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All Journal ARMADA : Jurnal Penelitian Multidisiplin Eduvest - Journal of Universal Studies
Tjipto Sajekti
Universitas Indonesia Membangun Bandung, Indonesia
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Comparative Analysis Of Investment Return Calculations Between Single Index Model (SIM), Capital Asset Pricing Model (CAPM), And Arbitrage Pricing Theory (APT) In 8 Mining Company Sectors Dinda Noviani; Dayan Hakim Natigor Sipahutar; Yoyo Sudaryo; Nunung Ayu Sofiati; Tjipto Sajekti
Eduvest - Journal of Universal Studies Vol. 4 No. 9 (2024): Journal Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v4i9.1799

Abstract

This study aims to analyze the comparative calculation of investment return rates between three models, namely Single Index Model (SIM), Capital Asset Pricing Model (CAPM), and Arbitrage Pricing Theory (APT), in eight mining company sectors listed on the Indonesia Stock Exchange (IDX 30). This study uses historical data from the mining company sectors to calculate and compare the investment return rates based on these three models. The research method used is statistical analysis to evaluate and compare the predicted investment return rates from the Single Index Model (SIM), Capital Asset Pricing Model (CAPM), and Arbitrage Pricing Theory (APT). The data used includes historical stock prices, company financial data, and relevant market data. The results of this study are expected to provide a better understanding of the effectiveness and advantages of each model in the context of mining companies listed on IDX 30. The results of this study show that the Single Index Model (SIM) indicates a moderate financial potential with an average value of 7,58, which is lower compared to CAPM. A high risk (beta) of 2,20 indicates that this investment has a higher risk than the market. On the other hand, the Capital Asset Pricing Model (CAPM) has a higher average return value of 19,15, indicating greater profit potential but also commensurate risk. The Arbitrage Pricing Theory calculation of 6,46, the lowest, reflects a more cautious calculation of return estimates. The inflation beta risk value of 100.924,50 and the deposit interest beta risk of 9.320,14 are very high.
Pengaruh Current Ratio, Debt To Equity Ratio, Return On Asset dan Firm Size Terhadap Harga Saham Studi pada Perusahaan Sub Sektor Makanan dan Minuman Periode 2018–2025 Ilham Ramdani; Devyanthi Syarif; Kasir; Tjipto Sajekti
ARMADA : Jurnal Penelitian Multidisiplin Vol. 4 No. 7 (2026): ARMADA : Jurnal Penelitian Multidisplin, July 2026
Publisher : LPPM Sekolah Tinggi Ilmu Ekonomi 45 Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55681/armada.v4i7.3403

Abstract

Penelitian ini bertujuan menganalisis pengaruh Current Ratio (CR), Debt to Equity Ratio (DER), Return on Assets (ROA), dan Firm Size terhadap harga saham perusahaan subsektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2018–2025. Penelitian menggunakan pendekatan kuantitatif dengan metode deskriptif dan verifikatif. Data berupa laporan keuangan dan harga penutupan saham tahunan. Sampel ditentukan melalui purposive sampling dan menghasilkan sembilan perusahaan dengan 72 observasi. Analisis data menggunakan statistik deskriptif, uji asumsi klasik, regresi linier berganda, koefisien korelasi dan determinasi, uji t, serta uji F dengan bantuan IBM SPSS Statistics 26. Hasil penelitian menunjukkan bahwa CR berpengaruh positif tetapi tidak signifikan terhadap harga saham dengan nilai p 0,295. DER berpengaruh negatif dan tidak signifikan dengan nilai p 0,355. ROA berpengaruh positif dan signifikan dengan nilai p 0,011, sedangkan Firm Size berpengaruh positif dan signifikan dengan nilai p < 0,001. Secara simultan, seluruh variabel independen berpengaruh signifikan terhadap harga saham dengan nilai F 29,544 dan p < 0,001. Nilai Adjusted R Square sebesar 0,617 menunjukkan bahwa model menjelaskan 61,7% variasi harga saham, sedangkan 38,3% sisanya dipengaruhi faktor lain.
Co-Authors Dayan Hakim Natigor Sipahutar Devyanthi Syarif Dinda Noviani Ilham Ramdani Kasir Nunung Ayu Sofiati (Efi) Yoyo Sudaryo