Pengaruh Ketidakpastian Lingkungan Faktor Organisasional dan Kematangan Sistem Informasi Terhadap Penggunaan Teknologi Telekomunikasi pada Organisasi: Studi empiris pada perusahaan manufaktur di Indonesia

Helianti Utami (Adv:Dr. Supriyadi, MSc), Dr. Supriyadi, MSc

2002 | Tesis | S2 Accounting

Penelitian ini bertujuan untuk menguji dampak faktor beta, size, book value to market equity, dan earning yields terhadap return saham dari perusahaan- perusahaan non keuangan yang terdaftar di Bursa Efek Jakarta (JSX). Return tersebut diukur untuk jangka 1dan rata-rata 12 bulan.Dalam analisis tabular, diuji perilaku return saham yang dikelompokkan menjadi 5 portofolio berdasarkan masing-masing variabel independen. Hasilnya menunjukkan bahwa beta dan firm size tidak dapat menjelaskan variasi return saham. Hanya book value to market equity dan earning yields mempunyai hubungan yang positif dengan return saham. Mempergunakan sampel secara keseluruhan dalam peregresian return saham dengan variabel-variabel beta, firm size, book value to market equity, dan earning yields, tidak satu variabelpun menunjukkan hubungan yang signifikan dengan return saham. Akan tetapi uji statistik dari perbedaan rata-rata return pada portofolio ekstrem yang dibentuk atas dasar firm size, book value to market equity, dan earning yields dapat menunjukkan arah variasi return saham. Perusahaan-perusahaan dalam portofolio size terkecil cenderung secara signifikan mempunyai return yang lebih tinggi dibanding dengan portofolio terbesar. Perusahaan-perusahaan dalam portofolio book value to market equity dan earning yields terbesar masing-masing cenderung secara signifikan mempunyai return yang lebih tinggi daripada portofolio-portofolio book value to mt:n'ket-equ.ity clan earning yields terendah. Seperti dalam temuan didepan, beta tidak mampu menjelaskan secara signifikan variasi return saham.

The objective of this study is to investigate the effects of beta, size, book value to market equity, and earning yields factors on the stock return variation of non financial firms listed in Jakarta Stock Exchange (JSX). The stock return is measured based on l and 12 months test period Using tabular analysis, the return behavior of stocks grouped into 5 portfolios, formed on the basis of each independent variable, is examined. The result indicates that beta and firm size can not explain the variation of stock returns. Only, book value to market equity and earning yields have positive relation with stock returns. Using the entire sample and regressing stock returns against variables: beta, firm size, book value to market equity, earning yields, not even one variable shows a significant relationship with stock return. However the statistical test of the difference between average return on extreme portfolios formed on the basis of firm size, book value to market equity, and earning yields can show the direction of stock return variation.Firms in the smallest size portfolio tend to have significantly higher return than those in the biggest size portfolio. In addition, firms in the biggest book value to market equity and earning yields portfolios tend to have significantly higher return than those in the smallest book value to market equity and earning yielPs--portfolio. As found in the previous studies, beta is unable to explain consistently the variation on stockreturns.

Kata Kunci : ketidakpastian lingkungan,kematangan sistem informasi,teknologi komunikasi