Apakah Harga Saham Dipengaruhi Oleh Faktor Fundamental Perusahaan? Studi Kasus Pada Perusahaan Perbankan Syariah di Indonesia
Ermina Sari
Abstract
Tujuan penelitian ini adalah untuk mengetahui apakah factor fundamental perusahaan yang diukur melalui fundamental keuangan (ROA, ROE dan DER) dan fundamental pasar (Tobin's Q ) dapat mempengaruhi nilai saham pada perbankan syariah di Indonesia. Dengan waktu pengamatan selama empat tahun (2021-2024). teknis analisis data yang digunakan adalah dengan menggunakan program SPSS Statistics versi 26. Hasil penelitian menunjukan bahwa ROA dan ROE tidak berpengaruh signifikan terhadap harga saham sedangkan DER dan Tobins’Q memilikipengaruh yang signifikan terhadapharga sham pada perusahaan perbankan syariah di Indonesia.
Keywords
Harga saham; ROA; ROE; DER; Tobins’Q
References
Aini, S. N., Minanurohman, A., & Fitriani, N. (2023). Fundamental Analysis of Financial Ratios in Stock Price: Do Loss and Firm Size Matter? Jurnal Dinamika Akuntansi, 15(1), 35–51. https://doi.org/10.15294/jda.v15i1.40072
Alfiah, N., & Diyani, L. A. (2018). Pengaruh Roe Dan Der Terhadap Harga Saham Pada Sektor Perdagangan Eceran. Jurnal Bisnis Terapan, 1(02), 47–54. https://doi.org/10.24123/jbt.v1i02.794
Aprianti, E., & Wahyuningsih, D. (2022). Implications of Return on Asset (Roa), Earning Per Share (Eps), Price Earning Ratio (Per), and Debt To Equity Ratio (Der) To Stock Price. AKSELERASI: Jurnal Ilmiah Nasional, 4(1), 93–105. https://doi.org/10.54783/jin.v4i1.535
Daniswara, H. P., & Daryanto, W. M. (2019). Earning Per Share (EPS), Price Book Value (PBV), Return on Asset (ROA), Return on Equity (ROE), and Indeks Harga Saham Gabungan (IHSG) Effect on Stock Return. South East Asia Journal of Contemporary Business, Economics and Law, 20(1), 11–27.
Dwi Sari, M. (2016). History of Islamic Bank in Indonesia: Issues Behind Its Establishment. International Journal of Finance and Banking Research, 2(5), 178. https://doi.org/10.11648/j.ijfbr.20160205.13
Efi Ratna Sari AkbarRizqi, R. M. (2025). PENGARUH RETURN ON ASSETS (ROA), RETURN ON EQUITY (ROE), EARNING PER SHARE (EPS), NET PROFIT MARGIN (NPM) DAN NET INTEREST MARGIN (NIM) TERHADAP HARGA SAHAM PT BANK SYARIAH INDONESIA TBK TAHUN 2019-2023. Jurnal Nusa Akuntansi, 2(2), 717–741.
Fatima Ruhani, M. Z. M. J. (2022). Are stock market returns affected by financial market variables? Evidence from Bursa Malaysia by panel generalized method of moments. International Journal of Ethics and Systems. https://doi.org/10.1108/IJOES-11-2021-0201
Hartono, J. (2014). Teori Portofolio dan Analisis Investasi (edisi kese). osen Fakultas Ekonomi Universitas Gajah Mada Yogyakarta : BPFE.
Lubis, N., Hardi, & Maryanti, S. (2024). Analisis Kinerja Keuangan Bank Syariah Indonesia Terhadap Harga Saham Pasca Merger. Jurnal Ekonomi Dan Bisnis, 21(1), 49–55.
MHarefan Arief Saratian, Putra, E. T., Nugroho, Ashshidiqy, D. A. N., & Kolis, D. N. (2020). PENGARUH ROA, DER, DAN TOBIN’S Q-RATIO TERHADAP HARGA SAHAM PADA INDUSTRI PERTAMBANGAN MIGAS DI BURSA EFEK INDONESIA. Jurnal Ilmiah Manajemen Bisnis, 6(02), 174–183.
Nugraha, A. S. (2023). Pengaruh Roa Dan Roe Terhadap Harga Saham Pada Perusahaan Perbankan Di Bei. Jurnal Ilmu Dan Riset Manajemen, 12(12), 1–16.
Purnama, D., Harjadi, D., & Juwita, J. (2021). Total Aset, Risiko Bisnis, Pertumbuhan Aset Dan Profitabilitas Terhadap Harga Saham. Medikonis, 12(2), 33–41. https://doi.org/10.52659/medikonis.v12i2.46
Rahayu, M. P., & Amalia, D. (2022). ACCOUNTHINK : Journal of Accounting and Finance PENGARUH RETURN ON ASSETS , RETURN ON EQUITY , EARNING PER SHARE , DIVIDEND PAYOUT RATIO. Journal of Accounting and Finance, 7(01), 78–95.
Sahari, K. A., & Suartana, I. W. (2020). Pengaruh NPM , ROA , ROE terhadap Harga Saham pada Perusahaan LQ45 Fakultas Ekonomi dan Bisnis Universitas Udayana , Indonesia Email : kannjune88@gmail.com ABSTRAK T uj u an p ene liti an i n i ad al ah u n t uk m e ng et a h ui pe rg er ak an ha rga s ah. Jurnal Akuntansi, 30(5), 1258–1269.
Subastyan, G. M. (2024). The Effect of Financial Ratios on Stock Prices. Eduvest - Journal of Universal Studies, 4(3), 1244–1257. https://doi.org/10.59188/eduvest.v4i3.1098
Tandelilin, E. (2010). Portofolio dan Investasi: Teori dan aplikasi. Kanisius.
Tasyahadul Fadlatil Laili. (2024). Financial Ratios and Stock Prices: Unraveling the Dynamics in Indonesia’s Industrial and Consumer Staples Sectors. Journal of Multiperspectives on Accounting Literature, 2(1), 31–42. https://doi.org/10.22219/jameela.v2i1.31666
DOI: https://doi.org/10.24967/jims.v11i1.4079
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Ermina SariAbstract
Keywords
References
Aini, S. N., Minanurohman, A., & Fitriani, N. (2023). Fundamental Analysis of Financial Ratios in Stock Price: Do Loss and Firm Size Matter? Jurnal Dinamika Akuntansi, 15(1), 35–51. https://doi.org/10.15294/jda.v15i1.40072
Alfiah, N., & Diyani, L. A. (2018). Pengaruh Roe Dan Der Terhadap Harga Saham Pada Sektor Perdagangan Eceran. Jurnal Bisnis Terapan, 1(02), 47–54. https://doi.org/10.24123/jbt.v1i02.794
Aprianti, E., & Wahyuningsih, D. (2022). Implications of Return on Asset (Roa), Earning Per Share (Eps), Price Earning Ratio (Per), and Debt To Equity Ratio (Der) To Stock Price. AKSELERASI: Jurnal Ilmiah Nasional, 4(1), 93–105. https://doi.org/10.54783/jin.v4i1.535
Daniswara, H. P., & Daryanto, W. M. (2019). Earning Per Share (EPS), Price Book Value (PBV), Return on Asset (ROA), Return on Equity (ROE), and Indeks Harga Saham Gabungan (IHSG) Effect on Stock Return. South East Asia Journal of Contemporary Business, Economics and Law, 20(1), 11–27.
Dwi Sari, M. (2016). History of Islamic Bank in Indonesia: Issues Behind Its Establishment. International Journal of Finance and Banking Research, 2(5), 178. https://doi.org/10.11648/j.ijfbr.20160205.13
Efi Ratna Sari AkbarRizqi, R. M. (2025). PENGARUH RETURN ON ASSETS (ROA), RETURN ON EQUITY (ROE), EARNING PER SHARE (EPS), NET PROFIT MARGIN (NPM) DAN NET INTEREST MARGIN (NIM) TERHADAP HARGA SAHAM PT BANK SYARIAH INDONESIA TBK TAHUN 2019-2023. Jurnal Nusa Akuntansi, 2(2), 717–741.
Fatima Ruhani, M. Z. M. J. (2022). Are stock market returns affected by financial market variables? Evidence from Bursa Malaysia by panel generalized method of moments. International Journal of Ethics and Systems. https://doi.org/10.1108/IJOES-11-2021-0201
Hartono, J. (2014). Teori Portofolio dan Analisis Investasi (edisi kese). osen Fakultas Ekonomi Universitas Gajah Mada Yogyakarta : BPFE.
Lubis, N., Hardi, & Maryanti, S. (2024). Analisis Kinerja Keuangan Bank Syariah Indonesia Terhadap Harga Saham Pasca Merger. Jurnal Ekonomi Dan Bisnis, 21(1), 49–55.
MHarefan Arief Saratian, Putra, E. T., Nugroho, Ashshidiqy, D. A. N., & Kolis, D. N. (2020). PENGARUH ROA, DER, DAN TOBIN’S Q-RATIO TERHADAP HARGA SAHAM PADA INDUSTRI PERTAMBANGAN MIGAS DI BURSA EFEK INDONESIA. Jurnal Ilmiah Manajemen Bisnis, 6(02), 174–183.
Nugraha, A. S. (2023). Pengaruh Roa Dan Roe Terhadap Harga Saham Pada Perusahaan Perbankan Di Bei. Jurnal Ilmu Dan Riset Manajemen, 12(12), 1–16.
Purnama, D., Harjadi, D., & Juwita, J. (2021). Total Aset, Risiko Bisnis, Pertumbuhan Aset Dan Profitabilitas Terhadap Harga Saham. Medikonis, 12(2), 33–41. https://doi.org/10.52659/medikonis.v12i2.46
Rahayu, M. P., & Amalia, D. (2022). ACCOUNTHINK : Journal of Accounting and Finance PENGARUH RETURN ON ASSETS , RETURN ON EQUITY , EARNING PER SHARE , DIVIDEND PAYOUT RATIO. Journal of Accounting and Finance, 7(01), 78–95.
Sahari, K. A., & Suartana, I. W. (2020). Pengaruh NPM , ROA , ROE terhadap Harga Saham pada Perusahaan LQ45 Fakultas Ekonomi dan Bisnis Universitas Udayana , Indonesia Email : kannjune88@gmail.com ABSTRAK T uj u an p ene liti an i n i ad al ah u n t uk m e ng et a h ui pe rg er ak an ha rga s ah. Jurnal Akuntansi, 30(5), 1258–1269.
Subastyan, G. M. (2024). The Effect of Financial Ratios on Stock Prices. Eduvest - Journal of Universal Studies, 4(3), 1244–1257. https://doi.org/10.59188/eduvest.v4i3.1098
Tandelilin, E. (2010). Portofolio dan Investasi: Teori dan aplikasi. Kanisius.
Tasyahadul Fadlatil Laili. (2024). Financial Ratios and Stock Prices: Unraveling the Dynamics in Indonesia’s Industrial and Consumer Staples Sectors. Journal of Multiperspectives on Accounting Literature, 2(1), 31–42. https://doi.org/10.22219/jameela.v2i1.31666
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