Nama Kelas NIM Mata Kuliah Tugas
: : : : :
Simon Surya Keban 51 MMSI 3, Sistem Informasi Bisnis 92216168 Manajemen Keuangan dan Teknologi E-Bisnis Review faktor- faktor yang mempengaruhi nilai saham
REVIEW JURNAL MANAJEMEN KEUANGAN
Judul Jurnal
ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI HARGA SAHAM SYARIAH (JII) J akarta Is la lamic mic Index I ndex (JII)
Volume & Halaman Tahun
Januari 2016
Penulis
Muksal
Reviewer
Simon Surya Keban
Tanggal
29 September 2017
Tujuan Penelitian
Tujuan utama dari penelitian ini adalah Penelitian ini bertujuan memberikan informasi kepada investor mana diantara variabel fundamental atau teknikal yang dapat memberikan pengaruh terhadap perubahan harga saham syariah di JII.
Assesment Data
Menggunakan Menggunakan beberapa beberapa cara, yakni : 1. Studi dokumen 2. Interview 3. Quisioner
Hasil
Secara parsial, dari hasil uji t diperoleh p value untuk variabel ROA sebesar 0.026. Hal ini menunjukkan nilai p value tersebut dibawah level
signifikansi signifikans i 0.05, yang berarti variabel ROA berpengaruh
signifikan terhadap Harga Saham, demikian juga dengan variabel
EPS dengan p value sebesar 0.000
yang berada dibawah level
signifikansi 0.05, yang menunjukkan
bahwa variable
EPS
berpengaruh signifikan terhadap Harga Saham, variable Harga saham masa lalu juga menunjukkan nilai p value dibawah 0.05, yaitu nilai p value sebesar 0.000 dan berarti variable Harga Saham Masa Lalu juga berpengaruh
signifikan
terhadap
Harga
Saham.
Sedangkan variabel Volume perdagangan Saham memiliki koefisien negatif sebesar -0.139 dan p value sebesar 0.002, dengan demikian variabel Volume perdagangan Saham tidak berpengaruh positif tetapi signifikan. Berbeda dengan variabel DER diperoleh p value = 0.965 yang berada di atas level signifikansi 0.05, yang berarti variabel DER tidak mempunyai
pengaruh positif dan tidak signifikan terhadap
Harga Saham, dan variable terakhir yang memiliki nilai p value diatas 0.05 ialah Variabel BV yaitu sebesar 0.534, dan menunjukkan bahwa BV tidak berpengaruh signifikan terhadap Harga Saham
Kesimpulan
1. Berdasarkan hasil uji determinasi
ditemukan besarnya
koefisien determinasi atau adjusted R2 adalah 0.933 hal ini berarti 93.3% variasi harga saham dapat dijelaskan oleh variasi dari enam variabel yang berpengaruh terhadap harga saham ini. 2. Berdasarkan koefisien regresi ROA, EPS dan Harga Saham Masa Lalu secara parsial terdapat pengaruh yang positif dan signifikan
terhadap
perubahan
Harga
Saham
pada
perusahaan yang terdaftar di Jakarta Islamic Index (JII). 3. Berdasarkan koefisien regresi DER dan BV secara parsial tidak terdapat pengaruh yang positif dan signifikan terhadap perubahan Harga Saham pada perusahaan yang terdaftar di Jakarta Islamic Index (JII). 4. Berdasarkan koefisien regresi Volume Perdagangan Saham secara parsial terdapat pengaruh yang signifikan namun pengaruhnya negatif terhadap perubahan Harga Saham pada perusahaan yang terdaftar di Jakarta Islamic Index (JII).
5. Hasil penelitian ini juga menyimpulkan bahwasanya variabel diatas juga dapat mempengaruhi bursa Saham-saham syariah sebagaimana yang terjadi pada bursa saham-saham konvensional
REVIEW JURNAL MANAJEMEN KEUANGAN
Jurnal
ANALISA FAKTOR-FAKTOR YANG MEMPENGARUHI PERGERAKAN HARGA SAHAM PADA PERUSAHAAN PERTAMBANGAN Jurnal Wira Ekonomi Mikroskil
Volume & Halaman
4
Tahun
April 2014
Penulis
Agustina, Fitri Sumartio
Reviewer
Simon Surya Keban
Tanggal
29 September 2017
Tujuan Penelitian
Tujuan utama dari penelitian ini adalah mengetahui dan menganalisis
Judul
pengaruh faktor internal dan eksternal perusahaan terhadap pergerakan harga saham baik secara simultan dan secara parsial
Assesment Data
Menggunakan beberapa cara, yakni : 1. Studi dokumen 2. Interview 3. Quisioner
Hasil Penelitian
Dapat diketahui bahwa jumlah data yang digunakan dalam penelitian ini adalah 30. Pergerakan harga saham memiliki nilai minimum sebesar 217,00 dan nilai maksimum sebesar 44.258,00 dengan nilai rata-rata sebesar 8.975,70 yang dapat dilihat bahwa nilai rata-rata
cenderung mengarah ke nilai minimum. Hal ini menunjukkan bahwa kinerja perusahaan pertambangan pada periode pengamatan adalah buruk. Kemudian standar deviasi = 11.249,08 > rata-rata = 8.975,70. Hal ini menunjukkan rata-rata jarak penyimpangan jauh dari rata-rata dan terdapat penyimpangan data.
Kesimpulan
1. Dari hasil uji F, dapat disimpulkan bahwa faktor internal dan faktor eksternal berpengaruh secara simultan terhadap pergerakan harga saham pada perusahaan pertambangan yang terdaftar di BEI periode 2007 – 2011.
2. Diperoleh persamaan linear berganda, yaitu Pergerakan Harga Saham = 33.412,208 – 32,930 NPM + 16,800 DPS – 227,312 T.SBSBI + 228,218 T.Inflasi – 3,159 K.Valas, dimana dapat disimpulkan bahwa NPM, Tingkat Suku Bunga SBI dan Kurs Valuta Asing berpengaruh negatif terhadap pergerakan harga saham.
3
Diperoleh nilai koefisien determinasi (R2) sebesar 0,752, yang artinya kemampuan variabelNPM, DPS, tingkat suku bunga SBI, tingkat inflasi dan kurs valuta asing dalam menjelaskan variabel pergerakan harga saham adalah sebesar 75,2 %,
4. Dari hasil uji t, dapat disimpulkan hanya DPS yang secara parsial berpengaruh signifikan terhadap pergerakan harga saham
REVIEW JURNAL MANAJEMEN KEUANGAN
Judul
Factors Affecting Performance of Stock Market:Evidence from South Asian Countries
Jurnal
International Journal of Academic Research in Business and Social Sciences
Volume & Halaman
No. 9
Tahun
September 2012
Penulis
Dr. Aurangzeb
Reviewer
Simon Surya Keban
Tanggal
29 September 2017
Research Goals
Identifies the factor affecting performance of stock market in South Asia from the period of 1997 to 2010 of 3 South Asian countries namely, Pakistan, India and Sri Lanka.
Assesment Data
1. Literature review 2. Interview
Outcome
1.
Regression results indicate that foreign direct investment and exchange
rate
have
significant
positive
impact
on
performance of stock market in South Asian countries. 2. interest rate has negative and significant impact on performance of stock market in South Asia. Results also
indicate the negative but insignificant impact of inflation on stock market performance in South Asia.
. Conclusion
Under the light of the results it is highlighted that there is a need of well managed macroeconomic policies in order to obtain the benefits from the capital market. In order to take the full advantage of stock market and carry on with the international markets well managed macroeconomic policies are necessary in which interest rates and inflation rate are thoroughly monitor and try to reduce the value as much possible. It gives the confidence to the investors as well as the industries. It is also recommended that some extra benefits were given to the foreign investors because we observed that the influence of foreign investors is strong in this region.
REVIEW JURNAL MANAJEMEN KEUANGAN
Judul
Analysis of Factors Affecting Share Prices: The Case of Bahrain Stock Exchange
Jurnal
International Journal of Economics and Finance
Volume & Halaman
No. 7
Tahun
25 February 2015
Penulis
Taimur Sharif, Harsh Purohit, Rekha Pillai
Reviewer
Simon Surya Keban
Tanggal
29 September 2017
Research Goals
Identifying the main determinants affecting share prices in the Bahrain financial market of 41 companies listed in the Bahrain stock exchange for the period 2006-2010.
Assesment Data
1. Literature review 2. Interview
Outcome
There is a wide variation in the minimum and maximum values for PE (min= 2.66 and max= 99.17). This suggests that people are willing to pay a huge premium for well performing companies while they are reluctant to invest in underperforming firms. It is also noteworthy to analyze the statistics related to dividend policy which is proxied by
dividend yield and dividend per share. Here also we can find a respectable difference in the minimum and maximum values due to the fact that there are companies which are not paying dividends at all. This
shows that market value of a share is significantly and positively
affected by a high return on equity, increasing book value of shares, higher dividend per share and increased price earnings per share. This suggests that an upward trend in these variables will automatically cause an increase in the market price of shares as investors show a preference for these stocks. .
. Conclusion
There is a positive and significant relationship between ROE, BVS, DPS, PE and Log MCAP suggesting that these factors act as active determinants in shaping the market price of shares. However a significant negative relationship was found between dividend yield and MPS. This suggests that dividend decisions are made in order to attract different clienteles. A certain group who expects short term and regular return will show their impact as a positive relationship with market price while the group who is unaffected or considers dividends as irrelevant will show an inverse relationship with stock price. The study acts as a guide to potential investors in Bahrain to focus on the factors discussed above before making investment decisions. It is recommended that investors monitor the PE ratio, dividend policies (DPS and DY), BVS, Log MCAP and ROE before they expand their portfolio. The paper also provides recommendations to the listed companies in Bahrain to focus their attention in taking steps to improve the figures related to the significant variables evolved in this study, affecting the market price of shares. Bahrain is an emerging economy# and it is imperative to conduct studies which will benefit the investor to make rational investments
REVIEW JURNAL MANAJEMEN KEUANGAN
Jurnal
Factors Affecting the Market Stock Price - The Case of the Insurance Companies Listed in Amman Stock Exchange International Journal of Business and Social Science
Volume & Halaman
No. 7
Tahun
Oktober 2016
Penulis
Dr. Fouzan Al Qaisi, Dr. Asem Tahtamouni, Dr. Mustafa ALQudah
Reviewer
Simon Surya Keban
Tanggal
29 September 2017
Research Goals
To investigate the effect of some factors on market stock price such
Judul
as Return on Asset (ROA), Return on Equity (ROE), Debt Ratio, the Age of the Company, and the Size of the Company. To achieve the objective, the study uses twenty insurance companies listed in Amman stock exchange during the period 2011 to 2015
Assesment Data
1. Literature review 2. Interview
Outcome/ Results
Results that have been reached previously, multiple regression tests has been performed for all the independent variables of the research combined, in order to determine whether there is a statistically significant effect of finical factors (ROA, ROE, Debt Ratio, the Age of
the Company, and the Size of the Company) on market stock price in insurance companies listed on Amman stock exchange. After discussing the research hypotheses, it notes that P-value has reached (0.000), which means that there is a statistically significant effect finical factors (ROA, ROE, debt ratio, company's age, and company's size) on market stock price in insurance companies listed on Amman stock exchange, notes also that the coefficient of determination ( Adjusted R Square) value is (0.357), which indicates to the extent of accuracy of interpreting dependent variable (market stock price) through independent variables, therefore the null hypothesis is rejected and accept the alternative hypothesis which says "There is effect between factors and market stock price in insurance companies listed on Amman stock exchange". .
. Conclusion
The results found that there is effect between ROA and market stock price in insurance companies listed on ASE. There is no effect between ROE and market stock price in insurance companies listed on ASE. There is effect between Debt Ratio and market stock price in insurance companies listed on ASE. There is effect between Company's age and market stock price in insurance companies listed on ASE.There is effect between Company's Size and market stock price in insurance companies listed on ASE.
The study recommends some points for future studies: insurance should ensure that they have good and robust factors in place. This will enhance their profitability andmarket stock price and attract investments to the organizations. Furthermore, the easy interpretation of fundamental factors for investment needs to be taught from higher secondary level. Moreover, government initiated trainings can help to motivate current micro investors’ to focus more on fundamentals.
Moreover, the depth and breadth of Jordan stock market need to be broadened to
