Moderation Firm Size on Influence Working Capital to Total Asset and Debt to Equity Ratio on Share Prices
DOI:
https://doi.org/10.30656/jkk.v3i1.8169Keywords:
Working Capital to Total Assets, Debt Equity Ratio, Firmsize and Share PriceAbstract
Information about ratiosWorking Capital to Total Asset and Debt Equity Ratio when viewed withsignaling theory will provide positive/negative signals to investors so that it will influence share prices. RatioFirmsize based on contingency theory, it is then tried as a moderator to evaluate the strengthening/weakening of the relationship. This research aims to determine the effectWorking Capital to Total Asset and Debt Equity Ratio to Firmsize-moderated Share Prices. The research population was 281 companies listed on the Southeast Asian stock exchange in the 2012-2020 period, then sampled using purposive sampling to obtain 17 sample companies according to the criteria. The data was then analyzed using Moderating Analysis Regression. The research results show. The research results showWorking Capital to Total Asset significant positive effect on stock prices,Debt Equity Ratio significant negative effect on stock prices, firmsize is able to moderate the effectworking capital to total asset on share prices and firm size are also able to moderate the influencedebt equity ratio to the stock price.
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References
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Azhari, D., Rahayu, S., & A, Z. (2016). The Influence of Roe, Der, Tato, and Per on Share Prices of Property and Real Estate Companies that Go Public on the Indonesian Stock Exchange.Brawijaya University Undergraduate Business Administration Journal, 32(2), 1–5.
Bachtia, I. H., & Nurfadila. (2019). Akuntansi Dasar; Buku Pintar untuk Pemula. Deepublish
Brigham, E. F., & Houston. (2006). Fundamental of FinancialManagement:Dasar-Dasar Manajemen Keuangan (Edisi 10). Salemba Empat
Darmadji, T., & Fakhruddin, H. M. (2012).Capital Markets in Indonesia (Third). Jakarta: Salemba Empat.
Dwisona, S. W., & Haryanto, A. M. (2015). Analysis of the Influence of Fundamental Factors on Share Prices with ROA as an Intervening Variable in LQ 45 Companies for the 2010-2013 Period.Diponegoro Journal of Management, 4(3), 1–13.
Elizabeth, S. M. (2016). Analysis of the Influence of Fundamental Factors on Share Prices with ROA as an Intervening Variable in Mining Sector Shares on the Indonesian Stock Exchange for the 2013-2015 Period. 484–493.
Fahmi, I. (2013). Analisis Laporan Keuangan. Alfabeta.
Fitrianingsih, D., & Budiansyah, Y. (2019). The Influence of Current Ratio and Debt To Equity Ratio on Share Prices in Food and Beverage Companies Listed on the Indonesian Stock Exchange for the 2013 - 2017 Period.Journal of Integrated Accounting Research, 12(1), 144–167. https://doi.org/10.35448/jrat.v12i1.5347
Ghozali, I. (2018).Multivariate Analysis Application with the IBM SPSS 25 Program (Ed. 9, Print). Semarang: Diponegoro University Publishing Agency.
Hapsari, N. (2010). PENGARUH PARTISIPASI PENYUSUNAN ANGGARAN TERHADAP KINERJA MANAJERIAL DENGAN KOMITMEN ORGANISASI DAN LOCUS OF CONTROL SEBAGAI VARIABEL MODERATING (Studi Kasus Pada PT Adhi Karya (Persero) Tbk. Divisi Konstruksi I). Skripsi, 1–58.
Harahap, S. S. (2011). Analisis Kritis atas laporan Keuangan (edisi pert). PT Bumi Aksara.
Hartono, J. (2013). Teori Portofolio dan Analisis Investasi. BPFE.
Jermsittiparsert, K., Ambarita, D. E., Mihardjo, L. W. W., & Ghani, E. K. (2019). Risk-return through financial ratios as determinants of stock price: A study from ASEAN region. Journal of Security and Sustainability Issues, 9(1), 199–210. https://doi.org/10.9770/jssi.2019.9.1(15)
Kendrik, Mukti, A., Verent, Hendriyo, Wiyogo, B., & Jamaluddin. (2019). The Effect of Current Ratio , Debt to Equity Ratio and Earning per Share on Stock Price um. Accounting, Management and Economic, 21(4), 9–18
Kuncoro, M. (2016). Manajemen Keuangan Internasional. BPFE.
Lakshan, A. M. . (2012). Critical Success Factors (CSFs) for TQM Implementation: Current Status and Challenges in Libyan Manufacturing Companies. GSTF Journal on Business Review, 2(1), 71–79. https://doi.org/10.5176/2010-4804
Mentari, R. I. (2012). The Impact of ROE, NPM and Company Size on the Share Prices of Companies Listed in the BEI LQ45 Index for the 2010-2012 Period.Accounting Journal, UDINUS, 1–17
Murhadi, W. R. (2013). Analisis Laporan Keuangan Proyeksi dan ValuasiSaham. Salemba Empat.
Myers, S. C. (2001). Capital Structure Theory. Short Introduction to Corporate Finance, 15(2), 70–97. https://doi.org/10.1017/9781316105795.005
Paisley. (2015).Financial Report Analysis. PT Raja Grafindo Persada
Patar, A., Darmianto, & Saifi, M. (2014).STOCK PRICE MOVEMENTS (Study of LQ45 Index Shares for the Period 2009 – 2013). 11(1).
Radityatama , F. , & Mustafa , M. H. (2020).( STUDY ON GO PUBLIC PLANTATION SUBSECTOR COMPANIES IN. 1(1), 43–55. https://doi.org/10.31933/DIJDBM
Riyanto, B. (2012). Dasar-dasar Pembelanjaan (4th ed.). BPFE
Santoso, S. (2012).Parametric Statistics. Jakarta: PT Gramedia Pustaka.
Saumi, & Nasrullah. (2020).Statistics Practicum (SPSS). College student worksheet.
Solimun. (2011).Moderation and Mediation Variable Analysis. Malang: Statistics Study Program FMIPA Brawijaya University.
Sukamulja, S. (2017). Pengantar Pemodelan Keuangan Dan Analisis Pasar Modal (Edisi satu). Andi Offset.
Surgawati, I., Munawar, A. H., & Rahmani, D. A. (2019). Firm Size Moderates the Effect of Return on Equity.Journal of Management Economics, Siliwangi University, 5(1), 41–50
Utami, M. R., & Darmawan, A. (2018). The Influence of Der, Roa, Roe, Eps and Mva on Share Prices in the Indonesian Sharia Stock Index.Journal of Applied Managerial Accounting, 2(2), 206–218. https://doi.org/10.30871/jama.v2i2.910
Wahyono, T., Nugroho, L., & Imron, M. (2019). Determinants Factors of Stock Price in Oil and Gas Sector (Indonesia Stock Exchange 2011-2016). Eurasian Journal of Business and Management, 7(2), 12–22. https://doi.org/10.15604/ejbm.2019.07.02.002
Wati, L., & Angraini, T. (2018). The Influence of Financial Ratios and Sales Growth on Share Prices of Manufacturing Companies Listed on the Indonesian Stock Exchange.Journal of Accounting and Tax, 1(1), 22–32.
Widiastari, P. A., & Yasa, G. W. (2018). Pengaruh Profitabilitas, Free Cash Flow, dan Ukuran Perusahaan Pada Nilai Perusahaan. E-Jurnal Akuntansi, 23, 957. https://doi.org/10.24843/eja.2018.v23.i02.p06
Zanora, V. (2013). The Influence of Liquidity, Leverage and Activity on Profit Growth. Thesis, Faculty of Economics, Padang State University.
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Published
2023-12-31
How to Cite
Sukirno, S., & Prsetyo, M. G. . (2023). Moderation Firm Size on Influence Working Capital to Total Asset and Debt to Equity Ratio on Share Prices. Jurnal Keuangan Dan Perbankan (KEBAN), 3(1), 24–38. https://doi.org/10.30656/jkk.v3i1.8169
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