi.org/10.30588/jmp.v11i1.810
Claudia, A., & Indrati, M. (2021). Analysis of Effect on Asset Return, Return on Equity, Earning Per Share, and Net Profit Margin on Share Price on Banking Company. Journal Research of Social, Science, Economics, and Management, 1(2), 64–78. https://doi.org/10.36418/jrssem.v1i2.10
Eny Purwaningsih, & Ganda Setiawan. (2022). Pengaruh Earnings per Share, Return on Equity, Price to Book Value, dan Total Arus Kas Terhadap Harga Saham. AKUA: Jurnal Akuntansi Dan Keuangan, 1(2), 164–172. https://doi.org/10.54259/akua.v1i2.546
Ernawati, Y., & Purwaningsih, E. (2022). Pengaruh total arus kas, DER dan ROA terhadap harga saham. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 6(2), 1708–1726.
Hirdinis, M. (2019). Capital structure and firm size on firm value moderated by profitability. International Journal of Economics and Business Administration, 7(1), 174–191. https://doi.org/10.35808/ijeba/204
Holthausen, R. W., & Watts, R. L. (2001). The relevance of the value-relevance literature for financial accounting standard setting. Journal of Accounting and Economics, 31(1–3), 3–75. https://doi.org/10.1016/S0165-4101(01)00029-5
Ibrahim, D. C., & Panjaitan, H. P. (2020). Influence of NPM, PBV, DER, TATO, and EPS on Stock Prices of Automotive Sub Sector Companies and Its Components Listed on IDX in 2014 - 2018. Journal of Applied Business and Technology, 1(3), 151–162. https://doi.org/10.35145/jabt.v1i3.41
Ifada, L. M., Sulistyowati, S., & Indriastuti, M. (2021). Capital Structure and Dividend Policy Role in Building Stock Price. Jurnal ASET (Akuntansi Riset), 13(2), 249–258. https://doi.org/10.17509/jaset.v13i2.35564
Indrati, M., & Magfiroh, F. (2023). The Effect of Net Profit Margin, Debt Equity Ratio, and Tax Planning on Earnings Management. International Journal of Multidisciplinary Research and Analysis, 06(05), 1933–1942. https://doi.org/10.47191/ijmra/v6-i5-14
Innasya Puteri, A., & Wahyuni, E. (2023). The Impact of Capital Structure and Profitability on Stock Prices in The Property Sector Companies and Real Estate Listed on The Indonesia Stock Exchange. ISLAMICONOMIC: Jurnal Ekonomi Islam, 14(1), 97–122. https://doi.org/10.32678/ijei.v14i1.411
Irawan, A. D., Herlinawati, E., & Herlina, L. (2023). Effect of Earning Per Share, Price to Book Value, and Price Earning Ratio on the Share Price of PT. Express Transindo Utama Tbk. International Journal of Finance Research, 4(4), 279–290. https://doi.org/10.47747/ijfr.v4i4.1591
Kartawinata, B. R., Heryuda, R., Pradana, M., & Akbar, A. (2021). Influence Of Return On Assets (ROA) And Earning Per Share (EPS) To Share Price (Study On Property And Real Estate Companies Listed On IDX Period 2010 – 2014). Proceedings of the International Conference on Industrial Engineering and Operations Management, Idx, 123–132. https://doi.org/10.46254/ap01.20210088
Lim, D. R., Supratikno, H., Ugut, G. S. S., & Hulu, E. (2022). Influence of behavioural biases and capital structure determinants on capital structure and share price: Regression and path analyses for Indonesian publicly listed firms. Management Science Letters, 12(4), 237–250. https://doi.org/10.5267/j.msl.2022.5.003
Marpaung, A. M. (2022). Comparative Analysis of Share Price, Company Value, and Company Profitability. Journal of Economics, Finance And Management Studies, 05(05), 1205–1212. https://doi.org/10.47191/jefms/v5-i5-03
Muhammad Rafi Ubaidah, Y. (2023). JACFA Journal Advancement Center for Finance and Accounting Profitabilitas Terhadap Tax Avoidance. Journal Advancement Center for Finance and Accounting, 3(3), 158–195. http://journal.jacfa.id
Nizari, Y. N., & Sidik, S. (2020). the Effect of Profitability and Capital Structure on Share Prices in Property and Real Estate Companies Listed on the Indonesia Stock Exchange (Idx) Period 2015-2018). Jurnal Ekonomi Balance, 16(2), 328–337. https://doi.org/10.26618/jeb.v17i2.6476
Nurjanah, P. R., Tohari, A., & Nurdiwaty, D. (2024). Kilisuci International Conference on Economic & Business Stock Price Regression Model Based On Current Ratio , Earnings Per Share , Price Book Value , And Total Asset Turnover Of Properties And Real Estate Companies For The 2020-2022 Period Kilisuci Inter. 2, 209–223.
Oktaviana, S. Y. B., Hapzi Ali, & Rini Yayuk Priyati. (2024). The Effect of Profitability, Liquidity, and Company Size on Dividend Policy and Company Value (Case Study on Property and Real Estate Sector Companies listed on The Indonesia Stock Exchange for the 2015-2020 Period). Journal of Accounting and Finance Management, 4(6), 428–439. https://doi.org/10.38035/jafm.v4i6.285
Purwaningsih, E., & Trianti, R. (2022). Pengaruh NPM Dan ROE Terhadap Harga Saham Dengan Komisaris Independen Sebagai Variabel Moderasi. E-Prosiding Akuntansi, 3(1), 5–24. http://www.trilogi.ac.id/journal/ks/index.php/EPAKT/article/viewFile/1192/545
Qabajeh, M., Almajali, D., Al Natour, A. R., Alqsass, M., & Maali, H. (2024). The Impact Of Capital Structure And Profitability On Share Price: Empirical Study (Based On Jordanian Traditional Banks). Quality - Access to Success, 25(200), 136–142. https://doi.org/10.47750/QAS/25.200.14
Quality, L. (1995). The Market for Uncertainty and the. 1970, 488–500.
Sari, M., & Kusnandar. (2020). The Effects of Liquidity, Solvency, and Profitability on Stock Price (a Study in PT. Telekomunikasi Indonesia Tbk. Period of 2004-2018). Journal of Accounting and Finance Management, 1(5), 250–261. https://creativecommons.org/licenses/by/4.0/
Sholichah, F., Asfiah, N., Ambarwati, T., Widagdo, B., Ulfa, M., & Jihadi, M. (2021). The Effects of Profitability and Solvability on Stock Prices: Empirical Evidence from Indonesia. Journal of Asian Finance, Economics and Business, 8(3), 885–894. https://doi.org/10.13106/jafeb.2021.vol8.no3.0885
Sihaloho, J., & Rochyadi, A. P. (2021). the Influence of Price Earning Ratio (Per), Earning Per Share (Eps), Price To Book Value (Pbv) on Stock Prices and Firm Size As Mediators in Food and Beverage Sub-Sector Manufacturing Companies Listed on the Indonesia Stock Exchange 2015-2020. Business and Accounting Research (IJEBAR) Peer Reviewed-International Journal, 5(4), 432–446. https://jurnal.stie-aas.ac.id/index.php/IJEBAR
Syahzuni, B. A., Ansita, J., & Prastyani, D. (2022). Faktor - Faktor Penentu Harga Saham. Jurnal Ilmiah Akuntansi Dan Keuangan, 4(3), 1194–1204.
Syofyan, R., Putra, D. G., & Aprayuda, R. (2020). Influence of Company Value Information, Dividend Policy, and Capital Structure on Stock Price. SAR (Soedirman Accounting Review) : Journal of Accounting and Business, 5(2), 152. https://doi.org/10.20884/1.sar.2020.5.2.3554
Utami, W., & Tho’in, M. (2021). Analysis of the Effect of Earning Per Share (EPS), ROA (ROA), Price Earning Ratio (PER), and DER (DER) on Stock Prices in Property, Real Estate, Construction and Building Companies Registered on the Indonesia Stock Exchange i. https://doi.org/10.4108/eai.30-11-2020.2303702
Wahyudi, I., & Gunawan, T. (2023). Journal of Applied in Business Management and Accounting Pengaruh Earnings per Share, Return on Equity, Price to Book Value. Terhadap Harga Saham. Journal of Applied in Business Management and Accounting , 2(01). https://intropublicia.org/index.php/jabma
Widati, S., & Tian Gunawan, A. (2021). The Effect of Price to Book Value, Earning Per Share and Dividend Payout Ratio on a Company’s Stock Price. Journal of Research in Business, Economics, and Education, 3(4), 83–95. www.idx.co.id
Yulia, R., Amaluis, D., & Putra, D. G. (2023). The Influence of Dividend Payout Ratio, Earnings Per Share, Price to Book Value and Company Size on Stock Prices in Indonesian Healthcare Companies. Journal Accounting Education and Finance, 1(1), 100–110.
Yurfani, Y., & Hermanto, H. (2023). Pengaruh Profitabilitas, Kebijakan Hutang dan Rasio Lancar terhadap Harga Saham dengan PBV Sebagai Variabel Moderating. JIIP - Jurnal Ilmiah Ilmu Pendidikan, 6(8), 6347–6355. https://doi.org/10.54371/jiip.v6i8.2065
Akinyemi, P., & Adegboyega Olaolu, A. (2023). Capital Structure and Stock Price Nexus: Evidence from Financial and Real Sector Firms in Nigeria. IOSR Journal of Economics and Finance, 11(June), 1–12. https://doi.org/10.9790/5933-1101010112
Andamari, R. J. B. I., Rahayu, C. W. E., & 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
Bustani, B., Kurniaty, K., & Widyanti, R. (2021). The Effect of Earning Per Share, Price to Book Value, Dividend Payout Ratio, and Net Profit Margin on the Stock Price in Indonesia Stock Exchange. Jurnal Maksipreneur: Manajemen, Koperasi, Dan Entrepreneurship, 11(1), 1. https://doi.org/10.30588/jmp.v11i1.810
Claudia, A., & Indrati, M. (2021). Analysis of Effect on Asset Return, Return on Equity, Earning Per Share, and Net Profit Margin on Share Price on Banking Company. Journal Research of Social, Science, Economics, and Management, 1(2), 64–78. https://doi.org/10.36418/jrssem.v1i2.10
Eny Purwaningsih, & Ganda Setiawan. (2022). Pengaruh Earnings per Share, Return on Equity, Price to Book Value, dan Total Arus Kas Terhadap Harga Saham. AKUA: Jurnal Akuntansi Dan Keuangan, 1(2), 164–172. https://doi.org/10.54259/akua.v1i2.546
Ernawati, Y., & Purwaningsih, E. (2022). Pengaruh total arus kas, DER dan ROA terhadap harga saham. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 6(2), 1708–1726.
Hirdinis, M. (2019). Capital structure and firm size on firm value moderated by profitability. International Journal of Economics and Business Administration, 7(1), 174–191. https://doi.org/10.35808/ijeba/204
Holthausen, R. W., & Watts, R. L. (2001). The relevance of the value-relevance literature for financial accounting standard setting. Journal of Accounting and Economics, 31(1–3), 3–75. https://doi.org/10.1016/S0165-4101(01)00029-5
Ibrahim, D. C., & Panjaitan, H. P. (2020). Influence of NPM, PBV, DER, TATO, and EPS on Stock Prices of Automotive Sub Sector Companies and Its Components Listed on IDX in 2014 - 2018. Journal of Applied Business and Technology, 1(3), 151–162. https://doi.org/10.35145/jabt.v1i3.41
Ifada, L. M., Sulistyowati, S., & Indriastuti, M. (2021). Capital Structure and Dividend Policy Role in Building Stock Price. Jurnal ASET (Akuntansi Riset), 13(2), 249–258. https://doi.org/10.17509/jaset.v13i2.35564
Indrati, M., & Magfiroh, F. (2023). The Effect of Net Profit Margin, Debt Equity Ratio, and Tax Planning on Earnings Management. International Journal of Multidisciplinary Research and Analysis, 06(05), 1933–1942. https://doi.org/10.47191/ijmra/v6-i5-14
Innasya Puteri, A., & Wahyuni, E. (2023). The Impact of Capital Structure and Profitability on Stock Prices in The Property Sector Companies and Real Estate Listed on The Indonesia Stock Exchange. ISLAMICONOMIC: Jurnal Ekonomi Islam, 14(1), 97–122. https://doi.org/10.32678/ijei.v14i1.411
Irawan, A. D., Herlinawati, E., & Herlina, L. (2023). Effect of Earning Per Share, Price to Book Value, and Price Earning Ratio on the Share Price of PT. Express Transindo Utama Tbk. International Journal of Finance Research, 4(4), 279–290. https://doi.org/10.47747/ijfr.v4i4.1591
Kartawinata, B. R., Heryuda, R., Pradana, M., & Akbar, A. (2021). Influence Of Return On Assets (ROA) And Earning Per Share (EPS) To Share Price (Study On Property And Real Estate Companies Listed On IDX Period 2010 – 2014). Proceedings of the International Conference on Industrial Engineering and Operations Management, Idx, 123–132. https://doi.org/10.46254/ap01.20210088
Lim, D. R., Supratikno, H., Ugut, G. S. S., & Hulu, E. (2022). Influence of behavioural biases and capital structure determinants on capital structure and share price: Regression and path analyses for Indonesian publicly listed firms. Management Science Letters, 12(4), 237–250. https://doi.org/10.5267/j.msl.2022.5.003
Marpaung, A. M. (2022). Comparative Analysis of Share Price, Company Value, and Company Profitability. Journal of Economics, Finance And Management Studies, 05(05), 1205–1212. https://doi.org/10.47191/jefms/v5-i5-03
Muhammad Rafi Ubaidah, Y. (2023). JACFA Journal Advancement Center for Finance and Accounting Profitabilitas Terhadap Tax Avoidance. Journal Advancement Center for Finance and Accounting, 3(3), 158–195. http://journal.jacfa.id
Nizari, Y. N., & Sidik, S. (2020). the Effect of Profitability and Capital Structure on Share Prices in Property and Real Estate Companies Listed on the Indonesia Stock Exchange (Idx) Period 2015-2018). Jurnal Ekonomi Balance, 16(2), 328–337. https://doi.org/10.26618/jeb.v17i2.6476
Nurjanah, P. R., Tohari, A., & Nurdiwaty, D. (2024). Kilisuci International Conference on Economic & Business Stock Price Regression Model Based On Current Ratio , Earnings Per Share , Price Book Value , And Total Asset Turnover Of Properties And Real Estate Companies For The 2020-2022 Period Kilisuci Inter. 2, 209–223.
Oktaviana, S. Y. B., Hapzi Ali, & Rini Yayuk Priyati. (2024). The Effect of Profitability, Liquidity, and Company Size on Dividend Policy and Company Value (Case Study on Property and Real Estate Sector Companies listed on The Indonesia Stock Exchange for the 2015-2020 Period). Journal of Accounting and Finance Management, 4(6), 428–439. https://doi.org/10.38035/jafm.v4i6.285
Purwaningsih, E., & Trianti, R. (2022). Pengaruh NPM Dan ROE Terhadap Harga Saham Dengan Komisaris Independen Sebagai Variabel Moderasi. E-Prosiding Akuntansi, 3(1), 5–24. http://www.trilogi.ac.id/journal/ks/index.php/EPAKT/article/viewFile/1192/545
Qabajeh, M., Almajali, D., Al Natour, A. R., Alqsass, M., & Maali, H. (2024). The Impact Of Capital Structure And Profitability On Share Price: Empirical Study (Based On Jordanian Traditional Banks). Quality - Access to Success, 25(200), 136–142. https://doi.org/10.47750/QAS/25.200.14
Quality, L. (1995). The Market for Uncertainty and the. 1970, 488–500.
Sari, M., & Kusnandar. (2020). The Effects of Liquidity, Solvency, and Profitability on Stock Price (a Study in PT. Telekomunikasi Indonesia Tbk. Period of 2004-2018). Journal of Accounting and Finance Management, 1(5), 250–261. https://creativecommons.org/licenses/by/4.0/
Sholichah, F., Asfiah, N., Ambarwati, T., Widagdo, B., Ulfa, M., & Jihadi, M. (2021). The Effects of Profitability and Solvability on Stock Prices: Empirical Evidence from Indonesia. Journal of Asian Finance, Economics and Business, 8(3), 885–894. https://doi.org/10.13106/jafeb.2021.vol8.no3.0885
Sihaloho, J., & Rochyadi, A. P. (2021). the Influence of Price Earning Ratio (Per), Earning Per Share (Eps), Price To Book Value (Pbv) on Stock Prices and Firm Size As Mediators in Food and Beverage Sub-Sector Manufacturing Companies Listed on the Indonesia Stock Exchange 2015-2020. Business and Accounting Research (IJEBAR) Peer Reviewed-International Journal, 5(4), 432–446. https://jurnal.stie-aas.ac.id/index.php/IJEBAR
Syahzuni, B. A., Ansita, J., & Prastyani, D. (2022). Faktor - Faktor Penentu Harga Saham. Jurnal Ilmiah Akuntansi Dan Keuangan, 4(3), 1194–1204.
Syofyan, R., Putra, D. G., & Aprayuda, R. (2020). Influence of Company Value Information, Dividend Policy, and Capital Structure on Stock Price. SAR (Soedirman Accounting Review) : Journal of Accounting and Business, 5(2), 152. https://doi.org/10.20884/1.sar.2020.5.2.3554
Utami, W., & Tho’in, M. (2021). Analysis of the Effect of Earning Per Share (EPS), ROA (ROA), Price Earning Ratio (PER), and DER (DER) on Stock Prices in Property, Real Estate, Construction and Building Companies Registered on the Indonesia Stock Exchange i. https://doi.org/10.4108/eai.30-11-2020.2303702
Wahyudi, I., & Gunawan, T. (2023). Journal of Applied in Business Management and Accounting Pengaruh Earnings per Share, Return on Equity, Price to Book Value. Terhadap Harga Saham. Journal of Applied in Business Management and Accounting , 2(01). https://intropublicia.org/index.php/jabma
Widati, S., & Tian Gunawan, A. (2021). The Effect of Price to Book Value, Earning Per Share and Dividend Payout Ratio on a Company’s Stock Price. Journal of Research in Business, Economics, and Education, 3(4), 83–95. www.idx.co.id
Yulia, R., Amaluis, D., & Putra, D. G. (2023). The Influence of Dividend Payout Ratio, Earnings Per Share, Price to Book Value and Company Size on Stock Prices in Indonesian Healthcare Companies. Journal Accounting Education and Finance, 1(1), 100–110.
Yurfani, Y., & Hermanto, H. (2023). Pengaruh Profitabilitas, Kebijakan Hutang dan Rasio Lancar terhadap Harga Saham dengan PBV Sebagai Variabel Moderating. JIIP - Jurnal Ilmiah Ilmu Pendidikan, 6(8), 6347–6355. https://doi.org/10.54371/jiip.v6i8.2065
Unduhan
Diterbitkan
2024-11-30
Cara Mengutip
Achmalia, N., & Menik Indrati. (2024). Pengaruh Struktur Modal, Profitabilitas, Dan Price To Book Value Terhadap Harga Saham. Kompak :Jurnal Ilmiah Komputerisasi Akuntansi , 17(2), 24–32. https://doi.org/10.51903/kompak.v17i2.2070
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