Abstract
The company's financial performance is one of the factors seen by investors as a consideration to invest funds in a company by making the financial statements as a source of information. Good and bad corporate performance can show how much profit can be earned each year and will have an impact on management in setting dividend policy for investors. This study was conducted to determine the effect of financial performance on stock returns by making dividend policy as a moderate variable. Objects taken in this study amounted to 7 companies listed on the Jakarta Islamic Index (JII) for 5 consecutive years from 2007-2011. Dependent variable of this research is stock return, independent variable include Current Ratio, Return on Asset, Return on Equity, Debt to Equity Ratio, and Total Turnover Asset, while dividend policy (Dividend Payout Ratio) as moderate variable. The method used in this study is Multiple Linear Regression Method and Moderate Regression Analysis Method (Moderate Regrestion Analysis).Based on the results of multiple linear regression analysis seen from the value of significance shows that CR, ROA, ROE, and DER does not significantly influence the stock return, whereas TATO shows the result that there is a significant influence on stock return. The result of moderate regression analysis shows that the dividend policy is not able to moderate the effect of financial performance on stock return. Keywords: Financial performance (CR, ROA, ROE, DER, TATO), stock return, dividend policy (DPR).
Highlights
LATAR BELAKANG Kinerja keuangan perusahaan merupakan salah satu faktor yang dilihat investor untuk menentukan dalam membeli saham
of the factors seen by investors as a consideration to invest funds
This study was conducted to determine the effect of financial performance on stock returns
Summary
Terdapat beberapa pengertian laporan keuangan menurut para ahli. Menurut Munawir (2000:31), “Laporan Keuangan merupakan alat yang sangat penting untuk memperoleh informasi sehubungan dengan posisi keuangan dan hasil- hasil yang telah dicapai oleh perusahaan. Secara umum return saham adalah pengembalian hasil atau laba yang diperoleh dari kepemilikan saham yang dimilikinya atas investasi yang dilakukan berupa dividen dan capital gain (loss) serta besarnya dinyatakan dalam suatu tingkat persentase tahunan. Sehingga dapat diartikan bahwa kinerja adalah suatu usaha formal yang dilaksanakan perusahaan untuk mengevaluasi efisiensi dan efektivitas dari aktivitas perusahaan yang telah dilaksanakan pada periode waktu. Menurut Hardjito, dkk (2005), secara garis besar terdapat 4 jenis rasio keuangan yang dapat digunakan untuk menilai kinerja keuangan perusahaan, yaitu likuiditas (current ratio dan quick ratio), aktivitas (total asset turnover, receivable turnover, inventory turnover, dan receivable turnover in days, leverage (debt to equity ratio dan debt ratio), dan profitabilitas (return on asset,return on equity, gross profit margin, dan net profit margin)
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