ANALISIS PENGARUH RASIO-RASIO KEUANGAN EARLY WARNING SYSTEM DAN TINGKAT SUKU BUNGA SBI TERHADAP RETURN SAHAM (Studi Empiris Pada Perusahaan Industri Asuransi di BEI Tahun 2008-2013)
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Tesis Program Magister Akuntansi Universitas Widyatama
The objective of this research was to determine influence of Financial Ratios in Early Warning System that consists of incurred loss ratio, liquidity ratio, agent’s balance to surplus ratio, premium growth ratio, and SBI rate toward stock return of insurance companies both partial and that simultaneous. This study used 11 insurance companies listed on the Indonesia Stock Exchange (IDX) period from 2008 to 2013 with a total of 66 observations. The research used a descriptive analytical method. The research was conducted by an explanatory research technique in those insurance companies that were listed in Indonesia Stock Exchange by using secondary data, that is, financial statements of insurance companies for a time period of 2008-2013 and SBI rate, where as the data analysis method used was a multiple regression analysis and hypothesis test used t test anf F test at level of significance 5 % by using SPSS 21 program. The result of partial test showed that incurred loss ratio has a negative, insignificant influence to stock return of the insurance companies, liability to liquid asset ratio has no negative influence to stock return of the insurance companies, solvency margin ratio has a possitve, insignificant influence to stock return of the insurance companies, premiun growth ratio has a possitve, significant influence to stock return of the insurance companies and SBI rate has no negative influence to stock return of the insurance companies. Meanwhile, the result of test simultaneously showed that financial ratios in early warning system (incurred loss ratio, liability to liquid asset ratio, solvency margin ratio, premium growth ratio and SBI rate) has significant influence to stock return of the insurance companies in Indonesia Stock Exchange.
Financial Ratios in Early Warning System, SBI rate, Stock Return of Insurance Companies