ANALISIS PENGARUH AKO, AKI, DAN AKP TERHADAP RETURN SAHAM
Keywords:
Financing Cash Flow, Investing Cash Flow, Operating Cash Flow, Signaling Theory, Stock ReturnAbstract
This study aims to analyze the effect of operating cash flow, investing cash flow, and financing cash flow on stock returns in food and beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2023 period. Stock returns were chosen as an indicator because they reflect the company's performance and attractiveness to investors. This study used a quantitative approach with causal research and purposive sampling techniques on 95 company observations. Data were obtained from annual financial reports and stock prices available on the IDX, and analyzed using multiple linear regression and classical assumption tests. The results show that, both partially and simultaneously, the three independent variables operating cash flow, investing cash flow, and financing cash flow have a positive and significant effect on stock returns. This finding aligns with signaling theory, which states that financial information such as cash flow can provide positive signals to investors regarding a company's prospects and performance. This research provides important implications for investors in assessing companies and for management in effective and transparent financial management to increase company value in the capital market.
References
Afif, Zihnil, Devi Syukri Azhari, Martin Kustati, and Nana Sepriyanti. 2023. “Penelitian Ilmiah ( Kuantitatif ) Beserta Paradigma , Pendekatan , Asumsi Dasar, Karakteristik, Metode Analisis Data Dan Outputnya.” INNOVATIVE: Journal Of Social Science Research 3 (3): 682–93. https://j-innovative.org/index.php/Innovative%0APenelitian.
Alek, Chandra Iswanto. 2024. “Korelasi vs. Kausalitas: Memahami Perbedaan Penting Antara Korelasi Dan Kausalitas Dalam Analisis Data Dan Peristiwa” XX (19).
Ardian, Clarisa tiara, Yulistia Devi, and Ulfah Ghina Saefurrohman. 2023. “Pengaruh Laba Akuntansi Dan Arus Kas Operasi.” Jurnal Akuntansi Dan Keuangan Islam 04 (01): 53–78.
Bungadira, Widya, Rina Malahayati, and Althin Yunita Nathanael. 2024. “Pengaruh Arus Kas Operasi, Arus Kas Pendanaan, Arus Kas Investasi, Profitabilitas, Ukuran Perusahaan Dan Return On Asset Terhadap Return Saham.” Posttgraduate Management Journal 4:164–81.
Candra Susanto, Primadi, Dewi Ulfah Arini, Lily Yuntina, Josua Panatap Soehaditama, and Nuraeni Nuraeni. 2024. “Konsep Penelitian Kuantitatif: Populasi, Sampel, Dan Analisis Data (Sebuah Tinjauan Pustaka).” Jurnal Ilmu Multidisplin 3 (1): 1–12. https://doi.org/10.38035/jim.v3i1.504.
Chatra, M. Afdhal, Komang Ayu Henny Achjar, Ningsi, Muhamad Rusliyadi, A. Zaenurrosyid, Nini Apriani Rumata, Iin Nirwana, and Ayuliamita Abadi. 2023. METODE PENELITIAN KUALITATIF : Panduan Praktis Untuk Analisis Data Kualitatif Dan Studi Kasus. Edited by Efitra and Sepriano. 1st ed. jambi: PT. Sonpedia Publishing Indonesia. https://books.google.co.id/books?hl=id&lr=&id=yp7NEAAAQBAJ&oi=fnd&pg=PA43&dq=pengertian+metode+pengumpulan+data+dokumentasi&ots=E58SrVvXDf&sig=_d10rWJhh4.
Dewi, Shinta. 2020. “PENGARUH ARUS KAS OPERASI, ARUS KAS INVESTASI, ARUS KAS PENDANAAN DAN LABA AKUNTANSI TERHADAP RETURN SAHAM.”
Dini, Siti, Yunus Anugerah Hulu, Meltin Zebua, and Elisno Purba. 2021. “Pengaruh Total Asset Turnover (Tato), Price Book Value (Pbv), Debt To Equity Ratio (Der) Dan Return on Equity (Roe) Terhadap Return Saham.” Jambura Economic Education Journal 3 (2): 116–27. https://doi.org/10.37479/jeej.v3i2.10633.
Efendi, M. 2020. “Variabel Penelitian Dan Definisi Operasional.” Jurnal Ilmiah Akuntansi 3 (6): 61–77.
Ernayani, Rihfenti. 2023. “Peran Non Performing Financing (NPF), Financing To Deposit Ratio (FDR), Pembiayaan Mudharabah Dan Musyarakah Pada Profitabilitas.” Jesya 6 (1): 752–59. https://doi.org/10.36778/jesya.v6i1.970.
Febryanti, Febryanti, and Syntha Noviyana. 2022. “Analisis Rasio Arus Kas Untuk Mengukur Kinerja Keuangan Pada Pt Indofood Sukses Makmur Tbk. Periode 2018-2020.” Syntax Idea 4 (9): 1307. https://doi.org/10.36418/syntax-idea.v4i9.1958.
Harahap, Baru, and Syahril Effendi. 2020. “Pengaruh Arus Kas Operasi, Arus Kas Investasi, Dan Arus Kas Pendanaan Terhadap Return Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bei Periode 2014-2019.” Jurnal Akuntansi Barelang 5 (1): 1–11. https://doi.org/10.33884/jab.v5i1.2647.
Hardani, Helmina Andriani, Jumari Ustiawaty, Evi Fatmi Utami, Ria Rahmatul Istiqomah, Roushandy Asri Fardani, Dhika Juliana Sukmana, and Hikmatul Auliya Nur. 2020. Metode Penelitian Kualitatif & Kuantitatif. Revista Brasileira de Linguística Aplicada. Vol. 5.
Istianah, Haliah, and Andi Kusumawati. 2023. “Operating Cash Flow Analysis as a Financial Performance Measurement Tool.” Formosa Journal of Multidisciplinary Research 2 (10): 1645–54. https://doi.org/10.55927/fjmr.v2i10.6329.
Japlani, Ardiansyah. 2020. “Pengaruh Perubahan Laba Akuntansi , Arus Kas Operasi, Arus Kas Investasi Dan Arus Kas Pendanaan Terhadap Return Saham.” Jurnal Fidusia 3 (2): 128. www.idx.co.id.
Juniarti, Intan, and Bambang Satriawan. 2023. “Effect of Operating Cash Flow and Accounting Profit on Stock Return.” PENANOMICS: International Journal of Economics 2 (1): 83–95. https://doi.org/10.56107/penanomics.v2i1.102.
Kusumajaya, Robby Andika, and Shinta Dewi Qoriah. 2023. “Analisis Pengaruh Variabel Pembiayaan Modal, Lama Usaha Serta Modal Sendiri Terhadap Pendapatan Anggota Pelaku Umkm.” JURNAL ILMIAH MANAJEMEN DAN KEWIRAUSAHAAN 3 (1): 91–99. https://doi.org/10.51903/manajemen.v3i1.219.
Lestari, Widya, and Zulfa Rosharlianti. 2023. “Pengaruh Laba Bersih Dan Arus Kas Operasi Terhadap Return Saham (Pada Perusahaan Indeks LQ-45 Yang Terdaftar Di Bursa Efek Indonesia Periode 2017-2021).” Jurnal Revenue : Jurnal Akuntansi 3 (2): 686.
Loindong, Agung Sakti Gregorian, Bernhard Tewal, and Greis M. Sendow. 2023. “Pengaruh Locus of Control Dan Motivasi Kerja Terhadap Kepuasan Kerja Pegawai Di Era Pandemi Covid-19 (Studi Kasus Di Kantor SatPol-PP Kota Tomohon).” Jurnal EMBA : Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi 11 (4): 110–21. https://doi.org/10.35794/emba.v11i4.51021.
Mamay, Komarudin. 2021. “Analisis Penjualan, Free Cash Flow Dan Profitibility Sektor Semen Di Era Pembangunan Infrastruktur Transportasi Di Indonesia.” Jurnal Bina Bangsa Ekonomika 14 (1): 194–211. https://doi.org/10.46306/jbbe.v14i1.72.
Melinda, Catur Ragil Sutrisno, and Titi Rahayu Prasetiani. 2024. “Pengaruh Inflasi, Suku Bunga, Kurs, ROA, DER Terhadap Return Saham (Studi Kasus Pada Subsektor Telekomunikasi Yang Tercatat Di Bursa Efek Indonesia Periode 2018-2021).” Jurnal of Accounting and Management’s Student xxx (2009): 1. www.jurnal.unikal.ac.id/index.php/jebi.
Nubellla, Septa Diana. 2021. “Analisa Laporan Arus Kas Sebagai Alat Untuk Menilai Keuangan Perusahaan.” Jurnal Bening 08 (2): 211–24. https://doi.org/10.33373/bening.v8i2.3654.
Nurfithriyani, Diesy, and Hotman Tohir Pohan. 2024. “Pengaruh Laba Akuntansi , Arus Kas Operasi , Kebijakan Dividen , Dan Pertumbuhan Penjualan Terhadap Return Saham.” JAKP: Jurnal Akuntansi, Keuangan Dan Perpajakan 7 (2): 95–107.
Nursita, Meta. 2021. “Pengaruh Laba Akuntansi, Arus Kas Operasi, Arus Kas Investasi, Arus Kas Pendanaan, Dan Ukuran Perusahaan Terhadap Return Saham.” Going Concern : Jurnal Riset Akuntansi 16 (1): 1. https://doi.org/10.32400/gc.16.1.32435.2021.
Putri, Pratiwi, Ketut Agung Ulupui I Gusti, and Muliasari Indah. 2021. “Pengaruh Arus Kas Operasi, Arus Kas Investasi, Arus Kas Pendanaan Terhadap Return Saham Perusahaan Keuangan Yang Terdaftar Di BEI Periode 2015-2019.” Jurnal Akuntansi, Perpajakan Dan Auditing 2 (2): 452–69. https://doi.org/10.21009/japa.0202.15.
Retnoningsih, Sri, and Fajar Wulaningsih. 2023. “Pengaruh Arus Kas, Struktur Modal Dan Operating Capacity Terhadap Financial Distress Pada Perusahaan Makanan Dan Minuman Di Indonesia Tahun 2018-2021.” Bisnis-Net Jurnal Ekonomi Dan Bisnis 6 (2): 731–43. https://doi.org/10.46576/bn.v6i2.3751.
Rinaldo Silaban, Jeffry Frans, Anisah Firli, and Irni Yunita. 2024. “A Financial and Operational Impact Analysis of Capital Expenditure (Capex) Prioritization: A Case Study of Pt Pln (Persero) from 2019 to 2023.” JPPI (Jurnal Penelitian Pendidikan Indonesia) 10 (4): 165. https://doi.org/10.29210/020244383.
Sahfasat, Vina Martiani, and Putri Nurmala. 2022. “Pengaruh Arus Kas Investasi, Arus Kas Operasi, Dan Market Value Added Terhadap Return Saham.” Journal Maksimum 12 (2): 107. https://doi.org/10.26714/mki.12.2.2022.107-120.
Sari, Sindy Patika, Hendra Sanjaya Kusno, and Ramli Ramli. 2022. “Pengaruh Laba Bersih, Komponen Arus Kas, Ukuran Perusahaan Terhadap Harga Saham Perusahaan Perbankan Pada Masa Pandemi Covid-19.” Jurnal Bisnis Dan Kewirausahaan 18 (3): 257–70. https://doi.org/10.31940/jbk.v18i3.257-270.
Savitri, Ade Rully, M. Maulidin Fachrur, and M. Sigit Taruna. 2024. “Analisis Rasio Profitabilitas, Leverage, Likuiditas Dan Aktivitas Terhadap Return Saham.” Journal of Accounting and Management’s Student (JAM’S) xxx:1–14.
Setyawan, Budi. 2020. “Pengaruh Arus Kas Koperasi, Arus Kas Investasi, Arus Kas Pendanaan Dan Laba Akuntansi Terhasap Return Saham Pasa Emiten Sub Sektor Makanan Dan Minuman.” Equilibrium : Jurnal Ilmiah Ekonomi, Manajemen Dan Akuntansi 9 (1). https://doi.org/10.35906/je001.v9i1.486.
Sirotjudin, Muhamad, and Meliza. 2024. “ANALISIS PENGARUH CR, DER, ROA, DAN TATO TERHADAP RETURN SAHAM.” Journal of Accounting and Management’s Student (JAM’S) 1:1–9.
Sulaiman, Sulaiman, and Iman S. Suriawinata. 2020. “Analisis Pengaruh Laba Akuntansi, Arus Kas Operasi, Arus Kas Pendanaan, Debt to Equity Ratio, Current Ratio Dan Risiko Saham Terhadap Return Saham.” Jurnal STEI Ekonomi 29 (01): 90–107. https://doi.org/10.36406/jemi.v29i01.343.
Unarga, Malina Fiaris, Syafnita, and Dian Priatiningsih. 2024. “PENGARUH GOOD CORPORATE GOVERNANCE, LEVERAGE, INTENSITAS ASET TETAP, DAN ARUS KAS OPERASIONAL TERHADAP PENGHINDARAN PAJAK (STUDI KASUS PADA PERUSAHAAN INDUSTRI BARANG KONSUMSI YANG TEDAFTAR DI BURSA EFEK INDONESIA (BEI) TAHUN 2018 – 2022).” Journal of Accounting and Management’s Student (JAM’S) xxx:1–9.
Wulandari, Retno. 2021. “Analisis Arus Kas Operasi Dan Return on Asset (ROA) Terhadap Return Saham Dengan Laba Akuntansi Sebagai Variabel Moderasi.” Jurnal Ilmiah Bisnis Dan Ekonomi Asia 15 (1): 73–82. https://doi.org/10.32815/jibeka.v15i1.349.
Yahya, Adibah, and Brendo Butar Butar. 2019. “Pengaruh Arus Kas Operasi, Arus Kas Investasi, Dan Arus Kas Pendanaan Terhadap Return Saham.” Jurnal Akuntansi Bisnis Pelita Bangsa 4 (1): 12–31.
Yam, Jim Hoy, and Ruhiyat Taufik. 2021. “Hipotesis Penelitian Kuantitatif.” Perspektif Jurnal Ilmu Administrasi 3 (2): 96–102.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Copyright @2023. This is an open-access article distributed under the terms of the Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License (http://creativecommons.org/licenses/by-nc-sa/4.0/) which permits unrestricted non-commercial used, distribution and reproduction in any medium
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
