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IN ENGLISH
NO AUTHOR INSTITUTION TITTLE SUBJECT1 Synthia A. Sari Univeristy of Bina Nusantara;
synthiaasa2598@yahoo.com
The Effectiveness of Independent
Commissioner in Implementing Good
Corporate Governance at Indonesian State-
Owned Enterprises
STRATEGIC
2 Yie Ke Faculty of Business and
Economics-University of
Surabaya
yiekefeliana@ubaya.ac.id
Management Style Of Chinese Overseas
Companies And Indonesia Companies
STRATEGIC
3 Suresh Kumar;
Randy Prasetyo
President University;
tb7976sk@gmail.comPENETRATING INDONESIAN
BANCASSURANCE MARKET: STRATEGIC
MANAGEMENT,
PT. ASURANSI CIGNA – INDONESIA
STYLE
STRATEGIC
4 Alain Widjanarka PT Binaman Utama – PPM Consulting
Jakarta, Indonesia
alainwidjanarka@gmail.com
DEFINE THE CRITERIA TO IDENTIFY CORE AND NON-
CORE ACTIVITIES
TO LEVERAGE THE COMPANY’S COMPETIITIVENESS AND
STRENGTHENING THE PARTNERSHIP WITH OTHERS
STRATEGIC
SCHEDULE PRESENTATION PAPER FOR INSYMA 10
Session 1 (11.10 - 12.10 WITA)Room 1: Denpasar Room 1Moderator : Drs.ec. Johny Rusdyanto, M.M
IN ENGLISH
NO AUTHOR INSTITUTION TITTLE SUBJECT1 Agung Wahyu Handaru, Widya
Parimita, Inna Hadza Sabila
Faculty of Economics State University of
Jakarta. Email:
agung_1178@yahoo.com;
widya_parimita@yahoo.com;
innahadza@gmail.com
Motivational Factors, Entrepreneurship, Ethnicity, and
Parental Background: Evidence from the Blok M Square
Electronic Center, Jakarta, Indonesia
HRM
2 Sri Wiludjeng SP,
Muhammad Madyosa
Ibrahim
Faculty of business management
Widyatama University;
sri.wiludjeng@widyatama.ac.id,
wiludj3ng@yahoo.com
The Impact of the Use of Outsourcing
Employee Against Productivity Companies In
PT.Pindad Bandung
HRM
3 May Eka Ubaya Leadership and Five Stage Model of
Organizaton Growth at UD "RAMA JAYA"
HRM
4 T. Soemarman Faculty of Bussiness and
Economics, Surabaya University
(UBAYA)
CASE STUDY: A PROJECT OF IMPROVEMENT
ON THE DESIGN OF JOBS/WORKS FOR
PROFESSIONAL WORKERS AT PT. BUKIT
BATUBARA TBK – THE YEAR OF 2011/2012
HRM
SCHEDULE PRESENTATION PAPER FOR INSYMA 10
Session 1 (11.10 - 12.10 WITA)Room 2: Denpasar Room 2Moderator : Elsye Tandelilin, M.M.
IN ENGLISH
NO AUTHOR INSTITUTION TITTLE SUBJECT1 Suskim Rianti, Harry Setyo
Negoro, Alfiah Hasanah
Faculty of Business & Management,
Widyatama University, Bandung,
Indonesia (writer 1,2); 3Faculty of
Economics, Padjadjaran University,
Bandung, Indonesia (3)
suskim.riantani@widyatama.ac.id
EVALUATING THE FINANCIAL PERFORMANCE USING
THE GROWTH OF EPS, CFO AND EVA AND THEIR
IMPACT TO THE STOCK RETURN OF LISTED
TELECOMMUNICATION INDUSTRY IN BEI
FINANCE
2 I Putu Sugiartha Sanjaya Atma Jaya University,
Yogyakarta;
siputusugiartha@yahoo.com
CASH FLOW RIGHT LEVERAGE AND FIRM
PERFORMANCE: CASE FROM FAMILY FIRM
LISTED IN INDONESIA STOCK EXCHANGE
FINANCE
3 Aris Armuninggar, DR UNAIR; fimozigha@yahoo.com The Role of Insurance Agreement as Part of
Risk Management Process in Indonesian
Business Activities
FINANCE
4 Yohanna Handjaja,
Deddy Marciano, Liliana
Inggrit Wijaya
Faculty of Business and
Economics, University of
Surabaya, Indonesia
Email:
yohanna.handjaja@gmail.com
GAUGING THE FINANCIAL
PERFORMANCE OF BANKING USING
CAMEL MODEL: THE PROSPECT OF
ISLAMIC BANK IN INDONESIA
ACCORDING TO PUBLIC TRUST
COMPARED WITH CONVENTIONAL
BANK
FINANCE
Moderator : DR. Putu Anom Mahadwarta
SCHEDULE PRESENTATION PAPER FOR INSYMA 10
Session 1 (11.10 - 12.10 WITA)Room 3: Gianyar Room
BAHASA
NO AUTHOR INSTITUTION TITTLE SUBJECT1 Suciaty Debora Ridwan &
M.Sienly Veronica
Maranatha Christian University
Bandung. Email: sucie7787@ymail.com;
lee_pingping@yahoo.com.
Earnings Management Trend Toward Coal Company
Listed in the Indonesia Stock Exchange Which Expected
To Bankruptcy By Use The Altman Z-score Model,
Springate Model And Zmiwisky Model In Period 2009-
2011
FINANCE
2 Yulius Pratomo Satya Wacana Christian University,
Salatiga;
yulius.pratomo@staff.uksw.edu
FOREIGN DIRECT INVESTMENT IN ASEAN, 1994-2010:
DOES THE CHINA EFFECT EXIST?FINANCE
3 M.Nashihin Trilogi University, Jakarta;
nashihin.m@gmail.com,
m.nashihin@stekpi.ac.id
Strategies to implement the changes in the basis
of cash transfer from a household-base to a
family-base: the case of PKH in Indonesia
FINANCE
4 Hendro Lukman & Stevanus
Adree Cipto Setiawan
Tarumanagara University;
hendrolukman@gmail.com
THE EFFECT OF FINANCIAL CONDITION, THE FAILURE OF
DEBT RATIO, FIRM SIZE AND PUBLIC ACCOUNTING
REPUTATION
ON ACCEPTANCE OF GOING CONCERN OPINION
FINANCE
SCHEDULE PRESENTATION PAPER FOR INSYMA 10
Session 1 (11.10 - 12.10 WITA)Room 4: Tabanan Room Moderator : DR. Werner Ria Murhadi
IN ENGLISH
NO AUTHOR INSTITUTION TITTLE SUBJECT1 Amak Mohamad Yaqoub
& Indri Apriani Rahma
Pratama
Airlangga University;
amak.yaqoub@feb.unair.ac.id;
indriajalah@gmail.com
The Role of Power and Conflict Resolution in
Supply Chain Relationship: Small and Medium
Enterprises Context
OPERATION
2 Weli Imbiri Atmajaya University;
weli.imbiri@gmail.com
The Relationship between the Level of the Use of ERP
System, SCM,Strategic Alignment,and Firm Performance
Using Balanced Scorecard Approach
OPERATION
3 Tuwanku Aria Auliandri Airlangga University;
tuwanku@gmail.com ;
aria@feb.unair.ac.id
Improving the company competitive advantages
by identifying waste in the production process.
Case study at Watutulis Sugar Cane
Manufacturer in Sidoarjo
OPERATION
4 Christine Dwi K.S.
Sondang M.R.
Adriana Oktarina Sembiring
Maranatha Christian Univ;
christine.dwi.karya.s@gmail.comINTERNAL AUDIT QUALITY ROLE IN IMPROVING
EFFECTIVENESS OF
QUALITY MANAGEMENT SYSTEM ISO
9001:2000
(Case Study PT INTI Bandung)
OPERATION
5 Dianne Frisko UBAYA; dianne@ubaya.ac.id ,
difrisko@gmail.com
VALUE CHAIN CONCEPT ON STRATEGIC
CSR PROGRAM:
Case Study of Martha Tilaar Group
OPERATION
SCHEDULE PRESENTATION PAPER FOR INSYMA 10
Session 1 (11.10 - 12.10 WITA)Room 5: Amlapura Room Moderator : DR. Dedy Marciano
IN ENGLISH
NO AUTHOR INSTITUTION TITTLE SUBJECT1 Levina Rolanda Tjia,
Dudi Anandya &
Christina R. Honantha
Faculty of Business and
Economics, University of
Surabaya, Indonesia
Email: levinarolanda@ymail.com
FACTORS INFLUENCE INDONESIAN
YOUNG CONSUMERS’ ONLINE
PURCHASE INTENTION IN SOCIAL
MEDIA WEBSITES
MARKETING
2 Edo Sri Harsanto &
Naafilah Lailatirrohmah
Management Departement
Economics and Business Faculty
Diponegoro University;
naflaila17@gmail.com
The Relevancy of Using Website for Promoting
Healthcare Product and Services
MARKETING
3 Rendy May Fandi,
Efendi Haslim
Economics Faculty, Atma Jaya Catholic
University; efendisan@yahoo.com
Emotional Attachment as a Mediator of the Relationship
Between Service Quality and Emotional BrandMARKETING
4 Rini Oktavera, Erna Andajani Industrial Engineering Department, WR
Supratman University , Surabaya,
Management Department Surabaya
University; rini.oktavera@gmail.com
IMPLEMENTATION OF VALUE CHAIN ANALYSIS IN THE
BROILER SUPPLY CHAIN AGRIBUSSINESS OPERATION
Moderator : DR. Dudy Anandya
SCHEDULE PRESENTATION PAPER FOR INSYMA 10
Session 1 (11.10 - 12.10 WITA)Room 6: Bangli Room
5 Mudiantono, Rizal Hari
Magnadi
Economics and Business Faculty
Diponegoro University. Email:
Mumuk_undip@yahoo.co.id;
rizalharimagnadi@gmail.com
Evaluation of Using Importance Performance Analysis
Approach
to Design Service Excelence Strategy for Service Product
(Based on RSI Sultan Agung Semarang Case Study)
OPERATION
IN ENGLISH
NO AUTHOR INSTITUTION TITTLE SUBJECT1 Dini Arwati,
Dini Verdania
University of Widyatama
Bandung;
rachmawati.rima@yahoo.com
INFLUENCE OF PARTNERSHIP SRATEGIC TO
PERFORMANCE OF PRIVATE COLLEGE IN
BANDUNG
STRATEGIC
2 Aluisius Hery Pratono &
Suyanto
Faculty of Business and
Economics, Universitas Surabaya
E-mail: hery_pra@ubaya.ac.id;
suyanto@ubaya.ac.id
INNOVATION SUCCESS IN SMALL
BUSINESS CONTEXT:
AN EMPIRICAL EVIDENT FROM
INDONESIA
STRATEGIC
3 Ida Bagus Made Wiyasha & Ni
Luh Suastuti Sekolah tinggi Pariwisata Nusa Dua
Bali; ibwiyasha@yahoo.com;
suastuti@gmail.com
The survival of small restaurants: micro analysis of non
classified restaurants in Kuta Selatan, Bali STRATEGIC
4 Rohmawati Kusumaningtias UNESA;
rohmawatikusnitia@yahoo.co.id
Corporate Governance, Sustainability,
and Islamic Banking PerformanceSTRATEGIC
SCHEDULE PRESENTATION PAPER FOR INSYMA 10
Session 2 (13.00 - 14.00 WITA)Room 1: Denpasar Room 1Moderator : Drs.ec. Johny Rusdyanto, M.M
BAHASA
NO AUTHOR INSTITUTION TITTLE SUBJECT1 I Gede Adiputra Faculty of Economy, Tarumanagara
University Jakarta
email: w_wigra@yahoo.com
THE EFFECTS OF INTERPERSONAL COMMUNICATION
AND
MOTIVATION TO PRODUCTIVITY OF EMPLOYEES AT
HOTEL MULIA JAKARTA
HRM
2 Yenny Purwati, Rosaly
Franksiska, Eristia Lidia
Paramita
Satya Wacana Christian University.
Email: yenny.purwati@yahoo.com,
rosaly.franksiska@staff.uksw.edu /
rosaly_fran@yahoo.com,
eristia.paramita@staff.uksw.edu
SUPPLY CHAIN MANAGEMENT: STRATEGY IN
INFORMATION TECHNOLOGY TO REDUCE COST HRM
3 Luh Kadek Budi Martini Mahasaraswati Univiersity
Denpasar; myseruni@yahoo.comCAREER DEVELOPMENT OF CREATIVITY
REVIEWED, AND COURAGE IN BUSINESS
INNOVATIVE MULTI-LEVEL MARKETING
(MLM)
DISTRIBUTOR ORIFLAME DENPASAR
HRM
4 Jun Surjanti, Sanaji, & Dwiarko
Nugrohoseno
UNESA, yunsuryanti@yahoo.com SELF-CONCEPT AND SELF-EFFICACY FOR BUILDING AN
ACADEMIC PERFORMANCE: A META-ANALISYS
APPROACH
HRM
SCHEDULE PRESENTATION PAPER FOR INSYMA 10
Session 2 (13.00 - 14.15 WITA)Room 2: Denpasar Room 2Moderator : Elsye Tandelilin, S.E., M.M.
5 Verina H. Secapramana University of Surabaya
jengverina@gmail.com THE PREDICTIVE MODEL OF RELATIONSHIP BETWEEN
ROLE STRESS, PERSONALITY, AND SALES PERFORMANCE
IN SERVICES MARKETING
HRM
IN ENGLISH
NO AUTHOR INSTITUTION TITTLE SUBJECT1 Tan Ming Kuang Accounting Department, Maranatha
Christian University;
tm.kuang@yahoo.com
Can Innovation of Time Driven ABC System Replace
Conventional ABC System?FINANCE
2 Budhi Purwandaya, Eko
Kusmurtanto
Trilogi University, Jakarta;
bpurwandaya@gmail.com
Revealing the Preferences in Conveying Price
Information
FINANCE
3 Anthony Kevin Bandono;
Deddy Marciano
UBAYA;
marciano@staff.ubaya.ac.id
FACTORS THAT INFLUENCED
SYNDICATED LOANS DECISIONS IN THE
ASEAN OVER THE PERIOD 2006-2010
FINANCE
4 Berto Usman & Eduardus
Tandelilin
Program Studi Manajemen
Fakultas Ekonomi Universitas
Bengkulu
berto_usman@yahoo.co.id
Program Studi Manajemen
Fakultas Ekonomika Bisnis
Universitas Gadjah Mada
tandelilin@yahoo.com
GOOGLE SEARCH TRAFFIC AND IT’S
INFLUENCE ON RETURN, LIQUIDITY
AND VOLATILITY OF STOCK RETURN
EMPIRICAL STUDY: MANUFACTURING
FIRMS
IN INDONESIA STOCK EXCHANGE
FINANCE
Moderator : DR. Putu Anom Mahadwarta
SCHEDULE PRESENTATION PAPER FOR INSYMA 10
Session 2 (13.00 - 14.00 WITA)Room 3: Gianyar Room
5 Julius Irianto Gunawan;
Endang Ernawati
UBAYA;
endangernawati@yahoo.com
THE FACTORS AFFECTING THE
COMPANIES CAPITAL STRUCTURE
IN THE SECTOR OF INFRASTRUCTURE,
UTILITIES, AND TRANSPORTATION
LISTED ON INDONESIA STOCK
EXCHANGE DURING PERIOD 2006-2010
FINANCE
BAHASA
NO AUTHOR INSTITUTION TITTLE SUBJECT1 Doddy de Queljoe, Amelia
Loresia, Indri Purnama Putri
Faculty of Pharmacy, University of
Surabaya,Surabaya, Indonesia;
doddyq@gmail.com
Cost Effectiveness Analysis of DiureticsTherapyfor
Ascites in Hepatic Cirrhosisat Adi Husada Undaan Wetan
Hospital in Surabaya
FINANCE
2 Yeye Susilowati Stikubank University (UNISBANK),
Semarang;
Yeye_susilowati@yahoo.co.id
SYSTEMATIC RISK AS MODERATOR OR MEDIATOR OF
THE INFLUENCE BETWEEN MACROECONOMIC
FUNDAMENTAL FACTORS AND STOCK RETURN
FINANCE
3 Lia Amaliawiati, Edi
Winarso
Faculty of business management
Widyatama University
lia.amaliawiati@widyatama.ac.id
, edi.winarso@gmail.com
THE INFLUENCE OF MONETARY POLICY
(BI RATE)
ON PROFITABILITY OF COMMERCIAL
BANKS IN INDONESIA
FINANCE
SCHEDULE PRESENTATION PAPER FOR INSYMA 10
Session 2 (13.00 - 14.00 WITA)Room 4: Tabanan Room Moderator : DR. Werner Ria Murhadi
4 Eka Darmadi Faculty of Bussiness and
Economics, Surabaya University
(UBAYA)
BETTER INVESTMENT CHOICE IN CRISIS AND
AFTER CRISIS:
STOCK VERSUS GOLD
FINANCE
BAHASA
NO AUTHOR INSTITUTION TITTLE SUBJECT1 Lina Anatan Department of Management,
Maranatha Christian University
Bandung,
lina_anatan@yahoo.com
FACTORS INFLUENCING THE SUPPLY CHAIN
PERFORMANCE
(A Study of Manufacturing Firms in Indonesia)
OPERATION
2 Meythi & Riki Martusa Master of Accounting, Faculty of
Economics, Maranatha Christian
University, Bandung. Email:
meycute79@yahoo.com;
theofilus2001@yahoo.com
SUPPLY CHAIN MANAGEMENT: STRATEGY IN
INFORMATION TECHNOLOGY TO REDUCE COST OPERATION
SCHEDULE PRESENTATION PAPER FOR INSYMA 10
Session 2 (13.00 - 14.00 WITA)Room 5: Amlapura Room Moderator : drs. Ec. A. Budhiman Setyawan, MSIE.
3 Sahnaz Ubud Trilogi University, Jakarta;
sahnaz@stekpi.ac.id
THE ROLE OF ENVIRONMENTAL
UNCERTAINTY AND IMPLEMENTATION
SUPPLY CHAIN FOR INCREASING
COMPETITIVE ADVANTAGE
MANUFACTURING INDUSTRIES IN EAST
JAVA
OPERATION
4 Verani Hartati & Wiwik
Sulistiyowati
Department of Industrial
Engineering, Universitas
Muhammadiyah Sidoarjo
FISH DISTRIBUTION SYSTEM DESIGN
(Case Study: Fish Auction Place Sidoarjo)
OPERATION
BAHASA
NO AUTHOR INSTITUTION TITTLE SUBJECT1 Sabrina O. Sihombing Universitas Pelita Harapan Jakarta;
sabrinasihombing@gmail.com
Consumer Behavior and Indonesian Values Scale:
Validation and Short-Form Scale DevelopmentMARKETING
2 Yudi Pramudiana & Arinda Ike
Wardhani
InstitutManajemenTelkom, Indonesia;
yudipram@gmail.com
The Role of Event Sponsorshipin Promoting Tourist
Enthusiasm (Studies in SemarangGreat Sale Event)MARKETING
3 Jessica Adelaide Gusti &
Sabrina O. Sihombing
Universitas Pelita Harapan Jakarta;
jessica271991@yahoo.com;
sabrinasihombing@gmail.com
Contrasting Reflective and Formative Models on E-
service Quality:
an Empirical Study
OPERATION
Moderator : DR. Dudy Anandya
SCHEDULE PRESENTATION PAPER FOR INSYMA 10
Session 2 (13.00 - 14.00 WITA)Room 6: Bangli Room
4 Samuel David Lee, Pandam
Rukmi Wulandari ,Aris Budi
Setyawan
Faculty of Economic, Accounting
Departement, Gunadarma University.
Email: pandam@staff.gunadarma.ac.id;
samueldavidlee@ymail.com;
renny@staff.gunadarma.ac.id
EFFECTIVENESS OF IT GOVERNANCE IN BANKING
SECTOROPERATION
BAHASA
NO AUTHOR INSTITUTION TITTLE SUBJECT1 Maria Assumpta Evi
Marlina
Ciputra University, Surabaya;
emarlina@ciputra.ac.id
IMPLEMENTATION OF FIVE FORCES ANALYSIS
IN BUSINESS START UP
STRATEGIC
2 Lim Sanny School of Business Management,
Bina Nusantara University;
lsanny@binus.ac.id
EFFECT OF RELATIONAL QUALITY AND
ENTREPRENEUR ORIENTATION TOWARD
FRANCHISEE PERFORMANCE
IN INDONESIA
STRATEGIC
3 Syuhada Sufian Faculty of Economics and Business,
Diponegoro University, Semarang,
hada_48@yahoo.com
HIERARCHICAL INNOVATION MODEL DEVELOPMENT IN
INDONESIAN PHARMACEUTICAL INDUSTRI
STRATEGIC
SCHEDULE PRESENTATION PAPER FOR INSYMA 10
Session 3 (14.00 - 15.00 WITA)Room 1: Denpasar Room 1Moderator : DR. J.L. Eko Nugroho
4 Sri Setyo Iriani & Monika
Tiarawati
State University of Surabaya
(Indonesia)
E-mail :
Srisetyo2009@gmail.com
Email:
monikatiarawati@gmail.com
THE ANALYSIS OF INTERNAL AND
EXTERNAL FACTORS
IN FORMULATING COMPETITIVE
STRATEGIES
ON SKULL-CAP AND TAMBOURINE
INDUSTRIES IN BUNGAH VILLAGE - GRESIK
STRATEGIC
5 Machasin Riau University;
m4ch451n@yahoo.co.id
Competitive Business Environment, Market
Orientation, Strategic Orientation and
Performance of SMEs (empirical study on small
and medium industries Pekanbaru city)
STRATEGIC
BAHASA
NO AUTHOR INSTITUTION TITTLE SUBJECT1 Irene Rini Demi Pangestuti Diponegoro University;
irenerinidp@yahoo.co.id
DETERMINANTS OF THE DECISION TO BUY AND SELL
MUTUAL FUNDS
IN INDONESIA
FINANCE
2 Agus Wahyudi Salasa
Gama & Ni Wayan Eka
Mitariani
Mahasaraswati University
Denpasar;
salasa_pc@yahoo.co.id ,
emitariani@gmail.com
THE INFLUENCE OF MANAGEMENT
PERFORMANCE AND INTELLECTUAL
CAPITAL TOWARD THE FIRM VALUE
FINANCE
SCHEDULE PRESENTATION PAPER FOR INSYMA 10
Session 3 (14.15 - 15.30 WITA)Room 2: Denpasar Room 2Moderator : DR. Dedy Marciano
3 I Dewa Made Endiana Mahasaraswati University
Denpasar; endixdr@yahoo.com
EFFECT OF INVESTMENT OPPORTUNITY
SET ON CASH DIVIDEND POLICY WITH
AVERAGE OF SALES GROWTH ON
EVERY LIFE CYCLE AS A MODERATING
VARIABLE
(Studies On Manufacturing Companies In
Indonesia Stock Exchange)
FINANCE
IN ENGLISH
NO AUTHOR INSTITUTION TITTLE SUBJECT1 Niki Jayanthi & Felizia Arni
Rudiawarni
Accounting/Faculty of Business and
Economics Surabaya University;
niQi.888@gmail.com;
felizia@ubaya.ac.id
THE IMPACT OF RELATED PARTIES’
TRANSACTIONS TO MARKET VALUATION OF
FIRMS
FINANCE
2 Fidelis Arastyo Andono &
Fandy San
Accounting/Faculty of Business
and Economics Surabaya
University;
nino.a.andono@gmail.com
MALMI AND BROWN’S MANAGEMENT
CONTROL SYSTEM
IN PRODUCTION AREA
OPERATION
Moderator : Dra.ec. Liliana Inggrit Wijaya, M.M.
SCHEDULE PRESENTATION PAPER FOR INSYMA 10
Session 3 (14.00 - 15.00 WITA)Room 3: Gianyar Room
3 Stephanie Susilo & Felizia
Arni Rudiawarni
Accounting/Faculty of Business and
Economics Surabaya University;
stephanie.susilo91@gmail.com;
felizia@ubaya.ac.id
TRANSITION OF IFRS IN INDONESIA: FINANCIAL
POSITION, FINANCIAL PERFORMANCE AND KEY
FINANCIAL INDICATORS EFFECTS
FINANCE
BAHASA
NO AUTHOR INSTITUTION TITTLE SUBJECT1 Sri Harryani , Bagus Nurcahyo,
Renny Nur’aini Accounting Department, Economic
Faculty, Universitas Gunadarma;
bagus@staff.gunadarma.ac.id
Impact of Intellectual Capital on the Firm’s Market
Value: The Mediation Role of Financial Performance
(Empirical Study From The Indonesian Banking
Companies since 2007-2011)
FINANCE
2 Andrea Widianti Maris1),
Samuel David Lee2), Dr.
Renny Nur’ainy3)
Accounting Department,
Economic Faculty, Universitas
Gunadarma
THE ROLE OF LEVERAGE IN THE EFFECT
OF GOOD CORPORATE GOVERNENCE ON
CORPORATE PERFORMANCE
FINANCE
3 Bambang Suko Priyono UNISBANK SEMARANG
suko.pri@gmail.com
The Influence of Prospector and Defender
Strategies on Performance
With Dimensions of Social Capital As
Moderating
FINANCE
SCHEDULE PRESENTATION PAPER FOR INSYMA 10
Session 3 (14.00 - 15.00 WITA)Room 4: Tabanan Room Moderator : Dra.ec. Endang Ernawati, M.M.
4 Christina Yanita
Setyawati
Ciputra University, Surabaya;
csetyawati@ciputra.ac.id
Managing Global Business by Minimizing
Rupiah Volatility
FINANCE
BAHASA
NO AUTHOR INSTITUTION TITTLE SUBJECT1 R Ait Novatiani, Pondang Widyatama University,
Economics Faculty – Bandung,
Indonesia;
aitnovatiani@yahoo.com
The Influence of Total Quality Management
(TQM) Applications to Sales Raising at PT.
Kereta Api Indonesia (Persero) Bandung The
2nd Operations Area
OPERATION
2 Choirum Rindah Istiqaroh
Saraswati Budi Utami
Merdeka University, Madiun;
choirum_ri@yahoo.co.id
ACTIVITY PERFORMANCE ANALYSIS OF SUPPLY
CHAIN
PERFORMANCE OF ACTIVITY MODEL
APPROACH
STUDY AT UKM KRIPIK BUAH KEBONSARI
OPERATION
3 Kabul WahyuUtomo &
Lely Dahlia
Trilogi University Jakarta;
lelydahlia@stekpi.ac.idIncreasing Wholesale Centers Role as Part of
Supply Chain Management of SMEs
OPERATION
4 Yetty Dwi Lestari, MT UNAIR; yettydl76@yahoo.com. IMPROVEMENT BANK CUSTOMER
SATISFACTIONWITH SERVICE QUALITY
OPERATION
Session 3 (14.00 - 15.00 WITA)Room 5: Amlapura Room Moderator : Drs.ec. A. Budhiman Setyawan, MSIE.
BAHASA
NO AUTHOR INSTITUTION TITTLE SUBJECT1 Victor Wianto
Agus Zainul Arifin
MM, Tarumanagara University
Jakarta
agusza1808@gmail.com
PLACEMENT EFFECTIVENESS OF AUTOMATIC
TELLER MACHINE ON INDONESIAN PRIVATE
BANKING
OPERATION
2 Wasifah Hanim University of Widyatama
Bandung; E-mail:
wasifah.hanim@widyatama.ac.id
MODEL PENGEMBANGAN KLASTER BISNIS
PADA USAHA MIKRO, KECIL DAN MENENGAH
OPERATION
3 Agustine Eva Maria
Soekesi
Unika Soegijapranata Semarang;
eva_agt@yahoo.com
PRODUCT QUALITY CONTROL PROFILE
ON LASEM BATIK CENTRE
OPERATION
4 Agustine Eva Maria
Soekesi; Meniek Srining
Prapti; Inneke Hantoro;
Alberta Rika Pratiwi
Unika Soegijapranata Semarang;
eva_agt@yahoo.com
THE EXISTING MODEL IDENTIFICATION
OF CURCUBITA Sp (YELLOW PUMPKIN)
AGRO INDUSTRY SUPPLY CHAIN
MANAGEMENT IN GETASAN SUB-
DISTRICT, SEMARANG REGENCY
OPERATION
Moderator : Christina Honanta, S.E., M.M.
SCHEDULE PRESENTATION PAPER FOR INSYMA 10
Session 3 (14.00 - 15.00 WITA)Room 6 : Bangli Room
BAHASA
NO AUTHOR INSTITUTION TITTLE SUBJECT1 Kazia Laturette International Business
Accounting, Ciputra University
klaturette@Ciputra.ac.id
Impact of Acquisition of PT. Indosiar Karya
Media, Tbk by PT. Elang Mahkota Teknologi,
Tbk
STRATEGIC
2 Maulana & Sardiyo STIE –STMIK MURA
Lubuklinggau;
maulana_57@ymail.com
ANALYSIS EFFECT OF INCENTIVE AND
COMPETENCY TO THE WORKING
PERFORMANCE OF EMPLOYEES AT
SMART MANAGEMENT CONSULTANT
PALEMBANG
HRM
3 Ayu Septirini & Agus Frianto Department of Management, Faculty of
Economic UNESA; frianto75@gmail.com
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rusti_arini@yahoo.co.id
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NO AUTHOR INSTITUTION TITTLE SUBJECT1 Moh. Rofik, Nindria Untarini,
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The Effect of Financial Ratios to Stock Price in Several Companies listed in
SRIKEHATI Group in Indonesia Stock Exchange
Rosemarie Sutjiati Njotoprajitno
Maranatha Christian University
Abstract
Now adays most or maybe all company's goal is to improve their values which are shown in
stock prices. This paper tries to examine the effects of factors which affect the stock price.
This paper tries to study the effect of profitability (ROE), liquidity (CR), leverage (DER,
DAR), EPS, and dividend policy (DPR) to stock price in the selected group of Indonesia stock
market. The group of companies examined selected from the SRIKEHATI group in
Indonesian stock market. This group is formed to adopt the sustainability issues that
nowadays become public concern. About how the companies in the groups attain these
criteria is not discussed in the paper. The study used quantitative approach. When the
statistical process was executed, CR and DER variables have to be expelled since they didn’t
pass the statistical test. The result show that ROE didn’t have significant effect to price while
DAR, DPR, and EPS have significant effect to stock price which suggested that improvement
in these financial ratios can be used as the media to improve stock price in SRIKEHATI listed
companies.
Keywords: Profitability, liquidity, leverage, dividend policy, stock price
Introduction
In the past when someone were asked what is the purpose of the establishment of a
company then the answer is to get the largest possible profits that can be obtained. At the
present time, there is a slight shift in which the main objective of the establishment of a
company is to increase the value of the company itself. The value of the company can be
described from the price of the stock of the company itself. Therefore the management of the
company will continue to strive to improve its performance, correcting and improving the
various parts of the company in order to constantly improve the value of the company. The
success or failure of the company's management will be seen from how great the increase or
decrease in the value of the company. Financial ratios are often used as a measurement tool to
measure the improvement/decline of the company; therefore logically it should be directly
proportional to the increase/decrease in the company's stock price. This paper tries to study
the effect of profitability (ROE), liquidity (CR), leverage (DER, DAR), EPS, and dividend
policy (DPR) to stock price in the selected group of Indonesia stock market. The group of
companies examined selected from the SRIKEHATI group in Indonesian stock market. This
group is formed to adopt the sustainability issues that nowadays become public concern.
About how the companies in the groups attain these criteria is not discussed in the paper.
There are several theory and research about the relation of financial ratio selected
with stock price that might be different one to another. Basically, companies sell stock to
public to raise funds needed in their operational, investments, and other purpose. The shares
in circulation tend to rise or fall because some internal factors such as the company's
performance and other external factors or even simply because the supply and demands
activities. There are a lot of speculations how the performance of a company might effect to
stock price. Chandra (2009:197) stated that when properly combined, financial ratios may be
used to assess corporate excellence, judge creditworthiness, predict bankruptcy, and value
equity shares.
Return on equity shows how much return can be gained from the money brought by
the shareholders to the company. Logically investors would prefer company with higher ROE
since it shows promise of future profit for the investors. Martaniet.al. (2009:50) stated that
ROE (Return on equity), has significant positive correlation with return. A higher ROEshows
that the firm can earn higher return on shareholder’s equity. A higher ROE also indicates a
higher efficiencyin spending money invested by shareholder to earn profit growth. Karaca
and Savsar (2012:62) research also shows that ROE have significant relation with firm value
with negative directions.
Khan (2012:18) shows the significant positive relation between Cash Dividend,
Retention Ratio and Return on Equity with Stock Market Prices while Earnings per Share and
Stock Dividend have negative and statistically insignificant relationship with Stock Market
Prices. About the leverage, Zhou (2008:160) shows that in market level, leverage can be both
statistically and economically important to options pricing. While Modigliani and Miller
(1958) shows that capital structure has no effect to the value of a company. Adami et. al.
(2010:21) stated that returns have a negative, albeit small, relation with leverage in all the
three models used for the estimation. It means an increase in leverage means a slight decline
in price. Hamada (1972) shows that if leverage is rising then price is rising as well, while
Dimitrov and Jain (2008) show that if leverage is rising than price is declining.
Earning per Share and dividends also directly shows the profit of the company and the
dividends which will be distributed to investors. Higher EPS shows that the company has
high capability to earn profit. While about dividend higher dividends will attract investors
that expect to gain profit from dividends while lower ones is assumed to be reinvested and
achieve capital gain. Miller and Modigliani (1961) proved that dividends are not relevant in
determining the value of a company (the theory assumes a world without taxes or transaction
cost, and investors having rational and having the same expectations). It means according to
their theory, a company values is not affected (independent) by dividends. About the
dividend policy, Brigham and Houston (2009:458) use formula Po= D1/(rs-g) that shows if a
company increase dividend payout ratio it will raise D1, which taken alone will cause the
stock price to rise, but at the same time it means less money will be available for
reinvestment and cause expected growth to decline and will tend to lower stock price. This
means dividends policy can be like double-edged sword which need to be considered fully.
These researches, to a larger extent, put attention on how these financial ratios
examined can affect stock price in the SRI KEHATI group and to what extent. There is still a
lot of difference result and theory about the relation of these ratios to stock price up till this
day. Since stock price is an important part to describe companies' values then this study
hopefully can give useful view to the companies to better improve the performance.
Research Methods and Data Collection
There are independent variables such as Return on Equity (ROE), Current Ratio (CR),
Debt to Equity Ratio (DER), Debt to Asset Ratio (DAR), Earning per Share (EPS), and
Dividend Payout Ratio. The dependent variable is Stock Price. The method used is
quantitative method. Quantitative method is done through collecting numeric data, process it
and analyze it in order to acquire scientific information of the numeric data (Martono,
2010:19). The information process is using SPSS programs. The data is collected from all the
go public companies listed in SRI KEHATI group in Indonesian stock market. This group
believed to be a group of company that has a good sustainability practices that represent
nowadays concerns. The data is secondary data from IDX sites collected from 2008-2011
periods which is available for all the companies examined.
Operational Definition of Variables
This part describes the operational definition for independent and dependent variables
that is discussed in the paper:
1. Profitability
Profitability describes the capability of the company to be profitable or to generate
money. Profitability ratio is the most frequently used financial ratio. Investors and
other parties tend to look at past profitability data and projects future profitability of a
company as their primary basis. They mostly put more attention to the ability of the
company to earn future profits and tend to use analysis that represents this.One of the
ratios of profitability used in this paperis Return on Equity (ROE) measuring the
return of the money investors put into a company. ROE is calculated in the following
way:
The most important goal of company's management is to maximize returns for its
stockholders, about this Rich et.al. (2010:646) stated that although the link between a
corporation's net income and increases in dividends and share price return is not
perfect, the return on equity ratio is still an effective measure of management
performance for the stockholders. It is the underlying assumption that the ratio of
ROE becomes one of the factors that determine the rate of return and stock price.
2. Liquidity
Liquidity ratio is a ratio that measure the capability of a company to pay their
lliability especially short term financial commitments as they become due and it is an
important measure of financial health. Sinha (2009:90) stated that the importance of
short-term liquidity can be felt from the repercussions of the claimants when a firm
fails to meet its obligations, and lack of sufficient liquidity prevents a firm from
taking advantage of favorable discounts or profitable opportunities. Further, shortage
of liquidity means limited opportunities and having constraints within management
work. The ratio used to represent liquidity in this paper is Current Ratio (CR). Current
ratio shows the capability of a company to pay their short term liabilities. Current
ratio is the most basic liquidity test that can show the user whether a company has
enough current assets to meet its short term liabilities as they become due.
Current Ratio is calculated in the following way:
Sinha (2009: 93-94) stated that there are merits of current ratio such as:
a. It is able to measure how adequately current abilities are covered. The greater
the ratio, the greater the assurance can be given for meeting the current
liabilities.
b. This ratio indicates the degree of buffer against losses. The larger the ratio, the
larger is the buffer, and the lower is the risk. It helps in signifying the degree
of safety for covering shrinkage in values of non-cash current assets.
c. It shows the volume of liquid assets available as margin of safety against
uncertain shocks to firm from unexpected circumstances.
3. Leverage
Leverage is also an important measure of a company's financial health. Leverage can
describe a company financing methods. This paper use Debt to Asset Ratio (DAR)
and Debt to Equity Ratio (DER) to represent leverage. DAR or simply called debt
ratio Shows Company's debt percentage compared to total asset. DER is one of the
most important leverage ratios that describe how much is company is financed by
debt holders compared to owners (stockholders). DAR and DER is calculated in the
following way:
Morrell (2007:71) stated that DER is still considered one of the most important ratio
for an assessment of risk and solvency, although some analyst now rely more on the
less problematical interest cover. He stated that ideally net debt to equity should be
calculated, but some resources only allow the more traditional debt/equity to be
determined. Dopson and Hayes (2008:194) stated that from a lender's perspective, the
higher the lender's own investment (relative to the actual investment by the business's
owners) the riskier is the investment and the less interested they will be in loaning
money while at the owners perspective often seek to maximize their financial leverage
and create total liabilities to total equity ratios in excess of 1.00. The same also goes
for DAR which investors favor more debt while lenders favor less debt to ensure the
safety of loan payment.
4. Earning per Share
Earning per share (EPS) measure how much money earned by each share of stock.
Investors tend to put high attention to EPS. EPS can determine the success or failure
of a company and their ability to pay dividends to stockholders. EPS is calculated in
the following way:
5. Dividend Policy
Dividend policy might be different between companies. Companies that have high
growth rate usually have lower dividends pay rate than a companies that have lower
growth rate. Dividend policy might also differ according to the age of the companies;
younger companies might offer no dividends or low dividends policy. While most
people might prefers company who regularly pay high dividends from time to time
since the company is assumed to be a good one, Moles et.al. (2011:671) argues that it
doesn’t seem that simple, he argue that the companies that pays high dividends might
did it because they already have more than enough money for all their future
investments opportunities (while they have a good future investment opportunities).
Or they pay high dividends because doesn't need much money because they have no
future investment opportunities. The second reason shows a bad signal of a company
future growth.
6. Stock Price
The stock price of a company doesn't directly have the same meaning with a company
value. First we have to multiply the stock prices with number of shares in circulation.
Examining stock price movements and the number of shares in circulation can shows
the growth of a company and many other things. But there are also cases of
companies that their stock prices have a high rise even though the company didn’t
make high profit or actually in a bad shape. Factors that surely affect stock price
movement is still become concern for many people.
Research Models
The analytical method used in this research is the analysis of linear regression
formulated as follows:
Y = a+b1X1 + b2X2+b3X3+b4X4+b5X5+b6X6
Y = variable price
X1 = variable ROE
X2 = variable CR
X3 = variable DER
X4 = variable DAR
X5 = variable Annual EPS
X6 = variable DPR
a = Interception points
b1-b5 = regression coefficient
Operation of Variable
1. Dependent variables (Y) is a logarithm transformation of price
2. X1 is a logarithm transformation of ROE
3. X2 is a logarithm transformation of CR
4. X3 is a logarithm transformation of DER
5. X4 is a logarithm transformation of DAR
6. X5 is a logarithm transformation of EPS
7. X6 is a logarithm transformation of DPR
Hypothesis
Based on the problems hypothesis is as follow:
1. Hypothesis 1: Return on Equity (ROE) has a positive and significant effect on stock
price of companies examined.
2. Hypothesis 2: Current Ratio (CR) has a positive and significant effect on stock price
of companies examined.
3. Hypothesis 3: Debt to Equity Ratio (DER) has a positive and significant effect on
stock price of companies examined.
4. Hypothesis 4: Debt to Asset Ratio (DAR) has a positive and significant effect on
stock price of companies examined.
5. Hypothesis 5: Earning Price Ratio (EPS) has a positive and significant effect on stock
price of companies examined.
6. Hypothesis 6: Dividend Payout Ratio (DPR) has a positive and significant effect on
stock price of companies examined.
7. Hypothesis 7: ROE, CR, DER, DAR, Annual EPS, DPR simultaneously has a positive
and significant effect on stock price of companies examined
Statistical Tests
The statistical test of financial data being done through classical assumption stages:
multicolinearity test, normality test, heteroscedasticity test.
Table 1 MulticolinearityTest -Stage 1
Coefficientsa
Model Unstandardized
Coefficients
Standardized
Coefficients
t Sig. Collinearity Statistics
B Std. Error Beta Tolerance VIF
1
(Constant) ,456 ,504 ,905 ,368
log ROE ,048 ,096 ,057 ,502 ,617 ,556 1,800
log CR ,119 ,149 ,281 ,799 ,427 ,058 17,140
log DER -,204 ,342 -,211 -,595 ,554 ,057 17,408
log DAR ,468 ,093 ,935 5,048 ,000 ,210 4,753
log Annual EPS ,305 ,106 ,328 2,870 ,005 ,551 1,816
log DPR -,179 ,085 -,387 -2,119 ,037 ,217 4,617 a. Dependent Variable: log Price
The requirements of multicolinearity are VIF ≤ 10, Tolerance ≥ 0,1, and table 1 shows
that from stages 1 test CR and DER didn’t pass the test and have to be abandoned. And the
formula customized to:
Y = a+b1X1 + b2X2+b3X3+b4X4
X1 = variable ROE
X2 = variable DAR
X3 = variable Annual EPS
X4 = variable DPR
Further statistical test are being done as follow:
Table 2MulticolinearityTest -Stage 2
Coefficientsa
Model Unstandardized
Coefficients
Standardized
Coefficients
t Sig. Collinearity Statistics
B Std. Error Beta Tolerance VIF
1
(Constant) ,510 ,248 2,057 ,043
log ROE ,020 ,072 ,024 ,283 ,778 ,980 1,021
log DAR ,449 ,090 ,896 4,997 ,000 ,221 4,518
log Annual EPS ,260 ,094 ,280 2,773 ,007 ,697 1,435
log DPR -,169 ,082 -,364 -2,045 ,044 ,225 4,437 a. Dependent Variable: log Price
The 2nd stage test shows that all variables pass the test and can be inserted to the next test.
Table 3 Normality -One-Sample Kolmogorov-Smirnov Test
Unstandardized
Residual
N 96
Normal Parametersa,b
Mean ,0000000
Std. Deviation ,19382548
Most Extreme Differences
Absolute ,078
Positive ,072
Negative -,078
Kolmogorov-Smirnov Z ,769
Asymp. Sig. (2-tailed) ,596
a. Test distribution is Normal.
b. Calculated from data.
Normality value is 0.596 (requirement sig value > 1%, 5%, or 10%) all variables pass the test.
Table 4 Heteroscedasticity test
Coefficientsa
Model Unstandardized Coefficients Standardized
Coefficients
t Sig.
B Std. Error Beta
1
(Constant) -,728 2,293 -,318 ,751
log ROE -1,719 ,662 -,253 -2,598 ,011
log DAR -1,041 ,831 -,257 -1,253 ,213
log Annual EPS 1,201 ,868 ,160 1,382 ,170
log DPR ,174 ,762 ,046 ,228 ,820
a. Dependent Variable: ln
The test shows that all variables pass the test.
Results
This following table shows the result of data process:
Table5 Correlations Statistics
Correlations
log Price log ROE log DAR log Annual EPS log
DPR
Pearson Correlation
log Price 1,000 ,039 ,540 ,058 ,411
log ROE ,039 1,000 -,018 ,000 -,083
log DAR ,540 -,018 1,000 -,198 ,827
log Annual EPS ,058 ,000 -,198 1,000 ,123
log DPR ,411 -,083 ,827 ,123 1,000
Sig. (1-tailed)
log Price . ,354 ,000 ,287 ,000
log ROE ,354 . ,432 ,499 ,210
log DAR ,000 ,432 . ,027 ,000
log Annual EPS ,287 ,499 ,027 . ,117
log DPR ,000 ,210 ,000 ,117 .
N
log Price 96 96 96 96 96
log ROE 96 96 96 96 96
log DAR 96 96 96 96 96
log Annual EPS 96 96 96 96 96
log DPR 96 96 96 96 96
The results show partial effect of:
ROE to Price = 0,0392. 100% = 0,15%. (not significant and can be ignored)
DAR to Price = 0,5402. 100% = 29,16%.
Annual EPS to Price = 0,0582. 100% = 0,34%.
DPR to Price = 0,4112. 100% = 16,89%.
Table6 Model Summary
Model R R Square Adjusted R
Square
Std. Error of the
Estimate
1 ,593a ,352 ,323 ,19804
a. Predictors: (Constant), log DPR, log ROE, log Annual EPS, log DAR
b. Dependent Variable: log Price
Simultaneously Effect = 0,323 or 32,3%
Table 7 ANOVAa
Model Sum of Squares df Mean Square F Sig.
1
Regression 1,937 4 ,484 12,348 ,000b
Residual 3,569 91 ,039
Total 5,506 95
a. Dependent Variable: log Price
b. Predictors: (Constant), log DPR, log ROE, log Annual EPS, log DAR
Simultaneously test proved to be having an effect and significant which it means the
hypothesis of the research accepted. Sig value (0,000) < α (1%,5%, or 10%)
Table 8 Results
Coefficientsa
Model Unstandardized
Coefficients
Standardized
Coefficients
t Sig.
B Std. Error Beta
1
(Constant) ,510 ,248 2,057 ,043
log ROE ,020 ,072 ,024 ,283 ,778
log DAR ,449 ,090 ,896 4,997 ,000
log Annual EPS ,260 ,094 ,280 2,773 ,007
log DPR -,169 ,082 -,364 -2,045 ,044
a. Dependent Variable: log Price
Regression Formula
Y = a+b1X1 + b2X2+b3X3+b4X4
= 0,510 + 0,020 X1 + 0,449 X2 + 0,260 X3 - 0,169 X4
Y = log (price)
X1 = log (ROE)
X2 = log (DAR)
X3 = log (Annual EPS)
X4 = log (DPR)
a = 0,510 it means when X= 0, then Y (price) = 0,510
b1 = When log (ROE) increase by 1 point, then log (price) increase 0,020
b2 = When log (DAR) increase by 1 point, then log (price) increase 0,449
b3 = When log (Annual EPS) increase by 1point, then log (price) increase 0,260
b4 = When log (DPR) increase by 1 point, then log (price) decrease 0,169
Partial test shows:
Sig log (ROE) = 0,778- > α (1%,5%, or 10%), then research hypothesis is declined, partially
ROE didn’t have significant effect to price.
Sig log (DAR) = 0,000 < α (1%,5%, or 10%), then research hypothesis is accepted, partially
DAR have a significant effect to price.
Sig log (Annual EPS) = 0,007 < α (1%,5%, or 10%), then research hypothesis is accepted,
partially annual EPS have a significant effect to price.
Sig log (DPR) = 0,044 < α (5%, or 10%), then research hypothesis is accepted, partially DPR
have a significant effect to price but whit negative sign.
ROE didn’t have significant effect to price in the SRI KEHATI group this is different
from the previous research and theory mentioned above.This could be affected by the fact
that companies that are in the group are composed of companies of diverse kinds. DAR has
significant effect to stock price. The finding about leverage has the opposite result with
Adami et. Al (2010:21) result mentioned above but somehow consistent with capital structure
theory which show that financing risk imposed by leverage will be rewarded with higher
returns. It seems that in this case the debt - supposedly being managed well, is considered to
be a positive sign toward investment and growth. The companies in the group which is a
assumedly as a sustainable companies believed to have strength and long term lifespan makes
the investors attracted while off course there is still limitation on how much the debt can give
this effect. If somehow the debt is pass certain optimum point then the fact could be reversed.
The length of the leverage is not examined here and need further study but it is believed that
the difference of the length of leverage can give opposite effect to stock price.
EPS have significant effect to stock price. This is the same with the other research or
theory mentioned above. Stock price will rise whenever EPS is rising. It also shows that
investors put attention to EPS in their decision.DPR have a significant negative effect to price
it could be means that investors in this group tends to prefer capital gains rather than
dividends.
The variables examined simultaneously shows significant effect to price and therefore
companies need to pay attention to improve their performance in order to shape the financial
ratio in a better form that can attract investor and improve company's value.
Conclusions and Limitations
From the statistical results shows that the variable ROE didn’t have significant effect
to stock price, while variables DAR, annual EPS and DPR have significant effect to stock
price. Simultaneously, these variables show important meaning in determining stock price
and company values and therefore need to be considered more. This research also shows the
movement of stock price is also influenced by other factors that is not examined since it
simultaneously effect is 32.3%. Further researches that examine other factors are needed in
order to better describe the movement of stock price. Since SRI KEHATI group is composed
of companies of diverse kinds, further research that sort out these companies absolutely
essential.
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Financial Report Date September 2009-2010-2011
KODE TAHUN ROE CR DER DAR Annual EPS DPR Price
(%) (%) (Rp) (%)
AALI
2008 76.60 194.42 0.23 0.18 1,670.76 30.23 9,800.00
2009 40.16 182.58 0.18 0.15 1,054.55 85.82 22,750.00
2010 41.10 193.17 0.19 0.15 1,280.70 64.81 26,200.00
2011 39.55 130.97 0.21 0.17 1,586.65 62.71 21,700.00
ADHI
2008 20.97 113.25 7.75 0.88 45.23 25.44 270.00
2009 45.37 115.15 6.69 0.87 91.89 30.75 410.00
2010 37.26 121.37 4.71 0.82 105.19 30.75 910.00
2011 32.96 119.33 5.17 0.84 101.37 29.92 580.00
AKRA
2008 24.31 99.67 1.81 0.60 67.20 31.25 720.00
2009 26.89 95.87 2.20 0.63 87.54 28.56 1,170.00
2010 17.60 104.79 2.01 0.63 81.97 203.73 1,730.00
2011 20.70 135.73 1.32 0.57 133.75 168.22 3,025.00
ANTM
2008 23.93 801.65 0.26 0.21 143.43 40.07 1,090.00
2009 9.62 727.31 0.21 0.18 63.35 40.06 2,200.00
2010 23.72 381.77 0.28 0.22 176.49 40.07 2,450.00
2011 23.85 1,064.23 0.41 0.29 201.79 45.09 1,620.00
ASII
2008 46.44 132.17 1.21 0.50 2,270.30 38.32 10,550.00
2009 41.11 136.88 1.00 0.45 2,480.02 33.47 34,700.00
2010 42.65 126.18 1.10 0.48 3,548.60 13.24 54,550.00
2011 33.98 136.40 1.02 0.51 5,273.25 37.55 74,000.00
BBCA
2008 33.16 110.47 9.55 0.91 234.28 42.68 3,250.00
2009 32.11 110.94 9.14 0.90 276.10 39.84 4,850.00
2010 31.23 111.75 8.51 0.89 343.92 32.71 6,400.00
2011 32.40 112.37 8.09 0.89 436.84 35.94 8,000.00
BBNI
2008 12.52 108.30 12.07 0.92 80.04 10.00 680.00
2009 17.99 118.31 10.88 0.92 162.63 35.00 1,980.00
2010 16.56 115.39 6.50 0.87 219.95 30.00 3,875.00
2011 19.72 114.49 6.90 0.87 321.26 19.45 3,800.00
BBRI
2008 39.46 109.99 10.01 0.91 483.43 34.92 4,575.00
2009 36.29 109.41 10.63 0.91 592.73 22.28 7,650.00
2010 40.65 109.98 10.02 0.91 930.10 12.47 10,500.00
2011 37.65 111.86 8.43 0.89 620.07 19.72 6,750.00
BDMN
2008 30.59 114.28 7.22 0.88 420.60 49.67 3,100.00
2009 25.31 111.55 9.09 0.90 303.21 29.95 4,550.00
2010 15.00 119.23 5.23 0.84 182.65 49.80 5,700.00
2011 21.69 118.68 5.40 0.84 342.57 34.99 4,100.00
BMRI 2008 26.44 109.31 10.75 0.91 254.13 34.84 2,025.00
2009 30.83 109.82 10.23 0.91 341.22 5.65 4,700.00
2010 33.63 110.32 9.81 0.91 439.04 31.94 6,500.00
2011 26.35 112.81 7.81 0.89 534.83 19.63 6,750.00
INDF
2008 30.59 89.77 3.11 0.67 117.81 39.90 930.00
2009 40.02 116.09 2.45 0.62 236.42 39.34 3,550.00
2010 32.37 203.65 1.34 0.47 336.30 39.55 4,875.00
2011 20.10 190.95 0.70 0.41 571.43 30.62 4,600.00
INTP
2008 27.44 178.57 0.33 0.24 474.16 31.63 4,600.00
2009 35.54 300.55 0.24 0.19 746.12 30.16 13,700.00
2010 32.49 555.37 0.17 0.15 876.05 30.02 15,950.00
2011 29.92 698.54 0.15 0.13 978.35 29.95 17,050.00
ISAT
2008 13.36 90.49 1.95 0.66 345.70 50.00 5,750.00
2009 12.43 54.63 2.05 0.67 275.72 0.00 4,725.00
2010 6.06 51.55 1.94 0.65 119.10 50.00 5,400.00
2011 6.28 55.05 1.77 0.64 171.68 44.75 5,650.00
JSMR
2008 14.39 315.77 1.18 0.53 104.09 49.96 910.00
2009 15.23 115.64 1.17 0.52 145.98 60.22 1,810.00
2010 19.07 165.04 1.37 0.56 175.51 60.22 3,425.00
2011 18.68 106.05 1.32 0.57 194.35 40.59 4,200.00
KLBF
2008 32.52 333.35 0.38 0.24 69.60 17.96 400.00
2009 34.13 298.70 0.39 0.26 91.47 27.33 1,300.00
2010 32.95 439.36 0.23 0.18 126.66 55.27 3,250.00
2011 30.50 365.27 0.27 0.21 151.61 62.66 3,400.00
LPKR
2008 10.48 170.15 1.54 0.59 21.44 0.00 800.00
2009 10.78 177.34 1.40 0.56 22.43 0.00 510.00
2010 9.33 202.55 1.03 0.49 24.29 47.51 680.00
2011 10.47 206.31 0.94 0.48 25.13 31.00 660.00
LSIP
2008 41.50 170.06 0.54 0.35 679.74 30.60 2,925.00
2009 26.44 140.54 0.27 0.21 518.47 40.31 8,350.00
2010 30.34 239.27 0.22 0.18 757.25 8.06 12,850.00
2011 35.80 483.25 0.16 0.14 306.40 32.64 2,250.00
MEDC
2008 68.16 222.50 1.68 0.62 920.71 16.34 1,870.00
2009 7.13 155.40 1.85 0.64 54.44 0.00 2,450.00
2010 27.46 204.24 1.86 0.64 223.77 0.00 3,375.00
2011 42.49 160.52 2.02 0.67 1,323.48 0.00 2,425.00
PGAS
2008 18.11 217.65 2.47 0.69 27.60 151.24 1,860.00
2009 70.30 248.36 1.35 0.55 256.96 60.01 3,900.00
2010 58.14 343.40 1.22 0.53 257.38 60.00 4,425.00
2011 44.54 549.92 0.80 0.45 254.25 52.95 3,175.00
PJAA 2008 21.71 316.76 0.51 0.34 82.65 45.19 355.00
2009 19.74 197.06 0.58 0.37 85.87 46.58 510.00
2010 17.87 200.00 0.47 0.31 88.60 46.84 840.00
2011 17.69 135.75 0.47 0.32 101.21 44.46 1,000.00
PTBA
2008 63.82 365.74 0.51 0.33 741.18 0.00 6,900.00
2009 65.98 491.23 0.40 0.28 1,183.84 45.06 17,250.00
2010 40.83 579.05 0.36 0.26 871.86 60.00 22,950.00
2011 49.71 463.25 0.41 0.29 1,339.27 60.03 17,350.00
SMGR
2008 44.48 338.58 0.30 0.23 425.45 50.58 4,175.00
2009 45.65 357.63 0.26 0.20 560.82 55.00 7,550.00
2010 39.33 29.17 0.29 0.22 612.53 50.00 9,450.00
2011 34.83 264.65 0.35 0.26 667.72 49.56 11,450.00
TINS
2008 55.20 262.41 0.51 0.34 2,667.10 4.99 1,080.00
2009 16.01 294.13 0.42 0.29 62.34 0.00 2,000.00
2010 26.82 323.67 0.40 0.29 188.34 50.00 2,750.00
2011 27.58 325.70 0.43 0.30 178.25 49.98 1,670.00
TLKM
2008 59.20 54.16 1.38 0.52 526.76 56.37 6,900.00
2009 57.32 60.58 1.22 0.49 526.76 51.25 9,450.00
2010 48.21 91.49 0.98 0.43 572.27 56.37 7,950.00
2011 34.20 95.80 0.69 0.41 767.91 48.32 7,050.00
UNTR
2008 34.60 163.62 1.05 0.51 799.77 40.01 4,400.00
2009 39.33 165.64 0.76 0.43 1,147.48 28.76 15,500.00
2010 31.37 156.59 0.84 0.46 1,164.13 50.68 23,800.00
2011 28.30 171.64 0.69 0.41 1,571.92 52.17 26,350.00
UNVR
2008 104.80 110.98 0.98 0.49 257.49 99.81 7,800.00
2009 111.23 100.39 1.10 0.52 315.50 99.84 11,050.00
2010 114.74 104.17 1.02 0.50 398.97 100.01 16,500.00
2011 112.19 85.13 1.15 0.53 443.90 100.02 18,800.00
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