The effect of liquidity, profitability and capital structure toward stock return on agriculture companies listed at Indonesia Stock Exchange

Michaela, Michaela (2020) The effect of liquidity, profitability and capital structure toward stock return on agriculture companies listed at Indonesia Stock Exchange. Bachelor thesis, Universitas Pelita Harapan.

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Abstract

Regardless its purpose to anticipate future needs, to develop to wealth, or to overcome inflation, the primary concern of stock investment is to reap maximum stock return. This concern motivates investors to utilize every possible clue, either fundamentally or technically, in order to predict the future tendency of stock return. One of the most often way is by searching signals from target companies’ financial statements before making a stock investment decision. Different financial ratios may exhibit different effect towards stock return. Build upon that problem; this research aims to find out the effect of current ratio, return on asset and debt to equity ratio on stock return. The main focus is to investigate whether each ratio exerts a positive or a negative effect towards stock return. Researched objects involve agriculture industry companies listed in Indonesia Stock Exchange from 2014 to 2018. This research is quantitative in nature, which makes use of secondary data from official website of Indonesia Stock Exchange. Out of the total population of 17 companies, only 6 companies can be chosen under the purposive sampling method. During 2014-2018, it resulted in 30 research samples which are then analyzed using multiple linear regression model, processed by SPSS application. The results from this research show partially positive effects of return on asset and debt to equity ratio on stock return. On the other hand, current ratio exerts a negative but insignificant effect on stock return. Together, current ratio, return on asset, and debt to equity ratio are simultaneously proven to have significant effect towards stock return./ Terlepas dari tujuannya, apakah untuk mengantisipasi kebutuhan masa depan, mengembangkan kekayaan, atau sekedar mengimbangi inflasi, perhatian utama dari investasi saham adalah untuk memperoleh stock return yang maksimal. Hal inilah yang memotivasi para investor untuk memberdayakan setiap petunjuk yang ada demi memprediksi stock return, baik secara fundamental ataupun secara teknis. Salah satu cara yang paling sering digunakan adalah dengan mencari sinyal melalui laporan keuangan perusahaan, sebelum menjalankan keputusan investasi saham. Rasio keuangan yang berbeda tentunya dapat memberikan pengaruh yang berbeda pula terhadap stock return. Bertolak dari masalah di atas, penelitian ini dimaksudkan untuk mencari tahu pengaruh current ratio, return on asset dan debt to equity ratio terhadap stock return. Perhatian utama penelitian ini adalah untuk menyelidiki apakah rasio-rasio tersebut berpengaruh positif atau negatif terhadap stock return. Objek yang diteliti meliputi perusahaan-perusahaan yang bergerak di sektor agrikultur dan terdaftar di Bursa Efek Indonesia selama periode tahun 2014 sampai dengan 2018. Penelitian ini bersifat kuantitatif dan menggunakan data sekunder dari website resmi Bursa Efek Indonesia. Dari total populasi sebanyak 17 perusahaan, hanya 6 perusahaan yang dapat digunakan sebagai sampel, dipilih berdasarkan purposive sampling method. Selama 2014-2018, dihasilkan 30 data sampel untuk dianalisa dengan model regresi linear berganda hasil pemrosesan program SPSS. Hasil penelitian ini menunjukkan adanya pengaruh positif dari return on asset dan debt to equity ratio terhadap stock return. Di sisi lain, current ratio memperlihatkan pengaruh negatif namun tidak signifikan terhadap stock return. Secara serentak, ketiga rasio tersebut berpengaruh signifikan pada stock return.

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