Abstract
INDONESIA:
Investasi pada asset keuangan mengandung banyak ketidak pastian. Pada dasarnya investor dalam menanamkan modalnya menginginkan return atau tingkat pengembalian yang tinggi. Oleh karena itu para investor harus pintar memilih perusahaan mana yang bisa menghasilkan laba yang tinggi, sehingga dapat menerima return yang tinggi pula. Untuk menilai kemampuan perusahaan dalam menghasilkan laba dapat melalui informasi yang terkandung dalam laporan keuangan, yaitu diamati dengan menghitung rasio keuangan. Penelitian ini bertujuan untuk mengetahui (1) Pengaruh langsung return on equity (ROE) dan return on assets (ROA) terhadap return saham di perusahaan manufaktur (2) Pengaruh langsung return on equity (ROE) dan return on assets (ROA) terhadap earning per share (EPS) di perusahaan manufaktur (3) Pengaruh tidak langsung return on equity(ROE) dan return on assets (ROA) terhadap return saham melalui earning per share (EPS) di perusahaan manufaktur.
Jenis penelitian ini termasuk Jenis penelitian asosiatif kausalitas. Populasi dalam penelitian ini adalah seluruh perusahaan manufaktur yang listing di BEI tahun 2009-2011. Sampel yang digunakan adalah 73 perusahaan manufaktur yang listing di BEI selama periode 2009-2011. Sedangkan teknik analisis data dengan mengunakan teknik analisis jalur (path analysis) untuk melihat pengaruh langsung varibel eksogen, yaitu return on equity (X1) dan return on assets (X2) terhadap variabel endogen, yaitu return saham (Y), dan pengaruh tidak langsung melalui variabel intervening, yaitu earning per share (Z).
Hasil penelitian ini adalah return on equity (ROE) tidak berpengaruh signifikan secara langsung terhadap return saham tetapi ROE berpengaruh signifikan secara tidak langsung melalui earning pershare (EPS). Sedangkan return on assets (ROA) tidak berpengaruh signifikan secara langsung terhadap return saham dan tidak berpengaruh secara tidak langsung melalui earning per share (EPS) pada pada perusahaan manufaktur yang listing di BEI tahun 2009-2011.
ENGLISH:
Investments in financial assets contain many uncertainties. Basically investors wanting toINVEST
their capital in return or a high return rate. Therefore, investors should be smart to choose which companies can generate higher profits, so it can receive a high return as well. To assess the ability of the company in generating profits can be through information stated in financial reports which can be observed by computing the financial ratios. This study aimed at (1) investigating the effects of Return on Equity (ROE) directly on the share return and indirectly through Earning per Share (EPS) (2) investigating the effects of Return on Assets (ROA) directly on the share return and indirectly through Earning per Share (EPS) on manufacturing companies in 2009-2011.
their capital in return or a high return rate. Therefore, investors should be smart to choose which companies can generate higher profits, so it can receive a high return as well. To assess the ability of the company in generating profits can be through information stated in financial reports which can be observed by computing the financial ratios. This study aimed at (1) investigating the effects of Return on Equity (ROE) directly on the share return and indirectly through Earning per Share (EPS) (2) investigating the effects of Return on Assets (ROA) directly on the share return and indirectly through Earning per Share (EPS) on manufacturing companies in 2009-2011.
The design of the study was associative causative. The population in this study was the entire manufacturing companies listed in the Indonesian Stock Exchange during 2009-2011 of which 73 manufacturing companies listed in the Indonesian Stock Exchange during 2009-2011 were taken to be the samples. In addition, the data analysis was path analysis to observe direct effects of exogenous variables, which were Return on Equity (X1) and Return on Assets (X2) on the endogenous variable, which was share return (Y) and indirect effects through the intervening variable, which was Earning per Share (Z).
The findings were that Return on Equity (ROE) indirectly had insignificant effects on the share return, but directly it had significant effects through Earning per Share (EPS). Besides, Return on Assets (ROA) indirectly had insignificant effects on the share return and indirectly had insignificant effects through Earning per Share (EPS) on the manufacturing companies listed in the Indonesian Stock Exchange during 2009-2011
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