ANALISIS PENGARUH INFORMASI LAPORAN KEUANGAN TERHADAP PERUBAHAN HARGA SAHAM SEBELUM DAN SELAMA KRISIS EKONOMI INDONESIA (STUDI KASUS PERUSAHAAN GO-PUBLIC DI BEJ)

Harahap , Irwan Mangara (2001) ANALISIS PENGARUH INFORMASI LAPORAN KEUANGAN TERHADAP PERUBAHAN HARGA SAHAM SEBELUM DAN SELAMA KRISIS EKONOMI INDONESIA (STUDI KASUS PERUSAHAAN GO-PUBLIC DI BEJ). Masters thesis, Program Pascasarjana Universitas Diponegoro.

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Abstract

ANALISIS PENGARUH INFORMASI LAP ORAN KLUANGAN TERHADAP PERUBAHAN HARGA SAHAM SEBELUM DAN SELAMA KRISIS EKONOMI INDONESIA (STUDI KASUS PERUSAHAAN GO-PUBLIC DI BEJ) Penelitian ini menguji pengaruh infonnasi laporan keuangan terhadap perubahan harga saham pada perusahaan go-public di BEJ. Informasi laporan keuangan diwakili &eh rasio-rasio keuangan yang umum digunakan dalam pasar modal yaitu Earning Per Share (EPS), Price Earning Ratio (PER), Price to Book Value (PBV), Debt to Equity Ratio (DER), Return On Investment (ROI), Return On Equity (ROE), dan Profit Margin (PM). Krisis Ekonomi digunakan sebagai waktu cut-off penelitian karena berdasarkan penelitian sebelumnya banyak perusahaan di Indonesia yang terkena dampaknya baik secara langsung maupun tak langsung sehingga terdapat perbedaan signifikan antara periode sebelum 'crisis ekonomi dan selama krisis ekonomi. Populasi dalam penelitian ini adalah perusahaan go-public yang terdaftar di Bursa Efek Jakarta tahun 1995-1999. Jumlah perusahaan yang terdaftar pada periode tersebut berjumlah 204 perusahaan dari berbagai jenis industri. Sampel penelitian juga menggunakan perusahaan dari semua jenis industri dan menggunakan metode purpossive sampling. Dan jumlah populasi setelah diseleksi sesuai kriteria diperoleh sampel sejumlah 104 perusahaan. Data penelitian merupakan data sekunder yang diperoleh dari PRPM Jakarta, PIPM Semarang, Pojok BEJ Undip, Indonesia Capital Market Directory dan Internet (Indoexchange.com dan jsx.co. id) Hasil pengujian menunjukkan bahwa dengan menggunakan tingkat a --.5% variabel EPS, PBV signifikan pada periode sebelum dan selama krisis. Variabel DER sigmifikan hanya pada periode sebelum 'crisis. Variabel ROI dan ROE signifikan hanya pada periode sebelum krisis, sedangkan variabel PER dan PM tidak signifikan pada semua periode. Secara bersama-sama baik pada periode sebelum dan selama krisis variabel rasio keuangan (variabel bebas) berpengaruh sigmifikan terhadap variabel perubahan harga saham (variabel terikat). ICrisis Ekonomi juga membedakan secara signifikan pengaruh tersebut antara periode sebelum dari selama krisis ekonomi. Kata kunci : Informasi laporan keuangan, rasio keuangan, perubahan harga saham, krisis ekonomi.THE EFFECT OF FINANCIAL STATEMENT INFORMATION ON STOCK PRICE FLUCTUATION BEFORE AND DURING INDONESIAN ECONOMIC CRISIS (CASE STUDY PUBLIC COMPANY IN JAKARTA STOCK EXCHANGE) This study examines the financial statement information affect towards stock price fluctuation at public company in Jakarta. stock exchange. Financial statement information is represented by financial ratios commonly used in stock exchange, namely Earning Per Share (EPS), Price Earning Ratio (PER), Price to Book Value (PB V), Debt to Equity Ratio (DER), Return On Investment (ROI), Return On Equity (ROE), and Profit Margin (PM). Economic crisis is used as research cut-off period because according to previous study, there were many companies in Indonesia getting the impact direct or non-directly so that there is significance differences between period before crisis happened and period during crisis struck Indonesia. Population in this study is public companies listed in Jakarta stock exchange year 1995-1999. There are 204 companies during that period from many kind of industries. Sampling in this study used purposive sampling method and it also used all kind of industries. After a number of population has been selected following the criteria, 104 companies were chosen. Research data is secondary data and collected from PRPM, PIPM, BEJ Corner, Indonesian Capital Market, and the Internet (Indoexchange.com, jsx.co.id). The test result shows that by using a=5%, EPS and PBV variable are significance both before and during crisis period, DER variable is significance only in during crisis period. ROI and ROE variable significance only in before crisis period, PER and PM variable are not significance in both periods. Simultaneously financial ratios variable (independence variable) has significance affect towards stock price fluctuation (dependence variable). Economic crisis also significantly differentiated the affects between period before crisis and during crisis. Keywords: financial statement information, financial ratios, stock price fluctuation, economic crisis.

Item Type:Thesis (Masters)
Subjects:H Social Sciences > HJ Public Finance
Divisions:Postgraduate Program > Master Program in Accounting
ID Code:9104
Deposited By:Mr UPT Perpus 2
Deposited On:22 Apr 2010 17:59
Last Modified:22 Apr 2010 17:59

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