Komparatif Model Stern Stewart, Sharpe, Treynor, dan Konvensional (Analisis Sensitifitas Kinerja Keuangan terhadap Harga Saham)

• Main Authors: Arisyahidin HS, Edi Subiyantoro
• Format: Article
• Language: English
• Published: Universitas Sebelas Maret 2012-04-01
• Series: Jurnal Akuntansi dan Bisnis
• Online Access: https://jab.fe.uns.ac.id/index.php/jab/article/view/29
• ISSN: 1412-0852; 2580-5444

This research is intently to examines the effects of performance measurement Stern Stewart, Sharpe, Treynor, and Conventional model on the stock price of the go-public enterprises at JSX. The purposive sampling which based on several judgement criterion or judgement sampling produces 86 samples on data period 1999 – 2003. This choice of data period is to make a best model as representative of good ecomonic condition where the economic condition of Indonesia on the past year (1996 – 1998) is not normal as an excess of economics crisist, and eliminating bias analysis as a concequences of nonnormal economic condition. For example on that periode, the risk free rate (SBI) on 20,00% - 70,81%, and average ROIs of the firms were negative until the end of 2000. Multiple regression analysis is used for final testing of hypotesises, produces conclusion that three models of performance measurement statistically and significantly correlate to the stock price, and the change variability of the stock price can be explained by the change variablity of these independent variables. With the results that alteration of financial performance significantly can be used to predict the alteration of the price of stock. The result of this research also describe partial conclusion that measurement model of performance (Stern Stewart, Sharpe, and Conventional) are used by investor as a strategic information, except the Treynor model is not significant.