RETURN SAHAM, INFLASI, DAN STRUKTUR KEPEMILlKAN TERHADAP RlSlKO INVESTASI
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Date
2011-09
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Journal Title
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Volume Title
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Jurnal Keuangan dan Perbankan , Universitas Merdeka Malang, Volume 15, Nomor 3
Abstract
The economic crisis in Indonesia had an impact on the declining performance of the company'sfindamentals
on the stock market. This degradation was caused by a failure in risk management, especially the unsystema
tic risk. Many companies could not manage their debt policy, investment decision, earnings management,
liquidity, and ownership structure that had implications for the risk. The objective of this research was to
investigate the effect of stock return, inflation and ownersip stucture to investment risk of manufacturer
industries in 2003-2009. Population of this research was manufacturing companies listed in BEI. The sampling
method used in this research was purposive sampling and the results were 126 companies based on the
criteria of the sample. Polling data method and judgment sampling were used to collect the data and two stage
least squares (2 SLS) were as the analysis method. Based on the hypothesis test, it could be summarized that all
predictors had a significant eflect simultaneously. Result of the I" model showed that only investment and
profitability effect to stock return partially ; 2" model, SBI, KURS, and M2 had an effect to the inflation
partially; 3* model was only dividend payout ratio and debt to equity ratio effected to ownership structure
partially; 4" model showed that only return variable signijicantly influenced to investment risk partially.
Description
Keywords
stock return, inflation, ownership structure, investment risk