kinerja Akuntansi dan Kinerja Pasar Modal pada Perusahaan-Perusahaan dalam Jakarta Islamic Index

SUNARTI, Prof.Dr. Ainum Na'im, MBA

2010 | Tesis | S2 Accounting

Penelitian ini bertujuan untuk menguji dan memberikan bukti empiris mengenai adanya hubungan positif antara kinerja berdasar akuntansi dengan kinerja berdasar pasar dan adanya hubungan yang negatif antara Financial Leverage Ratio dengan kinerja akuntansi dan kinerja pasar. Hipotesis yang diajukan adalah: (1) Terdapat hubungan yang positif antara kinerja berdasar akuntansi (ROE, ROA, ROS, dan EVA) dengan kinerja berdasar pasar (Sharpe Measure dan Treynor Measure); (2) terdapat hubungan yang negatif antara Financial Leverage Ratio dengan Kinerja akuntansi (ROE, ROA, ROS, dan EVA) dan Kinerja Pasar (Sharpe Measure dan Treynor Measure).

Sampel penelitian adalah 43 perusahaan yang terdaftar di Jakarta Islamic Index untuk tahun 2001-2006 dengan jumlah observasi 122. Pengumpulan data dilakukan dengan metode purposive sampling dan hipotesis diuji dengan analisis regresi berganda dan analisis regresi sederhana.

Hasil penelitian menunjukkan terdapat hubungan positif antara kinerja berdasar akuntansi yang diukur menggunakan ROA dan ROS dengan kinerja berdasar pasar yang diukur menggunakan Treynor Measure, dan terdapat hubungan negatif antara Financial Leverage Ratio dengan kinerja berdasar akuntansi yang diukur menggunakan ROA, ROS, dan EVA. Penelitian ini tidak dapat mendukung hipotesis yang menyatakan bahwa terdapat hubungan yang negatif antara Financial Leverage Ratio dengan kinerja berdasar pasar.

The objectives of this research are to test and to give empiric evident about positive relation between accounting-based performance and market-based performance, as well as the negative relation between financial leverage ratio with accounting-based performance and market-based performance. The hypotheses made in this research are: (1) there is positive relations between accounting-based performance (ROE, ROA, ROS, and EVA) with market-based performance (Sharpe Measure and Treynor Measure); (2) there is negative relations between financial leverage ratio with accounting-based performance (ROE, ROA, ROS, and EVA) as well as market-based performance (Sharpe Measure and Treynor Measure).

There are 42 companies taken as the sample of this research. The companies are registered in Jakarta Islamic Index from 2001-2006 with 122 observation. The data needed in this research is collected by using purposive sampling method. The hypotheses is tested using multiple regression analysis and simple regression analysis.

The result of the research shows that there is positive relation between accounting-based performance measured using ROA and ROS with market-based performance measured using treynor measure. There is also negative relation between financial leverage ratio and accounting-based performance measured using ROA, ROS, and EVA. The research cannot prove the hypotheses which says that there is negative relation between financial leverage ratio and market-based performance.

Kata Kunci : Accounting-Based Performance - Market-Based Performance - Financial Leverage Ratio,