PENGARUH FINANCIAL RATIO TERHADAP STOCK RETURN DENGAN MODERASI COVID-19
Abstract
Abstrak
Pertumbuhan ekonomi pada sektor properti mengalami dampak yang sangat besar selama masa COVID-19. Hal ini dapat dilihat pada pemberlakuan PSBB oleh pemerintah Indonesia yang menghambat semua perekonomian. Sasaran dari penelitian ini bertujuan untuk memahami kondisi pasar saham pada sektor properti dan real estate akibat pengaruh COVID-19. Penelitian ini menggunakan data kuantitatif dengan jenis data kuantitatif. Adapun data yang diambil dari laporan kinerja perusahaan adalah laba bersih, jumlah saham beredar, total asset, total ekuitas, jumlah hutang, dan nilai saham. Sampel penelitian diinterpretasikan terhadap perusahaan sektor properti dan real estate yang terdaftar di Bursa Efek Indonesia yang merupakan salah satu sektor yang terdampak selama COVID-19 dari laporan keuangan yang menyertakan lengkap dari tahun 2019 hingga 2021. Penelitian diolah menggunakan analisis regresi dari perusahaan sektor properti dan real estate yang tercatat di BEI dari tahun 2019 hingga 2021, sehingga mendapatkan sampel sejumlah 44 perusahaan. Penelitian ini menemukan bahwa Return On Asset mempunyai hubungan terhadap pengembalian saham, sementara itu earning per share, debt of equity, return on asset, dan price to book value tidak berpengaruh terhadap pengembalian saham. Secara moderasi, hasilnya menunjukkan bahwa COVID-19 memoderasi debt earning ratio dan return on equity terhadap harga saham. Kesimpulan terhadap penelitian ini adalah investor perlu mempertimbangkan faktor lainnya sebagai pertimbangan dalam berinvestasi.
Kata kunci : pengembalian saham; return on asset; earning per share; debt of equity; return on asset; price to book value
Abstract
Economic growth in the property sector experienced a huge impact during the COVID-19 period. This can be seen in the implementation of PSBB by the Indonesian government which hampers all economies. The goal of this study aims to understand the stock market conditions in the property and real estate sector due to the influence of COVID-19. This study uses quantitative data with quantitative data types. The data taken from the company's performance report are net income, number of shares outstanding, total assets, total equity, total debt, and stock value. The research sample is interpreted from property and real estate sector companies listed on the Indonesia Stock Exchange which is one of the sectors affected during COVID-19 from financial reports that include complete from 2019 to 2021. The research was processed using regression analysis of property and real estate sector companies listed on the IDX from 2019 to 2021, thus obtaining a sample of 44 companies. This study found that Return On Asset has a relationship with stock returns, while earning per share, debt of equity, return on assets, and price to book value have no effect on stock returns. In moderation, the results show that COVID-19 moderates the debt earning ratio and return on equity on stock prices. The conclusion of this research is that investors need to consider other factors as a consideration in investing.
Keywords : stock return; return on asset; earning per share; debt of equity; return on asset; price to book value
Keywords
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DOI: https://doi.org/10.25134/equi.v21i01.7853
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