ANALISIS PENGARUH FAKTOR FUNDAMENTAL (RETURN ON ASSETS, RETURN ON EQUITY DAN DEBT TO EQUITY RATIO) TERHADAP HARGA SAHAM PERUSAHAAN KEUANGAN DAN NON KEUANGAN DI BURSA EFEK INDONESIA
| Main Authors: | , Mega Muhamad, , Prof. Dr. Jogiyanto HM., MBA |
|---|---|
| Format: | Thesis NonPeerReviewed |
| Terbitan: |
[Yogyakarta] : Universitas Gadjah Mada
, 2013
|
| Subjects: | |
| Online Access: |
https://repository.ugm.ac.id/125624/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=65793 |
Daftar Isi:
- For a rational investor, a fundamental aspect always be considerable concern in assesing the expected return. In this term the investor assesing the share through the internal side of company. Fundamental aspect in this research is represented using profitability ratios that proxy by Return on Assets (ROA) and Return On Equity (ROE) and capital structure proxy by Debt to Equity Ratio (DER). The differences in the characteristics of the financial and non-financial companies are expected may affect the relationship of its fundamental factors (ROA, ROE and DER) and the share price. This research aims to examine the influence of fundamental factors represented by ROA, ROE and DER on share prices and analyzing whether there is a significant difference of influences of these factors on share prices in financial and non-financial companies. The data used in this research is secondary data related to the company's financial statements and share prices for companies listed in Indonesia Stock Exchange with the observation period of 2006 through 2011. Sampling methods in this research use purposive sampling. This research used 194 companies as samples, consist of 46 financial companies and 148 non-financial companies. The method used to analyze the influence of fundamental factors (ROA, ROE and DER) on share prices in financial and non-financial companies is using multiple regression analysis. F test results show that the ROA, ROE and DER simultaneously have a significant influence on the share price both of financial companies and non-financial companies. The results of t test from regression of financial companies shows that ROE and DER partially have significantly positive effect on share prices, while ROA has affect share prices negatively. While the results of t test in non-financial companies shows that DER and ROA have positive and influencing on share prices, meanwhile ROE has a positive influence on share prices, but not significantly. Based on the results using chow test and multiple regression using dummy variables concluded that the effect of ROA, ROE and DER on share price in financial and non-financial companies are differ significantly. This research shows that the differences between financial and non financial companies brings a different influence of ROA, ROE and DER on the share price so that it can be taken into consideration for investors in shares investing in the stock market.