Size Company as Moderator the Influence of Rofitability and Leverage on Stock Return in Manufacturing Companies in Indonesia
1Maxi Ma'roef, 2Yuli Winarni, 3Moh . Khanif Muzaqi,
4Dwi Winarno, 5I Nyoman Susipta
1,2,3,4Faculty of Economics and Business Gajayana University Malang
5Faculty of engineering and informatics Gajayana University Malang
https://doi.org/10.47191/jefms/v5-i2-18ABSTRACT:
This study aims to examine the effect of profitability and leverage on stock returns through the role of firm size as moderator. The Research population used manufacturing companies. There are 143 companies listed on the Indonesia Stock Exchange for the 2015-2019 period. The sampling technique used purposive sampling method, and the amount of samples was 36 companies. The test results provided evidence that profitability and leverage have a positive and significant effect on stock returns, as well as the moderator variable, namely firm size strengthened the effect of profitability and leverage on stock returns.
KEYWORDS:
profitability, leverage, size company, stock return
REFERENCES:
1) Ambarwati, Novi Sagita, Gede Adi Yuniarta, Ni Kadek Sinarwati. 2015. The Effect of Working Capital, Liquidity, Activities and Company Size on Profitability of Manufacturing Companies Listed on the Indonesia Stock Exchange. Journal of S1 Ak Ganesha University of Education. Vol. 3, No. 1 .
2) Arikunto, S. 2017. Development of Research Instruments and Program Assessment . Yogyakarta: Student Library.
3) Brigham EF and JF Houston. 2011. Financial Management. Jakarta: Erlangga .
4) Dewi , Ayu Sri Mahatma and Arya Wirajaya . 2013. Influence Capital Structure , Profitability and Firm Size on Firm Value. Journal Udayana University Accounting . Vol. 4, No. 2.
5) Fauzi , SZ, Suhadak , and Hidayat , RR (2016). Influence Announcement of Stock Split against Stock Liquidity and Stock Return. Journal Administration Business (JAB). Vol. 38. No. 2. Brawijaya University Malang
6) Fahmi, Irham 2015. Investment Management. Edition 2 . Jakarta: Salemba Four .
7) Ferdinand, Augusty . 2014. Management Research Methods: Research Guidelines for Writing Thesis, Thesis, and Dissertation of Management Science . Publishing Agency : Diponegoro University
8) Ghozali, Imam. 2016. Application of Multivariete Analysis With IBM SPSS Program 23 . Semarang. Diponegoro University Publishing Agency
9) Handayani , Rini . 2018. The Effect of Return on Assets (ROA), Leverage and Company Size on Tax Avoidance in Banking Companies Listed on the IDX Period Year 2021 – 2015. Journal Maranatha Accounting , Vol.10, No. 1 . Faculty Maranatha Christian University Economics
10) Harmoni. 2014. Financial Management Based on the Balanced Scorecard Approach to Theory, Cases, and Business Research . First Edition. Third Printing. Jakarta: Earth Literacy.
11) Ibrahim , Mariaty and Syafri Yusman . 2018. The Influence of Profitability, Liquidity and Leverage on Dividend Policy in Basic and Chemical Industry Sector Companies Listed on the Indonesia Stock Exchange . Let's FISIP . Vol. . 5 , No. _ 1 . Faculty . Knowledge social and science Riau University Politics
12) Jogiyanto, Hartono. (2017). Portfolio Theory and Investment Analysis . Eleventh Edition . Yogyakarta: BPFE.
13) cashmere. 2015. Analysis of Financial Statements. Edition One . Jakarta: PT RajaGrafindo Persada.
14) Mamduh , Hanafi H. and A. Halim. 2007. Analysis of Financial Statements, 3rd edition. Yogyakarta: Publisher of UPP STIM YKPN.
15) Munawir, S. 2010. Analysis of Financial Statements . Fourth edition. Print To fifteen. Yogyakarta: Liberty
16) Disturbing. 2008. The Effect of Profitability Ratios and Leverage on Stock Returns in Companies Listed in the Jakarta Islamic Index (JII) in 2004-2006 . Publishing Agency: State Islamic University Sunan Kalijaga Yogyakarta
17) Nudiana, Rosintha and Prijati. (2013). Effect of Liquidity Ratio, Leverage, Activity, Profitability on Stock Returns in Food and Beverages Companies Listed on the Indonesia Stock Exchange. Journal of Management Science & Research. Vol. 2 , No. 4
18) Puspita , Ambar. 2016. Effect of Profitability, Free Cash Flow. Investment Opportunity Set and Managerial Ownership of Dividends d Payout Ratio: Liquidity as a Moderating Variable. Journal. Yogyakarta Muhammadiyah University.
19) Rusdin. (2006). Capital Markets: Theory, Problems, and Policies in Practice . Bandung: Alphabeta.
20) Rusin. (2016). Effect of Liquidity, Leverage and Profitability on Stock Return. Accounting journal.
21) Simanungkalit , Minar . 2009. Influence Profitability and Financial Leverage Ratio Against Stock Returns in Companies Open Food and Beverage in Indonesia. thesis . USU. Medan
22) Singapurwoko, Arif and Muhammad Saladin Mustofa El-Wahid . 2011 . The Impact of Financial Leverage to Profitability Study of Non-Financial Companies Listed in Indonesia Stock Exchange . European Journal of Economics, Finance and Administrative Sciences . vol.. 3 , No. 2
23) Singarimbun, Masri and Sofian Effendi. 2008. Survey Research Methods . Jakarta: LP3ES
24) Soleman , Rusman . 2008. Company Characteristics on Leverage Level . Journal of Finance and Banking. Vol. 12, No. 3
25) Sugiyono. (2017). Business Research Methods Quantitative, Qualitative and R Approaches & D . Bandung: Alphabeta.
26) Sulaiman and Ana Handi. 2008. The Effect of Financial Performance on Stock Returns in Manufacturing Companies on the Jakarta Stock Exchange. Journal of Accounting Research and Development. Vol. 2 No. 2
27) Supriyanto , Eko and Falikhatun . 2008. The Effect of Tangibility, Sales Growth and Firm Size on Financial Structure . Journal Business and Accounting , Vol. 10, No. 1. P3M STIE Trisakti
28) Sutrisno. 2015. Financial Management: Concept Theory and Application . First Edition. Seventh Printing. EKONISIA.Yogyakarta.
29) Sutrisno. (2016). Capital Structure Determinants and Their Impact on Firm Value: Evidence From Indonesia. Economic World . Vol. 4, No. 4 .
30) Ulfa , Tsuroyya M., and Putra Astika, I. 2017. The Effect of Profitability and Financial Leverage on Income Smoothing with Company Size as Moderating Variable. E-Journal of Accounting. Vol. 20 , No. 3 .
31) Wardana, Gentha Putri and Dewa Gede Wirama. 2019. Comparison of the Effect of Profit and Value Added on Stock Return . Udayana University Accounting E-Journal. Vol. 27 No. 2
32) Wicaksono , Maheranto . 2016. Analysis Effect of Financial Performance to Stock Return. Journal Scientific Student of FEB Universitas Brawijaya . Vol . 3, No. 2 .