Widyaningtyas, MuliaRumanti (2013) Analisis Pengaruh Variabel Fundamental terhadap Harga Saham Perbankan (Studi pada Industri Perbankan yang Listing di BEI). Magister thesis, Universitas Brawijaya.
Abstract
Faktor rasional yang mempengaruhi keputusan calon investor untuk membeli harga saham, pada umumnya berkaitan dengan sesuatu yang disebut faktor fundamental. Oleh karena itu, seorang fundamentalis mencoba untuk mempelajari hubungan antara kondisi perusahaan (dalam hal ini digambarkan oleh penilaian atas rasio-rasio keuangan bank) dengan harga atau return sahamnya. Faktor fundamental sangat kompleks dan luas cakupannya, meliputi faktor fundamental mikro dan makro. Pada penelitian ini, penulis membatasi faktor fundamental makro dengan indikator inflasi, tingkat bunga, dan kurs, karena faktor makroekonomi tersebut merupakan faktor yang paling banyak mendapatkan perhatian dari para pelaku pasar modal. Sedangkan faktor fundamental internal yang digunakan terdiri dari capital adequency ratio (CAR), kualitas aktiva produktif (KAP), return on assets (ROA) dan return on equity (ROE), dan loan to deposit ratio (LDR). Sampel penelitian terdiri dari 29 bank yang terdiri dari 4 Bank BUMN dan 25 Bank Non BUMN yang listing di Bursa Efek Indonesia Periode tahun 2009-2011. Metode pengumpulan data dalam penelitian ini adalah dokumentasi dan kepustakaan. Teknik analisis data menggunakan uji asumsi klasik, uji analisis regresi linier berganda, dan uji hipothesis dengan menggunakan alat bantu program SPSS. Hasil penelitian ini menunjukkan variabel ROA, ROE, LDR dan Inflasi dinyatakan siginifikan mempengaruhi harga saham perbankan yang listing di Bursa Efek Indonesia periode tahun 2009-20011. Selain itu, ditemukan juga bahwa variabel ROA bersifat dominan dalam mempengaruhi harga saham perbankan. Berdasarkan penelitian tersebut diharapkan industri perbankan lebih memperhatikan variabel ROA,ROE, LDR dan inflasi untuk mengambil kebijakan yang berkaitan dengan harga saham.
English Abstract
Rational factor that influence decision of investor to buy stock price is commonly related with fundamental factor. Because of that, a fundamentalist trying to study relation between internal condition and stock price (or return of stock). Fundamental factor is complex and have many scope, include micro fundamental and macro fundamental (Zulbetti,2010). In this study, researcher restrict macro fundamental only with three indicator there are inflation, interest rate, and currency. The reason those indicator was choosen is because in a prior research found that many investor gave much attention in inflation, interest rate, and currency when they made a investment decision. Whereas, micro fundamental or usually called internal fundamental that used in this research include capital adequency ratio (CAR), quality of productive assets (KAP), return on assets (ROA), return on equity (ROE), loan to deposit ratio (LDR). The population was all banking industries that already go public in Indonesian Stock Exchange in 2009 until 2011 in amount of 29 companies, include 4 state banks and 33 private banks. Samples determined in purposively so that the samples were 29 industries. The analysis tool applied was linier regression in order to know the influence of capital adequency ratio (CAR), quality of productive assets (KAP), return on assets (ROA), return on equity (ROE), loan to deposit ratio (LDR), inflation, interest rate, and currency to stock price. The result showed that return on assets (ROA), return on equity (ROE), loan to deposit ratio (LDR), and inflation have significant influenced stock price banking industries that already go public in Indonesian Stock Exchange in 2009 until 2011. In addition to, in this research has found that return on assets (ROA) has dominant influence in stock price. On the basis of fhe result, industry should give attention to return on assets (ROA), return on equity (ROE), loan to deposit ratio (LDR), and inflation in order for increasing stock price and to make investment decision.
| Item Type: | Thesis (Magister) |
|---|---|
| Identification Number: | TES/332.632 22/WID/a/041303567 |
| Subjects: | 300 Social sciences > 332 Financial economics > 332.6 Investment |
| Divisions: | S2/S3 > Magister Manajemen, Fakultas Ekonomi dan Bisnis |
| Depositing User: | Endro Setyobudi |
| Date Deposited: | 19 Sep 2013 13:26 |
| Last Modified: | 19 Sep 2013 13:26 |
| URI: | http://repository.ub.ac.id/id/eprint/155783 |
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