INVESTOR’S STOCK SELECTION DECISION: INFLUENCE OF PROFITABILITY, COMPANY SIZE, AND RAROC
DOI:
https://doi.org/10.12775/CJFA.2019.009Parole chiave
LQ45, stock, selection, decision, investor, RAROC, profitability, sizeAbstract
This study aims to investigate and analyze the investor’s stock selection decision that are influenced by profitability, company size, and RAROC on the companies listed on the Indonesia Stock Exchange. The sampling method used was purposive sampling. The sample in this study were companies listed on the LQ-45 Index for the period 2015-2017. This study used structural equation model analysis (SEM) with AMOS software version 22.00 against 108 financial report data from 36 companies that were listed in the LQ-45 Index in a row for 3 years as a sample. The results of this study indicate that; 1). Investor’s stock selection decision are influenced positively and significantly by profitability, 2). Investor’s stock selection decision are influenced negatively and not significantly by company size. 3). Investor’s stock selection decision is affected negatively and not significantly by RAROC.Riferimenti bibliografici
Anisyah & Purwohandoko (2017). Pengaruh profitabilitas, leverage, ukuran perusahaan dan struktur modalterhadap nilai perusahaan pada sektor pertambangan yang terdaftar pada bursa efek indonesia periode 2010–2015. Jurnal Manajerial Bisnis, 1(1), 34–46.
Bastian, Indra dan Suhardjono (2006). Akuntansi Perbankan. Jakarta: Salemba Empat.
Brigham, E.F., & Houston, J.F. (2014). Dasar-dasar Manajemen Keuangan. Jakarta: Salemba Empat.
Constantinou, G., Karali, A., & Papanastasopoulos, G. (2017). Asset growth and the cross-section of stock returns: evidence from Greek listed firms. Management Decision, 55(5), 826-841. http://dx.doi.org/10.1108/MD-05-2016-0344.
Darmadji, T., & Fakhruddin, H.M. (2011). Pasar Modal di Indonesia. Edisi Ketiga. Jakarta: Salemba Empat.
Dewi, A.S.M., & Wirajaya, A. (2013). Pengaruh Struktur Modal, Profitabilitas dan Ukuran Perusahaan Pada Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 4(2), 358-372.
Fuss, C., & Vermeulen, P. (2004). Firms’ Investment decision In Response To Demand And Price Uncertainty. ECB Working Paper Series, 347.
Jagongo, A., & Mutswenje, V.S. (2014). A Survey of the Factors Influencing Investment Decisions: The Case of Individual Investors at the NSE. International Journal of Humanities and Social Science, 4(4), 92-102.
Kasmir (2010). Analisis Laporan Keuangan. Jakarta: PT Raja Grafindo Persada.
Harahap, S.S. (2007). Analisis Kritis Atas Laporan Keuangan. Jakarta: PT Raja Grasindo Persada.
Hermuningsih, S. (2012). Pengantar Pasar Modal Indonesia. Yogyakarta: UPP STIM YKPN.
Liestyana, R.A. (2008). Pengaruh Return On Equity (ROE) dan Earning Per Share (EPS) terhadap Harga Saham pada Industri Barang Konsumsi Periode 2002-2006. Bandung: Skripsi. Tidak Dipublikasikan, Fakultas Bisnis dan Manajemen Universitas Widyatama.
Mardiyanto, H. (2009). Intisari Manajemen Keuangan. Jakarta: PT Grasindo.
Nazir, M. (2014). Metode Penelitian. Cetakan 6. Bogor: Penerbit Ghalia Indonesia.
Nurmalasari, I. (2008). Analisis Pengaruh Rasio Profitabilitas Terhadap Harga Saham Emiten LQ45 Yang Terdaftar Di Bursa Efek Indonesia Tahun 2005-2008. Jakarta:Universitas Gunadarma.
Nofsinger, & Richard (2002). Individual investments behavior. New York: McGraw-Hill.
Peltonen T. (2013). Fundamental Risk And Profitability: Evidence From High-Tech Companies. Espoo: Thesis Department Of Accounting Aalto University School Of Business.
Prabowo, H. (2013). Analisis portofolio saham dengan Metode Camp dan Markowitz. Binus Business Review, 4(1), 360–369.
Prokopczuk, M.S., Rachev, S., & Trueck, S. (2004). Quantifying Risk In The Electricity Business: A RAROC – Based Approach. Energy Economics, 29(5).
Putra, R.A.D. (2014). Analisis Risiko dan Return Saham dengan Menggunakan Metode CAPM untuk Menentukan Pilihan Berinvestasi pada Saham LQ45 di BEI. Kota Malang: Universitas Brawijaya.
Rahmawati, A.D., Topowijono, & Sulasmiyati, S. (2015). Pengaruh Ukuran Perusahaan, Profitabilitas, Struktur Modal, dan Keputusan Investasi Terhadap Nilai Perusahaan. JurnalAdministrasi Bisnis, 23(2), 1-7.
Ramarow, S. (2017). The Relationship between Profitability and the Risk Factors and other Macroeconomic Factors. Sintok: Universiti Utara Malaysia.
Rinati, I. (2009). Pengaruh Net Profit Margin (NPM), Return On Asset (ROA) Dan Return On Equity (ROE) Terhadap Harga Saham Pada Perusahaan Yang Tercantum Dalam Indeks LQ45. Bandung: Skripsi. Program Sarjana Universitas Gunadarma.
Riyanto, B. (2008). Dasar-Dasar Pembelanjaan Perusahaan. Edisi keempat, Yogyakarta: BPFE.
Shefrin, H. (2000). Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing. Boston: Harvard Business School Press.
Samsul, M. (2006). Pasar Modal dan Manajemen Portofolio. Surabaya: Erlangga.
Sartono, A. (2010). Manajemen Keuangan Teori dan Aplikasi. Edisi Keempat. Yogyakarta: BPFE.
Sudarmadji, A.M., & Sularto, L. (2007). Pengaruh Ukuran Perusahaan, Profitabilitas Leverage, dan Tipe Kepemilikan Perusahaan Terhadap Luas Voluntary Disclosure Laporan Keuangan Tahunan. Proceeding PESAT, 2, A53-A60.
Sunariyah, S.E. M.Si. (2006). Pengantar Pengetahuan Pasar Modal. Edisi Kelima. Yogyakarta: UPP STIM YKPN.
Tandelilin, E. (2010). Portofolio dan Investasi Teori dan Aplikasi. Edisi Pertama. Yogyakarta:Kanisius.
Weston, F.J., & Brigham, E.F. (2001). Dasar – Dasar Manajemen Keuangan. Edisi 9. Jakarta: Erlangga.
Yulindar, S.N. (2017). Pengaruh Ukuran Perusahaan dan Profitabilitas Terhadap Nilai Perusahaan Pada PT Semen Indonesia TBK. Jurnal Ilmu dan Riset Manajemen, 6(9).
(www1) Saham OK, http://www.sahamok.com (accessed: 1.07.2018).
(www2) IDX, http://www.idx.co.id (accessed 3.07.2018).
Downloads
Pubblicato
Come citare
Fascicolo
Sezione
Stats
Number of views and downloads: 713
Number of citations: 0
