The effect of earnings management and price to book value on stock returns at PT Sampoerna Agro Tbk for the Period 2013 – 2023
DOI:
https://doi.org/10.55942/jebl.v4i5.317Keywords:
Earnings Management, Price to Book Value, Stock ReturnsAbstract
This research aims to determine the influence of Profit Management and Price to Book Value (PBV) variables on stock returns at PT Sampoerna Agro Tbk. This type of research is quantitative. The data analysis technique used is panel data regression with an 11 (eleven) year time series, namely the 2013-2023 period and 1 (one) company. Based on the results of the partial test (T test) for Profit Management, the T value obtained is 0.846 with a significance of 0.420. Because Tcount < Ttable (0.846 < 2.262) and the significance value < significant level (0.420 > 0.05). So the conclusion is that Earnings Management has no effect and is not significant on Stock Returns. The research results for Price to Book Value (PBV), obtained a T value of 1.005 with a significance of 0.341. Because Tcount < Ttable (1.005 < 2.262) and the significance value < significant level (0.341 > 0.05). So the conclusion is that Price to Book Value (PBV) has no positive effect on Stock Returns. The results of simultaneous hypothesis testing (F test) can be seen that the Fcount value is 0.956 which is smaller than Ftable of 4.46 or 0.956 <4.46 as for the significance value amounting to 0.424 is greater than 0.05 or 0.424 > 0.05, so it can be concluded that Earnings Management and Price to Book Value simultaneously do not have a significant effect on Stock Returns.
References
Brealey, R. A., Myers, S. C., & Allen, F. (2018). Princípios de Finanças Corporativas (12th ed.). McGraw Hill.
Brigham, E. F., & Houston, J. F. (2021). Fundamentals of financial management. Concise. Cengage Learning.
Damodaran, A. (2013). Corporate finance: Theory and practice. TPB.
Deni Sunaryo, S. M. B. (2021). Manajemen Investasi dan Portofolio. Penerbit Qiara Media.
Fahmi, I. (2014). Analisis Kinerja Keuangan (3rd ed.). Alfabeta.
Ghozali, I. (2016). Aplikasi analisis multivariete dengan program IBM SPSS 23. Universitas Diponegoro.
Hartono, J. (2022). Teori portofolio dan analisis investasi (11th ed.). BPFE UGM.
Hawari, M. N., & Putri, Z. E. (2020). Pengaruh Kinerja Keuangan, Ukuran Perusahaan Dan Manajemen Laba Terhadap Return Saham Dengan Kebijakan Dividen Sebagai Variabel Moderasi. Akuntabilitas: Jurnal Ilmu Akuntansi, 13(1), 23–34. https://doi.org/10.15408/akt.v13i1.16659
Hery, A. L. K. (2016). Integrated and comprehensive edition. Grasindo.
Indriantoro, N., & Supomo, B. (2016). Metode penelitian bisnis. BPFE.
Irfan, M., & Isynuwardhana, D. (2019). Pengaruh Kepemilikan Manajerial, Leverage Dan Profitabilitas Terhadap Manajemen Laba (studi Kasus Pada Perusahaan Sektor Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2014-2017). EProceedings of Management, 6(2), 3310–3318.
Karina, R., & Nadeak, C. S. B. (2021). Pengaruh Manajemen Laba, Ukuran Perusahaan, Leverage, Roa, Dan Pbv Terhadap Pengembalian Saham. In CoMBInES-Conference on Management, Business, Innovation, Education and Social Sciences, 1(1), 1639–1651.
Meilinda, V., & Destriana, N. (2019). Faktor - Faktor yang mempengaruhi return saham pada perusahaan non keuangan. Jurnal Bisnis Dan Akuntansi, 21((1a-1)), 39–48. https://doi.org/10.34208/jba.v21i1a-1.707
Muntiani, M., & Kurniyawati, I. (2022). Pengaruh Manajemen Laba Terhadap Return Saham Dengan Kualitas Audit Sebagai Variabel Pemoderasi (Studi empiris pada perusahaan manufaktur sektor industri barang konsumsi yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2017-2020). In Seminar Nasional Riset Ekonomi Dan Bisnis, 1(1).
Nur, S. W. (2021). Akuntabilitas Dan Transparansi Pengelolaan Dana Desa Di Desa Tellumpanuae Kabupaten Maros. In Prosiding Seminar Nasional Ekonomi Dan Bisnis, 725–739.
Panjaitan, D. K., & Muslih, M. (2019). Manajemen Laba: Ukuran Perusahaan, Kepemilikan Manajerial dan Kompensasi Bonus. Jurnal ASET (Akuntansi Riset), 11(1), 1–20. https://doi.org/10.17509/jaset.v11i1.15726
Purba, D. P. (2019). Pengaruh Current Ratio (Cr), Debt To Equity Ratio (Der) Dan Return On Equity (Roe) Terhadap Dividend Payout Ratio (Dpr) Pada Perusahaan Sektor Industri Barang Konsumsi Di Bursa Efek Indonesia (Bei) Tahun 2013–2017. Going Concern: Jurnal Riset Akuntansi, 14(1). https://doi.org/10.32400/gc.14.1.22647.2019
Rachelina, E., & Sha, T. L. (2020). Pengaruh EPS, PBV, PER, Dan Profitability Terhadap Return Saham. Jurnal Paradigma Akuntansi, 2(3), 1138–1146. https://doi.org/10.24912/jpa.v2i3.9540
Ristyawan, M. R. (2019). Pengaruh Return On Equity (ROE), Debt To Assets Ratio (DAR), Price To Book Value (PBV) Dan Net Profit Margin (NPM) Terhadap Return Saham Perusahaan Sektor Perkebunan Yang Terdaftar Di Bursa Efek Indonesia Periode 2011-2017. Jurnal Ekonomi Bisnis Dan Kewirausahaan, 8(1), 1–17. https://doi.org/10.26418/jebik.v8vi1.26966
Santoso, S. (2015). SPSS 20 Pengolah Data Statistik di Era Informasi. PT. Elex Media Komputindo.
Scott, W. R. (2015). Financial accounting theory (7th ed.). Pearson.
Setianto, B. (2016). Berinvestasi di reksadana: Mengenal jenis, metode valuasi, kinerja dan strategi seleksi. BSK Capital.
Sugiyono. (2018a). Metode Penelitian Bisnis (1st ed.). Alfabeta.
Sugiyono. (2018b). Metode Penelitian Kuantitatif. Alfabeta.
Zamzany, F. R., Setiawan, E., & Azizah, E. N. (2018). Reaksi sinyal keuangan terhadap harga saham sektor pertanian di Indonesia. Jurnal Bisnis Dan Manajemen, 8(2), 133–140.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Alya Rahmawati, Jeni Irnawati
This work is licensed under a Creative Commons Attribution 4.0 International License.