Suchergebnisse

The scarcity of fossil fuels and their environmental impact as greenhouse gas (GHG) emissions, have prompted governments around the world to both develop research and foster the use of renewable energy sources (RES), such as biomass, wind, and solar. Therefore, although these efforts represent potential solutions for fossil fuel shortages and GHG emission reduction, some doubts have emerged recently regarding their energy efficiency. Indeed, it is very useful to assess their energy gain, which means quantifying and comparing the amount of energy consumed to produce alternative fuels. In this context, the aim of this paper is to analyze the trend of the academic literature of studies concerning the indices of the energy return ratio (ERR), such as energy return on energy invested (EROEI), considering biomass, wind and solar energy. This could be useful for institutions and to public organizations in order to redefine their political vision for realizing sustainable socio-economic systems in line with the transition from fossil fuels to renewable energies. Results showed that biomass seems to be more expensive and less efficient than the equivalent fossil-based energy, whereas solar photovoltaic (PV) and wind energy have reached mature and advanced levels of technology.

The scarcity of fossil fuels and their environmental impact as greenhouse gas (GHG) emissions, have prompted governments around the world to both develop research and foster the use of renewable energy sources (RES), such as biomass, wind, and solar. Therefore, although these efforts represent potential solutions for fossil fuel shortages and GHG emission reduction, some doubts have emerged recently regarding their energy efficiency. Indeed, it is very useful to assess their energy gain, which means quantifying and comparing the amount of energy consumed to produce alternative fuels. In this context, the aim of this paper is to analyze the trend of the academic literature of studies concerning the indices of the energy return ratio (ERR), such as energy return on energy invested (EROEI), considering biomass, wind and solar energy. This could be useful for institutions and to public organizations in order to redefine their political vision for realizing sustainable socio-economic systems in line with the transition from fossil fuels to renewable energies. Results showed that biomass seems to be more expensive and less efficient than the equivalent fossil-based energy, whereas solar photovoltaic (PV) and wind energy have reached mature and advanced levels of technology.

The scarcity of fossil fuels and their environmental impact as greenhouse gas (GHG) emissions, have prompted governments around the world to both develop research and foster the use of renewable energy sources (RES), such as biomass, wind, and solar. Therefore, although these efforts represent potential solutions for fossil fuel shortages and GHG emission reduction, some doubts have emerged recently regarding their energy efficiency. Indeed, it is very useful to assess their energy gain, which means quantifying and comparing the amount of energy consumed to produce alternative fuels. In this context, the aim of this paper is to analyze the trend of the academic literature of studies concerning the indices of the energy return ratio (ERR), such as energy return on energy invested (EROEI), considering biomass, wind and solar energy. This could be useful for institutions and to public organizations in order to redefine their political vision for realizing sustainable socio-economic systems in line with the transition from fossil fuels to renewable energies. Results showed that biomass seems to be more expensive and less efficient than the equivalent fossil-based energy, whereas solar photovoltaic (PV) and wind energy have reached mature and advanced levels of technology.

Life cycle assessment (LCA) has developed into a useful methodology to assess energy consumption of fishing fleets and their derived seafood products, as well as the associated environmental burdens. In this study, however, the life cycle inventory data is used to provide a dimensionless ratio between energy inputs and the energy provided by the fish: the edible protein energy return on investment (ep-EROI). The main objective was to perform a critical comparison of seafood products landed in Galicia (NW Spain) in terms of ep-EROI. The combination of energy return on investment (EROI) with LCA, the latter having standardized mechanisms regarding data acquisition and system boundary delimitation, allowed a reduction of uncertainties in EROI estimations. Results allow a deeper understanding of the energy efficiency in the Galician fishing sector, showing that small pelagic species present the highest ep-EROI values if captured using specific fishing techniques. Finally, results are expected to provide useful guidelines for policy support in the EU's Common Fisheries Policy.

ABSTRAKPenelitian ini dilakukan dengan tujuan untuk menguji pengaruh current ratio (CR), return on assets (ROA), debt to equity ratio (DER) dan price earning ratio (PER) terhadap return saham (Y) pada perusahaan yang berada pada indeks LQ45 di Bursa Efek Indonesia. Metode pengumpulan data dilakukan dengan menggunakan laporan keuangan anggota emiten LQ45 yang selama 5 tahun eksis dari tahun 2017 sampai tahun 2021. Metode sampel yang digunakan adalah purpose sampling (sampling bersyarat). Adapun jumlah sampel yang terpilih memenuhi syarat sebanyak 31 perusahaan. Pembahasan dilakukan dengan analisis statistik deskriptif, uji asumsi klasik, uji regresi data panel yang pengolahannya menggunakan Eviews 10. Hasil penelitian menunjukkan bahwa secara simultan variabel CR, ROA, DER dan PER memiliki pengaruh terhadap return saham. Namun secara parsial variabel yang berpengaruh positif dan signifikan terhadap return saham hanya variabel return on assets (ROA). Sedangkan variabel CR, DER dan PER berpengaruh negatif dan tidak signifikan terhadap return saham.Kata Kunci : Current Ratio (CR), Return on Assets (ROA), Debt to Equity Ratio (DER), Price Earning Ratio (PER), Return Saham.DAFTAR PUSTAKAAduardus, Tandelilin. (2010). Fortofolio dan Investasi. Yogyakarta: Konisius. Anoraga,P. dan Pakarti. 2006. Pengantar Pasar Modal. Cetakan Pertama. PT Rineka Cipta :Jakarta. Baridwan, Zaki. 2008. Sistem Akuntansi Penyusunan Prosedur dan Metode. Edisi Kelima. BPPE: Yogyakarta. Martalena dan Maya Malinda. (2011). Pengantar Pasar Modal. Bandung: Andi Yogyakarta. Fahmi, I. (2012). Analisis Laporan Keuangan. Bandung: Alfabeta. Hanafi, A. H. (2009). Analisis Laporan Keuangan . Yogyakarta: UPP STIM YKPN. Husnan, S. (2005). Dasar-dasar Teori Portofolio dan Analisis Sekuritas . Yogyakarta: UPP YKPN. Sucipto. (2013). Penilaian Kinerja Keuangan. Jurnal Ekonomi Bisnis FE Universitas Utara, Medan. Jumingan. (2015). Analisis Kinerja Manajemen Berdasarkan Balanced Scorecard . Jurnal Bisnis & Manajemen. Vol. 15, No. 1, 45 – 56. Aprianti, Rury. (2014). Analisis Kinerja Keuangan Dari Aspek Likuiditas, Solvabilitas dan Rentabilitas Pada PT. Surya Teguh Perkasa Periode 2010-2012. Jurnal Universitas MulawarmanSamarinda. Hikmah, Dilawatil. (2019). Analisis Pengaruh Rasio Keuangan Terhadap Return Saham Pada Perusahaan Yang Berada Pada Indeks Lq45di Bursa Efek Indonesia. Jurnal Ekonomi Bisnis Indonesia. Anisa, Nesa. (2015). Analisis Faktor-Faktor Yang Mempengaruhi Return Saham (Studi Kasus Pada Perusahaan Sub Sektor Automotive And Components Yang Terdaftar Di Bursa Efek Indonesia Periode 2010-2014. Perbanas Review Volume 1, Nomor 1. Permanawati, N.R. (2016). Analisis Pengaruh Debt To Equity Ratio, Return On Asset, Return On Equity, Total Asset Turnover, Dan Price Earning Ratio Terhadap Return Saham (Studi Pada Perusahaan Property dan Real Estate di Indonesia dan Malaysia Periode 2011-2015. Skripsi. Semarang : Fakultas Ekonomika dan Bisnis Universitas Diponegoro. Anggriawan, N.A. (2019). Pengaruh Current Ratio (Cr), Debt To Equity Rasio (Der), Return On Asset (Roa), Dan Total Asset Turn Over (Tato) Terhadap Return Saham Perusahaan Yang Terdaftar Dalam Indeks Lq45 Bursa Efek Indonesia Tahun 2015-2017. Skripsi. Surabaya : Fakultas Ekonomi Dan Bisnis Universitas Bhayangkara Surabaya. Aulia, F.L. (2020). Analisis Pengaruh Rasio Likuiditas, Solvabilitas, Dan Profitabilitas Terhadap Return Saham Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2015-2018. Skripsi. Mataram : Fakultas Ilmu Sosial Dan Ilmu Politik Universitas Muhammadiyah Mataram. Sari, F.N. (2012). Analisis Pengaruh Der, Cr, Roe, Dan Tat Terhadap Return Saham (Studi Pada Saham Indeks LQ45 Periode 2009 – 2011 Dan Investor Yang Terdaftar Pada Perusahaan Sekuritas Di Wilayah Semarang Periode 2012). Skripsi. Semarang : Fakultas Ekonomika Dan Bisnis Universitas Diponegoro Semarang. Aprilia, Winindya. Rodhiyah dan Widiartanto. (2014). Analisis Pengaruh Kinerja Keuangan Perusahaan Terhadap Return Saham Perusahaan Sektor Jasa Transportasi Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Administrasi Bisnis Universitas Diponegoro Semarang. Arista, Desy. 2010. Analisis Faktor-faktor yang Mempengaruhi Return Saham. Jurnal Ilmu Manajemen dan Akuntansi Terapan, Vol 3 No. 1. Wulandari, Feny. 2012. Analisis Pengaruh Rasio Keuangan Terhadap Return Saham Pada Indeks LQ-45 Di Bursa Efek Indonesia. Skripsi. Fakultas Ekonomi Universitas Gunadarma. Febrioni.R.(2016). Pengaruh Return On Assets, Return On Equity, Earning Per Share, dan Current Ratio Terhadap Return Saham (Pada Perusahaan yang Terdaftar Di Indeks LQ45 Di Bursa Efek Indonesia Tahun 2011 2015.).3(3):1-10. Nuryana,I.(2013). Pengaruh Rasio Keuangan Terhadap Return Saham Perusahaan LQ 45 di Bursa Efek Jakarta. Jurnal Akuntansi Aktual.2(2):2-10. Prasetyo.A.(2018). Pengaruh Kinerja Keuangan dan Ukuran Perusahaan terhadap Return Saham (Studi Kasus pada Perusahaan Sektor Property, Real Estate dan Konstruksi Bangunan yang Terdaftar di BEI Tahun 2013-2015). Universitas Muhammadiyah Surakarta. Anis Sutriani, 2014. Pengaruh profitabilitas, leverage, dan likuiditas terhadap return saham dengan nilai tukar sebagai variabel moderasi pada saham LQ45 di BEI. STIE Perbanas Surabaya. Purnamasari, Khairani. 2014. Pengaruh Current Ratio (CR), Debt to Equity Ratio (DER), Return On Assets (ROA), Price Earning Ratio (PER), dan Earning Per Share (EPS) terhadap return saham pada perusahaan Property and Real Estate yang terdaftar di BEI tahun 2009-2011. Pekanbaru : Jom FEKON Vol. 1 No. 2 Santoso, Nugroho Hadi. 2017.Rosiana.R.,Retnowati.,W.,& Hendro.(2014). Analisis Pengaruh Current Ratio (CR), Return On Equity (ROE), Debt to Equity Ratio (DER), dan Earning Per Share (EPS) terhadap return Saham Pada Perusahaan manufaktur yang Terdaftar di BEI Tahun 2013-2015. Kediri : Simki-Economic Vol. 01 No. 07 Tahun 2017 ISSN : BBBB-BBBBSeptiana,E.F.,& Wahyuati,A.(2016). Pengaruh Rasio Keuangan Terhadap Return Saham Pada Perusahaan Manufaktur. Jurnal Ilmu dan Riset Manajemen.5(1):1-20.Sugiarti.,Surachman.,& Aisyah. S.(2015). Pengaruh Kinerja Keuangan Perusahaan terhadap Return Saham (Studi Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia). Jurnal Aplikasi Manajemen.13(2):1-17.Sakti, I. (2018). Analisis Regresi Data Panel Menggunankan Eviews. Diakses dari https://www.academia.edu/37059747/ANALISIS_REGRESI_DATA_PANEL_M ENGGUNAKAN_EVIEWSwww.idx.co.idwww.bps.go.idwww.finance.yahoo.comhttps://analis.co.id/lq45.html

ABSTRAKPenelitian ini dilakukan dengan tujuan untuk menguji pengaruh current ratio (CR), return on assets (ROA), debt to equity ratio (DER) dan price earning ratio (PER) terhadap return saham (Y) pada perusahaan yang berada pada indeks LQ45 di Bursa Efek Indonesia. Metode pengumpulan data dilakukan dengan menggunakan laporan keuangan anggota emiten LQ45 yang selama 5 tahun eksis dari tahun 2017 sampai tahun 2021. Metode sampel yang digunakan adalah purpose sampling (sampling bersyarat). Adapun jumlah sampel yang terpilih memenuhi syarat sebanyak 31 perusahaan. Pembahasan dilakukan dengan analisis statistik deskriptif, uji asumsi klasik, uji regresi data panel yang pengolahannya menggunakan Eviews 10. Hasil penelitian menunjukkan bahwa secara simultan variabel CR, ROA, DER dan PER memiliki pengaruh terhadap return saham. Namun secara parsial variabel yang berpengaruh positif dan signifikan terhadap return saham hanya variabel return on assets (ROA). Sedangkan variabel CR, DER dan PER berpengaruh negatif dan tidak signifikan terhadap return saham.Kata Kunci : Current Ratio (CR), Return on Assets (ROA), Debt to Equity Ratio (DER), Price Earning Ratio (PER), Return Saham.DAFTAR PUSTAKAAduardus, Tandelilin. (2010). Fortofolio dan Investasi. Yogyakarta: Konisius. Anoraga,P. dan Pakarti. 2006. Pengantar Pasar Modal. Cetakan Pertama. PT Rineka Cipta :Jakarta. Baridwan, Zaki. 2008. Sistem Akuntansi Penyusunan Prosedur dan Metode. Edisi Kelima. BPPE: Yogyakarta. Martalena dan Maya Malinda. (2011). Pengantar Pasar Modal. Bandung: Andi Yogyakarta. Fahmi, I. (2012). Analisis Laporan Keuangan. Bandung: Alfabeta. Hanafi, A. H. (2009). Analisis Laporan Keuangan . Yogyakarta: UPP STIM YKPN. Husnan, S. (2005). Dasar-dasar Teori Portofolio dan Analisis Sekuritas . Yogyakarta: UPP YKPN. Sucipto. (2013). Penilaian Kinerja Keuangan. Jurnal Ekonomi Bisnis FE Universitas Utara, Medan. Jumingan. (2015). Analisis Kinerja Manajemen Berdasarkan Balanced Scorecard . Jurnal Bisnis & Manajemen. Vol. 15, No. 1, 45 – 56. Aprianti, Rury. (2014). Analisis Kinerja Keuangan Dari Aspek Likuiditas, Solvabilitas dan Rentabilitas Pada PT. Surya Teguh Perkasa Periode 2010-2012. Jurnal Universitas MulawarmanSamarinda. Hikmah, Dilawatil. (2019). Analisis Pengaruh Rasio Keuangan Terhadap Return Saham Pada Perusahaan Yang Berada Pada Indeks Lq45di Bursa Efek Indonesia. Jurnal Ekonomi Bisnis Indonesia. Anisa, Nesa. (2015). Analisis Faktor-Faktor Yang Mempengaruhi Return Saham (Studi Kasus Pada Perusahaan Sub Sektor Automotive And Components Yang Terdaftar Di Bursa Efek Indonesia Periode 2010-2014. Perbanas Review Volume 1, Nomor 1. Permanawati, N.R. (2016). Analisis Pengaruh Debt To Equity Ratio, Return On Asset, Return On Equity, Total Asset Turnover, Dan Price Earning Ratio Terhadap Return Saham (Studi Pada Perusahaan Property dan Real Estate di Indonesia dan Malaysia Periode 2011-2015. Skripsi. Semarang : Fakultas Ekonomika dan Bisnis Universitas Diponegoro. Anggriawan, N.A. (2019). Pengaruh Current Ratio (Cr), Debt To Equity Rasio (Der), Return On Asset (Roa), Dan Total Asset Turn Over (Tato) Terhadap Return Saham Perusahaan Yang Terdaftar Dalam Indeks Lq45 Bursa Efek Indonesia Tahun 2015-2017. Skripsi. Surabaya : Fakultas Ekonomi Dan Bisnis Universitas Bhayangkara Surabaya. Aulia, F.L. (2020). Analisis Pengaruh Rasio Likuiditas, Solvabilitas, Dan Profitabilitas Terhadap Return Saham Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2015-2018. Skripsi. Mataram : Fakultas Ilmu Sosial Dan Ilmu Politik Universitas Muhammadiyah Mataram. Sari, F.N. (2012). Analisis Pengaruh Der, Cr, Roe, Dan Tat Terhadap Return Saham (Studi Pada Saham Indeks LQ45 Periode 2009 – 2011 Dan Investor Yang Terdaftar Pada Perusahaan Sekuritas Di Wilayah Semarang Periode 2012). Skripsi. Semarang : Fakultas Ekonomika Dan Bisnis Universitas Diponegoro Semarang. Aprilia, Winindya. Rodhiyah dan Widiartanto. (2014). Analisis Pengaruh Kinerja Keuangan Perusahaan Terhadap Return Saham Perusahaan Sektor Jasa Transportasi Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Administrasi Bisnis Universitas Diponegoro Semarang. Arista, Desy. 2010. Analisis Faktor-faktor yang Mempengaruhi Return Saham. Jurnal Ilmu Manajemen dan Akuntansi Terapan, Vol 3 No. 1. Wulandari, Feny. 2012. Analisis Pengaruh Rasio Keuangan Terhadap Return Saham Pada Indeks LQ-45 Di Bursa Efek Indonesia. Skripsi. Fakultas Ekonomi Universitas Gunadarma. Febrioni.R.(2016). Pengaruh Return On Assets, Return On Equity, Earning Per Share, dan Current Ratio Terhadap Return Saham (Pada Perusahaan yang Terdaftar Di Indeks LQ45 Di Bursa Efek Indonesia Tahun 2011 2015.).3(3):1-10. Nuryana,I.(2013). Pengaruh Rasio Keuangan Terhadap Return Saham Perusahaan LQ 45 di Bursa Efek Jakarta. Jurnal Akuntansi Aktual.2(2):2-10. Prasetyo.A.(2018). Pengaruh Kinerja Keuangan dan Ukuran Perusahaan terhadap Return Saham (Studi Kasus pada Perusahaan Sektor Property, Real Estate dan Konstruksi Bangunan yang Terdaftar di BEI Tahun 2013-2015). Universitas Muhammadiyah Surakarta. Anis Sutriani, 2014. Pengaruh profitabilitas, leverage, dan likuiditas terhadap return saham dengan nilai tukar sebagai variabel moderasi pada saham LQ45 di BEI. STIE Perbanas Surabaya. Purnamasari, Khairani. 2014. Pengaruh Current Ratio (CR), Debt to Equity Ratio (DER), Return On Assets (ROA), Price Earning Ratio (PER), dan Earning Per Share (EPS) terhadap return saham pada perusahaan Property and Real Estate yang terdaftar di BEI tahun 2009-2011. Pekanbaru : Jom FEKON Vol. 1 No. 2 Santoso, Nugroho Hadi. 2017.Rosiana.R.,Retnowati.,W.,& Hendro.(2014). Analisis Pengaruh Current Ratio (CR), Return On Equity (ROE), Debt to Equity Ratio (DER), dan Earning Per Share (EPS) terhadap return Saham Pada Perusahaan manufaktur yang Terdaftar di BEI Tahun 2013-2015. Kediri : Simki-Economic Vol. 01 No. 07 Tahun 2017 ISSN : BBBB-BBBBSeptiana,E.F.,& Wahyuati,A.(2016). Pengaruh Rasio Keuangan Terhadap Return Saham Pada Perusahaan Manufaktur. Jurnal Ilmu dan Riset Manajemen.5(1):1-20.Sugiarti.,Surachman.,& Aisyah. S.(2015). Pengaruh Kinerja Keuangan Perusahaan terhadap Return Saham (Studi Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia). Jurnal Aplikasi Manajemen.13(2):1-17.Sakti, I. (2018). Analisis Regresi Data Panel Menggunankan Eviews. Diakses dari https://www.academia.edu/37059747/ANALISIS_REGRESI_DATA_PANEL_M ENGGUNAKAN_EVIEWSwww.idx.co.idwww.bps.go.idwww.finance.yahoo.comhttps://analis.co.id/lq45.html

Purpose
This study aims to analyze the influence of future expectations of the book-to-market ratio (B/M) and return on equity (ROE) in explaining the Brazilian capital market returns.


Design/methodology/approach
The study analyzed the explanatory power of risk-factor approach variables such as beta, size, B/M ratio, momentum and liquidity.


Findings
The results show that future expectations of the B/M ratio and ROE, when combined with proxies for risk factors, were able to explain part of the variations of Brazilian stock returns. With respect to risk factors approach variables, the authors verified the existence of size and B/M effects and a liquidity premium in the Brazilian capital market, during the period analyzed.


Research limitations/implications
This research was limited to the non-financial companies with shares traded at Brasil, Bolsa and Balcão, from January 1, 1995 to June 30, 2015. This way, the conclusions reached are limited to the sample used herein.


Practical implications
The evidences herein presented can also contribute to establishing investment strategies, considering that the B/M ratio may be calculated through accounting information announced by companies. Besides, using historical data enable investors, in a specific year, to calculate the predictor variables for the B/M ratio and ROE in the next year, which enhance the explanatory power of the current B/M, when combined in the form of an aggregate predictor variable for stock returns.


Originality/value
The main contribution of this study to the literature is to demonstrate how the expected future B/M ratio and ROE may improve the explanatory capacity of the stock return, when compared with the variables traditionally studied in the literature.

Formulation of the problem in this study is whether the Dividend Payout Ratio, Return on Assets and Return on Equity together and partially significant effect on Price Earning Ratio at LQ 45 in the Indonesia Stock Exchange. In the study used associative design. The dependent variable used is devident payout ratio, return on assets, and return on equity, while the independent variable is the price earnings ratio. The study population is 83 companies whose shares are included in LQ45 in December 2006- December 2010. The sample was selected is 27 shares of companies that have a certain criteria. The data used is secondary data, with the data collection technique is documentation. The techniques used in the analysis of multiple regression analysis. Based on the obtained results of the testing process 1) Parliament, ROA, ROE together influential significantly toward PER 2) There is a partial effect between Parliament ROA ROE against PER at companies belonging to the group LQ45 respectively 2,360