HUBUNGAN SINYAL-SINYAL FUNDAMENTAL DENGAN HARGA SAHAM
ABSTRACT: In order that
shareholders able to make decision correctly,
they are insisted to analyze financial report. One analysis method can be used
is fundamental analysis. Fundamental analysis has five processes namely that business
knowledge, information analysis, forecast payoff, valuation, and making
decision. In practice, the analysts or
the share holders often minimize in the second
phase and clear up in the third phase. Indirectly, by minimizing the
second phase, they have minimized information in accounting numbers. Based on agency
theory, it can be happened information asymmetry between the shareholders with
manager. After-ward, the manager has tried to minimize the information
asymmetry by publishing financial report. Fundamental signal was defined as a
signal that has contains of information. As much as fundamental signals used by
the shareholders, as less as information asymmetry drops. This research wants
to know the relations be-tween several fundamental signals with company performance
before and after conditioning. The sample that’s used in this research couses
of 123 non-finance companies in period 2000, 2001, 2002, 2003, and 2004. Dependence
variable that used to measure company performance is stock price, while five
independence variables that used to measure a signal that has contain soft
information in view of investor those are, account receivables, inventories,
administration and selling expenses, gross margin is control variable in this
research, and cash flow from operation activities as the main of independence
variable. Results of test indicate that gross margin signal, administration and
selling expenses signal were used by investor to analyze company performance.
Keywords: fundamental
analysis, fundamental signal, information content, cash flow, earnings, stock
prices
Penulis: Sherly Friska Dewi
dan Eko Widodo Lo
Kode Jurnal: jpmanajemendd070026
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