Bid Ask Spread, Market Value, Variance Return Terhadap Holding Period: (Faktor Determinan Periode Menahan Saham)

Rina Nurjanah; Eka Avianti Ayuningtyas; Sunita Dasman; Putri Nur Amalia

doi:10.33395/owner.v9i2.2502

Authors

Rina Nurjanah Universitas Pelita Bangsa
Eka Avianti Ayuningtyas Universitas IPWIJA
Sunita Dasman Universitas Pelita Bangsa
Putri Nur Amalia Universitas Pelita Bangsa

DOI:

10.33395/owner.v9i2.2502

Keywords:

Bid Ask Spread, Market Value, Variance Return, Holding Period

Abstract

This study aims to analyse the impact of bid-ask spread, market value, and variance return on the stock holding period. The bid-ask spread is a measure of transaction costs and liquidity. The market value reflects the size and stability of the company. Finally, the variance return shows the level of stock volatility. The data analysis was conducted on several energy sector companies traded on the stock market between 2019 and 2021. The research method employs descriptive statistical analysis, classical assumption testing, multiple linear regression analysis, and determination coefficient testing. The results demonstrated that bid-ask spread and market value exert no significant influence on the holding period. Conversely, variance return has a significant negative effect on the holding period, indicating that the higher the variability of a stock's return, the shorter the stock's holding period by investors. This finding indicates that return volatility is an important factor that investors consider when deciding the duration of stock ownership. This study provides implications for investors to pay more attention to the level of stock volatility in their investment strategy and for market regulators to manage volatility to support better market stability.

Downloads

Download data is not yet available.

Plum-X Analityc

References

Andriyani, I., Noviantoro, D., & Kurniawati, D. (2020). Analisis pengaruh Bid Ask Spread, Market Value dan Earning Per Share Terhadap Holding Period Saham Perusahaan LQ45 di Bursa Efek Indonesia. Jurnal Aplikasi Manajemen Dan Bisnis, 7(2), 4122–4133. https://jurnal.polsri.ac.id/index.php/JAMB

Apriani, E., Sabilla, A. R., & Latif, A. (2023). Analisis Bid-Ask Spreads, Market Value, dan Variance Return Pada Holding Period. Jurnal Publikasi Ilmu Manajemen Dan E-Commerce, 2(1), 344–357.

Connelly, B. L., Certo, S. T., Ireland, D., & Reutzel, C. R. (2010). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419

Fatrin, T. N., Ardana, Y., & Wulandari. (2018). Faktor-Faktor Yang Mempengaruhi Holding. BENEFIT: Jurnal Manajemen Dan Bisnis, 3(1), 89–97. https://doi.org/https://doi.org/10.23917/benefit.v3i1.6117

Krisdayanti, F., & Zakiyah, T. (2021). Pengaruh Harga Saham, Return Saham, Volume Perdagangan, dan Risiko Return Saham Terhadap Bid Ask Spread pada Perusahaan di Indeks LQ45. Jurnal Ilmiah Mahasiswa Manajemen, Bisnis Dan Akuntansi (JIMMBA), 3(2), 275–289. https://doi.org/10.32639/jimmba.v3i2.785

Kurniawan, M., Sisdianto, E., & Mustofa, U. A. (2022). Pengaruh Bid-Ask Spread, Market Value dan Dividend Payout Ratio Terhadap Holding Period pada Perusahaan Jakarta Islamic Index Periode 2017-2019. Jurnal Ilmiah Ekonomi Islam, 8(1), 607. https://doi.org/10.29040/jiei.v8i1.4059

Lubis, B. L., Rifai, A., & Harori, M. I. (2020). Pengaruh Market Value, Variance Return, Dan Volume Perdagangan Terhadap Periode Kepemilikan Saham (Holding Period). Jurnal Perspektif Bisnis, 3(1), 11–20. https://doi.org/10.23960/jpb.v3i1.12

Mahardika, A. A. P., Gama, A. W. S., & Astiti, N. P. Y. (2023). Pengaruh Bid-Ask Spread, Market Value, Variance Return Dan Dividend Payout Ratio Terhadap Holding Period Saham Sub Sektor Farmasi Di Bursa Efek Indonesia 2018-2021. Jurnal Emas, 4, 227–236. https://e-journal.unmas.ac.id/index.php/emas/article/view/6075

Nurjanah, R., Fuadi, A., & Zhafira, N. (2023). Pengaruh Leverage terhadap Earnings Per Share dan Implikasinya terhadap Return Saham yang dimoderasi Nilai Tukar. Pengembangan Wiraswasta, 24(3), 173–182. http://dx.doi.org/10.33370/jpw.v24i3.902%22%22e-ISSN2620-388x%22%22http://ejurnal.stieipwija.ac.id/index.php/jpw%22

Paramita, S., & Nursyamsi, Y. A. (2023). Influence of Bid-Ask Spread, Market Value, Variance Return, and Stock Trading Volume on the Stock Holding Period on the SRI-KEHATI Index listed on the Indonesia Stock Exchange in 2018-2022. International Journal of Finance Research, 4(4), 264–278. https://doi.org/10.47747/ijfr.v4i4.1589

Putri, T. E., Icih, & Halimatusyadiah, N. (2021). The Effect Of Bid-Ask Spread, Market Value, Variance Return, Dividend Payout Ratio And Inflation On Holding Period (Study On Lq45 And Non Lq45 Stocks On The Idx For The Period 2018 - 2020). Accounting Research Journal of Sutaatmadja (ACCRUALS), 05, 118–135. https://doi.org/10.35310/accruals.v5i02.886

Rahayu, D. S., & Saefullah, K. (2021). Analisis likuiditas, return, bid ask spread saham, serta pengaruhnya terhadap holding period saham-saham sektor keuangan di bursa efek indonesia 2015-2019. Kinerja, 18(1), 82–95. http://journal.feb.unmul.ac.id/index.php/KINERJA

Ratih, D., & Achadiyah, B. N. (2018). Pengaruh Bid-Ask Spread, Market Value, dan Risk of Return Terhadap Holding Period Saham (Studi pada Perusahaan Foods and Beverages yang Go Public di Bursa Efek Indonesia Tahun 2010-2012). Nominal, Barometer Riset Akuntansi Dan Manajemen, 7(1), 55–68. https://doi.org/10.21831/nominal.v7i1.19359

Rivandi, M., & Indriati, P. (2022). Kinerja Keuangan dan Pertumbuhan Perusahaan Terhadap Kebijakan Dividen dengan Pengukuran Dividen Payout Ratio. Jurnal Pundi, 6(1), 59–74. https://doi.org/10.31575/jp.v6i1.383

Rustiana, D., & Ramadhani, S. (2022). Strategi di Pasar Modal Syariah. Jurnal Ilmu Komputer, Ekonomi Dan Manajemen, 2(1), 1578–1589.

Saputra, M. D. A., Herawati, N. T., & Sujana, E. (2020). Pengaruh market value, devidend payout ratio, trading volume activity, earning per share, dan return on assets terhadap holding period. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi), 11(2), 331–341. https://ejournal.undiksha.ac.id/index.php/S1ak/article/view/25889

Sirait, Y. D. G., & Yulianti, E. (2021). Faktor yang Mempengaruhi Holding Period Saham pada Indeks Kompas 100 Tahun 2015-2018. Sains: Jurnal Manajemen Dan Bisnis, 14(1), 110. https://doi.org/10.35448/jmb.v14i1.10199

Subaida, I. (2019). Pengaruh Bid Ask Spread, Varians Return, Volume Perdagangan , Dan Harga Saham Terhadap Holding Period Saham. CERMIN: Jurnal Penelitian, 3(1), 11. https://doi.org/10.36841/cermin_unars.v3i1.347

Susetya Aris, & Niati Farida. (2018). Pengaruh Bid-Ask Spread, Market Value Dan Variance Return Terhadap Holding Period Saham. Jurnal Ekonomi Dan Bisnis, 21(01), 1–12.

Syifa, K., & Susetyo, A. (2020). Pengaruh Bid-Ask Spread, Market Value dan Risk of Return Terhadap Holding Period Saham (Studi pada Saham Indeks JII Tahun 2016-2018). Jurnal Ilmiah Mahasiswa Manajemen, 2(3), 440–449.

Yahya, A., Affandi, A., Herwani, A., Hermawan, A., & Suteja, J. (2024). Herding Behavior in the Sharia Capital Market on Investment Decisions. Jrak, 16(1), 107–118. https://doi.org/10.23969/jrak.v16i1.12172

Yahya, A., & Butar, B. B. (2019). Pengaruh Arus Kas Operasi, Arus Kas Investasi Dan Arus Kas Pendanaan Terhadap Return Saham. Jurnal Akuntansi Bisnis Pelita Bangsa, 4(1), 12–31.