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The Relationship of Profitability and Stock Return: Operating Cash Flow as a Proxy

Jihbiz : Journal of Islamic Economy, Finance, and Banking

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Title The Relationship of Profitability and Stock Return: Operating Cash Flow as a Proxy
Hubungan Profitabilitas dan Return Saham: Arus Kas Operasi sebagai Pemoderasi
 
Creator Sholihah, Faizzatus
Prajawati, Marentha Ika
 
Subject profitability
stock return
operating cash flow
profitabilitas
return saham
arus kas operasi
 
Description Investors invest in companies with the aim of getting a return on their investment. Internal factors that can affect stock returns include profitability and operating cash flow. This study aims to determine the effect of profitability (ROA, ROE, NPM) and operating cash flow on stock returns, as well as the effect of moderating operating cash flow on profitability on stock returns. The population in this study are food and beverage companies listed in the Indonesian Stock Exchange 2012-2015. The sampling technique was carried out using purposive sampling method. With the specified criteria obtained 11 sample companies. The data analysis technique used is multiple linear regression and Moderated Regression Analysis (MRA). The results showed that profitability, which was proxied by ROA, ROE and NPM simultaneously had an effect on stock returns. Partially profitability (ROA, ROE, NPM) and operating cash flow also have a significant positive effect on stock returns. And operating cash flow is able to strengthen the relationship between profitability and stock returns.
Investor menanamkan modal pada perusahaan dengan tujuan untuk mendapatkan pengembalian (return) dari investasinya. Faktor internal yang dapat mempengaruhi return saham salah satunya adalah profitabilitas dan arus kas operasi. Penelitian ini bertujuan untuk mengetahui pengaruh profitabilitas (ROA, ROE, NPM)dan arus kas operasi terhadap return saham, serta pengaruh moderasi arus kas operasi pada profitabilitas terhadap return saham. Populasi dalam penelitian adalah perusahaan makanan dan minuman yang terdaftar dalam Bursa Efek Indonesia tahun 2012-2015. Teknik pengambilan sampel dilakukan dengan menggunakan metode purposive sampling. Dengan kriteria yang ditentukan diperoleh 11 sampel perusahaan. Teknik analisis data yang digunakan adalah regresi linier berganda dan Moderated Regression Analysis (MRA). Hasil penelitian menunjukkan bahwa profitabilitas, yang diproksikan dengan ROA, ROE dan NPM secara simultan berpengaruh terhadap return saham. Secara parsial profitabilitas (ROA,ROE,NPM) dan juga arus kas operasi berpengaruh positif signifikan terhadap return saham.
 
Publisher Universitas Islam Raden Rahmat
 
Date 2017-07-17
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
 
Format application/pdf
 
Identifier https://ejournal.uniramalang.ac.id/index.php/jihbiz/article/view/711
10.33379/jihbiz.v1i2.711
 
Source Jihbiz : Journal of Islamic Economy, Finance, and Banking; Vol. 1 No. 2 (2017); 96-112
Jihbiz : Jurnal Ekonomi, Keuangan dan Perbankan Syariah; Vol 1 No 2 (2017); 96-112
2807-6028
2549-0397
10.33379/jihbiz.v1i2
 
Language ind
 
Relation https://ejournal.uniramalang.ac.id/index.php/jihbiz/article/view/711/507
 
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https://creativecommons.org/licenses/by-nc/4.0