Analysis of the impact of financial performance on stock prices with company size as a moderating variable in energy sector companies listed on the idx from 2021 to 2023
##plugins.themes.academic_pro.article.main##
Abstract
This research aims to analyze the influence of financial performance on the share prices of energy sector companies on the Indonesia Stock Exchange. The data used in this research is secondary data, taken from the 2021 to 2023 annual financial reports of energy sector companies listed on the IDX. The sampling method uses purposive sampling. The sample consists of 37 companies. The analytical tool used to test the hypothesis is multiple linear regression analysis using SPSS version 30. The results of this study show that the Current ratio, Return On Assets, Debt To Equity Ratio, and Total Asset Turnover have no effect on stock prices, Current ratio, Return On Assets, with Total Asset Turnover and company size as a moderating variable do not have a significant effect on stock prices. Meanwhile, the Debt To Equity Ratio with company size as a moderating variable has a significant effect on share prices
##plugins.themes.academic_pro.article.details##
How to Cite
Nafisah, A. F., & Bayu Bawono, A. D. (2024). Analysis of the impact of financial performance on stock prices with company size as a moderating variable in energy sector companies listed on the idx from 2021 to 2023. Enrichment : Journal of Management, 14(5), 894-903. https://doi.org/10.35335/enrichment.v14i5.2168
References
Alaagam, A. (2019). The relationship between profitability and stock prices: Evidence from the Saudi banking sector. 10(14). https://doi.org/10.7176/RJFA
Al-Qudah, H. A. (2020). The impact of financial performance of stock prices of Jordanian Islamic banks (During period from 2010 to 2018). International Journal of Economics and Financial Issues, 10(1), 228–234. https://doi.org/10.32479/ijefi.9157
Apriani, V., & Situngkir, L. (n.d.). Pengaruh kinerja keuangan terhadap harga saham. Dalam AKUNTABEL (Vol. 18, Nomor 4).
Bahri, S. (2018). Pengaruh kinerja keuangan terhadap harga saham.
Christine, D., & Winarti, W. (2022). Pengaruh return on assets (ROA), return on equity (ROE), dan earning per share (EPS) terhadap harga saham. Owner, 6(4), 4113–4124. https://doi.org/10.33395/owner.v6i4.1096
Endri, E., Dermawan, D., Abidin, Z., Riyanto, S., & Manajemen, M. (n.d.). Effect of financial performance on stock return: Evidence from the food and beverages sector.
Fitri, W. F., & Retnaningdiah, D. (2022). Pengaruh kinerja keuangan terhadap harga saham pada perusahaan sub sektor kesehatan yang terdaftar di Bursa Efek Indonesia. Journal Competency of Business, 6(01), 55–65. https://doi.org/10.47200/jcob.v6i01.1295
Hamdana, Mohamad Agus Salim Monoarfa, & Dungga, M. F. (2024). Mengukur kinerja perusahaan: Peran firm size sebagai variabel moderasi antara current ratio, total asset turnover dan firm value. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 6(6), 4898–4918. https://doi.org/10.47467/alkharaj.v6i6.2117
Hermuningsih, S. (2019). Effect of financial performance on company growth with company size as moderating variable.
Khan, W., Naz, A., Khan, M., Khan, W. K. Q., & Ahmad, S. (2013). The impact of capital structure and financial performance on stock returns: A case of Pakistan textile industry. Middle East Journal of Scientific Research, 16(2), 289–295. https://doi.org/10.5829/idosi.mejsr.2013.16.02.11553
Kundiman, A., & Hakim, L. (2017). Pengaruh current ratio, debt to equity ratio, return on asset, return on equity terhadap harga saham pada Indeks LQ45 di BEI periode 2010–2014. Among Makarti, 9(2), 80–98. https://doi.org/10.52353/ama.v9i2.140
Lestari, F. D., & Rahayu, F. (2024). Ukuran perusahaan memoderasi profitabilitas. 18(3), 193–210.
Ndruru, A., & Tinggi Ilmu Ekonomi Prakarti Mulya, S. (2023). Interconnection: An economic perspective horizon. 2023(3), 125–142.
Nurcahyani, F. D., & Bhilawa, L. (2021). Pengaruh kinerja keuangan dan kinerja olahraga terhadap harga saham klub sepakbola. Jurnal Akuntansi, 13, 72–83. https://doi.org/10.28932/jam.v13i1.2774
Nurhayati, S., & Turnover, T. A. (2022). Analisis pengaruh kinerja keuangan terhadap harga saham pada Jakarta Islamic Index periode 2016–2020. 1, 1–7.
Nurjannah, S. T., & Machmuddah, Z. (2024). Ukuran perusahaan memoderasi current ratio (CR) dan return on assets (ROA) pada perusahaan sub sektor makanan dan minuman. Jurnal Akuntansi dan Keuangan, 13(1), 57. https://doi.org/10.36080/jak.v13i1.2670
Patro, A., & Gupta, V. K. (2016). Impact of international financial reporting standards on stock price synchronicity for Asian markets. Contemporary Management Research, 12(1), 61–88. https://doi.org/10.7903/cmr.14160
Puspitaningtyas, Z. (2017). Is financial performance reflected in stock prices?
Rahmat, N., Azis, M., & Iskandar, R. (n.d.). The impact of VAIC and GCG on financial performance and stock prices in metal industry sub sector manufacturing companies in Indonesia.
Ramadhan, M. I., & Putri, L. A. (2023). Analisis kinerja keuangan perusahaan terhadap harga saham. Owner, 7(2), 1391–1400. https://doi.org/10.33395/owner.v7i2.1333
Rani, K. S., & Diantini, N. N. A. (2015). Pengaruh kinerja keuangan perusahaan terhadap harga saham dalam Indeks LQ45 di BEI. E-Jurnal Manajemen Universitas Udayana, 4(6).
Salsabila, N. (2022). Pengaruh kinerja keuangan terhadap harga saham dengan pengungkapan CSR sebagai variabel moderasi. Diponegoro Journal of Accounting, 11(3), 1–14.
Saputra, A. H. P. (2024). Pengaruh current ratio (CR) dan debt to equity ratio (DER) terhadap harga saham pada PT Hanjaya Mandala Sampoerna Tbk periode 2012–2022. 1(03), 392–405.
Sulistyani, T., & Harianja, S. (2022). Pengaruh debt to equity ratio (DER), current ratio (CR) dan return on asset (ROA) terhadap harga saham pada PT Bank Raya Indonesia Tbk periode 2012–2021. Indonesian Journal of Business Economics and Management, 2(1), 23–32.
Yogi Indra Gunawan Waskito Adi, Suyatmin. (2021). Analisis pengaruh kinerja keuangan terhadap harga saham pada perusahaan yang terdaftar di BEI. 8(1). www.sahamok.com
Al-Qudah, H. A. (2020). The impact of financial performance of stock prices of Jordanian Islamic banks (During period from 2010 to 2018). International Journal of Economics and Financial Issues, 10(1), 228–234. https://doi.org/10.32479/ijefi.9157
Apriani, V., & Situngkir, L. (n.d.). Pengaruh kinerja keuangan terhadap harga saham. Dalam AKUNTABEL (Vol. 18, Nomor 4).
Bahri, S. (2018). Pengaruh kinerja keuangan terhadap harga saham.
Christine, D., & Winarti, W. (2022). Pengaruh return on assets (ROA), return on equity (ROE), dan earning per share (EPS) terhadap harga saham. Owner, 6(4), 4113–4124. https://doi.org/10.33395/owner.v6i4.1096
Endri, E., Dermawan, D., Abidin, Z., Riyanto, S., & Manajemen, M. (n.d.). Effect of financial performance on stock return: Evidence from the food and beverages sector.
Fitri, W. F., & Retnaningdiah, D. (2022). Pengaruh kinerja keuangan terhadap harga saham pada perusahaan sub sektor kesehatan yang terdaftar di Bursa Efek Indonesia. Journal Competency of Business, 6(01), 55–65. https://doi.org/10.47200/jcob.v6i01.1295
Hamdana, Mohamad Agus Salim Monoarfa, & Dungga, M. F. (2024). Mengukur kinerja perusahaan: Peran firm size sebagai variabel moderasi antara current ratio, total asset turnover dan firm value. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 6(6), 4898–4918. https://doi.org/10.47467/alkharaj.v6i6.2117
Hermuningsih, S. (2019). Effect of financial performance on company growth with company size as moderating variable.
Khan, W., Naz, A., Khan, M., Khan, W. K. Q., & Ahmad, S. (2013). The impact of capital structure and financial performance on stock returns: A case of Pakistan textile industry. Middle East Journal of Scientific Research, 16(2), 289–295. https://doi.org/10.5829/idosi.mejsr.2013.16.02.11553
Kundiman, A., & Hakim, L. (2017). Pengaruh current ratio, debt to equity ratio, return on asset, return on equity terhadap harga saham pada Indeks LQ45 di BEI periode 2010–2014. Among Makarti, 9(2), 80–98. https://doi.org/10.52353/ama.v9i2.140
Lestari, F. D., & Rahayu, F. (2024). Ukuran perusahaan memoderasi profitabilitas. 18(3), 193–210.
Ndruru, A., & Tinggi Ilmu Ekonomi Prakarti Mulya, S. (2023). Interconnection: An economic perspective horizon. 2023(3), 125–142.
Nurcahyani, F. D., & Bhilawa, L. (2021). Pengaruh kinerja keuangan dan kinerja olahraga terhadap harga saham klub sepakbola. Jurnal Akuntansi, 13, 72–83. https://doi.org/10.28932/jam.v13i1.2774
Nurhayati, S., & Turnover, T. A. (2022). Analisis pengaruh kinerja keuangan terhadap harga saham pada Jakarta Islamic Index periode 2016–2020. 1, 1–7.
Nurjannah, S. T., & Machmuddah, Z. (2024). Ukuran perusahaan memoderasi current ratio (CR) dan return on assets (ROA) pada perusahaan sub sektor makanan dan minuman. Jurnal Akuntansi dan Keuangan, 13(1), 57. https://doi.org/10.36080/jak.v13i1.2670
Patro, A., & Gupta, V. K. (2016). Impact of international financial reporting standards on stock price synchronicity for Asian markets. Contemporary Management Research, 12(1), 61–88. https://doi.org/10.7903/cmr.14160
Puspitaningtyas, Z. (2017). Is financial performance reflected in stock prices?
Rahmat, N., Azis, M., & Iskandar, R. (n.d.). The impact of VAIC and GCG on financial performance and stock prices in metal industry sub sector manufacturing companies in Indonesia.
Ramadhan, M. I., & Putri, L. A. (2023). Analisis kinerja keuangan perusahaan terhadap harga saham. Owner, 7(2), 1391–1400. https://doi.org/10.33395/owner.v7i2.1333
Rani, K. S., & Diantini, N. N. A. (2015). Pengaruh kinerja keuangan perusahaan terhadap harga saham dalam Indeks LQ45 di BEI. E-Jurnal Manajemen Universitas Udayana, 4(6).
Salsabila, N. (2022). Pengaruh kinerja keuangan terhadap harga saham dengan pengungkapan CSR sebagai variabel moderasi. Diponegoro Journal of Accounting, 11(3), 1–14.
Saputra, A. H. P. (2024). Pengaruh current ratio (CR) dan debt to equity ratio (DER) terhadap harga saham pada PT Hanjaya Mandala Sampoerna Tbk periode 2012–2022. 1(03), 392–405.
Sulistyani, T., & Harianja, S. (2022). Pengaruh debt to equity ratio (DER), current ratio (CR) dan return on asset (ROA) terhadap harga saham pada PT Bank Raya Indonesia Tbk periode 2012–2021. Indonesian Journal of Business Economics and Management, 2(1), 23–32.
Yogi Indra Gunawan Waskito Adi, Suyatmin. (2021). Analisis pengaruh kinerja keuangan terhadap harga saham pada perusahaan yang terdaftar di BEI. 8(1). www.sahamok.com