PENGARUH BANKRUPTCY RISK, SIZE DAN BOOK-TO-MARKET PERUSAHAAN TERHADAP IMBAL HASIL
| Main Authors: | Utama, Cynthia Afriani, Lumondang, Astari |
|---|---|
| Format: | Book application/pdf Journal |
| Terbitan: |
UI Scholars Hub
, 2009
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| Subjects: | |
| Online Access: |
https://scholarhub.ui.ac.id/jaki/vol6/iss2/2 https://scholarhub.ui.ac.id/cgi/viewcontent.cgi?article=1105&context=jaki |
Daftar Isi:
- This study investigates: a) the influence o f firm size and book-to-market ratio on bankruptcy risk, and b) the effect o f bankruptcy risk, firm size, and book-to-market ratio on subsequent return. The study employs Altman Z-Score and Ohlson 0-Score as proxies for bankruptcy risk. The results show that size has positive impact on Bankruptcy Risk measured by Altman Z-Score while book-to-market has positive impact on bankruptcy risk measured Ohlson 0-Score. Furthermore, the results show that none o f the variables has significant impact on subsequent return. Overall, this study asserts Dichev’s (1998) findings that bankruptcy risk is not rewarded by higher stock returns and therefore not systematic.