PENGARUH PERKEMBANGAN INFORMASI RASIO LAPORAN KEUANGAN TERHADAP FLUKTUASI HARGA SAHAM DAN TINGKAT KEUNTUNGAN SAHAM

Abstract

A change of stock prices as market reaction is instruction of information contents for published corporate financial report. In this research, varibles of sales growth, price earning ratio growth, divident payout ratio growth are regarded as fundamental factors that measured corporate performance in published corporate financial report. This research was conducted to investigate some factors which affect changes in stock prices and changes in stock level luck in the Indonesian Capital Market, especially at Jakarta Stock Exchange. The hypotesis of the research is that (1) stock price changes in the Indonesian capital market are effected by sales growth, price earning ratio growth, dividend payout ratio growth, total asset growth, and debt equity ratio growth and (2) stock level luck changes in the Indonesian capital market are effected by sales growth, price earning ratio growth, dividend payout ratio growth, total asset growth, and debt equity ratio growth. Data were obtained from threety two firms which had published their financial report in december 1999 and december 2000. To analysis the first and second hypotesis various testing techniques were used, including linear regression and other statistical analysis with t test and F test. The finding of the research showed that (1) dividend payout ratio growth were significant factor and had comparatively effect on stock price changes in the Indonesian capital market, while sales growth, price earning ratio growth, total asset growth, and debt equity ratio growth did not significantly effect stock price changes. (2) sales growth were significant factor and had comparatively effect on stock level luck changes in the Indonesian capital market, while dividend payout ratio growth, price earning ratio growth, total asset growth, and debt equity ratio growth did not significantly effect stock level luck changes. These findings indicated that implication for firms should be taken into account sales growth, divident payout ratio growth,for funding their expansion of bussiness and working capital. Because those variables were interesting variables for investor. Keywords : Stock prize, fundamental factor, corporate financial report