Published date: Jul 18 2023

Journal Title: KnE Social Sciences

Issue title: Transdisciplinary Symposium on Business, Economics, and Communication (TSBEC 2022)

Pages: 137–148

DOI: 10.18502/kss.v8i12.13658

Lestari .Accounting Program, Universitas Dian Nusantara, Jakarta, Indonesia

Sigit MaretaAccounting Program, Universitas Dian Nusantara, Jakarta, Indonesia

Yolifiandri .Accounting Program, Universitas Dian Nusantara, Jakarta, Indonesia

Edy SuryadiAccounting Program, Universitas Dian Nusantara, Jakarta, Indonesia

Irwan Irawadi BarusAccounting Program, Universitas Dian Nusantara, Jakarta, Indonesia

The activities of manufacturing companies that utilize technology have provided easy information for investors. However, the COVID-19 pandemic has resulted in uncertainty for investors, where the asymmetric stock return response also impacts the financial markets in Indonesia. This paper examines the influence of earnings per share (EPS), debt-to-equity ratio (DER), and firm size (FS) on stock return (SR). Using a purposive sampling method with manufacturing companies listed on the Indonesia Stock Exchange on the 2016-2020 period and moderated regression analysis (MRA) as a tool for testing variables. This study uses the document analysis method of social research for exploring the theoretical model and empirical results on how earnings per share, debt to equity ratio, and company size on stock returns. The results showed from various empirical results, there is still little research on the ability of earning per share, debt to equity ratio, and company size as variables to analyze manufacturing companies listed on the Indonesia Stock Exchange. The results of the study can be expected to contribute to further research and facilitate the government to approach the development of manufacturing companies to encourage the economy. Meanwhile, investors can be informed about the company’s financial performance. This study will provide advanced research guidance and convenience to the companies in providing solutions on increasing market value by increasing earnings per share, debt-to-equity ratio, and company size on stock returns.

Keywords: earning per share (EPS), debt to equity ratio (DER), firm size (FS), stock return (SR), manufacturing companies

[1] Wicaksono A. Sri Mulyani: Dampak Virus Corona Berat ke Perekonomian [Internet].. Jakarta: CNN; 2020 Apr. Available from: https://www.cnnindonesia.com/ekonomi/20200401111243-532-489012/sri-mulyanidampak- virus-corona-berat-ke-perekonomian

[2] Tandelilin E. Portofolio dan Investasi: Teori dan aplikasi, 1st ed. Yogyakarta: Kanisius; 2010.

[3] IAI, Standar Akuntansi Keuangan [Internet]. Jakarta: IAI; 2015. Available from: http://iaiglobal.or.id/v03/standar-akuntansi-keuangan/pernyataan-sak-7-psak-1- penyajian-laporan-keuangan

[4] Karim A. Analisis pengaruh faktor internal dan eksternal terhadap return saham perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) periode 2010- 2012. Media Ekonomi dan Manajemen. 2016;30(1):41–55.

[5] Aprilian R, Andi K, Amelia Y. The Effect Of Profitability And Good Corporate Governance On Earnings Quality. Jurnal Akuntansi Dan Keuangan. 2020;25(1): 13-27.

[6] Khan W, Naz A, Khan M, Khan WKQ, Ahmad S. The impact of capital structure and financial performance on stock returns “A case of Pakistan textile industry.”. Middle-East Journal of Scientific Research. 2013;16(2):289-295. https://doi.org/10.5829/idosi.mejsr.2013.16.02.11553

[7] Valentina C, Wijaya L I, Ernawati E. The effect of ownership structure on dividend policy of manufacturing companies. Manajemen dan Bisnis. 2022;21(2):96-102. https://doi.org/10.24123/jmb.v21i2.561

[8] Murniati T, Sastri IM, Rupa IW. Faktor-Faktor Yang Mempengaruhi Kualitas Laba Pada Perusahaan Manufaktur Yang Terdaftar Di Bei Tahun 2012-2016. KRISNA: Kumpulan Riset Akuntansi. 2018;10(1):89-101.

[9] Zubaidah S, Anwar ASH. Pengaruh nilai perusahaan, resiko keuangan, kualitas audit, dan kompensasi bonus terhadap earning manajemen (Studi pada perbankan syariah). SNHRP. 2019;II:265-280.

[10] Mareta S. The Influence Of Liquidity , Leverage And Profitability On Company Value ( Empirical Study On Basic Industry And Chemical Companies Listed On Indonesia Stock Exchange ). EPRA IJRM, 2019;5(7):194–198.

[11] Lestari L. Pengaruh Kepemilikan Institusional Dan Struktur Modal Terhadap Nilai Perusahaan. Jurnal Riset Manajemen Dan Bisnis. 2017;2(September), 293-306. https://doi.org/10.36226/jrmb.v2is1.62

[12] Hidayat SN, Isroah I. Pengaruh karakteristik keuangan, ukuran perusahaan, dan inflasi terhadap return. Jurnal Profita: Kajian Ilmu Akuntansi. 2016;4(6):1–11.

[13] Sopian D, Rahayu WP. Pengaruh rasio keuangan dan ukuran perusahaan terhadap financial distress (studi empiris pada perusahaan food and beverage di Bursa Efek Indonesia). Competitive Jurnal Akuntansi Dan Keuangan. 2017;1(2): 1–13. http://dx.doi.org/10.31000/competitive.v1i2.240

[14] Zaki M, Islahuddin MS. Pengaruh profitabilitas, leverage keuangan dan ukuran perusahaan terhadap harga saham (studi pada perusahaan manufaktur yang terdaftar di bursa efek indonesia periode 2005-2014). Jurnal Administrasi Akuntansi: Program Pascasarjana Unsyiah. 2017;6(3):58–66.

[15] Oke I, Di Tengah Lonjakan Kasus Covid-19, PMI Manufaktur Indonesia Masih Ekspansif [Internet].. Jakarta: Kemenperin; 2021 Nov. 07. Available from: https://www.kemenperin.go.id/artikel/22623/Di-Tengah-Lonjakan-Kasus- Covid-19,-PMI-Manufaktur-Indonesia-Masih-Ekspansif

[16] Septyaningsih I, Muhammad H. Meski pandemi, Industri Manufaktur Masih Leading Sector [Internet]. Jakarta: Republika; 2021. Available from: https://www.republika.co.id/berita/r27281380/meski-pandemi-industri-manufakturmasih- leading-sector

[17] Fahmi I. Teori Portofolio dan analisis investasi: teori dan soal jawab. 1st ed. Bandung: Alfabeta; 2015.

[18] Hartono J. Teori Portofolio dan Analisis Investasi. 11th ed. Yogyakarta: BPFE; 2017.

[19] Choiriyah C, Fatimah F, Agustina S, Ulfa U. The effect of return on assets, return on equity, net profit margin, earning per share, and operating profit margin on stock prices of banking companies in Indonesia Stock Exchange. International Journal of Finance Research. 2020;1(2):103-123. https://doi.org/10.47747/ijfr.v1i2.280

[20] Acheampong P, Agalega E, Shibu AK. The effect of financial leverage and market size on stock returns on the Ghana Stock Exchange: evidence from selected stocks in the manufacturing sector. International journal of financial research. 2014;5(1):125. https://doi.org/10.5430/ijfr.v5n1p125

[21] Utami M R, Darmawan A. Pengaruh DER, ROA, ROE, EPS dan MVA terhadap harga saham pada indeks saham syariah Indonesia. Journal of Applied Managerial Accounting. 2018;2(2):206-218. https://doi.org/10.30871/jama.v2i2.910

[22] Kasmir, Analisis Laporan Keuangan. 11th ed. Jakarta: Raja Grafindo Persada; 2018.

[23] Hidajat NC. Pengaruh return on equity, earnings per share, economic value added, dan market value added terhadap return saham perusahaan sektor pertanian yang terdaftar di bursa efek indonesia periode 2010-2016. Jurnal Ekonomi. 2018;23(1):62- 75.

[24] Handayani R, Zulyanti NR. Pengaruh Earning Per Share (Eps), Debt To Equity Ratio,(Der), Dan Return on Assets (Roa) Terhadap Return Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bei. Jurnal Penelitian Ilmu Manajemen. 2018;3(1):615- 620. https://doi.org/10.30736/jpim.v3i1.143

[25] Al Salamat WA, Mustafa HH. The impact of capital structure on stock return: Empirical evidence from Amman Stock Exchange. International journal of business and social science. 2016;7(9):183-196.

[26] Bahri AS, Saefullah K, Anwar M. The effect of firm size and leverage on financial performance and their impact on firm value in food and beverage sector companies listed on the indonesia stock exchange. Journal of Business Studies and Management Review. 2022;5(2):208-214.

[27] Mariani NLL, Yudiaatmaja F, Yulianthini NN, Se MM. Pengaruh profitabilitas dan leverage terhadap return saham. Jurnal Manajemen Indonesia. 2016;4(1).

[28] Alviansyah MR, Suzan L, Kurnia, Pengaruh Profitabilitas, Leverage, Dan Ukuran Perusahaan Terhadap Return Saham. eProceedings Manag. 2018;5(1):778–785.

[29] Zulfa I. Pengaruh Rentabilitas, Likuiditas, Kecukupan Modal dan Ukuran Perusahaan Terhadap Return Saham pada Perusahaan Perbankan yang Listing di Bursa Efek Indonesia. Jurnal Akuntansi. 2013;1(2).

[30] Anwaar M. Impact of firms performance on stock returns (evidence from listed companies of ftse-100 index London, UK). Global Journal of Management and Business Research. 2016;16(D1):43-51.

[31] Rahmawati A, Slamet B, Maimunah S. Pengaruh Earning Per Share (EPS) Return On Equity (ROE) Dan Debt To Equity Ratio (DER) Terhadap Return Saham Pada Perusahaan Food And Beverages Yang Terdaftar Di Bursa Efek Indonesia Periode 2011-2015. Jurnal Online Mahasiswa ( JOM) Bidang Akuntansi. 2017;4(1).

[32] Yuliantari NNAW, Sujana IK. Pengaruh Financial Ratio, Firm Size, dan Cash Flow Operating Terhadap Return Share di Perusahaan F&B. E-Jurnal Akunt. Univ. Udayana. 2014;3: 547–558.

[33] Murniati S. Effect of capital structure, company size and profitability on the stock price of food and beverage companies listed on the Indonesia Stock Exchange. Information Management and Business Review. 2016;8(1):23-29.

[34] Shafana MACN, Rimziya AF, Jariya AI. Relationship between stock returns and firm size, and book-to-market equity: empirical evidence from selected companies listed on Milanka Price Index in Colombo Stock Exchange. Journal of Emerging Trends in Economics and Management Sciences. 2013;4(2):217-225.