1. Home
  2. Vol 2, No 2 (2016)
  3. Asmirantho

PENGARUH KINERJA KEUANGAN DAN MAKROEKONOMI TERHADAP RETURN SAHAM PADA SUBSEKTOR MAKANAN DAN MINUMAN PERIODE 2011-2015

Edhi Asmirantho, Yudhia Mulya, Dinar Ardian Firmansyah

Abstract


Abstract This study is aimed to test the effect of financial performance and macroeconomics variables in explaining stock returns. The study conducts two regression models. The first model included only financial performance as independent variables which consist of current ratio, debt to equity ratio, earnings per share, return on assets, economic value added, inventory turnover, and price to earnings ratio. Then the first model is extended to the second model by adding macroeconomics variables which consist of interest rate and inflation. Pooled least squares regression is applied in this study and all of the assumptions to obtain best linier unbiassed estimator are met. The extended model results in an increase of adjusted R-squared value from 46,9% to 60,84%.
Keywords: Financial Performance, Interest Rate, Inflation, Stock Return

References


DAFTAR PUSTAKA

Anwaar, Maryyam. Impact of Firms’ Performance on Stock Returns (Evidence from Listed Companies of FTSE-100 Index London, UK). Global Journal of Management and Business Research: Accounting and Auditing. Volume 16 Issue 1. 2016. Online ISSN: 2249-4588. Print ISSN: 0975-5853.

Aprilianto, Robi. Analisis Superioritas Pengaruh EVA, EPS, ROA atau ROE terhadap Return Saham. Thesis. Program Studi Magister Manajemen. Fakultas Ekonomika dan Bisnis. Universitas Gadjah Mada. 2014.

Biddle, Gary C., Robert M. Bowen, and James S. Wallace. Does EVA® Beat Earnings? Evidence on Associations with Stock Returns and Firms Values. Journal of Accounting & Economics 24 (1997) 301-336.

Bodie, Zvi, Alex Kane, Alan J. Marcus, and Ravi Jain. Investments, Asia Global Edition. McGraw Hill Education. Ninth Edition. 2014.

Damodaran, Aswath. Damodaran on Valuation Security Analysis for Investment and Corporate Finance. John Wiley & Sons, Inc. 1994.

Dwita, Vidyarini dan Rose Rahmidani. Pengaruh Inflasi, Suku Bunga dan Nilai Tukar terhadap Return Saham Sektor Restoran, Hotel dan Pariwisata. Jurnal Kajian Manajemen Bisnis. Volume 1, Nomor 1, Maret 2012.

Gharaibeh, Adnan. Capital Structure, Liquidity, and Stock Returns. European Scientific Journal. September Edition Vol. 10 No. 25. ISSN: 1857-7881 (Print). E-ISSN 1857-7431.

Haanurat, A. Ifayani. Pengaruh Karakteristik Perusahaan dan Ekonomi makro terhadap Return Saham Syariah yang Listing di Jakarta Islamic Index. Jurnal Manajemen dan Bisnis. ISSN: 2087-0701. Vol. 3 No. 2 April 2013.

Hariani, Lilik Sri. Analisis Pengaruh Economic Value Added (EVA) dan Rasio Keuangan Terhadap Return Saham Syariah.Jurnal Ekonomi Modernisasi Fakultas Ekonomi Universitas Kanjuruhan Malang. E-ISSN: 2502-4078. Vol. 6 No. 1. 2010.

Hasintongan, Ronald Rudy. Analysis of The Influence of Accounting Variables on Stock Returns, Bachelor Thesis. Faculty of Economics and Business. University of Amsterdam.

Keown, Arthur J, John D. Martin, J. William Petty, and David F. Scott, Jr. Financial Management Principles and Applications. Pearson Prentice Hall. Tenth Edition. 2005.

Martani, Dwi, Mulyono, dan Rahfiani Khairurizka. The Effect of Financial Ratios, Firm Size, and Cash Flow From Operating Activities in The Interim Report to Stock Return. Chinese Business Review. ISSN 1537-1506, USA, Volume 8 No. 6 (Serial No. 72). 2009.

Muhammad, Noor and Frank Scrimgeour. Stock Returns and Fundamentals in the Australian Market. Asian Journal of Finance & Accounting. ISSN 1946-052X. 2014. Vol. 6. No. 1.

O’Byrne, Stephen F and Stern Stewart & Co., EVA® and Market Value. Journal of Applied Finance. Volume 9 Number 1. 1996.

Petcharabul, Pinradee, and Suppanunta Romprasert. Technology Industry of Financial Ratios and Stock Returns. Journal of Business and Economics. ISSN 2155-7950, USA. 2014. Volume 5 No. 5, pp. 739-647.

Puspitadewi, Cokorda Istri Indah dan Henny Rahyuda. Pengaruh DER, ROA, PER , dan EVA terhadap Return Saham Pada Perusahaan Food and Beverage di BEI. E-Jurnal Manajemen Unud. Vol. 5, No. 3. 2016. 1429-1456. ISSN: 2302-8912.

Suyanto. 2007. Analisis Pengaruh Nilai Tukar Uang, Suku Bunga dan Inflasi Terhadap Return Saham Sektor Properti yang Tercatat di Bursa Efek Jakarta Tahun 2001-2005. Thesis. Program Pasca Sarjana Universitas Diponegoro.

Tandelilin, Eduardus. Portofolio dan Investasi Teori dan Aplikasi. Edisi Pertama. Kanisius. 2010.

Tinneke, Raden. Analisis Pengaruh Economic Value Added (EVA) dan Faktor-Faktor Fundamental Perusahaan Lainnya Terhadap Return Saham. Thesis. Program Studi Magister Manajemen Universitas Diponegoro. 2007.

Titman, Sheridan, Arthur J. Keown, and John D. Martin. Financial management Principles and Applications. Eleventh Edition. Pearson Prentice Hall. 2011.

Utami, Widya Retno, Sri Hartoyo, dan Tubagus Nur Ahmad Maulana. The Effect of Internal and External Factors on Stock Return: Empirical Evidence from the Indonesian Construction Subsector. Asian Journal of Business and Management ISSN: 2321-2802. Volume 03. 2015.

Visaltanachoti, Nuttawat, Robin Luo, and Yi Yi. Economic Value Added (EVA®) and Stock Returns. Asian Academy of Management Journal of Accounting and Finance. Vol. 4, No. 2, 21-41, 2008.


Full Text: PDF

DOI: 10.34203/jimfe.v2i2.445

Refbacks

  • There are currently no refbacks.


Copyright (c) 2017 JIMFE (Jurnal Ilmiah Manajemen Fakultas Ekonomi)

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.