Christine Dwi Karya Susilawati_Abstract_1832014

FAKTOR-FAKTOR FUNDAMENTAL DAN JENIS INDUSTRI TERHADAP CORPORATE SOCIAL RESPONSIBILITY SERTA DAMPAKNYA TERHADAP HARGA SAHAM

Christine Dwi Karya Susilawati
Se Tin
Lidya Agustina
Prodi Akuntansi Fakultas Ekonomi Universitas Kristen Maranatha
Jl. Suria Sumantri No.65 Bandung, 40164, Indonesia.

Korespondensi dengan Penulis:
Christine Dwi Karya Susilawati: Telp. +62 22 201 2186; Fax. +62 22 201 7625
Email: buwenfa@yahoo.co.uk

Abstract
Different characteristics could be determined by using three approaches categories: structure, performance, and market. Structure was determined by factors associated with the development of the company included firm size, firm age, and the ability to repay the debt. Performance was determined by quantitative factors included the company’s liquidity and profitability, while the market was determined by factors namely qualitative form of public shares, and the status of the company. The purpose of this study was to test the influence of fundamental factors, namely liquidity, profitability, leverage, stock ownership, firm size, firm age and status of the company’s CSR, and to test the different types of industries (Consumer Goods, Mining and Forestry sectors Banking and widespread influence of CSR disclosure in Indonesia). The samples used were 30 companies of consumption sector, 31 companies of mining sector and plantation, and 28 companies of banking sector during 2010-2012. The company’s data was taken from the annual report. Data analysis technique used multiple regression analysis. The results of this study indicated that the stock ownership and firm age had a significant effect on the area of CSR (CSR Index), and a significant effect on the CSR Index stock price and type industry influence on the CSR Index.

Keywords: Corporate Social Responsibility, firm size, firm age, leverage, liquidity, profitability, status of the company’s, stock ownership, stock price

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Pujo Gunarso_Abstract_1812014

LABA AKUNTANSI, LEVERAGE, DAN UKURAN PERUSAHAAN TERHADAP HARGA SAHAM DI BURSA EFEK INDONESIA

Pujo Gunarso

Jurusan Akuntansi Fakultas Ekonomi dan Bisnis Universitas Merdeka Malang

Jl. Terusan Raya Dieng 62-64 Malang, 65146.

Korespondensi dengan Penulis:

Pujo Gunarso: Telp. +62 341 568 395; Fax. +62 341 56148

E-mail: pujo.lelly@gmail.com

Abstract

Research data observed in 2008-2010 coincided with the global financial crisis that caused the stock price to decline and could trigger the companies listed in Indonesia Stock Exchange to perform income smoothing practices, with the condition of the researcher wanted to examine the effect of variable earnings, leverage and firm size on stock prices. The purpose of this study was to analyze the effect of accounting earnings , leverage and firm size on stock prices of public companies listed in the Indonesia Stock Exchange. The method of data analysis used was multiple linear regression analysis. The results showed that some of the first findings of accounting earnings and firm size significantly affected stock prices. Both leverages did not significantly affect the stock price. The empirical results showed that the higher the accounting profit and the size of the company were, the higher the price of shares outstanding was, and conversely the smaller the size of the company’s stock price was, the less the price of shares outstanding was. The results of this study supported the theory and the researches done by Ball & Brown (1968),  Susan (2008), Sasongko & Wulandari (2006), Daniati & Suhairi (2006).

Key words: accounting income, firm size, leverage, stock price

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I Gusti Ayu Purnama_Abstract_1722013

FAKTOR FUNDAMENTAL EKONOMI MAKRO TERHADAP
HARGA SAHAM LQ45

 

I Gusti Ayu Purnamawati
Desak Nyoman Sri Werastuti
Fakultas Ekonomi dan Bisnis Universitas Pendidikan Ganesha
Jl. Udayana (Kampus Tengah) Singaraja-Bali

Korespondensi dengan Penulis:
I Gusti Ayu Purnamawati: Telp. +62 362 23957

Email: ayupurnama07@yahoo.com

Abstract

The capital market was an important element that provided benefits for the economic progress through investment development in a country. LQ45 index was the list of 45 excellent chosen stocks 45 which were the most liquid and most active in the sale of the shares on the Stock Exchange. This study aimed to determine the effect of macroeconomic fundamentals on LQ45 stock price. The population used in this study was LQ45 shares in Indonesia Stock Exchange in 2007-2012. The method used in this study was the Error Correction Model (ECM). The dependent variable in this study was the stock price of LQ45, while the independent variables were the rate of economic growth, inflation, the value of U.S. dollar against rupiah exchange rate, and SBI interest rate. The results showed that the rate of economic growth and a variable SBI interest rate had a negative effect in the short-term and long-term of LQ45 stock price. Inflation variable had a positive effect in the short-term and long-term of LQ45 stock price. While the exchange rate variable had a negative effect in the short-term and it had positive impact in long-term on the LQ45 stock price.

Key words: economic growth rate, exchange rate, inflation, macroeconomic fundamentals, SBI interest rate, stock price.

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Sri Isworo_Abstract_1632012

PENDEKATAN MODEL PENILAIAN DALAM PENGAMBILAN KEPUTUSAN INVESTASI SAHAM DI BURSA EFEK INDONESIA

 

Sri Isworo Ediningsih
Aryono Yacobus
Jurusan Manajemen Fakultas Ekonomi UPN “Veteran” Yogyakarta
Jl. SWK 104 (Lingkar Utara) Condongcatur Yogyakarta, 55283.

 

  • Korespondensi dengan Penulis:
  • Sri Isworo Ediningsih:  Telp. /Fax.+ 62 274 487 275
  • E-mail: wororio@yahoo.co.id

 

Abstract

A valuation model was a mechanism that converted a set of forecast, a series of company and economic variables into a forecast of market value for the company’s stock. The purpose of this study was to examine relevance among dividend yield, retained earnings, book value and total debt on stock price: approximation valuation model in the Indonesia Stock Exchange. Samples in this study were manufacture firms listed on the Indonesia Stock Exchange period 2008–2011 and divided dividend. The results showed that few of samples were undervalue and the others were overvalue. It meant valuation model could be applicated in the Indonesian stock exchange.  By using multiple regressions, this study found that: valuation model relevans used in investment decission in manufacture firms in the Indonesia Stock Exchange could prove simultaneously dividend yield, retained earnings, book value and total debt had significant effect to stock price and partially dividend yield had no significant effect to stock price and whereas retained earnings, book value and total debt had significant effect in partial to stock price.

 Key words: valuation model, dividend yield, retained earnings, book value, total debt, stock price

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Makaryanawati_abstract_1622012

REAKSI INVESTOR ATAS CORPORATE GOVERNANCE
PERCEPTION INDEX (CGPI) 2011
 
 Makaryanawati
Fakultas Ekonomi Universitas Negeri Malang
Jl. Semarang No.5 Malang, 65145.

Korespondensi dengan Penulis:
Makaryanawati: Telp. +62 341 585 914, Fax. +62 341 552 888
E-mail: makaryanawati@gmail.com

 Abstract

The objective of this study was to determine the capital market reaction on the announcement of Corporate Governance Perception Index (CGPI) 2011. The variables used in this study were stock prices over the closing price and trading volume of shares. The type of analysis was comparative descriptive study which compared the stock price and trading volume before and after the CGPI 2011 award-winning announcement for the companies listed in IDX. Observations were made during the period of 10 trading days; five days before and five days after the CGPI 2011 announcement. The data analysis instrument used in this study was the Wilcoxon Signed Ranks Test with significance level α = 5%. The results showed that there was no difference between stock prices before and after the announcement of CGPI 2011, there were differences in the trading volume activity before and after announcement of CGPI 2011 at the companies of CGPI 2011 winners that were listed in IDX. Based on these results, it could be concluded that stock price of the sample companies could not be affected by the information content of CGPI 2011 because the sample companies were fundamentally strong companies. The award announcement could affect the shares trading volume in the capital market.

 

Keywords: corporate governance perception index, stock price, trading volume.

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