NILAI TUKAR MEMODERASI RASIO KEUANGAN DALAM MENSTIMULUS RETURN SAHAM SYARIAH

Abstract

Tujuan dari penelitian ini untuk mengetahui bagaimana pengaruh Current Ratio (CR), Return on Assets (ROA), dan Debt to Equity Ratio (DER) terhadap return saham syariah dan nilai tukar sebagai variabel moderating. Penelitian ini menggunakan teknik purposive sampling pada perusahaan pertambangan yang terdapat pada index JII periode 2012–2021 dan didapatkan sebanyak 5 sampel perusahaan. Analisis data menggunakan regresi linier berganda. Hasil penelitian menunjukkan secara parsial Current Ratio, Return on Assets, dan Debt to Equity Ratio tidak berpengaruh signifikan terhadap return saham. Hasil penelitian juga menunjukkan nilai tukar dapat memoderasi pengaruh Current Ratio, Return on Assets, dan Debt to Equity Ratio terhadap Return Saham. Keterbatasan dalam penelitian ini adalah hanya menggunakan sampel penelitian terbatas hanya pada sektor pertambangan yang tercatat di JII, hanya 5 dari 6 populasi yang dijadikan sampel penelitian, dan variabel penelitan yang terlalu umum diketahui oleh investor. Bagi penelitian selanjutnya, diharapkan dapat menambahkan variabel independen lainnya dan menambahkan variabel makroekonomi yang lain sebagai variabel moderasi.

Kata Kunci: Current Ratio, Return on Assets, Debt to Equity Ratio, nilai tukar

The purpose of this study is to find out how the influence of Current Ratio (CR), Return on Assets (ROA), and Debt to Equity Ratio (DER) on Islamic stock returns and exchange rates as a moderating variable. This study used a purposive sampling technique for mining companies listed on the JII index for the 2012–2021 period and obtained a total of 5 sample companies. Data analysis using multiple linear regression. The results showed that partially Current Ratio, Return on Assets, and Debt to Equity Ratio did not have a significant effect on stock returns. The results of the study also show that exchange rates can moderate the effect of Current Ratio, Return on Assets, and Debt to Equity Ratio on Stock Returns. The limitations in this study are that it only uses research samples that are limited to the mining sector recorded on JII, only 5 out of 6 populations are used as research samples, and research variables that are too commonly known by investors. For further research, it is expected to be able to add other independent variables and add other macroeconomic variables as moderating variables.

Keywords: Current Ratio, Return on Assets, Debt to Equity Ratio, exchange rate