ANALISIS PENGARUH BEBERAPA FAKTOR FUNDAMENTAL DAN RISIKO SISTEMATIK TERHADAP HARGA SAHAM Kasus Industri Barang Konsumsi Yang Go-Publik di Pasar Modal Indonesia
Syahib Natarsyah(1*)
(1) Universitas Achmad Yani, Banjarmasin
(*) Corresponding Author
Abstract
This research is aimed at analyzing influence of several fundamental factors and systematic risk on stock price of consumption goods industries. The group of consumption goods industry has been chosen as research object considering that the products obstained are strategic consumption commodities badly needed by the society as a whole, in which they are not only in the form of nutricious food and drink, but also medicines, helth products, cosmetic, and other household basic necessities.
The sample was taken by using non probability random sampling (purposive sampling method). The population cover 38 companies, while the taken sample consist of 16 companies, the research period of 8 years (1990 up to 1997). The data were analyzed by double log (log linear) model.
The research result show that from the six factors assumed to influence on stock price of consumption goods industries under investigation, there are four factors which partially show positive and significant influence: return on assets (ROA), debt to equity ratio (DER), book value equity per share (BVES) with degree of less than 1% and systematic risk with degree of 10%. Actual influence of ROA on stock price is the same as the one happened in the previous research, which means that investors are very consistent inb applying performance finance from aspect of industry “earring power” in evaluating stock price. Book value equity per share as a dominant factor in influencing stock price, and this indicates that Indonesian investors tend to invest their capital in long run periods when value of equity pershare grows, wich reflects gurantee or claim on net assets provided by fims.
Based on the research results, it is also discovered that fundamental factor and systematic risk have weak influence in explaining stock price variation at the Indonesian capital market, in which R2 is only 31%, which means that stock price variation is mostly determined by market psychology, that is non fundamental factors.
Full Text:
PDFReferences
Anonimous, 1993,1995,1996,1997 Indonesian Capital Market Directory, Institute for Economic and Financial Research-Jakarta
Anoraga, Panji & Ninik Widiyanti, 1995, Pasar Modal Keberadaan dan Manfaatnya bagi Pembangunan, Penerbit PT.Rineka Cipta, Cetakan kedua, Jakarta.
Ary Sute, IPG, 1998 Pasar Modal di Tengah Krisis, Harian Jawa Pos, selasa 31 Maret, Surabaya Bolten, Stephan E, 1976 Managerial Financial: Principles of Corporate Finance, Third Edition, Mcraw-Hill Book Co. Singapore.
Brigham, Eugene F. and Louis C. Gapen-ski,1991 Financial Management Theory and Practice, Sixth Edition, The Dryden Press, Harcour Brace Jovanovich College Publishers.
Charistianta, PYM,1996 “Hubungan Indeks Harga Saham Gabungan (IHSG) dengan Beberapa Faktor Non Fundamental Emiten Dalam Pasar Sekunder pada Bursa Efek Jakarta (BEJ)”, Thesis Program Pasca Sarjana Unpad, Bandung.
Cooper, Donald R & Emory, William C, 1996 Metode Penelitian Bisnis Jilid I (edisi Bahasa Indonesia), Penerbit Erlangga. Jakarta.
Elton, E.J. & Gruber, M.J., 1991 Modern Portfolio Theory and Investment Analysis, Jhn Wiley & Sons, Inc.Fourth Edition, Singapore. Fischer,D.E. & Jordan, R.J, 1995 Security Analysis and Portofolio Management. Sixth Edition, Printice Hall Inc. Englewood Cliffts, New Jersey.
Francis, Jack Clark, 1988 Management of investments, Second Edition, McGraw-Hill, Inter-national Editions Financial Series, Singapore.
Fuller, Russell. J & Farrell James L.Jr, 1987 Modern Investments and Security Analysis, McGraw-Hill, International Editions Finan-cial Series, Singapore
Gujarati, Damodar, Sumarno Zain, 1995, Eko-nometrika Dasar (edisi Bahasa Indonesia), Penerbit Erlangga, cetakan 4,Jakarta
Gujarati, Damodar, 1995 Basic Econometriks, Third Edition, Mc Graw-Hill Inc International Edition, New York
Hasan, Zein 1989 “Strategi Investasi di Bursa Efek Jakarta” Management & Usahawan, No. 10 tahun XVIII, Oktober -Jakarta
Hidayat, Rustam. 1997 Test Variabel-Variabel CAPM Sebagai Penentu Tingkat Pengembalian Saham, Tesis Pasca Sarjana Universitas Airlangga, yang dimuat pada Manajemen Usahawan, N0. 12/Tahun XXVI Desember-Jakarta
Husnan, Suad. 1989 Pembelanjaan Perusa-haan (Dasar-dasar Manajemen Keuang-an), Edisi ketiga,Penerbit Liberty Yogya-karta.
Husnan, Suad. 1996 Dasar Dasar Teori Porto-folio dan Analisis Sekuritas, Edisi Kedua, Penerbit UPP AMP YKPN, Yogyakarta.
Isakayoga, CH, 1997, Perkembangan, Arah dan Prospek Pasar Modal Indonesia, Makalah disajikan dalam Seminar Nasional Pasar Modal Indonesia Fakultas Ekonomi Universiatas Islam tanggal 7 s/d 8 Maret 1997, Malang.
Koetin, E.A, 1993, Analisis Pasar Modal, Pustaka Sinar Harapan, Jakarta.
Koetin, E.A,1994 Suatu Pedoman Investasi dalam Efek di Indonesia, ditebitkan ber-sama U.S. Agency for International Deve-lopment Financial Market Project.
Leki, Rofinus. 1997 “Analisis Pengaruh Varia-bel Fundamental dan Teknikal terhadap Perubahan Harga Saham (studi kasus industri berat/Automotif & Allied Product yang Go-Public di Pasar Modal Indonesia”, Tesis Program Pasca Sarjana Universitas Brawijaya, Malang.
Muwarni, F.Danardana, 1997 “Stabilitas Beta Sebagai Ukuran Risiko Sistematis Saham (Studi Kasus di Bursa Efek Jakarta)”, Tesis, Program Pasca Sarjana Iniversitas Bra-wijaya Malang
Noerhadi, D. Cyriil, 1997 Perkembangan Pasar Modal Indonesia, Makalah disam-paikan pada Peresmian Pojok BEJ Uni-versitas Brawijaya bulan September 1997, Malang.
Saleke, Andang 1997 Analisis Investasi (Suatu Pengantar), Bahan perkuliahan Analisis Investasi dan Manajemen risiko, Semester III 1997/1998 Program Studi Manajemen Pasca Sarjana Unibraw Malang.
Sartono, R. Agus, 1996 Manajemen Keungan Teori dan Aplikasi, Edisi kedua, penerbit BPFE Yogyakarta.
Sekaran, Uma. 1992 Research Methods For Business: Skill-Building Approach, Second Edition, John Wiley & Son, Inc. New York.
Silalahi, Donalson. 1991 “Beberapa Faktor Yang Mempengaruhi Perubahan Harga Saham (Studi pada Pasar Modal Indo-nesia)”, Tesis, Program Pacsa Sarjana Universitas Airlangga, Surabaya.
Sulaiman, 1995 “Analisis Faktor-Faktor yang berpengaruh terhadap Harga Saham di BEJ; Studi Kasus pada perusahaan Food and Baverage”, Tesis, Program Pasaca Sarjana Universiatas Airlangga, Surabaya.
Sulistiono, Sugeng. 1994 “Analisis Berberapa Faktor yang berpengaruh terhadap Harga Saham pada perusahaan Farmasi yang Go-Public di Indonesia”, Tesis, Program Pasca Sarjana Universitas Airlangga, Surabaya.
Sunariyah, 1997 Pengantar Pngetahuan Pasar Modal, Penerbit UUP AMP YKPN, Yogyakarta.
Van Hone, James A. 1986 Financial Mana-gement and Policy, Prentice-Hall,Inc Simon & Schuster Company, International Editions, Englewood Cliffs, New Jersey.
Weston, J Fred & E.Thomas Copeland, 1995 Manajemen Keuangan (terjemahan): Jilid 2 Edisi ke-delapan (edisi revisi) Penerbit, Erlangga Jakarta Widoatmodjo,
Sawidji, 1996 Cara Sehat Investasi di Pasar Modal (Pengetahuan Dasar), Penerbit Jurnalindo Aksara Grafika-Jakarta
Willian W.Hines,Douglas C.M, 1990 Proba-bilitas dan Statistik Dalam Ilmu Rekayasa dan Manajemen, Edisi kedua (diterjemah-kan oleh Rusliansyah) Universitas Indone-sia Press.
Article Metrics
Abstract views : 23849
| 
views : 25318
Refbacks
- There are currently no refbacks.
Copyright (c) 2018 Journal of Indonesian Economy and Business
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
| Journal of Indonesian Economy and Business |
| The Journal of Indonesian Economy and Business (print ISSN 2085-8272; online ISSN 2338-5847) is published by the Faculty of Economics and Business Universitas Gadjah Mada, Indonesia. The content of this website is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License |
| © 2019 Journal of Indonesian Economy and Business | Visitor Statistics |