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eksternal perusahaan. Hal ini berkaitan dengan analisis sekuritas yang umumnya dilakukan investor sebelum membeli atau menjual
saham. Menurut Hin 2001;27 dalam terdapat enam istilah mengenai
harga saham, yaitu sebagai berikut:
1 Open pembukaan Open adalah harga terjadi pada transaksi pertama suatu saham.
1 Close penutupan Close adalah harga terjadi pada transaksi terakhir suatu saham.
2 High tertinggi High adalah hakrga tertinggi transaksi yang tercapai pada suatu
saham. 3 Low rendah
Low adalah harga terendah transaksi yang tercapai suatu saham. 4 Bid minat beli
Bid adalah harga jual yang diminati pembeli untuk melakukan transaksi.
5 Ask minat jual Ask adalah harga yang diminati penjual untuk melakukan
transaksi.
B. Penelitian Sebelumnya
Penelitian mengenai pengaruh variabel fudamental terhadap Harga Saham telah banyak dilakukan oleh peneliti-peneliti sebelumnya. Penelitian-
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penelitian tersebut banyak memberikan masukan serta kontribusi tambahan bagi investor untuk melihat potensi finansial suatu perusahaan sebagai acuan untuk
menanamkan modal pada perusahaan tersebut. Tabel 2.1 menunjukkan hasil- hasil penelitian terdahulu mengenai pengaruh rasio-rasio keuangan terhadap
harga saham.
Tabel 2.1 Penelitian Sebelumnya
Penelitian Judul Penelitian
Hasil Penelitian
Achmad Syaiful Susanto 2011
Pengaruh Likuiditas, Profitabilitas, Solvabilitas dan
Ukuran Perusahaan Terhadap Harga Saham Perusahaan
Farmasi Di BEI. Secara parsial, ROA, CR dan
DER tidak mempunyai pengaruh yang signifikan
terhadap harga saham, dan secara simultan secara bersama-
sama berpengaruh signifikan terhadap harga saham.
Jeany Clarensia, Sri Rahayu dan Nur Azizah
2011 Pengaruh Likuiditas,
Profitabilitas, Pertumbuhan Penjualan dan Kebijakan
Deviden Terhadap Harga Saham Studi Empiris Pada
Perusahaan Manufaktur Yang Terdaftar Di BEI Tahun 2008-
2010 variabel harga saham. Secara
persial hanya pertumbuhan penjualan yang tidak signifikan
terhadap harga saham, Variabel likuiditas, profitabilitas,
pertumbuhan penjualan, dan kebijakan dividen secara
simultan signifikan mempengaruhi harga saham
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Haryanto dan Toto Sugiharto 2003
Pengaruh Rasio Profitabilitas Terhadap Harga Saham Pada
Perusahaan Air Minuman di BEJ.
Rasio profitabilitas Yang digunakan dalam mengukur
performa perusahaan ternyata mempunyai pengaruh yang
signifikan terhadap harga saham adalah ROA.
Dr. Majed Abdel Majid Kabajeh, Dr. Said
Mukhled Ahmed AL Nu’aimat dan Dr. Firas
Naim Dahmash 2012 The Relationship between the
ROA, ROE and ROI Ratios with Jordanian Insurance Public
Companies Market Share Prices.
Secara parsial hanya ROA dan ROE yang berpengaruh secara
signifikan, dan secara simultan, ROA, ROE dan ROI
berpengaruh signifikan terhadap harga saham,
IG. K. A. Ulupui 2005 Analisis Pengaruh Rasio
Likuiditas, Leverage, Aktivitas, dan Profitabilitas harga saham
pada perusahaan makanan dan minuman dengan kategori
industri barang konsumsi di BEJ
Variabel likuiditas, profitabilitas secara parsial
berpengaruh signifikan terhadap harga saham, sedangkan
variabel leverage dan aktifitas secara parsial tidak berpengaruh
signifikan terhadap harga saham
Ahmad Rodoni dan Indo Yama Nasarudin
2002 Pengaruh Price Earning Ratio
PER, Rasio Likuiditas, Rasio Aktivitas, Rasio Profitabilitas,
dan Rasio Solvabilitas terhadap tingkat keuntungan saham
Variabel Price Earning Ratio PER, Rasio Likuiditas, Rasio
Aktivitas, Rasio Profitabilitas, dan Rasio Solvabilitas secara
parsial berpengaruh signifikan terhadap tingkat keuntungan
saham
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SaminaHaque1, Murtaza Faruquee2
2013 Impact of Fundamental Factors
on Stock Price A Case Based Approach on Pharmaceutical
Companies Listed with Dhaka Stock Exchange
The study depicts that the market price is very insensitive
toward fundamentals of companies and current market
price is highly overvalued compared to the ideal value of
stocks, which reinforces that fact that the impact of
unauthorized information has a greater influence in determining
the price of stocks in pharmaceuticals and chemical
industry in DSE
Daruosh Foroghi and Sara Mohammad
Ebrahimi Jahromy 2015
IMPACT OF PROFITABILITY ON STOCK
RETURNS BASED ON THE PRICE, RETURN AND
DIFFERENCED MODELSIN TEHRAN STOCK
EXCHANGE The results suggest that all
models profitability impact on stock returns and profitability
factor should be addressed for earning higher returns.
I Gusti Ayu Purnamawati 2016
THE EFFECT OF CAPITAL STRUCTURE AND
PROFITABILITY ON STOCK PRICE STUDY OF THE
MANUFACTURING SECTOR IN INDONESIA STOCK
EXCHANGE TITLE The results showed that 1 the
capital structure and profitability affect the share
price by 4.4, 2 capital structure has positive influence
on the share price of 12.4, 3 the profitability of positive
35
influence on the share price of 16.5 , and 4 the capital
structure of the positive effect on the profitability of 11
Prince Acheampong1, Evans Agalega1
Albert Kwabena Shibu 2014
The Effect of Financial Leverage and Market Size on
Stock Returns on the Ghana Stock Exchange, Evidence from
Selected Stocks in the Manufacturing Sector
The study established a negative and significant
relationship between leverage and stock return when the
overall industrial data is used. However at the individual firm
level the relationship was not stable. Four out of the five
selected companies i.e. PZ, Unilever, Aluworks and
Camelot all had associated leverage coefficients to be
negative. Pioneer Kitchenware however, had positive leverage
coefficient. The study also found the relationship between
Size and stock returns to be positive and significant. The
size effect within the manufacturing sector was
however very limited.
Nasir Akram 2014 The Effect of Liquidity on
Stock Returns An Evidence From Pakistan
The outcomes concluded that there is negative association
among liquidity and stock
36
return. These results are supported with Pereira
Zhang, 2010. The main limitation of this study was time
constraint so that we only incorporated ten companies. For
future researcher, impact of excess return on stock
sensitivity with vacation of collective liquidity can be
studied.
Mohammad Nayeem Abdullah, Kamruddin
Parvez, Tarana Karim, Rahat Bari Tooheen
2015 The impact of financial
leverage and market size on stock returns on the Dhaka
stock exchange Evidence from selected stocks in the
manufacturing sector The study established a
significantly negative relationship between leverage
and stock return when the overall industrial data is used.
However at the individual firm level the relationship was not
stable. Four out of the five selected companies i.e. Fu-
Wang Ceramic, Fine Foods Limited, Olympic Industries
and Metro Spinning all had negative leverage coefficients.
Rahim Textile however, had a positive leverage coefficient.
The paper also found the relationship between size and
stock returns to be significantly positive. However, the size
37
effect within the manufacturing sector was limited
Sumber: Diolah dari berbagai referensi
C. Perumusan Hipotesis
