PENGARUH FAKTOR FUNDAMENTAL, EKONOMI MAKRO, DAN MODAL INTELEKTUAL TERHADAP REAKSI PASAR PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA
Daftar Isi:
- In the world of business and economics, capital markets function has a very strategic role in national development as a source of financing for businesses and the investment for the community. The role of capital markets become increasingly important and the market mechanism has a very important role. This study was conducted to examine the influence of fundamental factors, macroeconomic, and intellectual capital to the market reaction to the companies listed in Indonesia Stock Exchange, with variable debt to equity ratio (DER), price to book value (PBV), return on assets (ROA), firm size, inflation, interest rates, value added intellectual coefficient, and stock return. The sampling technique used was purposive sampling. Data obtained by the publication Indonesian Capital Market Directory (ICMD) and the official website of Bank Indonesia (www.bi.go.id) to the data rate and inflation. Total population of this study were 140 manufacturing company and after passing through purposive sampling stage, the number of samples to 90 manufacturing enterprises. The analysis technique used is multiple regression analysis and hypothesis testing using the t-statistic for testing the partial regression coefficient with a level of significance of 5%. It also performed classical assumption which include normality test, multicolinearity, heteroscedasticity test and auto correlation test. The results showed that the variables ROA, firm size, interest rates affect the stock return of manufacturing companies in BEI 2008-2012 period. While DER, PBV, inflation, and value added intellectual coefficient has no effect on stock returns.