Analisis Pengaruh Return On Assets, Return On Equity dan Earning Per Share terhadap Return Saham Dalam Perspektif Ekonomi Islam (studi kasus laporan keuangan pada Industri Pertambangan yang terdaftar di Jakarta Islamic Index (JII), periode 2019-2024 )

Rico, Ahmad Wijaya (2026) Analisis Pengaruh Return On Assets, Return On Equity dan Earning Per Share terhadap Return Saham Dalam Perspektif Ekonomi Islam (studi kasus laporan keuangan pada Industri Pertambangan yang terdaftar di Jakarta Islamic Index (JII), periode 2019-2024 ). Diploma thesis, UIN RADEN INTAN LAMPUNG.

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Abstract

ABSTRAK Dalam perspektif ekonomi Islam, investasi saham diperbolehkan selama dilakukan pada perusahaan yang memenuhi prinsip syariah serta transaksi yang dilakukan tidak mengandung unsur riba, gharar, dan maysir. Oleh karena itu, informasi mengenai rasio profitabilitas dapat dijadikan salah satu dasar pertimbangan investor dalam mengambil keputusan investasi yang sesuai dengan prinsip syariah. Penelitian ini bertujuan untuk menganalisis pengaruh Return On Assets (ROA), Return On Equity (ROE), dan Earning Per Share (EPS) terhadap return saham pada perusahaan sektor pertambangan yang terdaftar di Jakarta Islamic Index (JII) periode 2019–2024 dalam perspektif ekonomi Islam. Penelitian ini dilatarbelakangi oleh fluktuasi return saham dan perbedaan hasil penelitian terdahulu mengenai pengaruh rasio profitabilitas terhadap return saham. Hasil dari penelitian ini adalah variabel Return On Asset dan Return On Equity yang sudah ditransformasi menggunakan Principal Component Analysis (PCA). secara parsial berpengaruh signifikan terhadap return saham dengan nilai 0,0352 < 0,05, Earning Per Share secara parsial berpengaruh signifikan negatif terhadap return saham dengan nilai 0,0383 < 0,05, dikarenakan nilai t-Statistic -2.144660. Sedangkan secara simultan PCA_Return On Asset, Return On Equity dan Earning Per Share tidak berpengaruh signifikan terhadap return saham perusahaan pertambangan yang terdaftar di Jakarta Islamic Index tahun 2019-2022 dengan nilai signifikan sebesar 0,096 > 0,05. Kata Kunci: Return On Assets, Return On Equity, Earning Per Share, Return Saham, Jakarta Islamic Index. ABSTRACT From the perspective of Islamic economics, stock investment is permissible as long as it involves Sharia-compliant companies and transactions that are free from riba (usury), gharar (uncertainty), and maysir (gambling). Consequently, profitability ratios can serve as important indicators for investors in making investment decisions that align with Islamic principles. This study investigates the effects of Return on Assets (ROA), Return on Equity (ROE), and Earnings per Share (EPS) on the stock returns of mining companies listed in the Jakarta Islamic Index (JII) during the 2019–2024 period from an Islamic economics perspective. The study addresses the fluctuations in stock returns and the inconsistent findings reported in previous studies regarding the relationship between profitability ratios and stock returns. The findings reveal that the ROA and ROE variables, which were transformed using Principal Component Analysis (PCA), have a positive and statistically significant effect on stock returns, with a probability value of 0.0352 (< 0.05). In contrast, EPS has a statistically significant negative effect on stock returns, as indicated by a probability value of 0.0383 (< 0.05) and a t-statistic of 2.144660. However, the joint effect of PCA-ROA, ROE, and EPS on stock returns is not statistically significant, as reflected by a Prob(F statistic) value of 0.0960 (> 0.05). These findings suggest that individual profitability indicators provide stronger explanatory power for stock returns than their collective contribution within the research model. The results also offer empirical evidence regarding the relationship between profitability performance and stock returns in Sharia-compliant mining companies. Keywords: Return on Assets, Return on Equity, Earnings per Share, Stock Return, Jakarta Islamic Index.

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