Penerapan metode acyusted earnings yield untuk mengestimasi imbal hasil riil saham (studi pada perusahaan sektor manufaktur di bursa efek Indonesia tahun 2004-2008).= The application of adjusted earnings yield method to estimate real return of stocks (case study of companies in manufacture sector in Indonesia stock exchange in year 2004-2008)
| Main Authors: | Afrisal Akmal, author, Add author: Sidharta Utama, supervisor, Add author: Dewi Hanggraeni, examiner, Add author: Rofikoh Rokhim, examiner |
|---|---|
| Format: | Masters Bachelors |
| Terbitan: |
, 2010
|
| Online Access: |
https://lib.ui.ac.id/detail?id=20341659 |
| ctrlnum |
20341659 |
|---|---|
| fullrecord |
<?xml version="1.0"?>
<dc schemaLocation="http://www.openarchives.org/OAI/2.0/oai_dc/ http://www.openarchives.org/OAI/2.0/oai_dc.xsd"><type>Thesis:Masters</type><title>Penerapan metode acyusted earnings yield untuk mengestimasi imbal hasil riil saham (studi pada perusahaan sektor manufaktur di bursa efek Indonesia tahun 2004-2008).= The application of adjusted earnings yield method to estimate real return of stocks (case study of companies in manufacture sector in Indonesia stock exchange in year 2004-2008).</title><creator>Afrisal Akmal, author</creator><creator>Add author: Sidharta Utama, supervisor</creator><creator>Add author: Dewi Hanggraeni, examiner</creator><creator>Add author: Rofikoh Rokhim, examiner</creator><publisher/><date>2010</date><subject/><description>[<b>ABSTRAK</b><br>
Metode earnings yield sexing digunakan untuk mengestimasi imbal hasil riil saham. Namun terdapat distorsi pada laba bersih, yang merupakan numerator dari formula earnings yield, karena dihitung dengan menggunakan pendekatan
akuntansi yang bersifat historis dan belum menambahkan manfaat dari hutang;
Metode aayusted earnings yield mcrupakan modifikasi dari metode earnings yield dengan melakukan penyesuaian terhadap laba bersih terhadap perubahan harga
sehingga dapat digunakan untuk mcngcstimasi imbal hasil riil saham. Penyesuaian dilakukan terhadap harga pokok penjualan, terhadap beban penyusutan, dan terhadap hutang. Penelitian ini bertujuan untuk menginvesiigasi apakah penyesuaian harga pokok penjualan dan pcnycsuaian beban penyusutan
berhubungan negatif dengan imbal hasil riil saham sampel, dan apakah
penyesuaian hutang berhubungan positif dengan imbal hasil ril saham sampel,
yaitu saham-saham perusahaan sektor manufaktur pada periode tahun 2004-2008 yang terdaftar di Bursa Efek Indonesia. Penelitian dilakukan dengan melakukan uji regresi terhadap data panel dengan regresi period effed eject. Hasil penelitian menunjukkan bahwa pcnyesuaian harga pokok penjualan berhubungan
negatif dengan imbal hasil riil saham sampel, dan penyesuaian beban penyusutan dan penyesuaian hutang berhubungan positif dengan imbal hasil riil saham sampel. Kemungkinan .besar penyebab pcnycsuaian bcban penyusutan
berhubungan positif dengan imbal hasil riil saham sampei adalah karena
keterbatasan data dan karena adanya kesalahan yang mungkin timbul dari
beberapa penyederhanaan/asumsi yang digunakan di dalam metodc perhitungan penyesuaian beban penyusutan tersebut.
<hr>
<b>ABSTRACT</b><br>
Eamings yield method is oiien used to estimate the real return of stocks. But there is a distortion in net income, which is the numerator of earnings yield formula,
because it is calculated using historical accounting approach and it does not include the beneiit of debt. The adjusted eamings yield method is a modification
of earnings yield method by adjusting the net income against the change in the price level so that it can be used to estimate real return of stocks. The areas of adjustments are cost of goods sold, depreciation expense, and debt. The purpose
of this paper is to investigate whether cost of goods sold adjustment and depreciation expense adjustment have negative relation with real return of sample stocks, and whether debt adjustment has positive relation with real retum of
sample stocks. Samples are stocks of companies in manufacturing sector within year 2004 until 2008 listed in Indonesia Stock Exchange. This research is conducted through regression test for panel data with period' fixed effect. The
result shows that the cost of goods sold adjustment has negative relation with real retum of sample stocks, and both depreciation expense adjustment and debt
adjustment has positive relation with real return of sample stocks. The probable reasons for the positive relation between depreciation expense adjustment with
real return of sample stocks are data limitation and error possibly emerged from simplications/assumptions used in the method to calculate the depreciation expense adjustment.;Eamings yield method is oiien used to estimate the real return of stocks. But there is a distortion in net income, which is the numerator of earnings yield formula,
because it is calculated using historical accounting approach and it does not include the beneiit of debt. The adjusted eamings yield method is a modification
of earnings yield method by adjusting the net income against the change in the price level so that it can be used to estimate real return of stocks. The areas of adjustments are cost of goods sold, depreciation expense, and debt. The purpose
of this paper is to investigate whether cost of goods sold adjustment and depreciation expense adjustment have negative relation with real return of sample stocks, and whether debt adjustment has positive relation with real retum of
sample stocks. Samples are stocks of companies in manufacturing sector within year 2004 until 2008 listed in Indonesia Stock Exchange. This research is conducted through regression test for panel data with period' fixed effect. The
result shows that the cost of goods sold adjustment has negative relation with real retum of sample stocks, and both depreciation expense adjustment and debt
adjustment has positive relation with real return of sample stocks. The probable reasons for the positive relation between depreciation expense adjustment with
real return of sample stocks are data limitation and error possibly emerged from simplications/assumptions used in the method to calculate the depreciation expense adjustment., Eamings yield method is oiien used to estimate the real return of stocks. But there is a distortion in net income, which is the numerator of earnings yield formula,
because it is calculated using historical accounting approach and it does not include the beneiit of debt. The adjusted eamings yield method is a modification
of earnings yield method by adjusting the net income against the change in the price level so that it can be used to estimate real return of stocks. The areas of adjustments are cost of goods sold, depreciation expense, and debt. The purpose
of this paper is to investigate whether cost of goods sold adjustment and depreciation expense adjustment have negative relation with real return of sample stocks, and whether debt adjustment has positive relation with real retum of
sample stocks. Samples are stocks of companies in manufacturing sector within year 2004 until 2008 listed in Indonesia Stock Exchange. This research is conducted through regression test for panel data with period' fixed effect. The
result shows that the cost of goods sold adjustment has negative relation with real retum of sample stocks, and both depreciation expense adjustment and debt
adjustment has positive relation with real return of sample stocks. The probable reasons for the positive relation between depreciation expense adjustment with
real return of sample stocks are data limitation and error possibly emerged from simplications/assumptions used in the method to calculate the depreciation expense adjustment.]</description><identifier>https://lib.ui.ac.id/detail?id=20341659</identifier><recordID>20341659</recordID></dc>
|
| format |
Thesis:Masters Thesis Thesis:Bachelors |
| author |
Afrisal Akmal, author Add author: Sidharta Utama, supervisor Add author: Dewi Hanggraeni, examiner Add author: Rofikoh Rokhim, examiner |
| title |
Penerapan metode acyusted earnings yield untuk mengestimasi imbal hasil riil saham (studi pada perusahaan sektor manufaktur di bursa efek Indonesia tahun 2004-2008).= The application of adjusted earnings yield method to estimate real return of stocks (case study of companies in manufacture sector in Indonesia stock exchange in year 2004-2008) |
| publishDate |
2010 |
| url |
https://lib.ui.ac.id/detail?id=20341659 |
| contents |
[<b>ABSTRAK</b><br>
Metode earnings yield sexing digunakan untuk mengestimasi imbal hasil riil saham. Namun terdapat distorsi pada laba bersih, yang merupakan numerator dari formula earnings yield, karena dihitung dengan menggunakan pendekatan
akuntansi yang bersifat historis dan belum menambahkan manfaat dari hutang;
Metode aayusted earnings yield mcrupakan modifikasi dari metode earnings yield dengan melakukan penyesuaian terhadap laba bersih terhadap perubahan harga
sehingga dapat digunakan untuk mcngcstimasi imbal hasil riil saham. Penyesuaian dilakukan terhadap harga pokok penjualan, terhadap beban penyusutan, dan terhadap hutang. Penelitian ini bertujuan untuk menginvesiigasi apakah penyesuaian harga pokok penjualan dan pcnycsuaian beban penyusutan
berhubungan negatif dengan imbal hasil riil saham sampel, dan apakah
penyesuaian hutang berhubungan positif dengan imbal hasil ril saham sampel,
yaitu saham-saham perusahaan sektor manufaktur pada periode tahun 2004-2008 yang terdaftar di Bursa Efek Indonesia. Penelitian dilakukan dengan melakukan uji regresi terhadap data panel dengan regresi period effed eject. Hasil penelitian menunjukkan bahwa pcnyesuaian harga pokok penjualan berhubungan
negatif dengan imbal hasil riil saham sampel, dan penyesuaian beban penyusutan dan penyesuaian hutang berhubungan positif dengan imbal hasil riil saham sampel. Kemungkinan .besar penyebab pcnycsuaian bcban penyusutan
berhubungan positif dengan imbal hasil riil saham sampei adalah karena
keterbatasan data dan karena adanya kesalahan yang mungkin timbul dari
beberapa penyederhanaan/asumsi yang digunakan di dalam metodc perhitungan penyesuaian beban penyusutan tersebut.
<hr>
<b>ABSTRACT</b><br>
Eamings yield method is oiien used to estimate the real return of stocks. But there is a distortion in net income, which is the numerator of earnings yield formula,
because it is calculated using historical accounting approach and it does not include the beneiit of debt. The adjusted eamings yield method is a modification
of earnings yield method by adjusting the net income against the change in the price level so that it can be used to estimate real return of stocks. The areas of adjustments are cost of goods sold, depreciation expense, and debt. The purpose
of this paper is to investigate whether cost of goods sold adjustment and depreciation expense adjustment have negative relation with real return of sample stocks, and whether debt adjustment has positive relation with real retum of
sample stocks. Samples are stocks of companies in manufacturing sector within year 2004 until 2008 listed in Indonesia Stock Exchange. This research is conducted through regression test for panel data with period' fixed effect. The
result shows that the cost of goods sold adjustment has negative relation with real retum of sample stocks, and both depreciation expense adjustment and debt
adjustment has positive relation with real return of sample stocks. The probable reasons for the positive relation between depreciation expense adjustment with
real return of sample stocks are data limitation and error possibly emerged from simplications/assumptions used in the method to calculate the depreciation expense adjustment.;Eamings yield method is oiien used to estimate the real return of stocks. But there is a distortion in net income, which is the numerator of earnings yield formula,
because it is calculated using historical accounting approach and it does not include the beneiit of debt. The adjusted eamings yield method is a modification
of earnings yield method by adjusting the net income against the change in the price level so that it can be used to estimate real return of stocks. The areas of adjustments are cost of goods sold, depreciation expense, and debt. The purpose
of this paper is to investigate whether cost of goods sold adjustment and depreciation expense adjustment have negative relation with real return of sample stocks, and whether debt adjustment has positive relation with real retum of
sample stocks. Samples are stocks of companies in manufacturing sector within year 2004 until 2008 listed in Indonesia Stock Exchange. This research is conducted through regression test for panel data with period' fixed effect. The
result shows that the cost of goods sold adjustment has negative relation with real retum of sample stocks, and both depreciation expense adjustment and debt
adjustment has positive relation with real return of sample stocks. The probable reasons for the positive relation between depreciation expense adjustment with
real return of sample stocks are data limitation and error possibly emerged from simplications/assumptions used in the method to calculate the depreciation expense adjustment., Eamings yield method is oiien used to estimate the real return of stocks. But there is a distortion in net income, which is the numerator of earnings yield formula,
because it is calculated using historical accounting approach and it does not include the beneiit of debt. The adjusted eamings yield method is a modification
of earnings yield method by adjusting the net income against the change in the price level so that it can be used to estimate real return of stocks. The areas of adjustments are cost of goods sold, depreciation expense, and debt. The purpose
of this paper is to investigate whether cost of goods sold adjustment and depreciation expense adjustment have negative relation with real return of sample stocks, and whether debt adjustment has positive relation with real retum of
sample stocks. Samples are stocks of companies in manufacturing sector within year 2004 until 2008 listed in Indonesia Stock Exchange. This research is conducted through regression test for panel data with period' fixed effect. The
result shows that the cost of goods sold adjustment has negative relation with real retum of sample stocks, and both depreciation expense adjustment and debt
adjustment has positive relation with real return of sample stocks. The probable reasons for the positive relation between depreciation expense adjustment with
real return of sample stocks are data limitation and error possibly emerged from simplications/assumptions used in the method to calculate the depreciation expense adjustment.] |
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