USING ARBITRAGE PRICING THEORY (APT) MODEL IN COMPANIES LISTED ON PHARMACEUTICAL INDUSTRIES PERIOD 2012-2017

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dc.contributor.authorIchsani, Sakina
dc.contributor.authorSusanti, Neneng
dc.date.accessioned2021-02-07T14:59:00Z
dc.date.available2021-02-07T14:59:00Z
dc.date.issued2019
dc.description.abstractThe purpose of this study is to determine the expected return of securities by using the APT model. Arbitration Pricing Theory (APT) is an alternative model that can be used to estimate the return of a stock based on the concept of arbitration. In this study, researchers took objects on companies listed in the pharmaceutical industry listed on the Indonesia Stock Exchange using purposive sampling. The population in this study was companies in the pharmaceutical industry and was listed on the Indonesia Stock Exchange for the period 2012-2017. Based on the predetermined criteria, the sample used in this study is seven companies which are then analysed by regression analysis methods; data processing is using SPSS 24.00. The results show that simultaneously the exchange rate (X1), inflation (X2), world oil price (X3), import (X4), and export (X5) have a significant effect on stock returns, partially the exchange rate (X1) and inflation (X2) has a negative significant effect on stock. Import (X4) and export (X5) have a positive significant effect on stock returns. While the variable world oil price (X3) does not significantly influence stock returns. Suggestions from researchers are further researcher can use companies in other industries as a comparison material and / or can add research variables. Suggestions for companies are companies can conduct early prevention activities such as minimizing risk through agreements or clauses to other companies as business partners.en_US
dc.identifier.issn1943-023X
dc.identifier.urihttp://repository.widyatama.ac.id/xmlui/handle/123456789/12190
dc.language.isoenen_US
dc.publisherJournal of Advanced Research in Dynamical & Control Systems, Vol. 11, 03-Special Issueen_US
dc.subjectExchange Rateen_US
dc.subjectInflationen_US
dc.subjectWorld Oil Priceen_US
dc.subjectImporten_US
dc.subjectExporten_US
dc.subjectStock Returnen_US
dc.titleUSING ARBITRAGE PRICING THEORY (APT) MODEL IN COMPANIES LISTED ON PHARMACEUTICAL INDUSTRIES PERIOD 2012-2017en_US
dc.typeArticleen_US
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