Detection of Sharia and Non-Sharia Stock Price Volatility Through Financial Performance and Firm Size Analysis (Comparative Study of LQ45 and JII30)

Nani Nani*  -  UIN Sultan Maulana Hasanuddin Banten, Indonesia
Efi Syarifudin  -  UIN Sultan Maulana Hasanuddin Banten, Indonesia
Ahda Inayati Mabruroh  -  UIN Sultan Maulana Hasanuddin Banten, Indonesia

(*) Corresponding Author
DOI: 10.21580/al-arbah.2024.6.2.22206

Purpose - This research aims to estimate the magnitude of the influence of assets measured using firm size and company profits measured by financial performance on the volatility of Sharia and non-sharia stock prices. Through this research, it is hoped that investors will be able to assess the company's achievements and anticipate investment failures in the future.

Method - Quantitative research using a regression analysis approach by comparing two research subjects, namely non-shariah shares LQ45 and sharia shares JII30. This data collection is complemented by library research.

Result - The results obtained are that Financial Performance and Firm Size have an influence on share price volatility, in both Sharia and non-sharia stocks. In general, these two stocks found fluctuating data on Financial Performance and Firm Size, followed by rises and falls in share prices. This study is proven by theoretical results, statistical analysis results, and financial data recapitulation results.

Implication - The existence of a significant relationship between these variables provides information for investors in making investment decisions, where fundamental analysis can be carried out by looking at the financial reports of the target company (issuer) without forgetting the analysis of Financial Performance and Firm Size data.

Originality - Research comparing Sharia and non-sharia stock indices is still rarely done because many previous studies only focused on one index.

Keywords: Stock Price Volatility, Financial Performance, Firm Size

  1. Adrianingtyas, D. A. (2019). Pengaruh Kinerja Keuangan dan Keputusan Investasi Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Intervening. JEKPEND: Jurnal Ekonomi dan Pendidikan, 2(2), 23. https://doi.org/10.26858/jekpend.v2i2.9369
  2. Angga Pratama, AA. B., & Wiksuana, I. G. B. (2018). Pengaruh Firm Size dan Profitabilitas Terhadap Nilai Perusahaan dengan Struktur Modal Sebagai Variabel Mediasi. E-Jurnal Ekonomi dan Bisnis Universitas Udayana, 1289. https://doi.org/10.24843/EEB.2018.v07.i05.p03
  3. Dewanti, M. P. R. P., & Djajadikerta, H. (2018). Pengaruh Kinerja Keuangan dan Tata Kelola Perusahaan Terhadap Nilai Perusahaan pada Industri Telekomunikasi di Bursa Efek Indonesia. Jurnal Akuntansi Maranatha, 10(1). https://doi.org/10.28932/jam.v10i1.932
  4. Dewi, P. M., & Cahyono, K. E. (2022). Pengaruh Financial Performance, Financial Distress dan Likuiditas Terhadap Harga Saham. Jurnal Ilmu dan Riset Manajemen, 11(3).
  5. Mestika Zed. (2014). Metode Penelitian Kepustakaan. Jakarta: Yayasan Pustaka Obor Indonesia.
  6. Nani, & Syarifudin, E. (2022). Pengaruh Arus Kas Terhadap Harga Saham Syariah Pada Bursa Efek Indonesia (Studi Kasus pada Perusahaan Sektor Perbankan Syariah yang Terdaftar pada Indeks Saham Syariah Indonesia). TSARWAH, 6(1), 9–16. https://doi.org/10.32678/tsarwah.v6i1.6732
  7. Natalia, D., Manurung, D. N., & Nduru, F. (2020). Pengaruh Return On Equity, Debt To Equity Ratio, Current Ratio Dan Firm Size Terhadap Harga Saham. Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi), 4(3). https://doi.org/10.31955/mea.v4i3.457
  8. Nst, N. A., & Sari, W. (2020). Pengaruh Ukuran Perusahaan (Firm Size) dan Profitabilitas Terhadap Harga Saham pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI). Jurnal Akuntansi Bisnis dan Publik, 11(1).
  9. Nurcahyani, F. D., & Bhilawa, L. (2021). Pengaruh Kinerja Keuangan dan Kinerja Olahraga Terhadap Harga Saham Klub Sepakbola. Jurnal Akuntansi, 72–83. https://doi.org/10.28932/jam.v13i1.2774
  10. OJK. (2010). Undang-undang Nomor 8 Tahun 1995 tentang Pasar Modal. Retrieved from https://ojk.go.id/id/kanal/pasar-modal/regulasi/undang-undang/Pages/undang-undang-nomor-8-tahun-1995-tentang-pasar-modal.aspx
  11. Prabawa, D. W., & Lukiastuti, F. (2017). Analisis Pengaruh Kinerja Keuangan, Manajemen Risiko Dan Manajemen Modal Kerja Terhadap Return Saham. Jurnal Manajemen Indonesia, 15(1), 1. https://doi.org/10.25124/jmi.v15i1.388
  12. Puspitaningtyas, Z. (2015). Prediksi Risiko Investasi Saham. Yogyakarta: Griya Pandiva.
  13. Ridha, M. A. (2019). Pengaruh Rasio Keuangan, Ukuran Perusahaan, dan Arus Kas Operasi terhadap Harga Saham Syariah. Jurnal Ilmiah Akuntansi, 4(2), 17.
  14. Rosyida, H., Firmansyah, A., & Wicaksono, S. B. (2020). Volatilitas Harga Saham: Leverage, Ukuran Perusahaan, Pertumbuhan Aset. JAS (Jurnal Akuntansi Syariah), 4(2), 196–208. https://doi.org/10.46367/jas.v4i2.256
  15. Roza, O. A., & Lestari, D. (2020). Faktor Penentu Harga Saham Sektor Otomotif: Peran Kebijakan Dividen, Profitabilitas, Ukuran Perusahaan dan Growth Opportunity. AKURASI: Jurnal Riset Akuntansi dan Keuangan, 2(1), 29–40. https://doi.org/10.36407/akurasi.v2i1.160
  16. Sari, D. M., Gustini, E., & Tripermata, L. (2016). Pengaruh Struktur Modal dan Kinerja Keuangan Terhadap Nilai Perusahaan pada Perusahaan Perbankan di Bursa Efek Indonesia. Jurnal Ilmiah Ekonomi Global Masa Kini, 7(3). https://doi.org/10.36982/jiegmk.v7i3.186
  17. Septyadi, M. A., & Bwarleling, T. H. (2020). Pengaruh Volume Perdagangan Saham, Leverage, dan Kebijakan Dividen Terhadap Volatilitas Harga Saham. AKURASI: Jurnal Riset Akuntansi dan Keuangan, 2(3), 149–162. https://doi.org/10.36407/akurasi.v2i3.251
  18. Siregar, H., & Nurmala, P. (2019). Pengaruh Ukuran Perusahaan dan Penerimaan Opini Going Concern Terhadap Harga Saham. Jurnal Riset Keuangan Dan Akuntansi, 4(2). https://doi.org/10.25134/jrka.v4i2.1701
  19. Sutapa, I. N. (2018). Pengaruh Rasio Dan Kinerja Keuangan Terhadap Harga Saham Pada Indeks Lq45 Di Bursa Efek Indonesia (BEI) Periode 2015-2016. KRISNA: Kumpulan Riset Akuntansi, 9(2), 11. https://doi.org/10.22225/kr.9.2.467.11-19
  20. Syahzuni, B. A., Ansita, J., & Prastyani, D. (2022). Faktor-Faktor Penentu Harga Saham. Fair Value : Jurnal Ilmiah Akuntansi dan Keuangan, 5(1), 11. https://doi.org/10.32670/fairvalue.v4iSpesial%20Issue%203.1169
  21. Trisbiani, M. D., Rizqiyah, A., & Novita, A. D. (2020). Pengaruh Kinerja Keuangan Terhadap Harga Saham PT. Krakatau Steel Tahun 2015-2019. MALIA: Journal of Islamic Banking and Finance, 4(1). https://doi.org/10.21043/malia.v4i1.8451
  22. Yosevin Gloria Angesti, L. S. (2019). Faktor-Faktor Yang Mempengaruhi Volatilitas Harga Saham Perusahaan Manufaktur. Jurnal Ekonomi, 24(1), 46. https://doi.org/10.24912/je.v24i1.450
  23. Yuliana, F., & Maharani, N. K. (2022). Pengaruh Return On Asset, Price To Book Value dan Firm Size terhadap Harga Saham. JIIP - Jurnal Ilmiah Ilmu Pendidikan, 5(10), 4025–4033. https://doi.org/10.54371/jiip.v5i10.930
  24. Zannati, R., & Budiarti, E. (2021). Faktor Fundamental Kinerja Keuangan Terhadap Harga Saham LQ45. Oikonomia: Jurnal Manajemen, 17(2). https://doi.org/10.47313/oikonomia.v17i2.1254

Open Access Copyright (c) 2024 Nani Nani, Efi Syarifudin, Ahda Inayati Mabruroh
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

Al-Arbah: Journal of Islamic Finance and Banking
Published by Department of Sharia Banking, Faculty of Islamic Economics and Business, UIN Walisongo Semarang, Indonesia
Jl Prof. Dr. Hamka Kampus III Ngaliyan Semarang 50185
Phone: +62 852-3660-5533
Website: https://febi.walisongo.ac.id/
Email: [email protected]

ISSN: 2716-3946 (Print)
ISSN: 2716-2575 (Online)

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License

 
apps