ANALYSIS OF THE IMPACT OF FINANCIAL PERFORMANCE ON STOCK PRICES AND COMPANY VALUE AS MODERATION VARIABLES (CASE STUDY ON HEALTHCARE COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE)

Muhamad Irfan Florid, Ratnawati Raflis

Abstract


Healthcare companies on the Indonesia Stock Exchange (IDX) face fierce competition during the ongoing Covid-19 pandemic, impacting the Jakarta Composite Index (IHSG) despite its stability around 6,000. Pharmaceutical stock prices surged at the pandemic's outset, crucial for investor assessments. This study examines healthcare companies listed on IDX from 2016 to 2020, involving 14 eligible firms. Data analysis employs descriptive statistics and multiple regression analysis, with data analyzed using Eviews 10. Results reveal CR, NPM, TATO, and ROE negatively and significantly affect stock prices, while GPM and EPS have negative but insignificant effects. RC and DER don't significantly impact stock prices, but ROA and PER demonstrate positive, significant effects. Simultaneously, CR, GPM, NPM, RC, TATO, DER, ROA, ROE, EPS, PER, and PBV collectively influence healthcare company stock prices. Company value doesn't moderate CR, RC, TATO, and PER's relationship with stock price but does moderate GPM, NPM, DER, ROA, ROE, EPS, and share prices. Prospective investors should consider factors beyond financial ratios for profitable returns.

 

Keywords: Financial Performance, Stock Prices, Company Value


Full Text:

PDF

References


Abarca, R. M. (2021). Nuevos Sistemas de Comunicación e Información, 2013–2015.

Agustina, A., Sulia, S., & Rice, R. (2018). Faktor – faktor yang mempengaruhi profitabilitas dan dampaknya terhadap manajemen laba. Jurnal Akuntansi, 22(1), 18–32. https://doi.org/10.24912/ja.v22i1.320

Ahmad, I., Sahmin, N., & Muliyani, M. (2018). Pengaruh Rasio Keuangan Terhadap Harga Saham Pada Perusahaan Jasa Yang Terdaftar Dalam Indeks LQ45 di Bursa Efek Indonesia (BEI) Periode 2012-2016. Jurnal Wawasan Dan Riset Akuntansi, 5(2), 127–138.

Akbar, I., & Djawoto. (2021). Pengaruh ROA, DER, Current Ratio Terhadap Harga Saham Pada Perusahaan Real Estate Yang Ada di Bursa Efek Indonesia. Jurnal Ilmu Dan Riset Manajemen, 10(1), 1–19.

Baqizzarqoni, & Bati. (2020). Pengaruh Net Profit Margin, Gross Profit Margin, Earning Per Share, Debt To Assets Ratio Terhadap Harga Saham Pada Perusahaan Subsektor Kontruksi dan Bangunan Yang Terdaftar di Bursa Efek Indonesia. Jurnal Manajemen, Ekonomi Sains, 2(1).

Citra, Prengki Kurnia Minang, Rida Ristiyana, R. T. (2021). Peningkatan Harga Saham Melalui Ukuran Perusahaan, Pertumbuhan Penjualan Dan Profitabilitas. Ekonomi, 27(8), 2287–2294.

Dibayangi Omicron, Bagaimana Prospek Saham Sektor Kesehatan? (n.d.).

Retrieved February 5, 2022, from https://ekbis.sindonews.com/read/652789/178/dibayangi-omicron- bagaimana-prospek-saham-sektor-kesehatan-1641805275

Elizabeth, S. M. (2016). Analisis Pengaruh Faktor Fundamental Terhadap Harga Saham dengan ROA Sebagai Variabel Intervening Pada Saham Sektor Pertambangan di Bursa Efek Indonesia Periode 2013-2015. Account, 1(1), 484–493. Retrieved from https://akuntansi.pnj.ac.id/upload/artikel/files/Sri Megawati Elizabeth.pdf

Fadila, R., & Rezeki, F. (2023). Pengaruh Fleksibilitas Kerja, Kompensasi Dan Iklim Kerja Terhadap Kepuasan Kerja Driver Grabbike Cikarang Utara Kabupaten Bekasi. Jurnal Administrasi dan Manajemen, 13(2), 118-124.

Firmansyah, A. (2019). Pengaruh Return On Equity dan Earning per Share terhadap Harga saham pada sektor otomotif dan komponen yang terdaftar di Bursa Efek Indonesia. Business Innovation and Entrepreneurship Journal, 1(3), 141–148. https://doi.org/10.35899/biej.v1i3.25

Handayani, R., & Zulyanti, N. R. (2018). Pengaruh Earning Per Share (Eps), Debt To Equity Ratio, (Der), Dan Return on Assets (Roa) Terhadap Return Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bei. Jurnal Manajemen, 3(1), 615. https://doi.org/10.30736/jpim.v3i1.143

Hernandez Sampieri Roberto. (2014). No 7(2), 1–16. Retrieved from http://observatorio.epacartagena.gov.co/wp-content/uploads/2017/08/metodologia-de-la-investigacion-sexta- edicion.compressed.pdf

Indahsafitri, P. N., Wahono, B., & Khoirul. (2018). Pengaruh Return On Equity (ROE), Net Profit Margin (NPM), Gross Profit Margin (GPM), Dan Earning Per Share (EPS) Terhadap Harga Saham (Studi Empiris Pada Perusahaan Yang Terdaftar Dalam LQ 45 BEI Periode 2013-2016). E-Jurnal Riset Manajemen Universitas Islam Malang, 67–97. Retrieved from http://www.riset.unisma.ac.id/index.php/jrm/article/viewFile/860/855 Indonesia, U. P. (2015). Current Ratio. QFINANCE Calculation Toolkit, 5, 621–626. https://doi.org/10.5040/9781472920294.0035

Jahrona, E. (2014). Analisis Pengaruh Gross Profit Margin ( GPM ), Operating Profit Margin ( OPM ), Net Profit Margin ( NPM), Dan Return on Asset ( ROA ) Terhadap Harga Saham. Universitas Islam Negeri (UIN), 8–30.

Juliningtias, D., & Sunartiyo, S. (2020). Pengaruh Earning Per Share Dan Price To Book Value Terhadap Harga Saham Pt. Pembangunan Perumahan, Tbk.

Jurnal Ekonomi Dan Industri, 20(3), 81–90. https://doi.org/10.35137/jei.v20i3.369

Khalifah, S. (2019). No 126(1), 1–7.

Kurniawati, F. D., Chomsatu, Y., & Siddi, P. (2021). Pengaruh Rasio Keuangan Terhadap Harga Saham Dengan EPS Sebagai Variabel Moderasi. The effect Of Financial Ratios On Stock Prices With EPS As A Moderating Variable.17(2), 228–238.

Lila Kusuma, I. (2016). Pengaruh Asset Growth, Debt To Equity Ratio, Return on Equity, Total Asset Turnover Dan Earning Per Share Terhadap Beta Saham Pada Perusahaan Yang Masuk Dalam Kelompok Jakarta Islamic Index (Jii) Periode 2013-2015. Jurnal Riset Akuntansi Dan Keuangan, 4(2), 1005–1020. https://doi.org/10.17509/jrak.v4i2.4034

National, G., & Pillars, H. (n.d.). No. 1–37.

Nurfadila, N., Kalsum, U., & Wahyuni, A. S. M. (2020). Jurnal Ilmiah Akuntansi

Peradaban 1. Jurnal Ilmiah Akuntansi Peradaban, VI(2), 216–227. Nurhayati, E., Teknologi, I., & Dahlan, A. (2021). ANALYSIS OF THE

INFLUENCE OF LIQUIDITY AND PROFITABILITY ON STOCK PRICES OF Harga Saham. 5(4), 370–379.

Nurasari, I. (2018). Pengaruh Rasio Keuangan Dan Pertumbuhan Pendapatan Terhadap Return Saham Pada Perusahaan Perkebunan Di Bursa Efek Indonesia 2010-2017. Jurnal SEKURITAS (Saham, Ekonomi, Keuangan Dan Investasi), 2(1). https://doi.org/10.32493/skt.v2i1.1959

Permatasari, S. S., & Mukaram, M. (2019). Pengaruh Rasio Keuangan Terhadap Harga Saham. Jurnal Riset Bisnis Dan Investasi, 4(3), 47. https://doi.org/10.35697/jrbi.v4i3.1256

Rezeki, F., Mardiputera, H. M., & Wulandari, A. (2023). High and Low Levels of Employee Performance: The Role of Transformational Leadership Styles and Employee Engagement. Asian Journal of Management, Entrepreneurship and Social Science, 3(03), 568-584.

Rezeki, F., Librianty, N., & Farhas, R. J. (2023). The Influence of Supervision and Organizational Culture on Employee Work Productivity through Organizational Commitment to Kimshafi Alung Cipta Ltd. Jurnal Manajemen Industri dan Logistik, 7(1), 138-151.

Rezeki, F. (2023). The Influence 0f Transformational Leadership Style, Organizational Culture and Organizational Communication On Employee Job Satisfaction. Asian Journal of Management, Entrepreneurship and Social Science, 3(01), 698-714.

Sari, H. H. P. (2019). Pengaruh Return on Asset, Return on Equity Dan Debt To Equity Ratio Terhadap Harga Saham Pada Perusahaan Sub Sektor ….

Retrieved from http://repository.uniba-bpn.ac.id/id/eprint/1339

Sari, W. P. (2018). Pengaruh Rasio Keuangan terhadap Harga Saham pada Perusahaan Manufaktur Go Public yang Terdaftar di Bursa Efek Indonesia. Jurnal Ilmiah Syaklandsea, 2(1), 43–52.

Satiaputra, B. E. (2019). Analisis Kinerja Keuangan Perusahaan Manufaktur Serta Pengaruhnya Terhadap Harga Saham. Jimf (Jurnal Ilmiah Manajemen Forkamma), 1(4). https://doi.org/10.32493/frkm.v1i4.2562

Sekartaji, R. P. (2019). PENGARUH RASIO LIKUIDITAS, RASIO AKTIVITAS, RASIO LEVERAGE, RASIO PROFITABILITAS, DAN RASIO PASAR

TERHADAP HARGA SAHAM ( Studi Pada Sektor Perusahaan Food and Beverage yang Terdaftar dalam Bursa Efek Indonesia ). 1–17.

Sha, T. L. (2017). Pengaruh Kebijakan Dividen, Likuiditas, Net Profit Margin, Return on Equity, Dan Price To Book Value Terhadap Harga Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia 2010 – 2013. Jurnal Akuntansi, 19(2), 276. https://doi.org/10.24912/ja.v19i2.99

Sondakh, F., Tommy, P., Mangantar, M., Manajemen, J., Sam, U., & Manado, R. (2006). Current Ratio. Encyclopedia of Production and Manufacturing Management, 3(2), 138–138. https://doi.org/10.1007/1-4020-0612-8_202

Tahir, Y. A., Djuwarsa, T., & Mayasari, I. (2021). Pengaruh ROA , ROE , dan EPS terhadap Harga Saham Bank The effects of ROA , ROE , and EPS on stock prices of commercial banking category of BUKU 4. Indonesian Journal of Economics and Management, 1(3), 544–560.

Ulfa, E. H. (2020). No Journal, 5(1), 55.

Wayan, N., Anggriani, O., Wahyudi, A., Gama, S., Putu, N., & Astiti, Y. (2021).

Pengaruh Total Assets Turn Over, Debt To Equity Ratio, Price Earning Ratio Terhadap Harga Saham Pada Perusahaan Transportasi Yang Terdaftar Di Bursa Efek Indonesia. 2, 287–298.




DOI: https://doi.org/10.31846/jae.v11i3.687

Refbacks

  • There are currently no refbacks.


Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

e-Jurnal Apresiasi Ekonnomi Indexed by:

 

        Â