ANALISIS DETERMINASI RISIKO SISTEMATIK PADA INDUSTRI MANUFAKTUR DI INDOENESIA: KAJIAN EMPIRIS PADA BURSA EFEK INDONESIA
Oleh:
Jaja suteja
Abstracts
This research eximene stock investment risk determinant at the manufacturing company that have listed at The JAKARTA STOCK EXCHANGE. There are 93 sampel firms during the year 2000 sd 2004 with method purposive sampling. In this research, there are 10 regressor (ROE, SM, SA, LIQUID, SIZE, DPO, GDP, INTERST, EXCHANGERATE and IHSG).
From the result of data analysis, there are 6 variables significan, such as: ROE, LIQUID, GDP, INTEREST, EXCHANGERATE, IHSG. Variable ROE and LIQUID significan statistically at level 5%, whereas macroeconomics factor consisted of by GDP, INTEREST, EXCHANGERATE, IHSG. GDP, INTEREST, EXCHANGERATE, IHSG, altogether significan statistically at alpha level 1%, this indicates that in investment risk analysis of common stock in capital market simply very strong macro factor influence. Out of six variables significan, especially for variable INTERST has the biggest coefficient value and significan at alpha level equal 1%.
This research model has coefficient of determination value equal to 47.79%, this is indicates that there are still a lot of variable is outside [by] model is having an effect on to common stock investment risk. This research model significan at alpha level 1%. Therefore, this research which will come need to enter a number of variables out of this research model.
Keyword: Investment risk, go public, ROE, SM, SA, LIQUID, SIZE, DPO, GDP, INTERST, EXCHANGERATE, IHSG.
Pendahuluan
Tujuan individu maupun organisasi dalam melakukan suatu investasi adalah untuk memperoleh penghasilan atau pengembalian (return) atas investasinya. Dalam melakukan investasi, pemodal akan memperkirakan berapa tingkat keuntungan yang diharapkan (expected return) atas investasinya untuk suatu periode tertentu di masa yang akan datang. Namun demikian, setelah periode investasi berlalu belum tentu keuntungan yang dapat diwujudkan (realized return) sama dengan tingkat keuntungan yang diharapkan. Investor mungkin akan mendapatkan tingkat keuntungan yang direalisasikan lebih tinggi atau lebih rendah. Ketidakpastian akan tingkat keuntungan inilah yang diidentifikasikan sebagai risiko investasi, yaitu bahwa pemodal harus selalu mempertimbangkan unsur ketidakpastian dalam suatu investasi [...]
Oleh:
Jaja suteja
Abstracts
This research eximene stock investment risk determinant at the manufacturing company that have listed at The JAKARTA STOCK EXCHANGE. There are 93 sampel firms during the year 2000 sd 2004 with method purposive sampling. In this research, there are 10 regressor (ROE, SM, SA, LIQUID, SIZE, DPO, GDP, INTERST, EXCHANGERATE and IHSG).
From the result of data analysis, there are 6 variables significan, such as: ROE, LIQUID, GDP, INTEREST, EXCHANGERATE, IHSG. Variable ROE and LIQUID significan statistically at level 5%, whereas macroeconomics factor consisted of by GDP, INTEREST, EXCHANGERATE, IHSG. GDP, INTEREST, EXCHANGERATE, IHSG, altogether significan statistically at alpha level 1%, this indicates that in investment risk analysis of common stock in capital market simply very strong macro factor influence. Out of six variables significan, especially for variable INTERST has the biggest coefficient value and significan at alpha level equal 1%.
This research model has coefficient of determination value equal to 47.79%, this is indicates that there are still a lot of variable is outside [by] model is having an effect on to common stock investment risk. This research model significan at alpha level 1%. Therefore, this research which will come need to enter a number of variables out of this research model.
Keyword: Investment risk, go public, ROE, SM, SA, LIQUID, SIZE, DPO, GDP, INTERST, EXCHANGERATE, IHSG.
Pendahuluan
Tujuan individu maupun organisasi dalam melakukan suatu investasi adalah untuk memperoleh penghasilan atau pengembalian (return) atas investasinya. Dalam melakukan investasi, pemodal akan memperkirakan berapa tingkat keuntungan yang diharapkan (expected return) atas investasinya untuk suatu periode tertentu di masa yang akan datang. Namun demikian, setelah periode investasi berlalu belum tentu keuntungan yang dapat diwujudkan (realized return) sama dengan tingkat keuntungan yang diharapkan. Investor mungkin akan mendapatkan tingkat keuntungan yang direalisasikan lebih tinggi atau lebih rendah. Ketidakpastian akan tingkat keuntungan inilah yang diidentifikasikan sebagai risiko investasi, yaitu bahwa pemodal harus selalu mempertimbangkan unsur ketidakpastian dalam suatu investasi [...]
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