PENGARUH PRICE EARNING RATIO (PER) DAN DEBT TO EQUITY RATIO (DER) TERHADAP CUMMULATIVE ABNORMAL RETURN (CAR)

Abstract

Abstrak

Perekonomian Indonesia Tahun 2008 Tengah Krisis Keuangan Global. Indonesia merupakan negara small open economy sehingga imbas dari krisis finansial global sangat mempengaruhi kondisi perekonomian dalam negeri. Salah satu dampak dari krisis finansial global adalah perlambatan pertumbuhan ekonomi Indonesia pada tahun 2008. Pasar modal di indonesia juga mengalami fluktuasi harga saham pada masing-masing perusahaan. Nilai Cummulative Abnormal Return (CAR) pada pasar modal diduga dipengaruhi oleh informasi Price Earning Ratio (PER) dan Debt to Equity Ratio (DER).Tujuan penelitian ini adalah untuk memperoleh bukti empiris adanya pengaruh informasi Price Earning Ratio (PER) dan Debt to Equity Ratio (DER) terhadap Cummulative Abnormal Return (CAR). Populasi dalam penelitian ini adalah perusahaan Semen yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2008 sampai dengan 2015. Sampel penelitian dipilih menggunakan tehnik purposive sampling. Analisis data yang digunakan adalah Uji Chow data panel dan Uji Fixed Efek Model. Hasil penelitian menunjukkan Price Earning Ratio (PER) berpengaruh negatif terhadap Cummulative Abnormal Return (CAR) dan Debt to Equity Ratio (DER) berpengaruh positif terhadap Cummulative Abnormal Return (CAR). Dalam penelitian ini hanya meneliti Pengaruh Price Earning Ratio dan Debt to Euity Ratio Terhadap Cummulative Abnormal Return (CAR), penelitian selanjutnya dapat meneliti ROA dan ROE.

Kata Kunci: Price Earning Ratio (PER), Debt to Equity Ratio (DER) dan Cummulative Abnormal Return (CAR).

Abstract

Economy indonesia in 2008 amid global financial crisis. Indonesia is a country small open economy so that the impact of the global financial crisis my affects the condition of the economy dosmetic. On of the effects of the global financial crisis is slowing economic growth in Indonesia in 2008. Capital markets in Indonesia also experienced fluctuations in the share price of each company. The value Cummulative Abnormal Return (CAR) of the stock market allegedly affected by the information Price Earning Ratio (PER) and Debt to Equity Ratio (DER).This research target is to obtain empirical evidence of their influence information Price Earning Ratio (PER) and Debt to Equity Ratio (DER) related to Cummulative Abnormal Return (CAR). Population in this research is the companies cement listed on the Indonesian Stock Exchange year 2008-2015. Sample selection use the technique of purposive sampling. Data analysis is Chow Test panel data and test of fixed effect model. Result of research show the Price Earning Ratio (PER) negative effect related to Cummulative Abnormal Return (CAR) and Debt to Equity Ratio (DER) positive effect related to Cummulative Abnormal Return (CAR). In this study only examined influence Price Earning Ratio (PER) and Debt to Equity Ratio (DER) to Cummulative Abnormal Return (CAR), further research can investigate ROA dan ROE.

Keywords:Price Earning Ratio (PER), Debt to Equity Ratio (DER) dan Cummulative Abnormal Return (CAR).