THE EFFECT OF PROFITABILITY, CAPITAL STRUCTURE, AND CORPORATE VALUE ON STOCK RETURN (PHARMACEUTICAL SUB SECTOR IN INDONESIA STOCK EXCHANGE 2015-2017)
DOI:
https://doi.org/10.31933/dijemss.v1i2.86Keywords:
ROA, DER, PBV and Stock ReturnAbstract
This study aims to examine and analyze the influence of ROA, DER, PBV to return stock in a pharmaceutical company. Phenomena research on sub pharmaceutical sector because in recent years, especially in 2015-2017, pharmaceutical company stock returns decrease compared to other subsectors.The importance of this research was conducted to test and analyze the influence of ROA, DER, and PBV to return stock in companies in the Pharmaceutical Sector Sub listed in the Indonesia Stock Exchange. The study uses annual data for the observation period from 2015 up to 2017. The study was descriptive causality. The data used is the data panel that is a combination of annual time serial data and cross section which is processed using panel data regression analysis. The population is all Pharmaceutical Company listed on the Indonesia Stock Exchange in 2015 until 2017 with a sample of eight companies. The results of this study indicate that Return On Asset (ROA) has no effect and significant on stock returns, Debt to Equity Ratio (DER) has no significant negative effect on stock returns, Price to Book Value (PBV) significant negative effect on stock returns
References
Abdullah, Mohammad Nayeem, Karuddin Parvez, Tarana Karim, and Rahat Bari Tooheen. 2015. The Impact of Financial Leverage and Market Size on Stock Returns on The Dhaka Stock Exchange: Evidence from Selected Stocks in The Manufacturing Sector, International Journal of Economics, Finance, and Management Sciences, Vol. 3, No. 1, pp.10-15
Brigham, Eugene F and Michael C. Enrhardt. 2005. Financial Management : Theory and Practice, 11e. USA : Thomson-South Western
Dita, Amalia Husna dan Isrochmani Murtaqi. 2014. The Effect of Net Profit Margin, Price to book value and debt to equity ratio on Stock Return in the Indonesian consumer goods industry. Journal of Business and Management. Vol. 3, No. 3. pp. 305-315
Gharaibeh, Adnan. 2014. Capital Structure, Liquidity, And Stock Returns. (European Scientific Journal, Vol. 10, No. 25, September 2014).
Ghi, Tran Nha. 2015. The Impact of Capital Structure and Financial Performance On Stock Return of The Firm in Hose. International Journal of Information Research and Review . Vol.2, No. 6, pp.734-737 Ghozali, I. 2006. Application of Multivariate Analysis with Program SPSS. Semarang : Undip. Hasbi, Hariandy dan Sarjito Surya. 2015. The Effect Of Capital Structure Profitability And Market Ratios On Stock Price In The Property Sector. Jurnal International. h 6273-6277. ISSN 1013-6277.
Herawati, Aty. 2017. The Factors Affcting Initial Return on IPO Company in IDX 20072012. International Journal of Economic Perspectives, 2017, Volume 11 Issue 1, 1499-1509
Mahdaleta et al , 2016. Effects of capital structure and profitability on corporate value with company size as the moderating variable of manufacturing companies listed on Indonesia Stock Exchange Martini, Ni Nyoman G Putu et al. 2014. Factors effecting firms value of Indonesia Public Manufacturing Firm. International Journal of Business and Management Invention ISSN. 3 (2) : 35-44
Nuryaman. 2015. The Influence Of Intellectual Capital On The Firm’s Value With The Financial Performance As Intervening Variable. Procedia -Social And Behavioral Sciences, 2nd Global Conference On Business And Social Sciences (Gcbss-2015) On Multidisciplinary Perspectives On Management And Society, 17-18 September, 2015, Bali, Indonesia, 211 :292– 98. Doi:10.1016/J.Sbspro.2015.11.037
Rasyid, Abdul. 2015. Effects of Ownership Structure, Capital Structure, Profitability and Company’s Growth Towards Firm Value. International Journal of Business and Management Invention, Vol. 4, pp. 25-31, Ross. 1976. Journal of Economic Theory. Volume 13, Issue 3, December 1976, Pages 341-360
Ross. 1976. Journal of Economic Theory. Volume 13, Issue 3, December 1976, Pages 341-360
Ross.1977. The Determination of Financial Structure: The Incentive-Signalling. Approach Author(s): Stephen A. Ross Source: The Bell Journal of Economics, Vol. 8, No. 1 (Spring, 1977), pp. 23-40
Ross, Stephen A, et al. 2010. Corporate Finance Ninth Edition. Singapore : McGraw-Hill
Senyigit, Yigit Bora And Yusuf Ag. 2014. Explaining the cross section of stock returns; A comparative study of the United States and Turkey. 2ndWorld Conference on Business, Economics and Management, Procedia-Social and Behavioral Sciences 109 (2014) 327 –332. Zirve University: Turkey
Tahir, MS. Samya, dan Talat Afza. 2013. Determinants of Price-Earnings Ratio : The Case of Chemical Sector of Pakistan. International Journal of Academic Research In Business And Social Sciences, Vol. 2, No. 8
Tamuunu, Sonnia Cindy., & FarlaneRumokoy. 2015. The Influence of Fundamental Factors On Stock Return. Journal EMBA Vol. 3 No. 4 December 2015, Hal. 628-636
Winarto, Jacinta. 2015. The determinants of manufacturer Firm Value in Indonesia Stock Exchange. International Journal of Information, Business and Management. 7(4). Hal. 323-349
Brigham, Eugene F and Michael C. Enrhardt. 2005. Financial Management : Theory and Practice, 11e. USA : Thomson-South Western
Dita, Amalia Husna dan Isrochmani Murtaqi. 2014. The Effect of Net Profit Margin, Price to book value and debt to equity ratio on Stock Return in the Indonesian consumer goods industry. Journal of Business and Management. Vol. 3, No. 3. pp. 305-315
Gharaibeh, Adnan. 2014. Capital Structure, Liquidity, And Stock Returns. (European Scientific Journal, Vol. 10, No. 25, September 2014).
Ghi, Tran Nha. 2015. The Impact of Capital Structure and Financial Performance On Stock Return of The Firm in Hose. International Journal of Information Research and Review . Vol.2, No. 6, pp.734-737 Ghozali, I. 2006. Application of Multivariate Analysis with Program SPSS. Semarang : Undip. Hasbi, Hariandy dan Sarjito Surya. 2015. The Effect Of Capital Structure Profitability And Market Ratios On Stock Price In The Property Sector. Jurnal International. h 6273-6277. ISSN 1013-6277.
Herawati, Aty. 2017. The Factors Affcting Initial Return on IPO Company in IDX 20072012. International Journal of Economic Perspectives, 2017, Volume 11 Issue 1, 1499-1509
Mahdaleta et al , 2016. Effects of capital structure and profitability on corporate value with company size as the moderating variable of manufacturing companies listed on Indonesia Stock Exchange Martini, Ni Nyoman G Putu et al. 2014. Factors effecting firms value of Indonesia Public Manufacturing Firm. International Journal of Business and Management Invention ISSN. 3 (2) : 35-44
Nuryaman. 2015. The Influence Of Intellectual Capital On The Firm’s Value With The Financial Performance As Intervening Variable. Procedia -Social And Behavioral Sciences, 2nd Global Conference On Business And Social Sciences (Gcbss-2015) On Multidisciplinary Perspectives On Management And Society, 17-18 September, 2015, Bali, Indonesia, 211 :292– 98. Doi:10.1016/J.Sbspro.2015.11.037
Rasyid, Abdul. 2015. Effects of Ownership Structure, Capital Structure, Profitability and Company’s Growth Towards Firm Value. International Journal of Business and Management Invention, Vol. 4, pp. 25-31, Ross. 1976. Journal of Economic Theory. Volume 13, Issue 3, December 1976, Pages 341-360
Ross. 1976. Journal of Economic Theory. Volume 13, Issue 3, December 1976, Pages 341-360
Ross.1977. The Determination of Financial Structure: The Incentive-Signalling. Approach Author(s): Stephen A. Ross Source: The Bell Journal of Economics, Vol. 8, No. 1 (Spring, 1977), pp. 23-40
Ross, Stephen A, et al. 2010. Corporate Finance Ninth Edition. Singapore : McGraw-Hill
Senyigit, Yigit Bora And Yusuf Ag. 2014. Explaining the cross section of stock returns; A comparative study of the United States and Turkey. 2ndWorld Conference on Business, Economics and Management, Procedia-Social and Behavioral Sciences 109 (2014) 327 –332. Zirve University: Turkey
Tahir, MS. Samya, dan Talat Afza. 2013. Determinants of Price-Earnings Ratio : The Case of Chemical Sector of Pakistan. International Journal of Academic Research In Business And Social Sciences, Vol. 2, No. 8
Tamuunu, Sonnia Cindy., & FarlaneRumokoy. 2015. The Influence of Fundamental Factors On Stock Return. Journal EMBA Vol. 3 No. 4 December 2015, Hal. 628-636
Winarto, Jacinta. 2015. The determinants of manufacturer Firm Value in Indonesia Stock Exchange. International Journal of Information, Business and Management. 7(4). Hal. 323-349
Downloads
Published
2020-01-07
How to Cite
Dinova, R. D. K., & Herawati, A. (2020). THE EFFECT OF PROFITABILITY, CAPITAL STRUCTURE, AND CORPORATE VALUE ON STOCK RETURN (PHARMACEUTICAL SUB SECTOR IN INDONESIA STOCK EXCHANGE 2015-2017) . Dinasti International Journal of Education Management And Social Science, 1(2), 224–234. https://doi.org/10.31933/dijemss.v1i2.86
Issue
Section
Articles
License
Authors who publish their manuscripts in this journal agree to the following conditions:
- The copyright on each article belongs to the author(s).
- The author acknowledges that the Dinasti International Journal of Education Management and Social Science (DIJEMSS) has the right to be the first to publish with a Creative Commons Attribution 4.0 International license (Attribution 4.0 International (CC BY 4.0).
- Authors can submit articles separately, arrange for the non-exclusive distribution of manuscripts that have been published in this journal into other versions (e.g., sent to the author's institutional repository, publication into books, etc.), by acknowledging that the manuscript has been published for the first time in the Dinasti International Journal of Education Management and Social Science (DIJEMSS).
