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INDONESIA
PERMANA
Published by Universitas Pancasakti Tegal
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Core Subject : Education,
Education
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Articles 3 Documents
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Search results for , issue " Vol 2, No 2 (2011)" : 3 Documents clear
PENGARUH PERUBAHAN RATING OBLIGASI TERHADAP MARKET MODEL ., Amirah
PERMANA Vol 2, No 2 (2011)
Publisher : PERMANA

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Abstract

The purpose of this research is to examine the effect of obligation rating change both in upgrade and downgrade on the sensitivity of relationship between stock return and return market, an then to examine the effect of obligation rating change to the intercept and coefficient in the model. The choosing of the samples done by purposive sampling with the requirement all the companies publishing their stock and obligation in Indonesian Stock Exchange in 2000-2007. the examination done by time series both daily, weekly, and monthly in 31 companies by 64 observation, they are 51 upgrade, and 13 downgrade. Statistic’s method done to examine the first hypothesis is simple linier regression with dummy variable. While, the second hypothesis was examined by using chow test. The result of this research shows that upgrade obligation rating change decreases the sensitivity of relationship between stock return and market return. On the opposite, the downgrade obligation rating change increases the sensitivity of relationship between stock return and return market. The effect of obligation rating change which is not significant was indicated because the obligation rating change has been anticipated by the investors so that this case causes no change to the intercept and coefficient in the model. Key word: obligation rating change, Single Index Model
PENILAIAN KINERJA SAHAM YANG MEMBENTUK PORTOFOLIO BERDASAR PREDIKSI VARIABEL FUNDAMENTAL (Studi Saham – saham Perusahaan Manufaktur Yang Terdaftar di BEI Tahun 2004-2008) Utami, Yuni
PERMANA Vol 2, No 2 (2011)
Publisher : PERMANA

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Abstract

Portfolio in capital market context resembles financial assets of combination of several shares invested by investor in order to obtain optimal return with a minimum risk. The general load of  minimum risk in portfolio each securities for return are not perfect and positive correlation (Jogiyanto, 2000 : 143). The selected shares are shares with ultimate performance or out perform. One of the mathematics model employed to obtain out perform shares is by fundamental financial variable prediction. The aim of study is to acquire empirical from the performace of each share that can be positively predicted by fundamental variable, and to measure how big is the influence of each variable. Population in this study are manufacture sharres listed at BEI during 2004 – 2008 for as much as 149 company. Sample for this study are 117 selected company from population. Research data is obtained at Capital Market Directory and Consolidated Statements of Cash Flow. The entire model in this research is analyzed using logistic regression. The technique shows  that  the only variable  that can predict an out perform  share is Earning Per Share (EPS),  variable. It has profitability level of 0,074 and significance level  at α 10%. However, the remain three variable such as Closing Price, Return On Assets (ROA) and Cash Flow have Profitability levels of 0,739; 0,474; and 0,663 respectively are not significant at α 10%, thus can not predict and out perform share. From classification matrix with 50% cut off this model can result overall classification  value of  83,8%, which shows that the model is acceptable. Keyword : performance share, portfolio, fundamental financial variable
ANALISIS TINGKAT EFISIENSI PENGGUNAAN MODAL KERJA DAN PREDIKSI EFISIENSI LANJUTAN PENGGUNAAN MODAL KERJA ., Subekti
PERMANA Vol 2, No 2 (2011)
Publisher : PERMANA

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Abstract

This study aims to determine the level of efficient use of working capital and to determine the predictive efficiency of the advanced use of capital in the year 2010-2011.Penelitian uses secondary data consisting of financial statements in 2007 until 2009, consisting of Balance Sheet and Income Statement on persahaan CV. Mitra Jaya Regency Tegal. The research method used there are two analysis are: (1) analysis of the efficient use of working capital consists of the calculation of liquidity ratios to calculate the current ratio and quick ratio, the ratio of the activity and the ratio of profitability. (2) analytical methods Least Squares is to predict the level of efficient use of capital . The results showed that the calculated current ratio during the years 2007 - 2009 is always to increase the smoothness in which the calculation of the ratio above 200%, which falls under the category very well. Quick ratio (quick ratio) is the ability to pay debts that must be filled with more liquid assets. In the quick ratio shows a companys liquidity position either because of close to 100%. From the calculation of turnover of working capital during the years 2007 - 2009 is always decreasing. The ratio of net income before taxes by total assets (Rate of ROA) during the years 2007 to 2009 where the ratio was always decreased profitability in 2007 amounted to 10.29 in 2008 amounting to 8.42 and for 2009 at 8.23. Based on predictions by the method of least squares can be seen that for 2010, predicted current ratio of 599%, 162% fast ratio, 3.51 times the working capital turnover, rate of return on assets 6.40%, 7.20% and profitability. While the prediction for 2011 is the current ratio of 895%, 245% fast ratio, 2.98 times the working capital turnover, rate of return on assets 5.99%, 6.50% and the profitability that shows the state of working capital efficiency. Keywords: Efficiency, Working Capital, the prediction

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