Analisis pengaruh kinerja keuangan dengan konsep konvensional dan konsep value based terhadap return saham

Safira, Deazy, Drs. L. Suparwoto, M.Sc

2009 | Tesis | S2 Magister Accountancy

Penelitian ini menguji pengaruh kinerja keuangan dengan konsep konvensional dan konsep value based terhadap return saham. Populasi dalam penelitian ini adalah seluruh perusahaan yang terdaftar di Bursa Efek Indonesia. Sedangkan sampel penelitian ini adalah perusahaan yang terdaftar di Bursa Efek Indonesia selama tahun 2002-2007. Sampel yang digunakan adalah sebanyak 25 perusahaan dengan teknik purposive sampling. Alat analisis yang digunakan dalam penelitian ini adalah Analisis Regresi Linier Berganda.

Hasil analisis menunjukkan bahwa: Kinerja keuangan dengan konsep konvensional secara simultan berpengaruh signifikan terhadap return saham. Kinerja keuangan dengan konsep value based secara simultan berpengaruh signifikan terhadap return saham. Secara parsial, variabel Return On Investment, Economic Value Added, Market Value Added dan Refined Economic Value Added berpengaruh signifikan terhadap return saham.

This research analyzed influence financial performance with conventional concept and value based concept to stock return. Population of this research is all of companies which are listed in the Indonesia Stock Exchange. Sample of this research is companies which are listed in the Indonesia Stock Exchange for 2002-2007 periods. By using purposive sampling, there are 25 companies as sample. Multiple linier regressions is used as techincal analysis.

The result of the research showed that: Financial performance with conventional concept in simultaneous had a significant influence to stock return. Financial performance with value based concept in simultaneous had a significant influence to stock return. In partial, Return On Investment, Economic Value Added, Market Value Added, and Refined Economic Value Added had a significant influence to stock return.

Kata Kunci : Conventional Concept, Earning Per Share (EPS), Return On Investment (ROI), Operating Cash Flow (OCF), Value Based Concept, Economic Value Added (EVA), Market Value Added (MVA), and Refined Economic Value Added (REVA