THE INFLUENCE OF FINANCIAL PERFOMANCE

THE INFLUENCE OF FINANCIAL PERFOMANCE - THE INFLUENCE OF...

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163 SIMPOSIUM NASIONAL AKUNTANSI VI Surabaya, 16 – 17 Oktober 2003 THE INFLUENCE OF FINANCIAL PERFOMANCE TO THE PRICE OF LQ45 STOCKS AT JAKARTA STOCK EXCHANGE ISKANDAR ITAN Magister Manajemen Universitas Riau AKHMAD SYAKHROZA Universitas Indonesia Jakarta Abstract Monetary crisis happened in Indonesia had given wide influence on Indonesia business condition. To deal with those conditions, many companies take note of the financial performance, apart from the other problems such as marketing, production and human resource, in order to achieve the company’s goal. The aims of the research are to find out the magnitude of Financial Performance variables influence on the price of stocks and which variable influences the most significant and dominant on the price of stocks. The dependent variable was price of stock and the independent variables were seven financial ratios selected from the previous researcher. The samples were LQ45 companies that examined on yearly basis; pooling; average; consumer goods industry and non consumer goods industry; and divided into large and small companies which were classified based on the number of total assets. The results of hypotheses testing that use Multiple Linear Regression showed that the seven independent variables significantly influenced the price of stocks, except for year 2000, consumer goods industry sector and large & small companies. Keywords: monetary crisis, financial performance, financial ratio, consumer goods industry, company size. PENDAHULUAN Kinerja keuangan perusahaan merupakan salah satu faktor yang dilihat investor untuk menentukan pilihan dalam membeli saham. Bagi perusahaan, menjaga dan meningkatkan kinerja keuangan adalah suatu keharusan agar saham yang sudah masuk kelompok LQ45 tetap eksis dan tetap diminati investor. Dalam kondisi krisis moneter yang belum pulih, tentu menimbulkan pertanyaan besar, apakah kinerja keuangan perusahaan yang masuk kelompok LQ45 masih dapat memberikan kontribusi yang cukup besar dalam mempengaruhi harga sahamnya. Krisis moneter yang melanda Indonesia dimulai pada Juli 1997, telah memberi pengaruh yang besar pada kondisi dunia usaha di Indonesia. Akibat yang ditimbulkan terutama ditunjukkan oleh melemahnya nilai tukar Rupiah yang mengakibatkan meningkatnya biaya operasi dan kerugian kurs. Kondisi ini terlihat pada laporan rugi-laba dari perusahaan kelompok LQ45 di Bursa Efek Jakarta. Banyak faktor yang mempengaruhi harga saham. Beberapa peneliti telah melakukan penelitian terhadap faktor-faktor yang mempengaruhi harga saham pada kelompok saham LQ45 maupun yang bukan LQ45, seperti yang telah dilakukan oleh Purnomo (1998), Chandra (2000), Jeffrey (2001) dan Gani (2002). Walaupun keempat peneliti menggunakan cara penentuan sampel, periode analisis & metode statistik yang
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This note was uploaded on 03/01/2011 for the course AKUNTANSI 0806322104 taught by Professor S1 during the Spring '10 term at Universitas Indonesia.

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THE INFLUENCE OF FINANCIAL PERFOMANCE - THE INFLUENCE OF...

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