Analisis pengembalian saham perusahaan manufaktur di Indonesia

SIMAREMARE, Robert Lumban Haryono, Eduardus Tandelilin, Prof.Dr.MBA

2005 | Tesis | Magister Manajemen

Penelitian yang berjudul “Analisis Pengembalian Saham Perusahaan Manufaktur di Indonesia” ini bertujuan menganalisis pengaruh Economic Value Added (EVA), Return on Assets (ROA), Return on Equity (ROE) terhadap pengembalian saham perusahaan manufaktur kelompok LQ45 dan non-LQ45 di Indonesia pada periode tahun 1999 sampai tahun 2003. Return on Assets (ROA) dan Return on Equity (ROE) merupakan laba akuntansi sedangkan Economic Value Added (EVA) merupakan parameter kinerja perusahaan yang berbasis arus kas. Hasil analisa regresi menunjukkan bahwa secara konsisten, Economic Value Added (EVA) mempengaruhi pengembalian saham secara positif dan signifikan pada perusahaan manufaktur kelompok LQ45 dan non-LQ45 di Indonesia pada periode tahun 1999 sampai tahun 2003. Return on Assets (ROA) secara signifikan mempengaruhi pengembalian saham pada perusahaan manufaktur kelompok non-LQ45 periode tahun 1999 sampai tahun 2003. sedangkan Return on Equity (ROE) tidak mempunyai pengaruh yang positif dan signifikan pada pengembalian saham perusahaan manufaktur kelompok LQ45 dan non-LQ45 di Indonesia pada periode pengamatan tahun 1999 sampai tahun 2003.

The research entitled “Analysis of Stock Return of Manufacturing Company in Indonesia” had been performed and accomplished to analysis the influence of Economic Value Added (EVA), Return on Assets (ROA), and Return on Equity (ROE) to the Stock Return of manufacturing companies of LQ45’s group and non-LQ45’s group in Indonesia during period of 1999 until 2003. Return on Assets (ROA) and Return on Equity (ROE) are profit accountancy, in other side Economic Value Added (EVA) is cash flow -based parameter company performance. The result of regression analysis was stated that consistently, Economic Value Added (EVA) in significantly and positively influenced and had causality relationship to the stock return of manufacturing companies of LQ45’s group and non-LQ45’s group in Indonesia during period of 1999 until 2003. Return on Assets (ROA) had significantly and positively influenced the stock return of manufacturing companies of non- LQ45’s group in Indonesia during period of 1999 until 2003. The Return on Equity (ROE) consistently, had not significant influence to the stock return of manufacturing companies of LQ45’s group and non-LQ45’s group in Indonesia during period of 1999 until 2003.

Kata Kunci : Pasar Modal,Pengembalian Saham,EVA, ROA dan ROE, Economic Value Added (EVA), Return on Assets (ROA), Return on Equity (ROE), and Stock Return