PENGARUH KINERJA KEUANGAN TERHADAP RESPON INVESTOR DENGAN UMUR PERUSAHAAN SEBAGAI VARIABEL MODERASI

Abstract

This research aimed to examine the effect of financial performance on the investors' response with the company’s age as the moderate variable. Meanwhile, financial performance was measured by DER, ROA, and firm value, meanwhile, the investors' response was measured by the stock price. This research was quantitative. Furthermore, the research sample collection technique used the purposive sampling method. It obtained 45 based on the determined criteria, an observation data from 9 automotive and component companies listed in Indonesia Stock Exchange (IDX) in the 2015-2019 period. The research analysis technique used Moderated Regression Analysis (MRA) with the SPSS (Statistical Product and Service Solutions) 22 version. The research result showed that : (1) DER did not affect the investors' response; (2) ROA did not affect the investors' response; (3) Firm size had a positive and significant effect on the investors’ response; (4) Firm age was not able to moderate the effect of DER on the investors' response; (5) Firm age was not able to moderate the effect of ROA on the investors' response; (6) Firm age was able to moderate the positive effect of the firm value on the investors' response.
Keywords: financial performance, investors response, firm age