FINANCIAL PERFORMANCE IN PREDICTING THE VALUE OF SYARIAH STOCK OF FOOD AND BEVERAGES COMPANIES: THE ROLE OF DIVIDEND POLICY AS MODERATION [KINERJA KEUANGAN DALAM MEMPREDIKSI NILAI SAHAM SYARIAH PERUSAHAAN MAKANAN DAN MINUMAN: PERAN KEBIJAKAN DIVIDEN SEBAGAI MODERASI]

Nurul Aisah(1*), Farid Muhammad Rofifudin(2), Nur Rahmawati(3),

(1) Universitas 'Aisyiyah Surakarta
(2) Universitas 'Aisyiyah Surakarta
(3) Universitas AKPRIND Indonesia, Yogyakarta, Indonesia
(*) Corresponding Author

Abstract


This study aims to analyze financial performance in predicting stock value and offers a new perspective by exploring how dividend policy can strengthen or weaken the influence of financial performance on the stock value of Sharia Food and Beverages Stock companies. This type of research uses a quantitative approach. Data analysis used in this study is using panel data regression with a purposive sampling method. The population in this study were 7 food and beverage sector companies in the sharia stock category in 2018-2023. While the sample in this study was the annual financial reports of 7 food and beverage sector companies in the sharia stock category in 2018-2023 as many as 42 data. And the results of the hypothesis test show that the ROA, Current Ratio, DER and TATO variables have a significant positive effect on Stock Price, in addition, dividend policy is able to moderate the effect of the Current Ratio, DER and TATO variables on Stock Price. However, dividend policy does not moderate the effect of the ROA variable on Stock Price. This finding implies that the company's financial performance in general has an important role in determining investor perceptions of the company's stock value. Thus, company management needs to pay attention to increasing the efficiency of asset use (TATO), liquidity (Current Ratio), and capital structure (DER), as well as the ability to generate profits (ROA) to attract investor interest and encourage an increase in share prices

Keywords


Current Ratio; DER; Stock Price; Dividend Policy; ROA; Total Asset Turnover

Full Text:

PDF

References


Aisah, N., Sholahuddin, M., & Rahmawati, S. D. R. (2022). Sharia and Conventional Stock Investment. Journal of Business and Management Studies, 4(2), 464–476. https://doi.org/10.32996/jbms.2022.4.2.34

Ajili, H., & Bouri, A. (2018). Assessing the moderating effect of Shariah Board on the relationship between financial performance and accounting disclosure. Managerial Finance, 44(5), 570–589. https://doi.org/10.1108/MF-05-2017-0192

Albertus, R. H. (2021). Effect of Current Ratio, Total Asset Turnover, and Earnings Per Share on Stock Prices in Banking Sub-Sectors Listed on the Indonesia Stock Exchange 2018-2019. Strategic Management Business Journal, 1(02), 30–39. https://doi.org/10.55751/smbj.v1i02.19

Aloui, C., Jammazi, R., & Hamida, H. Ben. (2018). Multivariate Co-movement Between Islamic Stock and Bond Markets Among the GCC: A Wavelet-Based View. Computational Economics, 52(2), 603–626. https://doi.org/10.1007/s10614-017-9703-7

Ari, S., Nurhayati, I., & Yudhawati, D. (2020). Pengaruh Earning Per Share (Eps), Return on Equity (Roe) Dan Debt To Equity Ratio (Der) Terhadap Harga Saham Pada Perusahaan Retail Trade. Manager : Jurnal Ilmu Manajemen, 3(2), 273. https://doi.org/10.32832/manager.v3i2.3859

Felicia Hartanti Gunawan. (2021). Perbandingan Kinerja Keuangan Perusahaansektor Makanan Dan Minumansebelum Covid-19 Dan Pada Masa Covid-19. Media Akuntansi Dan Perpajakan Indonesia, 3(1), 19–36. https://journal.uc.ac.id/index.php/mapi/article/view/2096/1652

Halteh, K., Kumar, K., & Gepp, A. (2018). Financial distress prediction of Islamic banks using tree-based stochastic techniques. Managerial Finance, 44(6), 759–773. https://doi.org/10.1108/MF-12-2016-0372

Haryanti, Y., & Murtiasih, S. (2019). The Effects of DER, ROA and DPR on Stock Price with EPS as the Moderating Variable in SOE. IOSR Journal of Business and Management (IOSR-JBM), 21(7), 1–8. https://doi.org/10.9790/487X-2107040108

Hassan, M. K., Aliyu, S., Saiti, B., & Abdul Halim, Z. (2020). A review of Islamic stock market, growth and real-estate finance literature. International Journal of Emerging Markets, 16(7), 1259–1290. https://doi.org/10.1108/IJOEM-11-2019-1001

Jawadi, F., Jawadi, N., & Louhichi, W. (2014). Conventional and Islamic stock price performance: An empirical investigation. International Economics, 137, 73–87. https://doi.org/10.1016/j.inteco.2013.11.002

Karamoy, H., & Tulung, J. E. (2020). The effect of financial performance and corporate governance to stock price in non-bank financial industry. Corporate Ownership and Control, 17(2), 97–103. https://doi.org/10.22495/cocv17i2art9

Kartikasari, D. (2023). Financial Performance: Sustainability, Size, Sharia, and Sector Effects in Muslim-Minority Stock Exchanges. Journal of Islamic Monetary Economics and Finance, 9(4), 751–776. https://doi.org/10.21098/jimf.v9i4.1765

Khasanah, U., & Suwarti, T. (2022). Analisis Pengaruh Der, Roa, Ldr Dan Tato Terhadap Harga Saham Pada Perusahaan Perbankan. Jurnal Ilmiah Akuntansi Dan Keuangan, 4(6), 2. www.bi.go.id

Kurniawan, A. (2017). Pengaruh Kinerja Keuangan Terhadap Return Saham Dengan Menjadikan Kebijakan Dividen Sebagai Variabel sebagai variabel moderate. Akuisi, 13(1), 1–14.

Lubis, C., Marpaung, B. S., & Magdalena, A. (2018). Total Asset Turnover Effect, Working Capital Turnover and Debt Ratio on Stock Price. The International Conference on Accounting and Management Science, 270.

Mensi, W., Hammoudeh, S., Al-Jarrah, I. M. W., Sensoy, A., & Kang, S. H. (2017). Dynamic risk spillovers between gold, oil prices and conventional, sustainability and Islamic equity aggregates and sectors with portfolio implications. Energy Economics, 67, 454–475. https://doi.org/10.1016/j.eneco.2017.08.031

Nainggolan, Y., How, J., & Verhoeven, P. (2016). Ethical Screening and Financial Performance: The Case of Islamic Equity Funds. Journal of Business Ethics, 137(1), 83–99. https://doi.org/10.1007/s10551-014-2529-5

Napisah, N., & Deia Soeparyono, R. (2023). Pengaruh Good Corporate Governance dan Kinerja Keuangan Terhadap Harga Saham dengan Kebijakan Deviden sebagai Variabel Pemoderasi. Jae (Jurnal Akuntansi Dan Ekonomi), 8(3), 73–89. https://doi.org/10.29407/jae.v8i3.21340

Ratnaningtyas, H. (2023). The Effect of Current Ratio and Total Assets Turnover on Stock Prices and Return On Assets as Intervening Variables. 7(1). https://doi.org/10.31602/atd.v7i1.8654

Rutin, Triyonowati, & Djawoto. (2019). Pengaruh Kinerja Keuangan Perusahaan Terhadap Nilai Perusahaan Dengan Kebijakan Deviden Sebagai Variabel Variabel Pemoderasi. Prosiding FRIMA (Festival Riset Ilmiah Manajemen Dan Akuntansi), 6(2), 27–37. https://doi.org/10.55916/frima.v0i2.14

Sudarman, I., & Diana, N. (2022). The Effect of Financial Ratios on Sharia Stock Prices in Companies in the LQ45 Index 2020-2021. Jurnal Ilmiah Ekonomi Islam, 8(1), 117. https://doi.org/10.29040/jiei.v8i1.4228

Syafrin, I., Fasridon, & Putra, W. (2022). Pengaruh Kinerja Keuangan, Profitabilitas Dan Likuiditas Terhadap Harga Saham Dengan Kebijakan Deviden Sebagai Variabel Moderating Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2018-2020. Journal of Science Education and Management Business, 1(2), 94–111. https://doi.org/10.62357/joseamb.v1i2.61

Syarifudin, A., & Suwandi, E. D. (2024). Determinants of financial performance and stock value in sharia and conventional bank. Jurnal Ekonomi, 13(1), 2278–2290. https://doi.org/10.54209/ekonomi.v13i01

Yunan, Z. Y., & Rahmasari, M. (2015). Measurement Of Shariah Stock Performance Using Risk Adjusted Performance. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah, 7(1), 127–140. https://doi.org/10.15408/aiq.v7i1.1364

Zuliarni, S. (2012). Pengaruh Kinerja Keuangan Terhadap Harga Saham Pada Perusahaan Mining and Mining Service Di Bursa Efek Indonesia ... Jurnal Aplikasi Bisnis, 3(1), 48.




DOI: https://doi.org/10.59027/al-ihtiram.v4i2.1070

Refbacks

  • There are currently no refbacks.


Al-Ihtiram: Multidisciplinary Journal of Counseling and Social Research
Published by Perkumpulan Ahli Bimbingan dan Konseling Islam Indonesia
E-ISSN: 2962-8350
E-mail: alihtiram@pabki.org
Creative Commons License
Content on this site is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License,
except where otherwise noted.