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Abstract
The purpose of this study aimed to look at the effect of the Investment Opportunity Set and Capital Structure on Stock Return with Profitability as the control variable at bank companies that are listed in INFOBANK15. The sampling is used is purposive sampling. The sample that are collected is from 8 out of 15 bank companies listed in INFOBANK15 from year 2014-2018. Analysis data is done using the descriptive statistic, correlation, significant test, and linier regression analysis. Investment Opportunity Set using the CAPBVA proxy and Capital Structure using the Debt to Equity Ratio with Profitability as the variable control using the Return on Asset ratio. The result shows that Investment Opportunity Set, Capital Structure and Return on Asset have a significant effect on Stock Return. This shows that the performance of the company can have an effect on investment decisions on investors in the banks studied.
Keywords
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References
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- Ang, Robert. (1997). Buku Pintar Pasar Modal Indonesia. Jakarta: Mediasoft Indonesia.
- Anugrah, Anthi Dwi Putriani. (2009). Analisis Pengaruh Investment Opportunity Set Terhadap Return Saham Perusahaan Sektor Manufaktur. Skripsi. Universitas Gunadarma Jakarta. http://docplayer.info/32217967-Analisis-pengaruh-investment-opportunity-set-ios-terhadap-return-saham-perusahaan-sektor-manufaktur.html.
- Assagaf, Aminullah. (2016). Pengaruh Investment Opportunity Set (IOS), Tingkat Leverage dan Market Risk Premium Terhadap Return Saham Perusahaan di Bursa Efek Indonesia. Tesis. Universitas Mercu Buana Jakarta. https://repository.mercubuana.ac.id/39076/2/1.%20Coverr.pdf
- Benedicta, Grace Ruth & Herlina Lusmeida. (2015). The Influence of Investment Opportunity Set (IOS) and Profitability Toward Stock Return on Property and Real Estate Firms in Indonesia Stock Exchange for the Periods 2011 to 2013. 3rd International Multidisciplinary Conference on Social Science. Universitas Bandar Lampung. http://artikel.ubl.ac.id/index.php/IMCoSS/article/view/380/381.
- Gaver, Jennifer J. & Kenneth M. Gaver. (1993). Additional Evidence on the Association between the Investment Opportunity Set and Corporate Financing Dividend and Compensation Policies. Journal of Accounting and Economic. Elsevier, Vol. 16 (1-3), April, 125-160.
- Hanafi, Mahduh & Abdul Halim. (2012). Analisis Laporan Keuangan. Yogyakarta: (UPP) STIM YKPN.
- Hartono, Jogiyanto. (2003). Teori Porto Folio dan Analisis Investasi. 5th edition. Yogyakarta: BPEE.
- Hasnawati, Sri. (2005). Dampak Set Peluang Investasi terhadap Nilai Perusahaan Publik di Bursa Efek Jakarta. JAAAI, Vol. 9, No. 2, 117-126. https://journal.uii.ac.id/JAAI/ article/view/805/723.
- Ihsan, Basalama, et al., (2017). Pengaruh Current Ratio, DER dan ROA terhadap Return Saham Pada Perusahaan Automotif dan Komponen Periode 2013-2015. Jurnal EMBA, Vol. 5, No. 2, 1793–1803. https://ejournal.unsrat.ac.id/index.php/ emba/article/view/16395/ 15895.
- Jones, Stewart & Rohit Sharma. (2001). The Association between the Investment Opportunity Set and Corporate Financing and Dividend Decisions: Some Australian Evidence. Managerial Finance, Vol. 27, No. 3, 48-64. https://www.emerald.com/insight/content/doi/10.1108/03074350110767097/full/pdf?title=the-association-between-theinvestment-opportunity-set-and-corporate-financing-and-dividend-decisions-some-australian-evidence.
- Kallapur, Sanjay & Mark A. Trombley (1999). The Association between Investment Opportunity Set Proxies and Realized Growth. Journal of Business and Accounting, Vol. 26 (3-4), April/May. 505-519. http://yp3mz3xt4m.scholar.serialssolutions. com/?sid=google&auinit=S&aulast=Kallapur&atitle=The+association+between+investment+opportunity+set+proxies+and+realized+growth&id=doi:10.1111/14685957.00265&title=Journal+of+business+and+accounting&volume=26&issue=3%E2%80%904&date=1999&spage=505&issn=0306-686X
- Myers, Stewart C. (1977). Determinants of Corporate Borrowing. Journal of Financial Economics, Vol. 5, No. 2, 147-175. https://www2.bc.edu/thomas-chemmanur/ phdfincorp/MF891%20papers/Myers%201977.pdf.
- Pagalung, Gagaring. (2003). Pengaruh Kombinasi Keunggulan dan Keterbatasan Perusahaan terhadap Set Kesempatan Investasi (IOS). Jurnal Riset Akuntasi Indonesia, Vol. 6, No.3, September, 249-263. https://www.academia.edu/ 937771/Pengaruh_Kombinasi_Keunggulan_dan_Keterbatasan_Perusahaan_terhadap_Set_Kesempatan_Investasi_IOS_.
- Prawiranegara, Benny. (2015). Pengaruh Investment Opportunity Set Terhadap Return Saham (Suatu Studi Pada Perusahaan Astra International Tbk). Jurnal Wawasan dan Riset Akuntansi, Vol. 2, No. 2, Maret, 89-102. https://jurnal.unigal.ac.id/ index.php/jawara/article/view/1367/1121.
- Puspitadewi, Cokorda Istri Indah & Henny Rahyuda. (2016). Pengaruh DER, ROA, PER dan EVA Terhadap Return Saham Pada Perusahaan Food and Beverage di BEI. E-Jurnal Manajemen Unud, Vol. 5, No. 3, 1429-1456. https://ojs.unud.ac.id/ index.php/ Manajemen/article/view/16228/13143.
- Putri, Rika Amanda & Mia Angelina Setiawan. (2019). Pengaruh Investment Opportunity Set (IOS), Kebijakan Dividen, dan Opportunistic Behavior Terhadap Nilai Perusahaan. Jurnal Eksplorasi Akuntansi, Vol. 1, No. 3, Seri E, Agustus, 1392-1410. http://jea.ppj.unp.ac.id/index.php/jea/article/view/150/110.
- Ramdayana, Fitri. (2016). Pengaruh Ukuran Perusahaan, Debt to Equity Ratio dan Investment Opportunity Set Terhadap Return Saham Perusahaan Manufaktur di Bursa Efek Indonesia. Skripsi. Universitas Muhammadiyah Malang. http://eprints.umm.ac.id/32704/1/jiptummpp-gdl-fitriramda-43777-1-pendahul-n.pdf
- Roslita, Evy & Andrie Hartono. (2017). Pengaruh Investment Opportunity Set, Profitabilitas Solvabilitas, dan Likuiditas terhadap Return Saham Perusahaan Manufaktur. Esensi, Jurnal Manajemen Bisnis Institut Bisnis Nusantara, Vol. 20, No. 3, 153-167. https://ibn.e-journal.id/index.php/ESENSI/article/view/35/29.
- Santoso, Yusuf Imam. (2019, 30 Juli). Tren Investasi di Indonesia Tengah Meningkat, Ini Alasannya. Diakses 12 September 2019. https://nasional.kontan.co.id/news/tren-investasi-di-indonesia-tengah-meningkat-ini-alasannya?page=all
- Suad, Husnan. (2008). Manajemen Keuangan: Teori dan Penerapan. Buku 1. 4th edition. Yogyakarta: BPFE-Yogyakarta.
- Surya, Fisa Tina. (2017). Pengaruh Analisis Fundamental dan Resiko Sistematis terhadap Return Saham Perusahaan yang Terdaftar di Jakarta Islamic Index (JII) Periode 2008-2015. Skripsi. Sekolah Tinggi Ilmu Ekonomi Indonesia Surabaya.
- Tandelilin, Eduardus. (2010). Portofolio dan Investasi Teori dan Aplikasi. 1st Edition. Yogyakarta: Kanisius.
- Warianto, Paulina & Ch. Rusiti. (2014). Pengaruh Ukuran Perusahaan, Struktur Modal, Likuiditas dan Investment Opportunity Set (IOS) terhadap Kualitas Laba pada Perusahaan Manufaktur yang Terdaftar di BEI. Modus Journals, Jurnal Akuntansi Fakultas Ekonomi Universitas Atma Jaya Yogyakarta, Vol. 26, No. 1, 19-32. https://ojs.uajy.ac.id/index.php/modus/article/view/575/601.
- Yulianti, Eka Budi & Suratno. (2015). Return on Equity, Debt to Equity Ratio, Price Earning Ratio, Asset Growth, Inflasi dan Return Saham Perusahaan Property dan Real Estate. Jurnal Riset Akutansi dan Perpajakan. Vol. 2, No. 2, Desember, 153 – 166. Universitas Pancasila Jakarta. http://journal.univpancasila.ac.id/index.php/ jrap/article/view/107/ 112.
References
Aji, Kartika and Nur Khusniyah I. (2015). Pengaruh Investment Opportunity Set Terhadap Struktur Modal dan Dampaknya Terhadap Return Saham. Jurnal Ilmiah Mahasiswa FEB Universitas Brawijaya, Vol 3, No. 2. https://jimfeb.ub.ac.id/index.php/jimfeb/article/view/2229/2027
Ang, Robert. (1997). Buku Pintar Pasar Modal Indonesia. Jakarta: Mediasoft Indonesia.
Anugrah, Anthi Dwi Putriani. (2009). Analisis Pengaruh Investment Opportunity Set Terhadap Return Saham Perusahaan Sektor Manufaktur. Skripsi. Universitas Gunadarma Jakarta. http://docplayer.info/32217967-Analisis-pengaruh-investment-opportunity-set-ios-terhadap-return-saham-perusahaan-sektor-manufaktur.html.
Assagaf, Aminullah. (2016). Pengaruh Investment Opportunity Set (IOS), Tingkat Leverage dan Market Risk Premium Terhadap Return Saham Perusahaan di Bursa Efek Indonesia. Tesis. Universitas Mercu Buana Jakarta. https://repository.mercubuana.ac.id/39076/2/1.%20Coverr.pdf
Benedicta, Grace Ruth & Herlina Lusmeida. (2015). The Influence of Investment Opportunity Set (IOS) and Profitability Toward Stock Return on Property and Real Estate Firms in Indonesia Stock Exchange for the Periods 2011 to 2013. 3rd International Multidisciplinary Conference on Social Science. Universitas Bandar Lampung. http://artikel.ubl.ac.id/index.php/IMCoSS/article/view/380/381.
Gaver, Jennifer J. & Kenneth M. Gaver. (1993). Additional Evidence on the Association between the Investment Opportunity Set and Corporate Financing Dividend and Compensation Policies. Journal of Accounting and Economic. Elsevier, Vol. 16 (1-3), April, 125-160.
Hanafi, Mahduh & Abdul Halim. (2012). Analisis Laporan Keuangan. Yogyakarta: (UPP) STIM YKPN.
Hartono, Jogiyanto. (2003). Teori Porto Folio dan Analisis Investasi. 5th edition. Yogyakarta: BPEE.
Hasnawati, Sri. (2005). Dampak Set Peluang Investasi terhadap Nilai Perusahaan Publik di Bursa Efek Jakarta. JAAAI, Vol. 9, No. 2, 117-126. https://journal.uii.ac.id/JAAI/ article/view/805/723.
Ihsan, Basalama, et al., (2017). Pengaruh Current Ratio, DER dan ROA terhadap Return Saham Pada Perusahaan Automotif dan Komponen Periode 2013-2015. Jurnal EMBA, Vol. 5, No. 2, 1793–1803. https://ejournal.unsrat.ac.id/index.php/ emba/article/view/16395/ 15895.
Jones, Stewart & Rohit Sharma. (2001). The Association between the Investment Opportunity Set and Corporate Financing and Dividend Decisions: Some Australian Evidence. Managerial Finance, Vol. 27, No. 3, 48-64. https://www.emerald.com/insight/content/doi/10.1108/03074350110767097/full/pdf?title=the-association-between-theinvestment-opportunity-set-and-corporate-financing-and-dividend-decisions-some-australian-evidence.
Kallapur, Sanjay & Mark A. Trombley (1999). The Association between Investment Opportunity Set Proxies and Realized Growth. Journal of Business and Accounting, Vol. 26 (3-4), April/May. 505-519. http://yp3mz3xt4m.scholar.serialssolutions. com/?sid=google&auinit=S&aulast=Kallapur&atitle=The+association+between+investment+opportunity+set+proxies+and+realized+growth&id=doi:10.1111/14685957.00265&title=Journal+of+business+and+accounting&volume=26&issue=3%E2%80%904&date=1999&spage=505&issn=0306-686X
Myers, Stewart C. (1977). Determinants of Corporate Borrowing. Journal of Financial Economics, Vol. 5, No. 2, 147-175. https://www2.bc.edu/thomas-chemmanur/ phdfincorp/MF891%20papers/Myers%201977.pdf.
Pagalung, Gagaring. (2003). Pengaruh Kombinasi Keunggulan dan Keterbatasan Perusahaan terhadap Set Kesempatan Investasi (IOS). Jurnal Riset Akuntasi Indonesia, Vol. 6, No.3, September, 249-263. https://www.academia.edu/ 937771/Pengaruh_Kombinasi_Keunggulan_dan_Keterbatasan_Perusahaan_terhadap_Set_Kesempatan_Investasi_IOS_.
Prawiranegara, Benny. (2015). Pengaruh Investment Opportunity Set Terhadap Return Saham (Suatu Studi Pada Perusahaan Astra International Tbk). Jurnal Wawasan dan Riset Akuntansi, Vol. 2, No. 2, Maret, 89-102. https://jurnal.unigal.ac.id/ index.php/jawara/article/view/1367/1121.
Puspitadewi, Cokorda Istri Indah & Henny Rahyuda. (2016). Pengaruh DER, ROA, PER dan EVA Terhadap Return Saham Pada Perusahaan Food and Beverage di BEI. E-Jurnal Manajemen Unud, Vol. 5, No. 3, 1429-1456. https://ojs.unud.ac.id/ index.php/ Manajemen/article/view/16228/13143.
Putri, Rika Amanda & Mia Angelina Setiawan. (2019). Pengaruh Investment Opportunity Set (IOS), Kebijakan Dividen, dan Opportunistic Behavior Terhadap Nilai Perusahaan. Jurnal Eksplorasi Akuntansi, Vol. 1, No. 3, Seri E, Agustus, 1392-1410. http://jea.ppj.unp.ac.id/index.php/jea/article/view/150/110.
Ramdayana, Fitri. (2016). Pengaruh Ukuran Perusahaan, Debt to Equity Ratio dan Investment Opportunity Set Terhadap Return Saham Perusahaan Manufaktur di Bursa Efek Indonesia. Skripsi. Universitas Muhammadiyah Malang. http://eprints.umm.ac.id/32704/1/jiptummpp-gdl-fitriramda-43777-1-pendahul-n.pdf
Roslita, Evy & Andrie Hartono. (2017). Pengaruh Investment Opportunity Set, Profitabilitas Solvabilitas, dan Likuiditas terhadap Return Saham Perusahaan Manufaktur. Esensi, Jurnal Manajemen Bisnis Institut Bisnis Nusantara, Vol. 20, No. 3, 153-167. https://ibn.e-journal.id/index.php/ESENSI/article/view/35/29.
Santoso, Yusuf Imam. (2019, 30 Juli). Tren Investasi di Indonesia Tengah Meningkat, Ini Alasannya. Diakses 12 September 2019. https://nasional.kontan.co.id/news/tren-investasi-di-indonesia-tengah-meningkat-ini-alasannya?page=all
Suad, Husnan. (2008). Manajemen Keuangan: Teori dan Penerapan. Buku 1. 4th edition. Yogyakarta: BPFE-Yogyakarta.
Surya, Fisa Tina. (2017). Pengaruh Analisis Fundamental dan Resiko Sistematis terhadap Return Saham Perusahaan yang Terdaftar di Jakarta Islamic Index (JII) Periode 2008-2015. Skripsi. Sekolah Tinggi Ilmu Ekonomi Indonesia Surabaya.
Tandelilin, Eduardus. (2010). Portofolio dan Investasi Teori dan Aplikasi. 1st Edition. Yogyakarta: Kanisius.
Warianto, Paulina & Ch. Rusiti. (2014). Pengaruh Ukuran Perusahaan, Struktur Modal, Likuiditas dan Investment Opportunity Set (IOS) terhadap Kualitas Laba pada Perusahaan Manufaktur yang Terdaftar di BEI. Modus Journals, Jurnal Akuntansi Fakultas Ekonomi Universitas Atma Jaya Yogyakarta, Vol. 26, No. 1, 19-32. https://ojs.uajy.ac.id/index.php/modus/article/view/575/601.
Yulianti, Eka Budi & Suratno. (2015). Return on Equity, Debt to Equity Ratio, Price Earning Ratio, Asset Growth, Inflasi dan Return Saham Perusahaan Property dan Real Estate. Jurnal Riset Akutansi dan Perpajakan. Vol. 2, No. 2, Desember, 153 – 166. Universitas Pancasila Jakarta. http://journal.univpancasila.ac.id/index.php/ jrap/article/view/107/ 112.