Pengaruh kinerja keuangan pada return saham perusahaan multinasional dan perusahaan domestik (studi pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2004-2007)

Oleh :
Athur Nina Pratiwi - F1206083 - Fak. Ekonomi dan Bisnis

Pemodal saat menanamkan modalnya pada perusahaan multinasional atau perusahaan domestik memerlukan pertimbangan yaitu dari return saham dan kinerja keuangan perusahaan. Tujuan penelitian ini adalah untuk mengetahui pengaruh kinerja keuangan terhadap return return yang diterima oleh pemegang saham, mengetahui perbedaan kinerja keuangan dan return saham antara perusahaan multinasional dengan domestik. Kinerja keuangan diukur dengan current ratio, return on asset,debt to equity rasio,total asset turnover, price earning ratio,price to book value, dividen payout ratio,economic value added. Periode penelitian diambil pada tahun 2004-2007. Dengan teknik purposive sampling didapatkan 24 sampel perusahaan multinasional dan 16 perusahaan domestik. Data yang digunakan adalah data pooled yang merupakan kombinasi time series dan cross section. Alat analisis data yang digunakan meliputi pengujian normalitas,asumsi klasik (uji multikolinearitas, autokorelasi, dan heterokedastisitas),regresi berganda, uji F, uji t, uji beda independent sample t-test. Dari hasil uji regresi menunjukkan bahwa pada perusahaan multinasional didapatkan kinerja keuangan berpengaruh secara simultan terhadap return saham perusahaan multinasional. Dilain pihak, didapatkan return on asset, price to book value, dividen payout ratio berpengaruh secara parsial terhadap return perusahaan multinasional. Pada perusahaan domestik didapatkan kinerja keuangan berpengaruh secara simultan terhadap return saham perusahaan domestik. Dilain pihak,didapatkan bahwa return on asset, price to book value , debt to equity rasio berpengaruh secara parsial terhadap return perusahaan domestik. Hasil penelitian uji beda menunjukkan bahwa return perusahaan multinasional dan domestik tidak terdapat perbedaan yang signifikan. Dilain pihak, di dapat perbedaan kinerja keuangan yaitu current ratio, return on asset, price to book value antara perusahaan multinasional dengan domestik, sedangkan untuk debt to equity rasio,total asset turnover, dividen payout rati, price earning ratio, economic value added tidak berbeda antara perusahaan multinasional dengan perusahaan domestik. Investors now invest in multinational companies or domestic companies which require consideration of stock returns and corporate financial performance. The purpose of this study is to determine the effect of financial performance against the return of return earned by shareholders, financial performance and know the difference between the stock returns of multinational firms with a domestic. Financial performance is measured by current ratio, return on assets, debt to equity ratio, total asset turnover, price earnings ratio, price to book value, dividend payout ratio, economic value added. Taken in the year research period from 2004 to 2007. With purposive sampling technique obtained 24 samples of 16 multinational and domestic companies. The data used is a combination of data pooled time series and cross section. Data analysis tools used include the testing of normality, the assumption of classical (or test of multicollinearity, autocorrelation, and heterocedasticity), multiple regression, F test, t test, different test of independent sample t-test. From the regression results show that the multinational companies obtained simultaneously affect the financial performance of the stock returns of multinational firms. On the other hand, showed a return on assets, price to book value, dividend payout ratio partially to the return of influential multinational corporations. On the financial performance of domestic companies showed an effect simultaneously on the domestic stock return. On the other hand, it was found that the return on assets, price to book value, debt to equity ratio of the partial effect of return of domestic companies. The results of different test shows that the return of multinational and domestic companies there are no significant differences. On the other hand, can be the difference in financial performance that is current ratio, return on assets, price to book value between multinational companies with domestic, while the debt to equity ratio, total asset turnover, dividend payout Rati, price earnings ratio, economic value added is no different between multinational companies with domestic companies.