Pengaruh Rasio Keuangan dan Harga Saham dengan EPS sebagai Variabel Moderasi pada Perusahaan Manufaktur yang Terdaftar di DES

Abstract

The purpose of this study was to determine the effect of financial ratio and stock price with Earning Per Share (EPS) as a moderating variable on manufacture companies which were listed in the Shariah Securities List. Financial ratio variables were used in this study as Price Earning Ratio (PER), Debt to Equity Ratio (DER), Current Ratio (CR), Net Profit Margin (NPM), and Size. This study based on Signaling Theory. This study used secondary data was obtained from ICMD and companies annual report. The samples of this study were 46 companies which were listed in Shariah Securities List in the period 2007-2013 and the number of observation was 322. Analysis which was used in this study Residual Test because of the existence of multicollinearity.The results showed that PER, EPS, and Size have positive effect on stock price and PER, DER, CR, NPM, and Size have effect on stock price jointly. Moderation testing showed that the higher EPS, the influence of NPM to stock price is getting stronger. The other variables in this study did not prove were moderated by EPS. Ke ywor ds

Affecting Factors Stock Price: Earnings Per Share as Moderating Variable

“…If there is a relationship between profits per share and the debt-toequity ratio, then earnings per share could potentially significantly impact stock performance. Furthermore, prior study confirms similar results, as stated by Pratiwi et al (2016), Widiawati & Ilat (2016), Endraswati & Noviyanti (2015), and Hunjra et al (2014).…”

“…This investigation aligns with prior research endeavors conducted by Faidah & Wismar'ein (2021) and Kimberly (2021), It is said that earnings per share may control the impact of profitability on stock prices. However, this research is negatively correlated with that carried out by Remigius et al (2022) and Endraswati & Noviyanti (2015) which claims that profits per share cannot regulate the impact of profitability on stock prices.…”

“…Consequently, in a low-stock market, EPS cannot mitigate the impact of return on assets. According to an earlier study by Remigius et al (2022) and Endraswati & Noviyanti (2015), profits per share are unable to lessen the effect that profitability has on stock values. This conclusion is consistent with their findings.…”

The Effect of Financial Performance on share prices with Earnings Per Share as a Moderation Variable

“…This shows that an increase in EPS will drive an increase in share prices. This split contrasts with research conducted by Anjani, T., & Syarif, A.D. (2019), Parhusip, P. T and Silalahi, E (2017), Endraswati, H &Novianti, A. 2015 andAstuty, P. (2017).…”

Pengaruh Net Profit Margin dan Return On Equity terhadap Harga Saham dengan Earnings Per Share sebagai Variabel Moderasi

“…al., 2019). Hal senada juga diungkapkan dalam penelitian Endraswati & Novianti (2015) yang menyatakan Earnings Per Share memperkuat pengaruh Net Profit Margin dengan harga saham.…”