Ridwan Nurazi_19215235251

PUBLIC ATTENTION AND FINANCIAL INFORMATION AS DETERMINANTS OF FIRMS PERFORMANCE IN THE TELECOMMUNICATION SECTOR

Ridwan Nurazi
Berto Usman
Faculty of Economics and Business, University of Bengkulu
Jl. WR. Supratman Kandang Limun, Bengkulu, 38371, Indonesia

Korespondensi dengan Penulis:
Ridwan Nurazi: Telp. + 62 736 21170; Fax. +62 736 22105
Email: ridwan_nurazi@yahoo.co.id

Abstract
The remarkable progress of information technology had driven every firm to publish their financial performance by using internet. This circumstance resulted in the high public attention in order to generate the stock return. In addition, financial information such as financial ratio namely DER, LEV, NPM, ROI, and ROE were supposed to influence the firm’s performance either in positive or negative effects. This study focused on the investigation of public attention (PA) and financial information as determinants of financial performance on four companies in Telecommunication sector, Indonesia Stock Exchange (IDX), within time period from 2007 to 2012. Hereby, we pointed out that public attention and financial information considerably contribute to firm performance, in which the Pooled Least Square (EGLS) with cross section and period weight was employed. The results showed that Public Attention (PA) positively contributed towards stock return. Further, financial ratio such as debt-to-equity ratio (DER) negatively influenced the return. Leverage (LEV), net profit margin (NPM) and return on investment (ROI) positively related to return. However, return on equity (ROE) showed the contrary sign, in which it negatively influenced the return but was statistically insignificant. Then, we reported that the stock price (LNSP) did not significantly contribute towards return (RET).

Keywords: public attention, financial information, financial ratios, firm performance, return.

19215235251_Ridwan Nurazi (Full Text)

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Deannes Isynuwardhana_Abstract_1712013

APLIKASI Z-SCORE METHOD DALAM PEMBENTUKAN PORTOFOLIO
  
Deannes Isynuwardhana
Jurusan Akuntansi Sekolah Administrasi Bisnis dan Keuangan
Institut Manajemen Telkom
Jl. Telekomunikasi No.1 Terusan Buah Batu, Bandung, 40257

Korespondensi dengan Penulis:
Deannes Isynuwardhana: Telp. +62 227 503 509
E-mail:deannesisynu@gmail.com

Abstract
The problem that often occurs in forming portfolio is regarding the selection and weighting the stock to be included in portfolio. This study attempts to solve the problem by using a simple model, which is expected to be applied easily by investors. This is a descriptive research with quantitative approach, and using stocks that categorized as “blue chip” in Indonesia’s stock exchange as a sample. Stock selection process using Z-score method with 6 criteria, which is, price earning ratio, price to book value, debt to equity ratio, gross profit margin, return on equity, and stock’s historical price. The weighting of each stock in portfolio than calculated using Bodie, Kane, and Markus (2011) approach. The coefficient of variation, risk and return of the market used as benchmark to measure portfolio performance. The result shows that portfolio which formed by Z-score method would gives higher return than the market. Although the portfolio provides greater risk, but not comparable with the marker return that gave negative results in return. The result suggest that portfolio created using the Z-score method can be applied by investors in Indonesia’s stock exchange.
 Key words: portfolio, return,  stock, Zscore method 

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Anthony Satyanegara_Abstract_1632012

PORTOFOLIO SAHAM OPTIMAL MENGGUNAKAN SINGLE INDEX MODEL PADA SELURUH KANTOR SEKURITAS

DI KOTA MALANG

 

Anthony Satyanegara
Tarsisius Renald Suganda
Jurusan Akuntansi Fakultas Ekonomi dan Bisnis Universitas Ma Chung Malang
Villa Puncak Tidar N-01 Malang, 65151.

  • Korespondensi dengan Penulis:
  • Tarsisius Renald Suganda: Telp. /Faks. +62 341 550 171
  • Email: renald.suganda@machung.ac.id

 

Abstract

Investment was the commitment of funds to one or more assets that would be held over some future time period. The goal of doing investment was to get the best return. Investment portfolio was one of the main considerations to achieve the goal. This study aimed to establish the optimal stock portfolio using stock mutual fund product data which was obtained from the survey results on securities office in Malang City in 2011 as a research population. Research method used was Single Index Model and data used were daily stock prices for 47 shares in 2011. The results of this study indicated that there were twelve stocks in the optimal portfolio, namely: JKON, KAEF, TSPC, BKSL, BFIN, MAPI, KKGI, BHIT, CTRA, GGRM, MYOR. Based on the calculation, the result was 76.71% for portfolio expected return and 7.23% for portfolio risk in 1 year.

 Key words: investment, return portfolio, portfolio risk, optimal portfolio, single index model 

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Yanuar Bachtiar_abstract_1332009

DAY OF THE WEEK EFFECT TERHADAP RETURN DAN VOLUME PERDAGANGAN  SAHAM LQ45 DAN NON LQ45
 
 Yanuar Bachtiar
Jurusan Manajemen Sekolah Tinggi Ilmu Ekonomi Indonesia
(STIE Indonesia) Banjarmasin
Jln. H. Hasan Basry no. 9-11 Banjarmasin 70123

Korespondensi dengan Penulis:
Yanuar Bachtiar: Telp. +62 511 330 4652, Fax. + 62 511 330 5238
E-mail: yanuarbachtiar@yahoo.co.id

Abstract :
This research aimed to know: first, day of the week effect that influence the return of LQ45 and non LQ45 stocks. Second, to know day of the week effect that influenced the volume of commerce of LQ45 and non LQ45 stocks. The taken samples were a property stock and real estate stocks including 2 stocks that was part of LQ45 and 2 other stocks in non LQ45 at Jakarta Stock Exchange (JSX) in January up to December 2006 (242 trade days) by fulfilling samples which were already valid. Analysis model used in this research was linear regression model. The result of this research showed that the lowest return found on Monday trade days and the lighest return was on Friday trade day. However, day of the week effect only proved significant at stock non LQ45 group. The trial on trade volume did not find any significant result.

 Key words: day of the week effect, return, volume trade stock

Ibnu Khajar_abstract_1522011

STRATEGI AKTIF PASIF DALAM
OPTIMALISASI PORTOFOLIO SAHAM INDEKS LQ-45

Ibnu Khajar
Fakultas Ekonomi Universitas Islam Sultan Agung (Unissula) Semarang
Jl. Raya Kaligawe Km.4 Semarang, 50112.

Telp. + 62 24 658 3584; Fax. +62 24 658 2455
E-mail: didijon58@yahoo.co.id

Abstract
The objective of investors to invest their money in the stock exchange was to maximize return although they were subject to constraints, primarily risk. Return was the motivating force in the investment process. It was the reward for undertaking the investment. To overcome and lesson the risk, an investor needed to make diversification through the formation of portfolio. The aim of this research was to know the return and risk from the active and passive strategy in the stocks of LQ45, for 6 months periods, August 2009 until January 2010. The active strategy used the single index model and passive used the LQ45 share itself. The results of this research indicated that active strategy (single index model): return portfolio was 5.43% and risk was 4.03%. Passive strategy (following the index): return portfolio was 2% and risk was 3.5% and there was a linear relationship between an asset’s risk and its required rate of return, the bigger the amount of return, the bigger the risk taken by investors or the reverse. The finding showed that between the two strategies, the return and risk of active strategy as a whole was bigger than that of the passive strategy.

Key words: active and passive strategy, risk, return, portfolio

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