KARYA DOSEN Fakultas Ekonomi UM, 2009

Ukuran Huruf:  Kecil  Sedang  Besar

Pengaruh Beberapa Kinerja Keuangan Terhadap Harga Saham Perusahaan

Pranowo

Abstrak


Investment policies represents investors' reaction to firms' performance. Beaver (1968), Ball and Brown (1968), Morse (1981), Bamber (1987), Houlthausen and Verrechia (1990), Cready and Mynatt (1991), and Penman (1992) have found that investment policy set by investor is significantly influenced by financial performance information. The relevance of financial performance information on investement decision making has been proved by Beaver (1968), Beaver and French (1970), Machfoedz (1994), Cheon (1995), Mardiyah dan Indriyantoro (2001). They found that dividend payout, leverage, and earning signifincantly reflect firms' performance so that such variables can be significantly as a basis for investment decision making. It is indicated in the Bird in Hand Theory by Gordon and Litner (1979) and Battacharya (1979), that high dividend is more preferable to investors. Dividend Signaling Theory by Miller and Rock (1985) and Bernesh (1983) is also indicates that there is a reciprocal relationship between dividend and investment policy. In essence, dividend is an investment redistribution to stockholders. Accordingly, dividend has basically the same meaning with earning per share as well as dividend yield.

To address the research problems, this research has proposed 17 hypotheses to be examined. Financial statement data were used in this research to collected mainly from Jakarta Stock Eaxchage Directory with sample period of 1999 to 2002. Sample firms were drawn using a stratified proportional random sampling. Sampling stratification was based on stock liquidity as indicated by those included in LQ45. Sample size obtained proportionally consisted of 192 firms including those 84 were ever recruited and those 108 were never recruited into LQ45. Six out of 192 sample firms were found not to fit the sampling requirement and that such firms were dropped from research sample. This procedure resulted in the final sample size of 186 firms.

The findings of this research indicate some important theoretical and practical implications including: (1) firm managers need to be more profersional in improving operating capital and firm's performance; (2) investors are suggested to include all independent variables addressed in this research in making decision on stock trading volume and price; (3) academicians are suggested not to asume that finacial management theories are not totally hold to our context where this research was conducted, they seem to need adjustment to some fundamental aspects such as social, economic, culture, and politic. Finally, the findings of this research are also a meaningful basis for futher research in related areas in financial and capital market.

Keywords: Capital Market, Financial Performance, Stock Price