Analisis Faktor-faktor yang Mempengaruhi Harga Saham-saham Pertanian di Bursa Efek Indonesia (Suatu Tinjauan terhadap Peningkatan Pemakaian Biodiesel)

Hariana, (2009) Analisis Faktor-faktor yang Mempengaruhi Harga Saham-saham Pertanian di Bursa Efek Indonesia (Suatu Tinjauan terhadap Peningkatan Pemakaian Biodiesel). Masters thesis, Universitas Terbuka.

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Abstract

This research aims to identify several factors influencing stock price of agro industry sector on Indonesia Stock Exchange (ISX). Independent factors used to explained those price stocks are macro economics factors, price of raw materials on the same sector (crude oil, crude palm oil and biodiesel), fundamental factors of those emittens, such as Earning Per Share and Return On Asset, as well as market movement activities such as Jakarta Composite Index (JCI), Price To Earning Ratio and Price To Sales Ratio. Since it covers (five) stocks in agro industry sector listed on ISX observed within 39 (thirty nine) months, therefore this research employs data panel statistical method. Regression method applied to this research is GLS (Generalized Least Square) using dummy variables to accommodate structural data change. Regression analysis for those variables which likely influencing the stock price showed that interest rate (SBI), Crude Oil Price, CPO Price, EPS, JCI and PTS have significantly influenced the stock price of agro industry sector. Another objective of this research is to analyse fundamental performance of each emitter observed in this research by comparing their relative valuation. Astra Agro Lestari with ticker AALI is one of 5 (five) stock observed has been picked as a sample to perform this valuation. Such a fundamental valuation of fair stock price employs historical data of the emitter financial performance and verified using statistical programming. Moreover the result such valuations are then compared to the present price of this stock.

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