Purnamasari, Khristina (2011) Pengaruh liquidity risk, credit risk, solvability risk, dan growth opportunities terhadap hubungan antara laba dan tingkat pengembalian saham (studi empiris pada perbankan yang terdaftar di bursa efek Indonesia tahun 2008 – 2010). Bachelor thesis, Universtitas Pelita Harapan.
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Abstract
Tingkat pengembalian saham sangat penting bagi investor dalam berinvestasi. Penelitian ini bertujuan untuk mengetahui apakah informasi resiko keuangan dan growth opportunities dapat memperjelas hubungan antara laba dan tingkat pengembalian saham pada industri perbankan Indonesia yang terdaftar di Bursa Efek Indonesia (BEI). Variabel dapenden yang digunakan adalah cumulative abnormal return (CAR) dan variabel independen yang digunakan adalah unexpected earning (UE), liquidity risk (LR), credit risk (CR), solvability risk (SR), dan growth opportunities (GROWTH). Penelitian ini menggunakan 22 sampel perbankan yang terdaftar di BEI dari tahun 2008 hingga 2010. Hasil penelitian ini menunjukkan bahwa UE berpengaruh negatif signifikan terhadap tingkat pengembalian saham yang disebabkan fluktuasi earning per share yang digunakan sebagai perhitungan UE, sehingga tingkat ekspektasi dari informasi UE rendah. Hasil yang lainnya adalah SR dan GROWTH dapat memperjelas hubungan antara laba dan tingkat pengembalian saham secara negatif signifikan. Nilai negatif pada SR disebabkan tingkat debt to equity ratio yang tinggi, sehingga proporsi laba perbankan Indonesia lebih banyak mengalir pada kreditor dari pada investor. Nilai negatif pada GROWTH disebabkan adanya asimetri informasi, yaitu manajemen memanfaatkan momen harga saham pasar yang lebih tinggi dari perkiraan dengan menerbitkan saham baru / This study aims to determine whether the financial risk and growth opportunities clarified the relationship between earnings and stock returns in Indonesia's banking industry listed in Indonesia Stock Exchange. Cumulative abnormal return is used as dependent variable and unexpected earnings, liquidity risk, credit risk, solvability risk, and growth opportunities are used as independent variables. The sample of this study is 22 banks listed on Indonesian Stock Exchange during 2008 to 2010. The results indicate that solvability risk and growth opportunities can clarify the relationship between unexpected earnings and stock returns. Unexpected earnings is negative significance because this regression used fluctuations in earnings per share to calculate unexpected earnings, so that the level of information expectations unexpected earnings become low. Variable solvability risk is negative significant, because debt to equity ratio is high. So, although Indonesia's banking make a high profits, the profits will allocate to pay creditors more than to give dividend to investor. Growth opportunities is negative significant. The negative value is caused by asymmetry information in Indonesia's banking, where the issue of new share indicate that management want to take more advantage from moment of stock market prices
Item Type: | Thesis (Bachelor) | ||||||||||||
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Uncontrolled Keywords: | cumulative abnormal return; unexpected earning; liquidity risk; credit risk; solvability risk; growth opportunities | ||||||||||||
Subjects: | H Social Sciences > HF Commerce > HF5601 Accounting | ||||||||||||
Divisions: | University Subject > Current > Faculty/School - UPH Surabaya > Business School > Accounting Current > Faculty/School - UPH Surabaya > Business School > Accounting |
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Depositing User: | Rafael Rudy | ||||||||||||
Date Deposited: | 01 Nov 2022 04:17 | ||||||||||||
Last Modified: | 01 Nov 2022 04:17 | ||||||||||||
URI: | http://repository.uph.edu/id/eprint/50928 |
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