Pengaruh Deviden Payout Ratio (DPR), Earning Per Share (EPS), Price To Book Value (PBV) dan Ukuran Perusahaan Terhadap Harga Saham Pada Index Kompas 100 yang Terdaftar di Bursa Efek Indonesia Periode 2018-2023
DOI:
https://doi.org/10.35870/jemsi.v11i6.5033Keywords:
Deviden Payout Ratio, Earning Per Share, Price To Book Value, Firm SizeAbstract
The purpose of this study is to examine and analyze the influence of government spending and exports on economic growth partially and simultaneously. The type is associative with the object of research being Indonesia. The type of data used in this study is time series data for the period 1990-2023. The dependent variable is Indonesian economic growth measured in percent. The first independent variable is government spending, namely total government spending in Indonesia measured in rupiah, and the second independent variable is exports in Indonesia measured in rupiah. The data analysis technique is multiple regression. This study proves that government spending has a significant effect on economic growth, while exports have no significant effect on economic growth. The results of this study indicate that: (1) Dividend payout ratio does not have a significant effect on stock prices. With a probability value of 0.334 greater than the 5% significance level (0.334 > 0.05), meaning Ha is rejected and H0 is accepted. (2) Earning Per Share does not have a significant effect on stock prices. With a probability value of 0.070 greater than the 5% significance level (0.070 > 0.05) which means Ha is rejected and H0 is accepted. (3) Price To Book Value has an effect on stock prices. With a probability value of 0.007 smaller than the 5% significance level (0.007 > 0.05) which means Ha is accepted and H0 is rejected. (4) Company size does not have a significant effect on stock prices. With a probability value of 0.336 greater than the 5% significance level (0.336 > 0.05), meaning Ha is rejected and H0 is accepted. (5) Dividend payout ratio, Earning Per Share, Price To Book Value and Company Size together have a significant effect on stock prices. The results of the F-test show that Dividend payout ratio, Earning Per Share, Price To Book Value and Company Size with an F-statistic of 3.56 with a probability value of 0.009 smaller than the 5% significance level (0.009 < 0.05) which means Ha is accepted and H0 is rejected.
Downloads
References
Afifah, W. A. E., Nadhiroh, U., & Jatmiko, U. (2022). Pengaruh ukuran perusahaan, EPS, dan kebijakan dividen terhadap harga saham perusahaan healthcare BEI (2016-2020). Aktiva: Jurnal Manajemen dan Bisnis, 2(1), 1–7. https://doi.org/10.56393/aktiva.v2i1.1012.
Agustin, S. (2017). Pengaruh PER, EPS, DPS, dan DPR terhadap harga saham. Jurnal Ilmiah.
Aprilia Puri Astuti, & Erma Setiawati. (2024). Pengaruh EPS, ROA, DER, dan PBV terhadap harga saham. Jurnal Rimba: Riset Ilmu Manajemen Bisnis dan Akuntansi, 2(2), 112–126. https://doi.org/10.61132/rimba.v2i2.697.
Ariani, W., Afifah, E., Nadhiroh, U., & Jatmiko, U. (2022). Pengaruh ukuran perusahaan, EPS, dan kebijakan dividen terhadap harga saham perusahaan healthcare BEI (2016-2020). In Aktiva Jurnal Manajemen dan Bisnis (Vol. 2, Issue 1).
Arifin, N. F., & Agustami, S. (2017). Pengaruh likuiditas, solvabilitas, profitabilitas, rasio pasar, dan ukuran perusahaan terhadap harga saham (Studi pada perusahaan subsektor perkebunan yang terdaftar di Bursa Efek Indonesia tahun 2010-2014). Jurnal Riset Akuntansi dan Keuangan, 4(3), 1189–1210. https://doi.org/10.17509/jrak.v4i3.4673.
Arifudin, A., Alwi, A., & Aris Munandar. (2024). Pengaruh earning per share (EPS) dan dividen per share (DPS) terhadap harga saham PT Indo Tambangraya Megah Tbk. Journal Economic Excellence Ibnu Sina, 2(3), 152–168. https://doi.org/10.59841/excellence.v2i3.1712.
Aurin, R., Kusuma, W., Report, S., Perusahaan, U., & Perusahaan, N. (2018). Pengaruh pengungkapan sustainability report dan ukuran sebagai variabel pemoderasi pada perusahaan yang bergabung di ISSI dan konvensional periode 2014-2016. Jurnal Ilmiah.
Bailia, F., Parengkuan, T., & Baramulli, D. N. (2016). Pengaruh pertumbuhan penjualan, dividend payout ratio, dan debt to equity ratio terhadap harga saham pada perusahaan property di Bursa Efek Indonesia. Jurnal Berkala Ilmiah Efisiensi, 16(03), 270–278.
Datu, C. V., & Maredesa, D. (2017). Pengaruh devidend per share dan earning per share terhadap harga saham pada perusahaan go public di Bursa Efek Indonesia. Going Concern: Jurnal Riset Akuntansi, 12(2), 1233–1242. https://doi.org/10.32400/gc.12.2.18696.2017.
Handini, S., & Astawineru, E. (2020). Teori portofolio dan pasar modal Indonesia. In Wacana, Journal of the Humanities of Indonesia (Vol. 2, Issue 1).
Indah, D. R., & Parlia. (2019). Pengaruh earning per share terhadap harga saham. Jensi, 1(1), 72–81.
Indriyani, E. (2017). Pengaruh ukuran perusahaan dan profitabilitas terhadap nilai perusahaan. Akuntabilitas, 10(2), 333–348. https://doi.org/10.15408/akt.v10i2.4649.
Jaya, E. P., & Kuswanto, R. (2021). Pengaruh return on assets, debt to equity ratio, dan price to book value terhadap return saham perusahaan LQ45 terdaftar di Bursa Efek Indonesia periode 2016–2018. Jurnal Bina Akuntansi, 8(1), 51–67. https://doi.org/10.52859/jba.v8i1.136.
Lailia, N., & Suhermin. (2017). Pengaruh struktur modal, profitabilitas, dan kebijakan dividen terhadap harga saham perusahaan food and beverage. Jurnal Ilmu dan Riset Manajemen, 6(9), 1–20.
Lestari, A. P., & Susetyo, A. (2020). Pengaruh NPM, EPS, DER, dan PBV terhadap harga saham pada perusahaan terdaftar IDX HIDIV20 dengan DPR sebagai variabel intervening. Jurnal Ilmiah Mahasiswa Manajemen, Bisnis dan Akuntansi (JIMMBA), 2(2), 184–196. https://doi.org/10.32639/jimmba.v2i2.461.
Nurfalah, S., Rumiasih, R., & Rizqi, M. N. (2023). Pengaruh return on asset dan return on equity terhadap kebijakan dividen pada perusahaan sektor industri barang konsumsi periode 2018 - 2021. Jurnal Pundi, 7(1), 25. https://doi.org/10.31575/jp.v7i1.446.
Ong, E. (2016). Technical analysis for mega profit. Edited by A. Kamadjadja and C. Wijaya. Jakarta: PT Gramedia Pustaka Utama.
Pradanimas, A., & Sucipto, A. (2022). Pengaruh ukuran perusahaan, profitabilitas, dan leverage terhadap harga saham dengan nilai perusahaan sebagai variabel intervening. Briliant: Jurnal Riset dan Konseptual, 7(1), 93. https://doi.org/10.28926/briliant.v7i1.788.
Putri, H. T. (2018). Pengaruh earning per share (EPS) dan price book value (PBV) terhadap harga saham pada industri retail yang terdaftar di BEI periode 2013-2016. J-MAS (Jurnal Manajemen dan Sains), 3(2), 195. https://doi.org/10.33087/jmas.v3i2.57.
Putu, I., Surya Lesmana, A., & Sukartha, I. M. (2017). Pengaruh manajemen laba pada nilai perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2012-2015. E-Jurnal Akuntansi Universitas Udayana, 19(2), 1060–1087.
Rahmadewi, P. W., & Abundanti, N. (2018). Pengaruh EPS, PER, CR, dan ROE terhadap harga saham di Bursa Efek Indonesia. E-Jurnal Manajemen Universitas Udayana, 7(4), 2106. https://doi.org/10.24843/ejmunud.2018.v07.i04.p14.
Rosmawati, W., Harahap, I., Asry, S., Mary, H., & Indriyenni, I. (2023). Pengaruh kebijakan manajemen keuangan terhadap nilai perusahaan. Jesya, 6(1), 733–742. https://doi.org/10.36778/jesya.v6i1.1010.
Sari, L. A., & Santoso, B. H. (2017). Pengaruh EPS, DER, PBV, dan NPM terhadap harga saham perusahaan properti. Jurnal Ilmu dan Riset Manajemen, 6(8), 1–15.
Silalahi, E., & Setiana Manik, E. (2019). Pengaruh dividend payout ratio, debt ratio, dan return on asset terhadap harga saham pada perusahaan manufaktur yang terdaftar di BEI tahun 2013-2016. Jurnal Riset Akuntansi dan Keuangan, 5(1), 49–70.
Sulfemi, W. B., & Luthfianti, T. (2019). Asosiatif layanan tenaga perpustakaan sekolah dengan motivasi membaca siswa di Kabupaten Bogor. Jurnal Pendidikan dan Administrasi Pendidikan, 19(1), 1–10.
Winata, J., Yunior, K., Olivia, O., & Sinaga, S. P. (2021). Pengaruh struktur modal, ukuran perusahaan, dan profitabilitas terhadap harga saham (Studi kasus pada sub sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia). Jesya (Jurnal Ekonomi & Ekonomi Syariah), 4(1), 696–706. https://doi.org/10.36778/jesya.v4i1.372.
Wulandari, O. S., Rahayu, S. M., & Nuzula, N. F. (2016). Analisis fundamental menggunakan pendekatan price earnings ratio untuk menilai harga intrinsik saham untuk pengambilan keputusan investasi saham (studi pada perusahaan yang sahamnya masuk indeks LQ45 periode tahun 2010-2012 di bursa efek Indonesia). Jurnal Administrasi Bisnis (JAB)| Vol, 23(1), 73-80.
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Dira Febria Andini, Syailendra Eka Saputra, Nora Susanti
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
1. Copyright Retention and Open Access License
Authors retain copyright of their work and grant the journal non-exclusive right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0).
This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
2. Rights Granted Under CC BY 4.0
Under this license, readers are free to:
- Share — copy and redistribute the material in any medium or format
- Adapt — remix, transform, and build upon the material for any purpose, including commercial use
- No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed
3. Attribution Requirements
All uses must include:
- Proper citation of the original work
- Link to the Creative Commons license
- Indication if changes were made to the original work
- No suggestion that the licensor endorses the user or their use
4. Additional Distribution Rights
Authors may:
- Deposit the published version in institutional repositories
- Share through academic social networks
- Include in books, monographs, or other publications
- Post on personal or institutional websites
Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.
5. Self-Archiving and Pre-Print Sharing
Authors are encouraged to:
- Share pre-prints and post-prints online
- Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
- Engage in scholarly communication throughout the publication process
6. Open Access Commitment
This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.
