THE RELEVANCE OF LEVERAGE, PROFITABILITY, MARKET PERFORMANCE, AND MACROECONOMIC TO STOCK PRICE

Abstract: This research aimed to test and analyze the influence of DER, ROE, PER, Interest Rate, and Currency to stock price. This research used quantitative approach by implementing multiple regression analysis method. The research population is food and beverage companies listed in Indonesian Stock Exchange in the period of 2010-2014 out of which 11 companies were selected as samples to be observed. The result showed that fundamental variables that have positive effect on stock price are ROE and PER. Fundamental variables that have negative effect is DER. Interest rate and exchange rate do not affect stock price. Keywords: Leverage, profitability, interest rate, exchange rate, stock price. Abstrak: Penelitian ini bertujuan untuk menguji dan menganalisis pengaruh DER, ROE, PER, suku bunga, dan nilai tukar terhadap harga saham. Sebanyak 11 perusahaan makanan dan minuman yang terdaftar di Bursa Efek Indonesia tahun 2010-2014 ditelaah untuk diobservasi. Jenis penelitian ini adalah explanatory research dengan menggunakan metode linear multipel. Hasil penelitian menunjukkan variabel fundamental yang berpengaruh positif terhadap harga saham adalah rasio ROE dan PER. Sedangkan variabel fundamental yang berpengaruh negatif terhadap harga saham adalah rasio DER.  Suku bunga dan nilai tukar tidak berpengaruh terhadap harga saham. Kata Kunci: Leverage, profitability, interest rate, exchange rate, stock price

Pengaruh Profitabilitas, Ukuran Perusahaan, Pertumbuhan Penjualan, Struktur Aset, Non-Debt Tax Shield Dan Usia Perusahaan Terhadap Struktur Modal (Studi Pada Perusahaan Makanan Dan Minuman Di BEI)

: This study aimed to determine the effect of the fundamental variables of the company\u27s capital structure included in the group of Indonesian food and beverage from 2009 to 2013 period. This study used a population selected using selection criteria and the population acquired 14 companies that deserve to be the population. The research sample used all companies included in the study population or sample selection techniques using saturated sample. The analysis method of the research is multiple regression linier. The variables used in this study were Profitability, Company\u27s Size, Sales Growth, Structure Assets, Non-Debt Tax Shield and Company\u27s Age. The results of this study indicated that the variable profitability and company\u27s age negatively affect the capital structure of food and beverage companies in Indonesia, while the size of the company, the structure of assets, and the sale have a positive effect on the capital structure of the food and beverage company in Indonesia. Variable non-debt tax shield (NDTS) does not affect the capital structure of food and beverage companies in Indonesia

The Role of Government Investment and Foreign Direct Investment on Business Development and Public Welfare of Papua Province

The objectives of this research are: 1) Examine and analyze the influence of government investment and foreign direct investment toward business development, 2) Examine and analyze the influence of government investment and foreign direct private investment toward the welfare; 3) Examine and analyze the influence of business developments toward the public welfare; 4) Examine and analyze the influence of government investment and foreign direct investment to the welfare through business development. In this study used the theory of investment and economic growth, business development is a proxy of economic growth. The type of this research is explanation which explains the relationship between the study variables. The data used in this study is secondary data based on time series and panel data between 2007 and 2010. Analysis tools used in this research are the Path Analysis.The results showed that foreign direct investment is less significantly influence on the development of business and foreign direct investment have a significantly effect on the welfare. Public investment does not significantly influence the development of business and government investment significantly negative effect on the welfare. The development of business significantly influences the overall welfare. The development of business is a perfect mediating the effects of foreign direct investment to the welfare. Public investment is not developed in a sustainable manner can reduce the welfare of society. Keywords: Government investment, Foreign Direct Investment, Business Development, Public Welfare

Analisis Variabel-variabel Fundamental yang Berpengaruh terhadap Price Earning Ratio sebagai Dasar Penilaian Saham (Studi pada Saham-saham Indeks Lq 45 di Bursa Efek Jakarta)

The existence of the Indonesian Capital Market is very important for Indonesian economic activity, due to the fact that capital market development is one indicated of the betterment of national economy. In terms of investment, capital market development is determined by the economic fundamentals, public company performance, and investor's tendency to invest. Stock, being the main investment object, offers several preferences to choose by the investor, one of which is LQ 45 stock indices. The Jakarta Stock Exchange (JSX) focus is put on the trade of LQ 45 stock indices. Therefore, it is necessary to evaluate the LQ 45 stock indices by taking into account the four main variables as suggested by the Gordon model. In line with the above, this study concerns stock evaluation based on the fundamental analysis by the price earning ratio approach. Explanatory variable is dividend payout ratio, return on equity, earning growth and financial leverage, dependent variable is price earning ratio. Purposive random sampling and multiple regression using 16 emittent of LQ 45 stock indices samples were used]. The aims of this research is to know the influence of the fundamental variables on the price earning ratio, and the naturalness of LQ 45 stock indices value. The samples used are the big, established and stable companies included in calculation of LQ 45 indices, and thus would not apply to non LQ 45 indices at the JSX from 1999 through 2000. The results of the study indicate that (1) out of the four explanatory variables used: dividend payout ratio, return on equity, earning growth and financial leverage whereas simultaneously, all the variables showed significant influence; (2) dividend payout ratio was the most significant explanatory variable influencing the price earning ratio; (3) based on the price earning ratio analysis, no natural value was evidence of LQ 45 stock indices at the JSX

Segmentasi Pasar Sewa Peralatan Pembangkit Listrik Dengan Pendekatan Cluster Analysis (Studi Pada Pelanggan PT. Sumberdaya Sewatama Jakarta)

This research aims to identify the factors that develop market segmentation of Power Rental Equipment, as well as to reveal the profile of the segment formed by the segmentation process. This type of research is survey, which combines exploratory and descriptive research, with a purposive sampling method. The object of the research is the business customers of PT. Sumberdaya Sewatama Jakarta, with a purposive sample for a total of 48 respondents. This research using a Cluster Analysis methods.. Results of research showed the factors that necessitated priority in shaping the Market Segmentation of power rental equipment such as: delivery, quality, service, price and range. The study also profiled three segments as follows : First Time Prospect, Novices, Sophisticates on which to base further development of empirical research. The uniqueness of this study is the first market segmentation study on power rental equipment industry in Indonesia

The Influence of Hedonic Shopping Motivations on Buying Decision with Gender as Dummy Variable: (A Study on Consumers at the Hardy’s Mall Singaraja, Buleleng Regency, Indonesia)

The objective of this study is to determine the influence of hedonic shopping motivations comprising adventure shopping, gratification, role shopping, value shopping, social shopping, and idea shopping gender towards consumers’ buying decision. The respondents of this study are consumers at Hardy’s Mall Singaraja. Purposive sampling method was employed in choosing the qualified respondents who fit certain criteria namely the consumers have visited the mall and shopped more than twice and were at least graduated from senior or vocational high-school. The number of sample involved in this study is 360 respondents. The data were obtained from respondents’ responses on the questionnaires. SPSS’ dummy regression was employed to test the hypotheses. The findings demonstrate that: (1) the adventure shopping motivation positively and significantly influences buying decision, (2) the gratification shopping motivation positively but not significantly influences buying decision, (3) the role shopping motivation positively and significantly influences buying decision, (4) value shopping motivation positively and significantly influences buying decision, (5) social shopping motivation positively and significantly influences buying decision, (6) idea shopping motivation positively and significantly influences buying decision, and (7) gender significantly affects buying decision. In addition, this study indicates that value shopping motivation has prevailing influence on buying decision and that female consumers tend to be more dominant than males to shop at Hardy’s Mall Singaraja. Keywords: Hedonic shopping motivations, gender, buying decision

Pengaruh Profitabilitas, Ukuran Perusahaan, Pertumbuhan Penjualan, Struktur Aset, Non-Debt Tax Shield Dan Usia Perusahaan Terhadap Struktur Modal (Studi Pada Perusahaan Makanan Dan Minuman Di BEI)

Abstract: This study aimed to determine the effect of the fundamental variables of the company's capital structure included in the group of Indonesian food and beverage from 2009 to 2013 period. This study used a population selected using selection criteria and the population acquired 14 companies that deserve to be the population. The research sample used all companies included in the study population or sample selection techniques using saturated sample. The analysis method of the research is multiple regression linier. The variables used in this study were Profitability, Company’s Size, Sales Growth, Structure Assets, Non-Debt Tax Shield and Company’s Age. The results of this study indicated that the variable profitability and company’s age negatively affect the capital structure of food and beverage companies in Indonesia, while the size of the company, the structure of assets, and the sale have a positive effect on the capital structure of the food and beverage company in Indonesia. Variable non-debt tax shield (NDTS) does not affect the capital structure of food and beverage companies in Indonesia. Keywords: Profitability, Company Size, Sales Growth, Structure Assets, Non-Debt Tax Shield, and age of the company, Capital Structure Abstrak: Penelitian ini bertujuan untuk mengetahui pengaruh variabel fundamental terhadap struktur modal perusahaan yang masuk dalam kelompok makanan dan minuman Indonesia periode waktu 2009 sampai dengan 2013. Penelitian ini menggunakan populasi yang dipilih menggunakan kriteria pemilihan populasi dan diperoleh 14 perusahaan yang layak dijadikan populasi. Sampel penelitian menggunakan seluruh perusahaan yang masuk dalam populasi penelitian atau teknik pemilihan sampel menggunakan sampel jenuh. Metode analisis data yang digunakan adalah analisis regresi linier berganda. Variabel yang digunakan dalam penelitian ini adalah Profitabilitas, Ukuran Perusahaan, Pertumbuhan Penjualan, Struktur Aset, Non-Debt Tax Shield dan Usia Perusahaan. Hasil penelitian ini menunjukkan bahwa variabel profitabilitas dan usia berpengaruh negatif terhadap struktur modal perusahaan makanan dan minuman di Indonesia, sedangkan ukuran perusahaan, struktur aktiva, dan penjualan berpengaruh positif terhadap struktur modal perusahaan makanan dan minuman di Indonesia. Variabel non-debt tax shield tidak berpengaruh terhadap struktur modal perusahaan perusahaan makanan dan minuman di Indonesia.  Kata Kunci: Profitabilitas, Ukuran Perusahaan, Pertumbuhan Penjualan, Struktur Aset, Non-Debt Tax Shield dan Usia Perusahaan terhadap Struktur Moda

Effect of Implementation Strategy against the Achievement of Criminal Investigation Unit Performance by using Balanced Scorecard Approach (Study on the Police Resort Malang City and Police Resort Batu)

The purpose of this study is to analyze the influence of the implementation strategy conducted by Satreskrim resort police against the achievement of performance Satreskrim Police Resort using balanced scorecard approach and to know whether there is a significant difference regarding the influence of the implementation strategy against the achievement of performance between the object different research. This study is using quantitative methods. This study is the research survey of this type of research explanation (explanatory research). The research object is 2 Satreskrim Police Resort, namely: Satreskrim Police Resort Malang City and Satreskrim Police Resort Batu. The results showed that the implementation strategy conducted by Satreskrim Police Resort Malang City and Batu significant effect on the achievement of performance Satreskrim Police Resort Malang City and Batu with the approach balanced scorecard. The better implementation strategy is done can improve the achievement of performance Satreskrim Police Resort Malang City and Batu. The results also showed there were no significant differences regarding the influence of the implementation strategy against the achievement of performance between Satreskrim Police Resort Malang City and Satreskrim Police Resort Batu. Effect of the implementation strategy against the achievement of Satreskrim Police Resort Malang City performance is greater than Satreskrim Police Resort Batu. Keywords: Strategy Implementation, Performance achievement, Balanced Scorecard, Public sector organizatio

Analisis Komponen Reverse Mean pada Harga Saham melalui Perspektif Ekonomi Makro di Bursa Efek Jakarta

Reverse mean reversion and predictability of stock return is probably the most well researched topic in the empirical research of financial economics. Numerous empirical studies have been unable to reject the hypothesis that return unpredictable and that stock price follows a random walk or martingale process. The essence of the mean-reversion hypothesis is that the stocks price contains a temporary component. Thus, the market value of stock deviates from the fundamental value but will revert to its mean. The objective of this study is to test the mean reversion hypothesis in Indonesian capital market, by investigate the size and significance of mean reversion component of stock prices at the Jakarta Stock Exchange, for the period of January 1990 through December 2003, and to investigate the size of the forecast error variance decomposition for real stock prices which is caused by permanent innovation and temporary innovation for a horizon of 2, 3, 4, 6, 12 and 24 months. By placing appropriate structural restrictions on a vector auto-regressive system estimated for the period of January 1990 through December 2003, it was found that the temporary component in the stock prices at the Jakarta Stock Exchange has significant size. From this, it can be inferred that the pattern of share price movements at the Jakarta Stock Exchange has a temporary component which will gradually disperse or undergo reverse mean. This evidence supports the mean reversion hypothesis that stock price are not pure random walks and predictability of stock return and reject the random walk hypothesis

Pengaruh Fundamnental Mikro Ekonomi Terhadap Harga Saham Pada Kelompok Jakarta Islamic Index

Penelitian ini bertujuan untuk melihat pengaruh fundamendal mikroekonomi yang diproksikan rasio keuangan terhadap harga saham pada kelompok Jakarta Islamic Index (JII). Populasi dalam penelitian ini adalah perusahaan yang konsisten tergabung dalam JII periode 2011-2015 dan dianalisis dengan menggunakan regresi linier berganda. Hasil penelitian ini menunjukkan bahwa terdapat tiga variabel yang memiliki pengaruh signifikan terhadap harga saham syariah pada kelompok JII yaitu rasio pasar yang diproksikan EPS, rasio leverage yang diproksikan DAR dan rasio aktivias yang diproksikan TATO, sedangkan rasio profitabilitas yang diproksikan ROA dan rasio likuiditas yang diproksikan CR secara parsial tidak berpengaruh terhadap harga saham syariah pada JII. Namun, berpengaruh secara simultan. Hal ini mengindikasikan ketiga proksitas yang berpengaruh positif memiliki hubungan terhadap permasalahan agensi yaitu antara prinsiple (pemilik saham) dengan agent (manajemen)