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THE EFFECT OF FINANCIAL PERFORMANCE ON STOCK PRICE AT PHARMACEUTICAL SUB-SECTOR COMPANY LISTED IN INDONESIA STOCK EXCHANGE Asmirantho, Edhi; Somantri, Oktiviani Kusumah
JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi) Vol 3, No 2 (2017): Desember 2017
Publisher : Universitas Pakuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (209.258 KB)

This study aims to determine the effect of likuidity, solvency, activity, profitability and market with Â Current Ratio (CR), Debt to Equity Ratio (DER), Total Assets Turnover (TATO), Return on Equity (ROE), and Earnings per Share(EPS), as indicators, of the pharmaceutical company listed in Indonesia Stock Exchange during the period 2012-2016 to stock price. The type of research is explanatory survey verification and research technique used is inferential statistic. In addition the analytical method used in this research is regression analysis of panel data, namely, t test, F test, and classical assumption of normality, multicollinearity, heteroscedasticity and autocorrelation tests with E-Views 9. The results showed that in partial EPS significantly effects stock price, while CR, ROE, DER, and TATO had not significantly effect the stock price. Adjusted R square value was 0,5040 which showed that CR, DER, TATO, ROE, and EPS influenced the dependent variable by 50,40%, while the remaining 49,6% was influenced by other variables. It can be conluded that in sub sector pharmaceutical, investors were more concerned about the companyâs EPS instead of other variables. On the other hand, investors simultaneously concerned the CR, DER, TATO, ROE, and EPS in their investment decision and also other variables which were not included in this research.Â Keywords: Current Ratio, Debt to Equity Ratio, Total Assets Turnover, Return on Equity, Earning Per Share, Â Stock Price

PENGARUH DIVIDEN PER SHARE (DPS), DIVIDEN PAYOUT RATIO (DPR), PRICE TO BOOK VALUE (PBV), DEBT TO EQUITY RATIO (DER), NET PROFIT MARGIN (NPM) DAN RETURN ON ASSET (ROA)TERHADAP HARGA SAHAM PADA PERUSAHAAN MANUFAKTUR SUB SEKTOR MAKANAN DAN MINUMAN DALAM KEMASAN YANG TERDAFTAR DI BEI Asmirantho, Edhi; Yuliawati, Elif
JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi) Vol 1, No 2 (2015): Desember 2015
Publisher : Universitas Pakuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (146.07 KB)

This research was conducted in order to test the influence of DPS, DER, PBV, DER, NPM and ROA on stock prices in the manufacturing sub-sectors of food and beverages in containers that are listed in the Indonesia Stock Exchange. The research technique that used was purposive sampling with criteria: (1) The Company actively listed on the Indonesia Stock Exchange for seven consecutive years. (2) The Company periodically publish financial statements of the period from 2007 to 2013. (3) Each company has a complete data needed in the research. (4) The CompanThis research was conducted in order to test the influence of DPS, DER, PBV, DER, NPM and ROA on stock prices in the manufacturing sub-sectors of food and beverages in containers that are listed in the Indonesia Stock Exchange. The research technique that used was purposive sampling with criteria: (1) The Company actively listed on the Indonesia Stock Exchange for seven consecutive years. (2) The Company periodically publish financial statements of the period from 2007 to 2013. (3) Each company has a complete data needed in the research. (4) The Company regularly distribute dividends for seven period. The analysis technique that used was multiple linear regression and hypothesis testing using t-statistic to test the partial regression coefficient and F-statistic to test the effect simultaneously with a confidence level of 5%. Besides all the variables have been tested with the classical assumption. The results of this research showed that all variables passed the test classic assumptions and fit for use as research data. Statistical t test results showed that the variables PBV, NPM and ROA were partial positive and significant impact on stock prices, other variables in this research that the Parliament has negative and insignificant. DPS and DER have no effect and significant to price stock. The results of F test showed that all variables in this study positive and significant effect on the price stock. The results of regression estimation shows the predictive capability of all independent variables on stock prices by 91.1%. While the rest of 8.9% influenced by other factors beyond this research. These results can be used to guide the investors before investing the stock market.Keywords: Dividend Per Share (DPS), Dividend Payout Ratio (DPR), Price to Book Value (PBV), Debt to Equity Ratio (DER), Net Profit Margin (NPM), and Return on Assets (ROA).y regularly distribute dividends for seven period. The analysis technique that used was multiple linear regression and hypothesis testing using t-statistic to test the partial regression coefficient and F-statistic to test the effect simultaneously with a confidence level of 5%. Besides all the variables have been tested with the classical assumption. The results of this research showed that all variables passed the test classic assumptions and fit for use as research data. Statistical t test results showed that the variables PBV, NPM and ROA were partial positive and significant impact on stock prices, other variables in this research that the Parliament has negative and insignificant. DPS and DER have no effect and significant to price stock. The results of F test showed that all variables in this study positive and significant effect on the price stock. The results of regression estimation shows the predictive capability of all independent variables on stock prices by 91.1%. While the rest of 8.9% influenced by other factors beyond this research. These results can be used to guide the investors before investing the stock market.Keywords: Dividend Per Share (DPS), Dividend Payout Ratio (DPR), Price to Book Value (PBV), Debt to Equity Ratio (DER), Net Profit Margin (NPM), and Return on Assets (ROA).

PENGARUH KINERJA KEUANGAN DAN MAKROEKONOMI TERHADAP RETURN SAHAM PADA SUBSEKTOR MAKANAN DAN MINUMAN PERIODE 2011-2015 Asmirantho, Edhi; Mulya, Yudhia; Firmansyah, Dinar Ardian
JIMFE (Jurnal Ilmiah Manajemen Fakultas Ekonomi) Vol 2, No 2 (2016): VOLUME 2 NO 2 TAHUN 2016
Publisher : Universitas Pakuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (828.078 KB)

Abstract This study is aimed to test the effect of financial performance and macroeconomics variables in explaining stock returns. The study conducts two regression models. The first model included only financial performance as independent variables which consist of current ratio, debt to equity ratio, earnings per share, return on assets, economic value added, inventory turnover, and price to earnings ratio. Then the first model is extended to the second model by adding macroeconomics variables which consist of interest rate and inflation. Pooled least squares regression is applied in this study and all of the assumptions to obtain best linier unbiassed estimator are met. The extended model results in an increase of adjusted R-squared value from 46,9% to 60,84%. Keywords: Financial Performance, Interest Rate, Inflation, Stock Return

INFLUENCE AGAINST RECEIVABLE MANAGEMENT CAPABILITIES IN PRODUCING INCOME ON THE BASIC INDUSTRY AND CHEMICAL COMPANY SUB SECTOR FEED LISTED IN INDONESIA STOCK EXCHANGE Asmirantho, Edhi; Rosdiana, Resta
JIMFE (Jurnal Ilmiah Manajemen Fakultas Ekonomi) Vol 2, No 1 (2016): VOL 2, NO 1 2016 EDISI 2
Publisher : Universitas Pakuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (503.598 KB)

This study was conducted to determine and demonstrate empirically the effect of accounts receivable management of the companys ability to generate profits on the company grounds and chemical industry subsectors recorded fodder in the Indonesia Stock Exchange. Each company has a complete data for 10 years in the period 2004 to 2013. Technical analysis of using multiple regression analysis, the data processing using SPSS version20. The results showed receivable management firm base and chemical industry subsectors fodder IDX can be said is still not optimal. Receivables management fluctuating and rising slowly apparent from the Receivable Turnover (RTO), Receivable Turnover in Days (RTD) and Total Asset Turnover (TATO) are unstable and there are accounts receivable with a long lifespan. Based on the R-square is formed, the independent variables are able to explain the growth of return on investment of 69.3%. Hypothesis testing using the F test showed F count > F table (19.579 > 2.975) with a significance value of 0.000 < 0.05 indicates that Receivable Turnover, Receivable Turnover in Days and Total Asset Turnover simultaneously significant effect on Return on Investment. While testing the hypothesis using the t test showed the value Receivable Turnover (1.642 < 2.056) with significant value 0.113 > 0.05 and Receivable Turnover in Days (1.547 < 2.056) with significance 0.134 > 0.05 where t < t table and the value significant > 0.05, which indicates that they do not affect the return on investment, while the Total Asset Turnover value condition t > t table (6.520 > 2.056) and a significant value 0.000 < 0.05 indicates that positive and significant effect on Return on Investment.Keywords: Activity, Profitability, Receivable Turnover, Receivable Turnover in Days, Total Asset Turnover, Return on Investment.

PENGARUH DIVIDEN PER SHARE (DPS), DIVIDEN PAYOUT RATIO (DPR), PRICE TO BOOK VALUE (PBV), DEBT TO EQUITY RATIO (DER), NET PROFIT MARGIN (NPM) DAN RETURN ON ASSET (ROA)TERHADAP HARGA SAHAM PADA PERUSAHAAN MANUFAKTUR SUB SEKTOR MAKANAN DAN MINUMAN DALAM KEMASAN YANG TERDAFTAR DI BEI Edhi Asmirantho; Elif Yuliawati
JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi) Vol 1, No 2 (2015): Vol 1, No 2 (2015)
Publisher : Universitas Pakuan

This research was conducted in order to test the influence of DPS, DER, PBV, DER, NPM and ROA on stock prices in the manufacturing sub-sectors of food and beverages in containers that are listed in the Indonesia Stock Exchange. The research technique that used was purposive sampling with criteria: (1) The Company actively listed on the Indonesia Stock Exchange for seven consecutive years. (2) The Company periodically publish financial statements of the period from 2007 to 2013. (3) Each company has a complete data needed in the research. (4) The CompanThis research was conducted in order to test the influence of DPS, DER, PBV, DER, NPM and ROA on stock prices in the manufacturing sub-sectors of food and beverages in containers that are listed in the Indonesia Stock Exchange. The research technique that used was purposive sampling with criteria: (1) The Company actively listed on the Indonesia Stock Exchange for seven consecutive years. (2) The Company periodically publish financial statements of the period from 2007 to 2013. (3) Each company has a complete data needed in the research. (4) The Company regularly distribute dividends for seven period. The analysis technique that used was multiple linear regression and hypothesis testing using t-statistic to test the partial regression coefficient and F-statistic to test the effect simultaneously with a confidence level of 5%. Besides all the variables have been tested with the classical assumption. The results of this research showed that all variables passed the test classic assumptions and fit for use as research data. Statistical t test results showed that the variables PBV, NPM and ROA were partial positive and significant impact on stock prices, other variables in this research that the Parliament has negative and insignificant. DPS and DER have no effect and significant to price stock. The results of F test showed that all variables in this study positive and significant effect on the price stock. The results of regression estimation shows the predictive capability of all independent variables on stock prices by 91.1%. While the rest of 8.9% influenced by other factors beyond this research. These results can be used to guide the investors before investing the stock market.Keywords: Dividend Per Share (DPS), Dividend Payout Ratio (DPR), Price to Book Value (PBV), Debt to Equity Ratio (DER), Net Profit Margin (NPM), and Return on Assets (ROA).y regularly distribute dividends for seven period. The analysis technique that used was multiple linear regression and hypothesis testing using t-statistic to test the partial regression coefficient and F-statistic to test the effect simultaneously with a confidence level of 5%. Besides all the variables have been tested with the classical assumption. The results of this research showed that all variables passed the test classic assumptions and fit for use as research data. Statistical t test results showed that the variables PBV, NPM and ROA were partial positive and significant impact on stock prices, other variables in this research that the Parliament has negative and insignificant. DPS and DER have no effect and significant to price stock. The results of F test showed that all variables in this study positive and significant effect on the price stock. The results of regression estimation shows the predictive capability of all independent variables on stock prices by 91.1%. While the rest of 8.9% influenced by other factors beyond this research. These results can be used to guide the investors before investing the stock market.Keywords: Dividend Per Share (DPS), Dividend Payout Ratio (DPR), Price to Book Value (PBV), Debt to Equity Ratio (DER), Net Profit Margin (NPM), and Return on Assets (ROA).

THE EFFECT OF FINANCIAL PERFORMANCE ON STOCK PRICE AT PHARMACEUTICAL SUB-SECTOR COMPANY LISTED IN INDONESIA STOCK EXCHANGE Edhi Asmirantho; Oktiviani Kusumah Somantri
JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi) Vol 3, No 2 (2017): Vol 3, No 2 (2017)
Publisher : Universitas Pakuan

This study aims to determine the effect of likuidity, solvency, activity, profitability and market with Current Ratio (CR), Debt to Equity Ratio (DER), Total Assets Turnover (TATO), Return on Equity (ROE), and Earnings per Share(EPS), as indicators, of the pharmaceutical company listed in Indonesia Stock Exchange during the period 2012-2016 to stock price. The type of research is explanatory survey verification and research technique used is inferential statistic. In addition the analytical method used in this research is regression analysis of panel data, namely, t test, F test, and classical assumption of normality, multicollinearity, heteroscedasticity and autocorrelation tests with E-Views 9. The results showed that in partial EPS significantly effects stock price, while CR, ROE, DER, and TATO had not significantly effect the stock price. Adjusted R square value was 0,5040 which showed that CR, DER, TATO, ROE, and EPS influenced the dependent variable by 50,40%, while the remaining 49,6% was influenced by other variables. It can be conluded that in sub sector pharmaceutical, investors were more concerned about the companys EPS instead of other variables. On the other hand, investors simultaneously concerned the CR, DER, TATO, ROE, and EPS in their investment decision and also other variables which were not included in this research.Keywords: Current Ratio, Debt to Equity Ratio, Total Assets Turnover, Return on Equity, Earning Per Share, Stock Price

PENGARUH KINERJA KEUANGAN DAN MAKROEKONOMI TERHADAP RETURN SAHAM PADA SUBSEKTOR MAKANAN DAN MINUMAN PERIODE 2011-2015 Edhi Asmirantho; Yudhia Mulya; Dinar Ardian Firmansyah
JIMFE (Jurnal Ilmiah Manajemen Fakultas Ekonomi) Vol 2, No 2 (2016): Vol 2, No 2 (2016)
Publisher : Universitas Pakuan

Abstract This study is aimed to test the effect of financial performance and macroeconomics variables in explaining stock returns. The study conducts two regression models. The first model included only financial performance as independent variables which consist of current ratio, debt to equity ratio, earnings per share, return on assets, economic value added, inventory turnover, and price to earnings ratio. Then the first model is extended to the second model by adding macroeconomics variables which consist of interest rate and inflation. Pooled least squares regression is applied in this study and all of the assumptions to obtain best linier unbiassed estimator are met. The extended model results in an increase of adjusted R-squared value from 46,9% to 60,84%. Keywords: Financial Performance, Interest Rate, Inflation, Stock Return

INFLUENCE AGAINST RECEIVABLE MANAGEMENT CAPABILITIES IN PRODUCING INCOME ON THE BASIC INDUSTRY AND CHEMICAL COMPANY SUB SECTOR FEED LISTED IN INDONESIA STOCK EXCHANGE Edhi Asmirantho; Resta Rosdiana
JIMFE (Jurnal Ilmiah Manajemen Fakultas Ekonomi) Vol 2, No 1 (2016): Vol 2, No 1 (2016) Edisi 2
Publisher : Universitas Pakuan

This study was conducted to determine and demonstrate empirically the effect of accounts receivable management of the company's ability to generate profits on the company grounds and chemical industry subsectors recorded fodder in the Indonesia Stock Exchange. Each company has a complete data for 10 years in the period 2004 to 2013. Technical analysis of using multiple regression analysis, the data processing using SPSS version20. The results showed receivable management firm base and chemical industry subsectors fodder IDX can be said is still not optimal. Receivables management fluctuating and rising slowly apparent from the Receivable Turnover (RTO), Receivable Turnover in Days (RTD) and Total Asset Turnover (TATO) are unstable and there are accounts receivable with a long lifespan. Based on the R-square is formed, the independent variables are able to explain the growth of return on investment of 69.3%. Hypothesis testing using the F test showed F count F table (19.579 2.975) with a significance value of 0.000 0.05 indicates that Receivable Turnover, Receivable Turnover in Days and Total Asset Turnover simultaneously significant effect on Return on Investment. While testing the hypothesis using the t test showed the value Receivable Turnover (1.642 2.056) with significant value 0.113 0.05 and Receivable Turnover in Days (1.547 2.056) with significance 0.134 0.05 where t t table and the value significant 0.05, which indicates that they do not affect the return on investment, while the Total Asset Turnover value condition t t table (6.520 2.056) and a significant value 0.000 0.05 indicates that positive and significant effect on Return on Investment.Keywords: Activity, Profitability, Receivable Turnover, Receivable Turnover in Days, Total Asset Turnover, Return on Investment.

ANALYSIS OF OPTIMAL PORTFOLIO AND PORTFOLIO PERFORMANCE PERSISTENCE ON THE IDX30 INDEX USING SINGLE INDEX MODEL Fadlina, Tegar; Mulya, Yudhia; Asmirantho, Edhi; Jatmika, Edi
JIMFE (Jurnal Ilmiah Manajemen Fakultas Ekonomi) Vol 10, No 1 (2024): Vol 10, No. 1 (2024)
Publisher : Universitas Pakuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34203/jimfe.v10i1.8969

ABSTRACTThis research aims to analyze the optimal portfolio formation in each semester based on the Single Index Model in companies included in the IDX30 index for the period 2018 – 2022 and analyze the persistence of optimal portfolio performance in companies included in the IDX30 index category on the Indonesia Stock Exchange for the period 2018 – 2022. Population and sample, all stocks of go-public companies listed in the IDX30 Index on the Indonesia Stock Exchange (IDX) for Feb 2018 – Jan 2022. The data analysis method used in this research is a determination of the optimal portfolio with a Single Index Model and stock portfolio performance persistence test to determine whether there is an implication between optimal portfolio performance in the past and optimal portfolio performance in the future (persistence). As measured by the Sharpe method, the results of the persistence test analysis of portfolio performance show that past portfolio performance has no data value dependence (no persistence) with future portfolio performance.ABSTRAKPenelitian ini bertujuan menganalisis formasi portofolio optimal di setiap semester berdasarkan Model Indeks Tunggal pada perusahaan yang masuk ke dalam indeks saham IDX30 Periode 2018 - 2022 dan menganalisis persistensi kinerja portofolio optimal pada perusahaan yang masuk ke dalam kategori indeks saham IDX30 di Bursa Efek Indonesia periode 2018 – 2022. Populasi dan sampel, seluruh saham perusahaan go public yang terdaftar dalam kelompok saham Indeks IDX30 di Bursa Efek Indonesia (BEI) periode Feb 2018 – Jan 2022. Metode analisis data yang digunakan penelitian ini penentuan portofolio optimal dengan Model Indeks Tunggal dan uji persistensi kinerja portofolio saham untuk mengetahui apakah terdapat implikasi antara kinerja portofolio optimal di masa lalu dengan kinerja portofolio optimal di masa depan (Persistensi). Hasil analisis uji persistensi kinerja portofolio saham yang diukur dengan metode Sharpe menunjukan bahwa kinerja portofolio pada masa lalu tidak memiliki ketergantungan nilai data (tidak memiliki persistensi) dengan kinerja portofolio masa depan.

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