Firms’ Profitability and Stock Returns: Does it Always Affect Positively?

Hananiel Stephen Mangku Budi; Arthik Davianti

doi:10.23887/ijssb.v6i1.41927

Authors

Hananiel Stephen Mangku Budi
Arthik Davianti Departemen Akuntansi, Fakultas Ekonomika dan Bisnis, Universitas Kristen Satya Wacana

DOI:

https://doi.org/10.23887/ijssb.v6i1.41927

Keywords:

Profitability, Consumer Goods Industry, Stock Returns

Abstract

Saham mencerminkan bukti pemilik perusahaan, artinya setiap investor mengharapkan pengembalian yang maksimal dari biaya yang dikeluarkan saat membeli saham. Penelitian sebelumnya menyatakan bahwa profitabilitas memiliki hubungan positif dengan return saham. Artinya perusahaan yang sangat menguntungkan akan meningkatkan nilai perusahaan, dan pada akhirnya harga saham akan meningkat. Namun, Indeks Industri Barang Konsumen Indonesia turun signifikan pada 2018–2019, sementara sebagian besar perusahaan memiliki profitabilitas yang baik. Oleh karena itu, penelitian ini bertujuan untuk menguji apakah profitabilitas selalu memiliki hubungan positif dengan return saham perusahaan. Penelitian ini menggunakan sampel sebanyak 35 perusahaan Industri Barang Konsumen BEI periode 2017–2019 dengan metode regresi berganda. Variabel profitabilitas yang digunakan dalam penelitian ini adalah laba bersih, return on equity, dan pertumbuhan penjualan. Hasil penelitian menunjukkan bahwa laba bersih dan return on equity berpengaruh positif signifikan terhadap return saham; sebaliknya pertumbuhan penjualan tidak berpengaruh signifikan terhadap return saham.

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