Diterbitkan pada JURNAL Magister Manajemen Volume 4 Nomor 1 Maret 2011 halaman 77-96.
ANALISIS LIKUIDITAS SAHAM SERTA PENGARUHNYATERHADAP HARGA SAHAM PADA PERUSAHAAN YANG BERADA PADA INDEKS LQ45 DI BURSA EFEK INDONESIA
Oleh: DEDEN MULYANA
This study investigated and analyze the level of liquidity of shares of companies listed on the LQ45 index, stock price movement of listed companies on the Index LQ45, stock liquidity effect on stock prices on companies listed in the Index LQ45.
The research method used in this research was descriptive method of analysis and correlation method, while the type of data used in this research was secondary data. Mechanical withdrawal sample use purposive sampling method (sampling conditional) where the terms in this study are consistent issuers during the three years were always listed on the Index LQ45 exist 19 issuers. The analytical tool used was simple linear regression analysis, analysis determination coefficient and hypothesis test.
From the research result shows that the magnitude of the coefficient of determination, is 45.6% which means that the liquidity of shares positive effect on stock prices at LQ 45 in Indonesian Stock Exchange.
From the results of hypothesis, there was a significant liquidity to the stock price of shares in companies listed in the Index LQ45, thus proposed hypothesis was tested.
It was suggested that the analyzed period should be more than three years for better results and samples should represent their respective industry types proportionally. For further empirically, researchers were expected to consider also factors – other factors that could affect stock price movements than stocks such Liquidity Stock Split and Earning per share (EPS).
keywords: stock liquidity, stock prices, LQ 45
full text klick here..ANALISIS LIKUIDITAS SAHAM TERHADAP HARGA SAHAM-JURNAL-MM
The InfluenceOf Asset Allocation Policy And
SecuritY Selection On The Performance
OfContractual Type Open-End Investment Fund
(Equity Fund, Fixed Income Fund, and Balanced Fund)
A number of studies indicates that performance of mutual fund is mostly influenced by asset allocation policy and security selection. It is also indicated that there is a phenomenon where relationship between asset allocation policy and asset allocation implementation by investment manager is inconsistent. Referring to these observable facts, this study is carried out with the following objectives: (i) to analyze performance of three different types of mutual funds (i.e., equity, fixed income, and balanced funds); (ii) to analyze the influence of asset allocation policy and security selection onperformance of the above-mentioned types of mutual funds; and (iii) to comprehend the level of consistence of fund managers in executing asset allocation policies.
Descriptive and verificative methods were performed in this study. Secondary data relating to mutual fund performance analyses were used. These sets of data were collected from a number of publications published by bank of indonesia, the surabaya stock exchange, jakarta stock exchange, and bapepam. The sharpe ratio (elton et al., 2003:295) was used to determine performance of mutual funds under investigation.multiple linear regression analysis whose statistical equation models were developed based on asset class factor model (sharpe, 1992) was used to analyze the impact of asset allocation policy and security selection on mutual fund performance. In the means time, f test (gujarati, 2003: 268) was adopted to comprehend fund managers’ consictencies in accomplishing their missions.
The Results of this study showed that performances of all types of mutual funds during the period between 2001 and 2003 were higher than performance of their benchmarks (i.e., market return levels). It was also found that asset allocation policy and security selection significantly influenced performance of equity fund, fixed income fund, and of balanced fund. This indicates that performance of mutual fund was determined by these two most important activities of investment managers. Finally, results of the study find that there was no significant difference between asset allocation policy and asset allocation realization which has been executed by investment managers of equity fund and fixed income fund. This means that asset allocation policy was consistently accomplished by investment managers of these two types of mutual fund. A different finding was determined for investment managers of balanced fund. There was found a significant difference between asset allocation policy and asset allocation indicating that investment managers of balanced fund were inconsistent in implementing their asset allocation policies
Pengaruh Dividen Per Lembar Saham(dividend per share)Terhadap Harga SahamEmiten Sektor Industri Pertambangan PERIODE 2004 – 2005
Referring to these observable facts, this study is carried out with the following objectives: (i) to analyze payment of cash dividend per share at emiten mining industry sector; (ii) to analyze growth of share price before and after announcement of dividend at emiten mining industry sector; (iii) to analyze the influence of dividend per share to stock price of emiten mining industry sector.
Descriptive method was performed in this study. Secondary data relating to dividend per share and stock price of emiten mining industri sector were used. These sets of data were collected from a number of publications published by Jakarta Stock Exchange.
The Results of this study show thatdividend per share has a possitive effect to stock price of emiten mining industry sector which enlist in Jakarta Stock Exchange. It was also found that dividend per shareno significant influenced stock price of emiten mining industry sector.