PENGARUH VARIABEL FUNDAMENTAL TERHADAP RISIKO SISTEMATIK PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEJ
ABSTRACT: This study
investigated fundamental variables that influence systematic risk. Fundamental
variables as independent variables consist of operating leverage, financial
leverage, firm size and profitability. Dependent variables is systematic risk
that proxied by beta. Population this study manufacturing companies listed in
Jakarta Stock Exchange from July 1994 until June 2000. There are two criterions
to sample. First, Stock of manufacture company that active traded on category
frequency transaction. Second, company have complete financial report from 1994
until 2000. Last sample are 54 manufacture company. Analysis and process data
use multiple regression with SPSS pro-gram. The result of regression test show
from 3 independent variables (operating leverage, firm size, and profitability)
influent systematic risk (beta). Financial leverage did not influent to
systematic risk (beta). Result of chow test show impact of operating leverage, financial
leverage, firm size and profitability to systematic risk between normal period
and crisis period was different. Determination Coefficient is low (0.232). It’s
mean there are 76.8% other fundamental variables influent to systematic risk.
Keywords: Operating leverage,
Financial lever-age, Firm size, Profitability, Systematic risk, Beta
Penulis: Lisa Kartikasari SE.,
M.Si., Akuntan
Kode Jurnal: jpmanajemendd070026
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