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Journal : Jurnal Manajemen Maranatha

The Integration of Fundamental and Technical Analysis in Predicting the Stock Price isnaini nuzula agustin
Jurnal Manajemen Maranatha Vol 18 No 2 (2019)
Publisher : Universitas Kristen Maranatha

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28932/jmm.v18i2.1611

Abstract

Fundamental Analysis and Technical Analysis have long been used by investors as an analysis instrument to predict the stock price in gaining optimal return. The purpose of this study is to test the predictive ability of Fundamental Analysis and Technical Analysis model partially, then simultaneously test the integrated model of both analysis. The scope of this study includes the listed companies in LQ 45 stock exchange during 2007- 2016 period. The Fundamental Variable used in this study are Earning per Share (EPS), Dividend Payout Ratio (DPR) and Return on Equity (ROE). The Technical Variable used is the price during the previous six months ( price t-0.5), Positive extreme price increase (D-Up), and Negative extreme price decline momentum (D-Down). The result of this study shows that Technical Model produces highest predictive ability compared to the other two models, while Integration model produces higher predictive ability compared to fundamental model. Using Integration model, EPS variable affects positively and significant, DPR variable affects negatively and insignificant, ROE variable, t-0.5, and D-Up affect positively and significant, while variable D down affects negatively and insignificant to the Stock Price. This result indicates that investors need to combine both analysis models i.e. fundamental and technical to generate optimal stock returns. Keywords and phrase : Earning Per Share, Dividend Payout Ratio, Extreme Positive Momentum, Extreme Negative Momentum.
Co-Authors Agustino Agustino Aisyah Fitriana Alex Alvin Alvin Amanda Az Zahra Amelia Putri Amelia Putrii Ana Anchao, Wang Andre Steven Andryanto Andryanto Arienda Gitty Ramadani Audrey Saudjhana Candy, Candy Charles Tjan Danielson Devin Devin Dewi Sunarwati Dian Sabrina Syaharni Ellen Ellen Elvi Juriana Erika Gustian Fauzi Fahlevi, Renza Fariono Fariono.ong@gmail.com Febby Lionna Febryna Adinda Syafutri Fiona Lysion Giorgyna, Giorgyna Gita Aulia Hans Yonathan Hendri Wijaya Hendry Charles Hernando Hesniati Hesniati Hesniati, Hesniati Ilianto Tri Sagianto Jasmine, Florentina Jeffry Setiawan Hartono Jeffry Setiawan Hartono Jennifer Jennifer Jenny Jenny Jenny, Jenny Jesty, Jesty Johny Budiman Joy Happy Jones Justyanita, Justyanita Kelvin Kelvin Kenny Marcella Lily Purwianti Lim, Michelle Angel Limanda, Kelfi Yanti Lina Lina Liu, Michelle Selvia Lukito, Ivander lydia then Mahendra, Rizky Adi Marheni, Dewi Khornida Ma’muriyah, Ni’matul Michell Phang Milke Selviah Muhamad Fajar Ronansyah Nevi Ariyu De Utami Nia Rusiana Nopry Nopry Novi Aprillia Novita Chris Ohanna, Nida Pebiana Pebiana Putra Ramadhan Putri, Ayesha Antonia Rehman, Saeeda Robin Robin, Robin Ryan Harsana Jasa Safitri, Destiana Salsabilah Sirait Samuel, Yang Songsen Sembiring, Eginta Imanuel Septiyani, Estin Rose Sherina Yoren Shevia, Shevia Steven Steven Suhendri, Nindi Suprapto, Yandi Suryati Suryati Suryati Suryati Tasya Gebee Hasvia Then, Lydia Tiara Maharani Tina Sulistiawati Tri Suhartati Ur Rahman, Haseeb Vannesa Flesya Venny Angelin Vernando, Lovis Vincent Vincent, Vincent Vivian Vivian William kho Willyana Willyana Winda Lius Yodiputra, Jason Yulfiswandi, Yulfiswandi