PENGARUH KINERJA KEUANGAN, STRUKTUR MODAL DAN PERGANTIAN CHIEF EXECUTIVE OFFICER (CEO) TERHADAP RETURN SAHAM

Sevilla Elfa Huwaida; Amalia Ilmiani

Authors

Sevilla Elfa Huwaida Universitas Pekalongan, Indonesia
Amalia Ilmiani Universitas Pekalongan, Indonesia

Keywords:

Financial Performance, Capital Structure, CEO Change, and Stock Returns

Abstract

Stock return is the percentage of profits obtained from investments that have been made, which is often an attractive factor for investors to invest their capital in the stock market. This is a basic framework that writers can use to illustrate the concept. shares are the rate of return on the investment that has been made. Stock returns can attract investors to invest their funds in the capital market. This research aims to determine the effect of financial performance as proxied by liquidity and profitability, capital structure and CEO turnover on stock returns in energy sector companies listed on the Indonesia Stock Exchange for the 2019-2022 period. The sample for this research was 84 data with a sampling method, namely purposive sampling. The analysis technique used is PLS-SEM using WarpPLS 7.0 software. The results of this research show that (1) Liquidity (CR) has no effect on stock returns, (2) Profitability (ROE) has a significant positive effect on stock returns, (3) Capital structure (WCTO) has a significant negative effect on stock returns, (4) CEO change has no effect on stock returns.

References

Abdurrohman, Fitrianingsih, D., Salam, A. F., & Aeni, H. (2021). Pengaruh Current Ratio , Debt to Equity Eatio dan Return on Equity Terhadap Return Saham Pada Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia. COSTING: Journal of Economic, Business and Accounting, 4(2), 1â€“10.

Agusnawan, I. K. D., & Wirama, D. G. (2018). Reaksi Pasar Terhadap Pengumuman Pergantian CEO di Bursa Efek Indonesia. E-Jurnal Akuntansi, 25(40), 2430. https://doi.org/10.24843/eja.2018.v25.i03.p30

Ariyanti, A. I., & Suwitho, S. (2016). Pengaruh Cr, Tato, Npm Dan Roa Terhadap Return Saham. Jurnal Ilmu Dan Riset â€¦, 5(April). http://jurnalmahasiswa.stiesia.ac.id/index.php/jirm/article/download/609/620

Bahtera, N. T. (2018). Analisis Reaksi Pasar Terhadap Pengumuman Pergantian Chief Executive Officer (CEO). The International Journal of Applied Business Tijab, 2(1), 33â€“46.

Chandrarin, G. (2017). Metode Riset Akuntansi Pendekatan Kuantitatif. Salemba Empat.

Dermawan, S., & Djahotman, P. (2013). Analisis Laporan Keuangan (Edisi Kedu). Mitra wacana media. Jakarta.

Elfiswandi, Sanjaya, S., Pratiwi, N., Yulia, Y., & Ramadhan, M. F. (2020). Macroeconomic factors, energy consumption and firms performance on stock return of mining and energy sector: Evidence from Indonesia. International Journal of Energy Economics and Policy, 10(6), 229â€“234. https://doi.org/10.32479/ijeep.10207

Ghozali, I., & Latan, H. (2015). Partial Least Squares konsep, teknik dan aplikasi menggunakan program smartpls 3.0 untuk penelitian empiris. Semarang: Badan Penerbit UNDIP.

Hair, J. F., Hult, G. T. M., Sarstedt, R., Danks, N. P., & Ray, S. (2021). Partial Least Squares Structural Equation Modeling (PLS-SEM) Using R. In Springer. Switzerland: Springes Nature Switzerland AG. https://doi.org/10.1007/978-3-030-80519-7

Hartono, J. (2016). Teori Portofolio dan Analisis Investasi (Kesepuluh). BPFE-Yogyakarta.

Hidayat, T. (2010). Financial Planning: Mengelola & Merencanakan Keuangan Pribadi dan Keluarga. Mediakita.

Judith, M. P. (2020). Pandemi Menghadang Investasi dan Ekspansi Sektor Pertambangan. Kompas.Id. https://www.kompas.id/baca/ekonomi/2020/08/26/pandemi-menghadang-investasi-dan-ekspansi-sektor-pertambangan

Kang, J., & Shivdasani, A. (1996). Does the Japanese Governance System Enhance Shareholder Wealth ? Evidence from the Stock-Price Effects of Top Management Turnover Author ( s ): Jun-Koo Kang and Anil Shivdasani Source : The Review of Financial Studies , Vol . 9 , No . 4 ( Winter , 1996 ),. 9(4), 1061â€“1095.

Kasmir. (2018). Analisis Laporan Keuangan. RajaGrafindo Persada.

Lindrianasari. (2011). Pergantian CEO Dunia: Suatu Bukti Pentingnya Informasi Akuntansi dalam Isu Pergantian CEO Dunia. Penerbit KANISIUS.

Meilinda, V., & Destriana, N. (2019). Faktor-Faktor Yang Mempengaruhi Return Saham Pada Perusahaan Non Keuangan. Jurnal Bisnis Dan Akuntansi, 21(1), 39â€“48. http://jurnaltsm.id/index.php/JBA

Nabhani, A. (2023). PT Bukit Asam Bagi Dividen Rp 12,6 Triliun. Harian Ekonomi NERACA. https://dev.neraca.co.id/article/182863/pt-bukit-asam-bagi-dividen-rp-126-triliun

Nandani, I. G. A. I. Y., & Sudjarni, L. K. (2017). PENGARUH LIKUIDITAS, PROFITABILITAS DAN NILAI PASAR TERHADAP RETURN SAHAM PERUSAHAAN F & B DI BEI. E-Jurnal Manajemen Unud, 6(8).

Rahmi, T., Wahyudi, T., & Daud, R. (2019). Pengaruh Kinerja Keuangan Terhadap Return Saham Perusahaan Manufaktur Sektor Industri Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia. AKUNTABILITAS: Jurnal Penelitian Dan Pengembangan Akuntansi, 12(2), 161â€“180. https://doi.org/10.29259/ja.v12i2.9315

Santi, J. T. (2021). Bongkar Pasang Direksi Emiten BUMN. Kompas.Id. https://www.kompas.id/baca/ekonomi/2021/12/23/bongkar-pasang-direksi-emiten-bumn

Setiyono, W., Hariyani, D. S., Wijaya, A. L., & Apariyanti. (2018). Analisis Pengaruh Faktor Fundamental Terhadap Return Saham. Jurnal Kajian Akuntansi, 2(2), 123â€“133. http://jurnal.unswagati.ac.id/index.php/jka

Sholihin, M., & Ratmono, D. (2021). Analisis SEM-PLS dengan WarpPLS 7.0 untuk Hubungan Nonlinier dalam Penelitian Sosial dan Bisnis (1st ed.). Penerbit ANDI.

Simorangkir, R. T. M. C. (2019). Pengaruh Kinerja Keuangan Terhadap Return Saham Perusahaan Pertambangan. Jurnal Bisnis Dan Akuntansi, 21(2), 155â€“164. https://doi.org/10.34208/jba.v21i2.616

Sinaga, A. N., Eric, E., Rudy, R., & Wiltan, V. (2020). Current Ratio, Debt to Equity Ratio, Return on Equity, Dividend Payout Ratio dan Size terhadap Return Saham Perusahaan Trade, Service & Investment Indonesia. Journal of Economic, Bussines and Accounting (COSTING), 3(2), 311â€“318. https://doi.org/10.31539/costing.v3i2.1043

Sony Budiarso, & Zuhri, L. C. (2019). Indonesia Salah Satu Penghasil Tambang Terbesar di Dunia. Mining Talk FEB UGM. https://feb.ugm.ac.id/id/berita/2877-indonesia-salah-satu-penghasil-tambang-terbesar-di-dunia

Suryahadi, A. (2020). Sepanjang 2019 sektor pertambangan turun drastis, begini prospeknya di 2020. Kontan.Co.Id. https://investasi.kontan.co.id/news/sepanjang-2019-sektor-pertambangan-turun-drastis-begini-prospeknya-di-2020

Sutedi, A. (2013). Pasar Modal : Mengenal Nasabah Sebagai Pencegahan Pencucian Uang (Cetakan 1). Alfabeta.

Suwardjono. (2010). Teori Akuntansi: Pengungkapan dan Sarana Interpretatif (Edisi Keti). BPFE.

Syahdina, A., Gusmiarni, & Gondowonto, A. J. (2021). Determinasi Kinerja Keuangan Terhadap Pertumbuhan Laba dan Implikasinya terhadap Return Saham Pada perusahaan Manufaktur Consumer goods Yang Terdaftar di Bursa Efek Indonesia Periode tahun 2014-2018. Ikraith-Ekonomika, 4(3), 264â€“280.

Tari, D. N. (2021). IHSG Koreksi, Saham Sektor Pertambangan Boncos 2,8 Persen. Bisnis.Com. https://market.bisnis.com/read/20210119/7/1344806/ihsg-koreksi-saham-sektor-pertambangan-boncos-28-persen/