Pengaruh Kinerja Keuangan dan Faktor Makroekonomi Terhadap Return Saham Property dan Real Estate (Pada Bursa Efek Indonesia periode 2008 - 2013)

DIAH ANDINA KUSUMADEWI, I Wayan Nuka Lantara,M.Si.,PhD

2015 | Tesis | S2 Manajemen

Sektor property dan real estate merupakan sektor yang sedang booming pada saat ini, baik dalam perkembangannya dengan semakin banyak pembangunan properti seperti housing (residential), shopping center, office building, hotel bahkan apartment. Dalam perdagangan saham di Bursa Saham Indonesia (Indonesian Stock Exhange) sektor property dan real estate memiliki pergerakan saham yang sangat berfluktuatif bahkan mengalami bubbleburst. Krisis ekonomi global ditahun 2008 berdampak negatif pada sektor properti. Sektor properti sangat dipengaruhi oleh kondisi perekonomian suatu negara dan faktor-faktor lain yang mempengaruhi baik dari segi financial perusahaan maupun kondisi eksternal perusahaan. Penelitian analisis deskriptif ini dilakukan pada 35 emiten saham sektor property dan real estate periode tahun 2008 sampai dengan 2013. Pemilihan periode penelitian bertujuan untuk membandingkan kondisi return saham sektor property dan real estate pada kondisi sebelum krisis, pasca krisis dan seluruh periode penelitian. Variabel penelitian yang dianalisis antara lain return saham, debt to equity ratio (DER), earning per share (EPS), gross domestic product (GDP), tingkat suku bunga (BI Rate) dan nilai tukar mata uang (Valas). Hasil analisis dan pengujian hipotesis yang telah dilakukan, diperoleh kesimpulan bahwa: Return saham sektor property dan real estate berpengaruh negatif dan signifikan terhadap tingkat suku bunga (BI Rate) sesuai dengan hipotesis penelitian yang diajukan oleh peneliti. Sedangkan, variabel lain seperti debt to equity ratio (DER) berpengaruh negatif dan tidak signifikan, earning per share (EPS) berpengaruh positif dan tidak signifikan, gross domestic product (GDP) berpengaruh positif dan tidak signifikan serta nilai tukar mata uang (Valas) berpengaruh negatif dan tidak signifikan terhadap return saham sektor property dan real estate.

Property and real estate sector are booming sector at the moment. The development can be seen from their growing number of property development such as housing (residential), shopping center, office building, hotel and even apartment. In stock trading at the Indonesian Stock Exchange, property and real estate sector have a volatility stock movement and even had experienced bubble burst. The 2008 global economic crisis have a negative impact on the property sector. The sector is strongly influenced by the economic conditions of a country. A lot of factors influence companies� financial and external conditions. A descriptive analysis research using 35 companies was conducted in the period from 2008 until 2013. The selection of study period aims to compare the condition of the stock return of property and real estate sector on the condition of pre-crisis, post-crisis and throughout the study period. Variables that were analyzed are debt to equity ratio (DER), earnings per share (EPS), gross domestic product (GDP), BI interest rate (BI Rate) and currency exchange rate (FX). Statistical tests were conducted to see the influence of independent variables towards dependent variable of stock return. The conclusion from hypothesis testing and analysis that has been conducted shows that: Property and real estate return stock gives a significant negative effect to BI interest rate (BI rate) which is inline with the proposed hypothesis. Other variables such as debt to equity ratio (DER) gives insignificant negative effect, earning per share (EPS) gives insignificant positive effect, gross domestic product (GDP) gives insignificant positive effect and currency exchange rate gives insignificant negative effect to return stock of property and real estate sector.

Kata Kunci : Kata kunci: Return saham, Debt to equity ratio (DER), Earning per share (EPS), Gross domestic product (GDP), Tingkat suku bunga (BI Rate) dan Nilai tukar mata uang (Valas). Key words: Return stock, Debt to equity ratio (DER), Earning per share (EPS), Gros