The Effects of Liquidity, Solvency, and Profitability on Stock Price (a Study in PT. Telekomunikasi Indonesia Tbk. Period of 2004-2018)
DOI:
https://doi.org/10.38035/jafm.v1i2.30Keywords:
liquidity, solvency, profitability, stock pricesAbstract
This study aims to determine the effect of liquidity, solvency and profitability on stock prices. The research was conducted at PT Telekomunikasi Indonesia Tbk during the period of 2004 - 2018. Through a multiple regression analysis, the effect of liquidity, solvency and profitability was investigated by measuring current ratio, debt to equity ratio, and return on assets effects on stock prices. The findings reveal that changes in liquidity, profitability, and solvency are able to explain the changes being occurred on the share price of PT Telkom Indonesia during the period. Out of the three determinants, profitability performance is the only determinant that has a significant impact on stock price. These findings indicate that profitability performance becomes one factor that is most considered by investors in making investment decisions. Further, the profitability performance is also able to provide positive signals to the investors regarding the company prospects in the future.
References
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Shaheen, S., & Malik, Q. A. (2012). The impact of capital intensity, size of firm and profitability on debt financing in textile industry of Pakistan. Interdisciplinary Journal of Contemporary Research in Business, 3(10), 1061-1066.
Suad Husnan dan Enny Pudjiastuti. 2012. Dasar-Dasar Manajemen Keuangan. Yogyakarta: UPP STIM YKPN.
Susanto, A. S. (2012). Pengaruh Likuiditas, Profitabilitas, Solvabilitas dan Ukuran Perusahaan Terhadap Harga Saham Perusahaan Farmasi di BEI. Jurnal Akuntansi Unesa, 1(1).
Susilawati, C. D. K. (2012). Analisis Perbandingan Pengaruh Likuiditas, Solvabilitas dan Profitabilitas terhadap Harga Saham pada Perusahaan LQ 45. Jurnal Akuntansi, 4(2).
Susilowati, Y., & Turyanto, T. (2011). Reaksi signal rasio profitabilitas dan rasio solvabilitas terhadap return saham perusahaan. Dinamika Keuangan dan Perbankan, 3(1), 17-37.
Tahu, G. P., & Susilo, D. D. B. (2017). Effect of Liquidity, Leverage and profitability to The Firm Value (Dividend Policy as Moderating Variable) in Manufacturing Company of Indonesia Stock Exchange. Research Journal of Finance and Accounting, 8(18), 2222-1697.
Valintino, R., & Sularto, L. (2013). Pengaruh Return On Asset (ROA), Current Ratio (CR), Return On Equity (ROE), Debt To Equity Ratio (DER), dan Earning Per Share (EPS) Terhadap Harga Saham Perusahaan Manufaktur Sektor Industri Barang Konsumsi di BEI. Prosiding PESAT, 5.
Zuliarni, S. (2012). Pengaruh Kinerja Keuangan Terhadap Harga Saham Pada Perusahaan Mining and Mining Service di Bursa Efek Indonesia (BEI). Jurnal Aplikasi Bisnis, 3(1), 36-48.
Amanza, A. H., & Rahardjo, S. N. (2012). Analisis Faktor-Faktor Yang Mempengaruhi Praktik Perataan Laba (Income Smoothing)(Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2006-2010) (Doctoral dissertation, Fakultas Ekonomika dan Bisnis).
Barakat, A. (2014). The impact of financial structure, financial leverage and profitability on industrial companies shares value (applied study on a sample of Saudi industrial companies). Research Journal of Finance and Accounting, 5(1), 55-66.
Brigham, E. F., & Houston, J. F. (2006). Dasar-dasar manajemen keuangan. Jakarta: Salemba Empat.
Francis, Jack C. (1988), Management of Investment, 2nd ed., International Editions Financial Series, Singapore: McGraw Hill.
Ghozali, I. 2011. Aplikasi Analisis Multivariate Dengan Program IBM SPSS. Semarang: Badan Penerbit Universitas Udayana.
Hanani, A. I., & MUID, D. (2011). Analisis Pengaruh Earning Per Share (EPS), Return On Equity (ROE), dan Debt To Equity Ratio (DER) Terhadap Return Saham Pada Perusahaan-Perusahaan dalam Jakarta Islamic Index (JII) Periode Tahun 2005-2007 (Doctoral dissertation, Universitas Diponegoro).
Kesuma, A. (2006). Pengaruh Earning Per Share (Eps) Dan Tingkat Bunga Terhadap Harga Saham (Studi Empiris Pada Perusahaan Food And Beverage Yang Terdaftar Di Bursa Efek Jakarta).
Komala, L. A. P., & Nugroho, P. I. (2013). The effects of profitability ratio, liquidity, and debt towards investment return. Journal of Business and Economics, 4(11), 1176-1186.
Kurniawan, H., & Isynuwardhana, D. (2015). Pengaruh Return On Equity (ROE), Debt To Equity Ratio (DER), Dan Price To Book Value (PBV) Terhadap Harga Saham (studi Kasus Pada Perusahaan Infrastruktur, Utilitas, Dan Transportasi Yang Terdaftar Di Bursa Efek Indonesia Periode 2011-2014). eProceedings of Management, 2(3).
Krisna, A. A. G. A., & Wirawati, N. G. P. (2013). Pengaruh inflasi, nilai tukar rupiah, suku bunga SBI pada indeks harga saham gabungan di BEI. E-Jurnal Akuntansi, 3(2), 421-435.
Mahapsari, N. R., & Taman, A. (2013). Pengaruh Profitabilitas, struktur aktiva, dan pertumbuhan penjualan terhadap harga saham dengan struktur modal sebagai variabel intervening pada perusahaan manufaktur di Bursa Efek Indonesia. Nominal: Barometer Riset Akuntansi dan Manajemen, 2(1), 137-158.
Menaje, P. M. (2012). Impact of selected financial variables on share price of publicly listed firms in the Philippines. American international journal of Contemporary Research, 2(9), 98-104.
Mittelstaedt, H. F., & Warshawsky, M. J. (1993). The impact of liabilities for retiree health benefits on share prices. Journal of Risk and Insurance, 13-35.
Mulyadi. 2006. Manajemen Keuangan Pendekatan Kuantitatif dan Kualitatif. Jilid 1. Malang: Bayumedia Publishing.
Murniati, S. (2016). Effect of Capital Structure, Company Size and Profitability on the Stock Price of Food and Beverage Companies Listed on the Indonesia Stock Exchange. Information Management and Business Review, 8(1), 23-29.
Murtanto dan Harkivent. 2000. “Analisis Pengaruh Infromasi Laba”, Jurnal Ekonomi, Vol.6 No.3, hal. 992-1021.
Noverio, R., & Dewayanto, T. (2011). Analisis Pengaruh Kualitas Auditor, Likuiditas, Profitabilitas dan Solvabilitas Terhadap Opini Audit Going Concern pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia (Doctoral dissertation, Universitas Diponegoro).
Ojah, H. K., Malik, Y. S., & Ali, A. M. M. (2019). Capital? solvency and its impact on the stock prices of banks Listed on Iraq Stock Exchange-? Applying to National Bank of Iraq. International Journal of Multidisciplinary Research? and Publications (IJMRAP), 2(5), 31-36.
Prayitno, A. (2008). Pengaruh Profitabilitas, Solvabilitas, dan Likuiditas Terhadap Harga Saham Sektor Properti di Bursa Efek Jakarta Tahun 2001-2006 (Doctoral dissertation, Universitas Widyatama).
Rinati, I. (2012). Pengaruh Net Profit Margin (NPM), Return On Assets (ROA) dan Return On Equity (ROE) terhadap harga saham pada perusahaan yang tercantum dalam indeks LQ45.
Setiyawan, I., & Pardiman, P. (2014). Pengaruh Current Ratio, Inventory Turnover, Time Interest Earned dan Return on Equity terhadap Harga Saham pada Perusahaan Manufaktur Sektor Barang Konsumsi yang Terdaftar di BEI Periode 2009-2012. Nominal: Barometer Riset Akuntansi dan Manajemen, 3(2), 117-133.
Shaheen, S., & Malik, Q. A. (2012). The impact of capital intensity, size of firm and profitability on debt financing in textile industry of Pakistan. Interdisciplinary Journal of Contemporary Research in Business, 3(10), 1061-1066.
Suad Husnan dan Enny Pudjiastuti. 2012. Dasar-Dasar Manajemen Keuangan. Yogyakarta: UPP STIM YKPN.
Susanto, A. S. (2012). Pengaruh Likuiditas, Profitabilitas, Solvabilitas dan Ukuran Perusahaan Terhadap Harga Saham Perusahaan Farmasi di BEI. Jurnal Akuntansi Unesa, 1(1).
Susilawati, C. D. K. (2012). Analisis Perbandingan Pengaruh Likuiditas, Solvabilitas dan Profitabilitas terhadap Harga Saham pada Perusahaan LQ 45. Jurnal Akuntansi, 4(2).
Susilowati, Y., & Turyanto, T. (2011). Reaksi signal rasio profitabilitas dan rasio solvabilitas terhadap return saham perusahaan. Dinamika Keuangan dan Perbankan, 3(1), 17-37.
Tahu, G. P., & Susilo, D. D. B. (2017). Effect of Liquidity, Leverage and profitability to The Firm Value (Dividend Policy as Moderating Variable) in Manufacturing Company of Indonesia Stock Exchange. Research Journal of Finance and Accounting, 8(18), 2222-1697.
Valintino, R., & Sularto, L. (2013). Pengaruh Return On Asset (ROA), Current Ratio (CR), Return On Equity (ROE), Debt To Equity Ratio (DER), dan Earning Per Share (EPS) Terhadap Harga Saham Perusahaan Manufaktur Sektor Industri Barang Konsumsi di BEI. Prosiding PESAT, 5.
Zuliarni, S. (2012). Pengaruh Kinerja Keuangan Terhadap Harga Saham Pada Perusahaan Mining and Mining Service di Bursa Efek Indonesia (BEI). Jurnal Aplikasi Bisnis, 3(1), 36-48.
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Published
2020-11-04
How to Cite
Kusnandar, K. ., & Sari, M. . (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://doi.org/10.38035/jafm.v1i2.30
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