SUMARNI, SUMARNI (2018) PENGARUH PROFITABILITAS DAN LAND BANK TERHADAP HARGA SAHAM PADA PERUSAHAAN PROPERTY DAN REAL ESTATE YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2010-2016. S2 thesis, Universitas Mercu Buana Jakarta.
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Abstract
The objective of the study is to estimate and analyze the factors affecting stock prices of property and real estate companies listed on the Indonesia Stock Exchange during the period 2010-2016 using the panel data regression method. The data panel regression method was applied because the research data used from Indonesian Capital Market Directory (ICMD) is a combination of time series data, where there are seven years of observation period (2010-2016) and cross section data, where there are twenty-five property and real estate companies estate selected as a study sample of 38 company populations. Sampling technique used is based on purposive sampling technique. The results showed all independent variables consisting of; ROA, EPS, ROE, NPM and Land Bank jointly affect stock prices of real estate and real estate companies significantly. Of the variables that influence significantly, EPS variable is the most dominant variable effect on stock price changes, while the variable ratio of NPM is the variable with the least influence. For the goodness-of-fit test measured by the termination coefficient (R2) shows the number of 0.9130, which means that variations in the change and fall of stock prices of property and real estate firms over the period 2010-2016 can be explained by the ROA, EPS, ROE, NPM and Land Bank of 91.30 percent, while the rest, which is 8.70 percent can be explained by other variables outside the fixed effect model applied in the study. Keywords : Indonesia Stock Exchange, return on assets (ROA), return on equity (ROE), Net profit margin (NPM), earnings per share (EPS), land bank (LB), share price, panel data regression Tujuan penelitian melakukan estimasi dan analisis terhadap faktor-faktor yang memengaruhi harga saham perusahaan properti dan real estate yang tercatat di Bursa Efek Indonesia selama periode 2010-2016 dengan menggunakan metode regresi data panel. Metode regresi data panel diaplikasikan karena data penelitian yang digunakan dari Indonesian Capital Market Directory (ICMD) merupakan gabungan dari data time series, dimana terdapat tujuh tahun periode pengamatan (2010-2016) dan data cross section, dimana terdapat dua puluh lima perusahaan properti dan real estate yang terpilih sebagai sampel penelitian dari 38 populasi perusahaan. Teknik pengambilan sample yang digunakan adalah berdasarkan teknik purposive sampling. Hasil penelitian menunjukkan seluruh variabel bebas yang terdiri dari; ROA, EPS, ROE, NPM dan Land Bank secara bersama-sama memengaruhi harga saham perusahaan properti dan real estate secara signifikan. Dari variabel yang berpengaruh secara signifikan, variabel EPS merupakan variabel yang paling dominan pengaruhnya terhadap perubahan harga saham, sementara variabel rasio NPM merupakan variabel yang pengaruhnya paling kecil. Untuk pengujian goodness-of-fit yang diukur dengan koefisien diterminasi (R2) menunjukkan angka sebesar 0.9130, yang berarti bahwa variasi perubahan naik turunnya harga saham perusahaan properti dan real estate selama periode 2010-2016 dapat dijelaskan oleh variabel ROA, EPS, ROE, NPM dan Land Bank sebesar 91,30 persen, sementara sisanya, yaitu sebesar 8,70 persen dapat dijelaskan oleh variabel-variabel lain diluar model efek tetap yang diaplikasi dalam penelitian. Kata Kunci ; Bursa Efek Indonesia, return on asset (ROA), return on equity (ROE), Net profit margin (NPM), earning per share (EPS), land bank (LB), harga saham, regresi data panel.
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