Analisis Determinan Kinerja Saham Perusahaan Sub Sektor Kosmetik terdaftar di Bursa Efek Indonesia

Abstract

Sub sektor kosmetik dan keperluan rumah tangga (household) merupakan salah satu sektor yang memiliki peranan penting terhadap perekonomian karena menjadi salah satu dari 10 sektor yang menjadi prioritas pada Rencana Induk Pembangunan Industri Nasional (RIPIN) Kementerian Perindustrian tahun 2015-2035. Sektor kosmetik memiliki rata-rata pertumbuhan asset dan penjualan yang cukup konsisten pada tahun 2016 hingga 2023 dengan peningkatan rata-rata tertinggi sebesar 4,88%, namun terjadi penurunan pada tahun 2020 hingga 2021 sebesar 3,21% dikarenakan efek Pandemi Covid-19. Penelitian ini bertujuan untuk mempelajari faktor yang berpengaruh terhadap kinerja saham sub sektor kosmetik dan keperluan rumah tangga. Dampak pandemi covid-19 terhadap kinerja perusahaan dianalisis menggunakan uji beda dengan membandingkan kondisi sebelum dan selama pandemi. Selanjutnya, dilakukan analisis regresi data panel untuk mempelajari faktor apa saja yang berpengaruh terhadap kinerja saham dan melihat perbedaan kondisi kinerja perusahaan pada masa sebelum dan sesaat pandemi covid-19. Berdasarkan hasil uji beda, ditemukan adanya penurunan kinerja perusahaan selama pandemi covid-19 yang terlihat dari turunnya tingkat profitabilitas (ROA) selama pandemi dibandingkan dengan periode sebelum pandemi, adanya peningkatan dari sisi solvabilitas perusahaan (DER) untuk menutupi kenaikan beban operasional perusahaan serta kenaikan volume transaksi saham sub sektor kosmetik selama periode pandemi dengan sebelum pandemi covid-19. Hasil analisis regresi data panel menunjukkan bahwa faktor internal perusahaan yang meliputi ROA, DER serta rasio pasar yaitu volume transaksi (trading volume activity) berpengaruh signifikan terhadap kinerja saham sub sektor kosmetik. Namun, pertumbuhan penjualan tidak berpengaruh signifikan terhadap kinerja saham sub sektor kosmetik.

The Cosmetics and Household Goods Sub sector is one sector that has an important role in the economy because it is one of the 10 priority sectors in the Nasional Industrial Development Master Plan (RIPIN) of the Ministry of Industry for 2015-2035. The Cosmetics sector had a fairly consistent average growth in assets and sales from 2016-2019 with the highest average increase of 4.88%, however, there was a decline from 2020 to 2021 of 3.21% due to the effect of the COVID-19 Pandemic. This research aims to study the factors that influence stock prices in the cosmetics and household goods sub-sector. The impact of the COVID-19 pandemic on company performance was analyzed using a difference test by comparing conditions before and during the pandemic. This research aims to study the factors that influence stock performance in the cosmetics and household goods sub-sector. The impact of the COVID-19 pandemic on company performance was analyzed using a difference test by comparing conditions before and during the pandemic. Next, panel data regression analysis was carried out to study what factors influence stock performance and see differences in company performance conditions before and immediately after the COVID-19 pandemic. Based on the results of different test, it was found that there was a decline in company performance during the COVID-19 pandemic, which can be seen from the decline in the level of profitability (ROA) during the pandemic compared to the pre-pandemic period, an increase in company solvency (DER) to cover the increase in company operational expenses and an increase in volume. Stock transactions in the cosmetics sub-sector during the pandemic period and before the COVID-19 pandemic. The result of the panel data regression analysis shows that the company’s internal factors which include ROA, DER, and market ratio, namely transaction volume (trading volume activity) have a significant effect on the stock performance of the cosmetics sub-sector. However, sales growth did not have a significant effect on share performance in the cosmetics sub-sector.