ANALISIS PENGARUH RISIKO PERUSAHAAN TERHADAP RETURN SAHAM PADA PERUSAHAAN FARMASI YANG GO PUBLIK DI BEJ

Sari, Fulan Nawang (2007) ANALISIS PENGARUH RISIKO PERUSAHAAN TERHADAP RETURN SAHAM PADA PERUSAHAAN FARMASI YANG GO PUBLIK DI BEJ. Other thesis, University of Muhammadiyah Malang.

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Abstract

This research is a comparative study on the JSE under the title "Enterprise Risk Influence Analysis of Stock Return at Pharmaceutical Companies Go Public On the JSE" observation period 2003-2005. The purpose of this study was to determine the effect of short-term risk as measured by current ratio, the ratio of cash flow to current liabilities, receivables turnover, inventory turnover and long-term risk as measured by the debt ratio, interest coverage ratio, the ratio of cash flow to debt flows, the ratio cash flow to capital expenditures on stock return on the company's pharmaceutical sector. In this study, the researchers hypothesized that allegedly revealed simultaneously and partial short-term risk of significant effect on stock returns and allegedly simultaneously and partial long-term risk of significant effect on stock returns on the company's pharmaceutical sector. The analytical tool used to determine the effect on the company's stock return risk is multiple regression analysis, F test and t test Results of calculation for short-term risk simultaneously showed a significant influence on stock return, this is evidenced Fcount> Ftable (2612> 2.24). Partially there was no significant effect on stock return, this is proved with t <1.70) for CR, tcount <1.70) for cash flow to current liabilities, tcount <1.70) for the rotation of the receivables, tcount <1.70) for inventory turnover. From the coefficient of determination obtained R Square of 32.2%, means having a strong influence on stock return and the balance of 67.8% explained by other variables that do not exist in this research. For long-term risk simultaneously showed no significant effect on stock return, this is evidenced Fcount <2.24). Partially there was no significant effect on stock return, this is evidenced tcount> ttable (1675 <1.70) for the variables DR, tcount> ttable (0975 <1.70) for variable interest coverage ratio, tcount <1.70) for the variable cash flow ratio of total debt, tcount <1.70) for the variable ratio of cash flow to capital expenditure. From the coefficient of determination obtained R Square of 16.3%, mean less strong influence on stock return and the balance of 83.7% explained by other variables that do not exist in this research. Based on the description above, authors may recommend that the company was able to show good financial performance and should be able to increase firm value to stakeholders and investors are expected to make the company's financial performance factors as one of the considerations in making investments.

Item Type: Thesis (Other)
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Economic > Department of Accounting
Depositing User: Rayi Tegar Pamungkas
Date Deposited: 21 Jun 2012 04:47
Last Modified: 21 Jun 2012 04:47
URI: http://eprints.umm.ac.id/id/eprint/8940

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