The Impact of Fundamentals and Technical Analysis on Stock Returns in Banking Companies Listed for Indonesia Stock Exchange 2013-2022
Pengaruh Analisis Fundamental dan Teknikal terhadap Return Saham pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia Tahun 2013-2022
DOI:
https://doi.org/10.21070/ups.3943Keywords:
Stock Return, PSR, EPS, OCF, Trading Volume, Market CapitalizationAbstract
This study aims to provide understanding, knowledge, and testing of the Effect of Fundamental Factors Analysis and Technical Analysis on Stock Returns of Banking Companies listed on the Indonesia Stock Exchange for 2013-2022. The sampling technique used purposive sampling using the documentation model and data collection totaling 7 banking companies listed on the Stock Exchange and 70 total samples of banking companies in the 10-year time frame. The data analysis technique used in the data processing software is Eviews 12, using a linear regression model. The results of this study from the tests that have been carried out show that fundamental components such as price to sales ratio do not affect Stock Returns, Earnings per Share has an effect on Stock Returns, Cash Flow From Operation affects Stock Returns and technical components such as Trading Volume affects Stock Returns, and Market Capitalization does not affect Stock Returns.
Downloads
References
C. Dwi, “Duh, Saham 4 Bank Raksasa Ini Ambles Terus! Layak Serok?,” CNBC INDONESIA, 2023. https://www.cnbcindonesia.com/research/20230110092903-128-404200/duh-saham-4-bank-raksasa-ini-ambles-terus-layak-serok (accessed Oct. 07, 2023).
S. Nurhaliza Putri, “BBNI hingga BBCA, Cermati 4 Pilihan Saham Perbankan untuk Investor Pemula,” IDX Channel, 2023. https://www.idxchannel.com/market-news/ (accessed Oct. 25, 2023).
I. S. Putra and T. Elisabet, “Pengaruh Penggunaan Analisis Fundamental Dan Overconfidence Terhadap Pengambilan Keputusan Investasi Pada Investor Milenial Di Blitar,” J. Ris. Akunt. Politala, vol. 5, no. 1, pp. 1–14, 2022, doi: 10.34128/jra.v5i1.106.
A. T. Andari and Y. Bakhtiar, “Pengaruh Price Cash Flow Ratio (PCFR) dan Price Sales Ratio (PSR) pada Return Saham,” Owner, vol. 3, no. 2, p. 184, 2019, doi: 10.33395/owner.v3i2.158.
Tri Humaerah, A. Wahab, and Z. Sultan, “Effect of Dividend Per Share (DPS) and Earning Per Share (EPS) on Stock Prices in Pharmaceutical Sub Sector Companies,” Terbuka J. Econ. Bus., vol. 3, no. 2, pp. 31–43, 2022, doi: 10.33830/tjeb.v3i2.4181.
A. P. Putra, P. P. Sari, and J. M. Damanik, The Effect of Long-Term Debt and Operating Cash Flow on Investment Opportunities, vol. 1. Atlantis Press International BV, 2023. doi: 10.2991/978-94-6463-160-9_17.
I. Y. Antara and N. P. S. Suryanti, “Pengaruh Rasio Pasar Terhadap Return Saham Pada Saham LQ-45 di Bursa Efek Indonesia,” vol. 8, no. 9, pp. 5507–5526, 2019.
A. Krisna and S. M. Elizabeth, “Analisis Pengaruh Earning per Share dan Return On Assets terhadap Return Saham,” MDP Student Conf., vol. 2, no. 2, pp. 192–196, 2023, doi: 10.35957/mdp-sc.v2i2.4217.
B. Harahap and S. Effendi, “Pengaruh Arus Kas Operasi, Arus Kas Investasi, Dan Arus Kas Pendanaan Terhadap Return Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bei Periode 2014-2019,” J. Akunt. Barelang, vol. 5, no. 1, pp. 1–11, 2020, doi: 10.33884/jab.v5i1.2647.
D. Prayoga, Suripto, and M. I. Harori, “Pengaruh Price Earning Ratio , Price Cash Flow Ratio , Price Sales Ratio Dan Ukuran Perusahaan Terhadap Return Saham ( Studi Pada Perusahaan Perbankan Yang Terdaftar Di Bei Periode 2017-2020 ) Effect of Price Earning Ratio , Price Cash Flow Ratio , Price,” vol. 1, 2023.
I. K. Sinaga and R. Astini, “Analyze The Influence of Current Ratio, Debt to Equity Ratio, Earning Per Share, Return on Asset on Stock Return at Coal Mining Company Listed on Indonesia Stock Exchange Period 2013-2016,” Int. Humanit. Appl. Sci. J., vol. 4, no. 3, p. 181, 2022, doi: 10.22441/ihasj.2021.v4i3.06.
D. T. Kencana, “Pengaruh Manajemen Laba Terhadap Return Saham Dengan Variabel Kontrol Return on Equity Pada Perusahaan Manufaktur Dalam Bursa Efek Indonesia,” TECHNOBIZ Int. J. Bus., vol. 4, no. 2, p. 74, 2021, doi: 10.33365/tb.v4i2.1390.
M. Vijh, D. Chandola, V. A. Tikkiwal, and A. Kumar, “Stock Closing Price Prediction using Machine Learning Techniques,” Procedia Comput. Sci., vol. 167, no. 2019, pp. 599–606, 2020, doi: 10.1016/j.procs.2020.03.326.
A. Ganesh and S. Iyer, “Impact of Firm-Initiated Tweets on Stock Return and Trading Volume,” J. Behav. Financ., vol. 24, no. 2, pp. 171–182, 2023, doi: 10.1080/15427560.2021.1949717.
N. Gavrilakis and C. Floros, “ESG performance, herding behavior and stock market returns: evidence from Europe,” Oper. Res., vol. 23, no. 1, pp. 1–21, 2023, doi: 10.1007/s12351-023-00745-1.
B. Niawaradila, G. Wiyono, and A. Maulida, “Pengaruh Frekuensi Perdagangan, Volume Perdagangan, Dan Kapitalisasi Pasar Terhadap Return Saham Perusahaan Manufaktur Yang Terdaftar Di Bei Periode 2016-2019,” Ecobisma (Jurnal Ekon. Bisnis Dan Manajemen), vol. 8, no. 1, pp. 122–138, 2021, doi: 10.36987/ecobi.v8i1.2078.
Y. Yuana and J. Barata, “Pengaruh Frekuensi Perdagangan, Volume Perdagangan Dan Kapitalisasi Pasar Terhadap Return Saham Sektor Pertambangan Batu Bara Yang Terdaftar Di BEI,” Revitalisasi, vol. 11, no. 1, p. 80, 2022, doi: 10.32503/revitalisasi.v11i1.2537.
F. Arhama Nessa, “Pengaruh Frekuensi Perdagangan, Volume Perdagangan Saham, dan Kapitalisasi Pasar Terhadap Return Saham Syariah pada Perusahaan Jakarta Islamic Index (JII) Tahun 2020 - 2022,” Maj. Ekon., vol. 28, no. 01, pp. 42–51, 2023, doi: 10.36456/majeko.vol28.no01.a7436.
K. Maysie, “Pengaruh Frekuensi Perdagangan, Volume Perdagangan, & Kapitalisasi Pasar Terhadap Return Saham Pada Sektor Pariwisata Yang Terdaftar Di BEI,” J. Manaj. Sains dan Organ., vol. 2, no. 1, pp. 73–84, 2021, doi: 10.52300/jmso.v2i1.3055.
“THE 17 GOALS | Sustainable Development.” https://sdgs.un.org/goals (accessed Oct. 08, 2023).
T. Prihadi, Analisis Laporan Keuangan. jakarta: PT Gramedia Pustaka Utama, 2019.
S. Sukamulja, MANAJEMEN KEUANGAN KORPORAT: Teori, Analisis, dan Aplikasi dalam Melakukan Investasi, 1st ed. yogyakarta: Penerbit Andi, 2021. Accessed: Oct. 11, 2023.
P. Mohana Rao, Financial Statement Analysis And Reporting. PHI Learning Pvt, 2021.
S. Handini and E. Astawinetu, Teori Portofolio dan Pasar Modal Indonesia. 2020.
R. Tomas Lee, Operations and Cash Management Series. Business Expert Press, 2022.
D. Puspasari, “Pengaruh free cash flow, operating cash flow dan devidend payout ratio terhadap nilai perusahaan pada perusahaan perkebunan di indonesia,” vol. 2, no. 2, pp. 59–65, 2021.
A. Sopanah, ISU KONTEMPORER EKONOMI DAN BISNIS. Surabya: scopindo media pustaka, 2021.
A. Murtaza and A. T. D. Aryani, “Pengaruh Volume Perdagangan, Laba Akuntansi, dan Profitabilitas Terhadap Return Saham Syariah Dimoderasi Pengungkapan ISR,” J. Akunt. dan Audit Syariah, vol. 2, no. 2, pp. 146–169, 2021, doi: 10.28918/jaais.v2i2.4493.
C. G. Mekel, I. S. Saerang, and J. B. Maramis, “Reaksi Pasar Modal Cina (Shanghai Stock Exchange) Terhadap Peristiwa Perang Rusia Dan Ukraina China’S Capital Market (Shanghai Stock Exchange) Reaction To the Events of the War Between Russia and Ukraine,” J. EMBA, vol. 11, no. 1, pp. 1199–1207, 2023, doi: 1035794/emba.v11i1.47248.
P. Mladjenovic, Investing in Stocks For Dummies. New Jersey: John Wiley & Sons, 2023.
R. A. Karami, “Pengaruh Return Saham Terhadap Volatilitas Return Saham Dengan Membandingkan Saham Sebelum Masuk Dan Setelah Masuk Di…,” J. Ilm. Mhs. FEB, 2019, [Online]. Available: https://jimfeb.ub.ac.id/index.php/jimfeb/article/view/5931.
R. T. M. Carolin Simorangkir, “Pengaruh Kinerja Keuangan Terhadap Return Saham Perusahaan Pertambangan,” J. Bisnis dan Akunt., vol. 21, no. 2, pp. 155–164, 2019, doi: 10.34208/jba.v21i2.616.
M. T. A. Rahimallah, A. N. Saputra, R. I. Khaldun, A. Amiruddin, and A. N. F. Utami, Dasar-Dasar Statistika Sosial, Pertama. Kendari: CV. Literasi Indonesia, 2022.
Sa. Indra, ANALISIS REGRESI DATA PANEL. 2018.
E. N. Amaliah, D. Darnah, and S. Sifriyani, “Regresi Data Panel dengan Pendekatan Common Effect Model (CEM), Fixed Effect model (FEM) dan Random Effect Model (REM) (Studi Kasus: Persentase Penduduk Miskin Menurut Kabupaten/Kota di Kalimantan Timur Tahun 2015-2018),” ESTIMASI J. Stat. Its Appl., vol. 1, no. 2, p. 106, 2020, doi: 10.20956/ejsa.v1i2.10574.
R. S. Hamid, S. Bachri, Salju, and M. Ikbal, PANDUAN PRAKTIS EKONOMETRIKA: Konsep Dasar dan Penerapan Menggunakan EViews 10. banten, 2020.
E. Putranti, E. Rakhma Aalin, and A. Tri Andari, “Pengaruh Price Sales Ratio (Psr) Pada Return Saham Perusahaan Ritel Bei Tahun 2016,” Semin. Nas. Gabungan Bid. Sos., 2019, [Online]. Available: https://prosiding.polinema.ac.id/sngbs/index.php/sngbs/article/view/250%0Ahttps://prosiding.polinema.ac.id/sngbs/index.php/sngbs/article/download/250/210.
N. E. Yusi, “The Effect of Financial Performance on Firm Value Included in the SRI Kehati Index on the Indonesia Stock Exchange, as A Representation of Corporate Behavior,” Res. J. Financ. Account., vol. 10, no. 22, pp. 115–120, 2019, doi: 10.7176/rjfa/10-22-13.
S. Simanullang and F. Simanullang, “Analysis of the effect of return on assets , debt to equity ratio , net profit margin , earning per share on stock returns in automotive and component sub-sector companies,” vol. 3, pp. 23–33, 2023, doi: /doi.org/10.55942/pssj.v3i11.257.
M. Rukmini, B. Dewandaru, A. Rizka Lidiawan, A. Firdausi, and J. Rahma, “Pengaruh Return On Asset, Earning Per Share dan Inflasi Terhadap Return Saham Pada Perusahaan Yang Terdaftar Di Indeks KOmpas 100 Periode 2018-2020,” J. Ekuivalensi, vol. 8, no. 1, pp. 189–203, 2022, doi: 10.51158/ekuivalensi.v8i1.665.
E. Nurmalia and S. Paramita, “Pengaruh Eva, Operating Cash Flow, EPS, Residual Income, & Operating Leverage Terhadap Return Saham Di Perusahaan Farmasi Yang Terdaftar Di BEI 2012-2016,” J. Ilmu Manaj., vol. 8, no. 2, pp. 1–10, 2020, [Online]. Available: https://ejournal.unesa.ac.id/index.php/jim/article/view/31898.
P. A. Diah Widari P, “The Effect of Operating Cash Flows, Sales Growth, and Operating Capacity in Predicting Financial Distress, ” Int. J. Innov. Sci. Res. Technol., vol. 6, no. 1, pp. 643–644, 2021, [Online]. Available: www.ijisrt.com638.
N. A. Sugiana and W. W. Hidayat, “The Effect of Operating Cash Flow, Operating Capacity and Sales Growth on Financial Distress,” Indones. J. Bus. Anal., vol. 3, no. 3, pp. 785–802, 2023, doi: 10.55927/ijba.v3i3.4418.
S. Duz Tan and O. Tas, “Social Media Sentiment in International Stock Returns and Trading Activity,” J. Behav. Financ., vol. 22, no. 2, pp. 221–234, 2021, doi: 10.1080/15427560.2020.1772261.
R. Suhendah and A. Yonanda, “Pengaruh Covid-19 dan Volume Perdagangan Terhadap Return Saham,” J. Akunt. Univ. Kristen Maranatha , vol. 14, no. 2, pp. 218–230, 2022.
L. A. Rahmanissa and D. Isynuwardhana, “Pengaruh Earning Per Share, Price to Book Value, Volume Perdagangan Saham, dan Nilai Kapitalisasi Pasar terhadap Return Saham,” SEIKO J. Manag. Bus., vol. 4, no. 3, pp. 216–226, 2022, doi: 10.37531/sejaman.v4i3.2493.
R. Handayani, Suhendro, and E. Masitoh w, “Pengaruh profitabilitas, debt to equity ratio, price to eraning ratio dan kapitalisasi pasar terhadap return saham,” Inovasi, vol. 18, no. 1, pp. 127–138, 2022, doi: 10.30872/jinv.v18i1.10397.
D. F. DeRosa, Bursting the Bubble: Rationality in a Seemingly Irrational Market. CFA Institute Research Foundation, 2021.
A. N. Fakhrudin and R. Wulandari, “Pengaruh Laba Akuntansi, Pertumbuhan Penjualan, Dan Kapitalisasi Pasar Terhadap Return Saham Pada Idx Perindustrian Tahun 2016-2020,” J. Ris. Akunt., vol. 17, no. 2, pp. 1–23, 2022.
Downloads
Additional Files
Posted
License
Copyright (c) 2024 UMSIDA Preprints Server
This work is licensed under a Creative Commons Attribution 4.0 International License.
