PERAN EKSISTENSI SAHAM DI LQ45 PADA KINERJA PROFITABILITAS PERUSAHAAN

Herman Karamoy, Hizkia H. D. Tasik

Sari

Many companies in Indonesia compete to improve the financial performance to be listed in LQ45 index. LQ45 index is the house of 45 stocks with high liquidity, big market capitalization and good financial performance. This paper aims to investigate whether the existence status of stocks in LQ45 index in the past affects the current profitability performance of the companies. This study relies on semesterly data from 19 companies dated from 2012 to 2015. Using panel data regression model of Net Profit Margin (NPM), the findings suggests that the existence of stocks in LQ45 index in previous period significantly affect the NPM. The results are robust and consistent across specifications either using fixed effect or random effect approaches. The magnitude ranges from 22,77 to 26,87 percentage points.

Kata Kunci

status eksistensi; profitabilitas; NPM; indeks LQ45

Teks Lengkap:

PDF

Referensi

Annaert, J., F. Buelens, L. Cuyvers, M. De Ceuster, dan M. Deloof. 2011. Are blue chip stock market indices good proxies for all-shares market indices? The case of the Brussels Stock Exchange. Financial History Review 18(03): 277-308. Decem- ber 2011. DOI: 10.1017/ S0968565011000 187.

Antou, R. R. dan H. Tasik. 2017. Analisis Spillover pada Saham yang Masuk di Indeks LQ45 dan Non LQ45. Jurnal Emba 5(3): 2713-2720.

Bromels, J. 2018. The Fall of a Blue Chip: General Electric's Horrible 2018: The Industrial Giant's Year Began Poorly and Only Got Worse from There. Published on Dec 10, 2018 at 6:17AM. Accessed on Aug 16, 2019. https:// www.fool.com/investing/2018/12/10/the-fall-of-a-blue-chip-general-electrics-horrible.aspx.

Carrion, A. 2013. Very Fast Money: High-Frequency Trading on the NASDAQ. Journal of Financial Markets 16(4): 680–711. doi:10.1016/j.finmar. 2013.06.005.

Chung, D. Y. dan K. Hrazdil. 2010. Liquidity and Market Efficiency: Analysis of NASDAQ Firms. Global Finance Journal 21(3): 262–274. doi:10.1016/j.gfj.2010.09. 004.

Chung, M. M. C., K. C. Han, dan M. K. S. Tse, 1996. Interrelationship Among the Price Indexes of the NYSE, AMEX, and OTC. International Review of Economics and Finance 5(1): 63–75. doi:10.1016/s1059-0560(96)90006-4.

Dang, V. A., D. Michayluk, dan T. P. Pham. 2018. The curious case of changes in trading dynamics: When firms switch from NYSE to NASDAQ. Journal of Financial Markets. doi:10.1016/ j.finmar. 2018.07.001.

Danial, K. 2019. Cryptocurrency Investing for Dummies. ISBN 13: 978-1-119-53305-4, For Dummies Publisher, first edition (March 6, 2019).

Demsetz, H., 1997. Limit Orders and the Alleged Nasdaq Collusion. Journal of Financial Economics 45.91-95.

Goff, D. C. 1994. The Relationship Among Firm Size, E/P, and Share Price Anomalies: NASDAQ Stocks Versus NYSE and AMEX Stocks. Journal of Economics and Finance 18(3): 287–299. doi:10.1007/bf02920488.

Guedes, E., A. Dionísio, P. J. Ferreira, dan G. F. Zebende. 2017. DCCA Cross-Correlation in Blue-Chips Companies: A View of the 2008 Financial Crisis in the Eurozone, Physica A 479 (2017): 38–47.

Hausman, J. A. 1978. Specification Tests in Econometrics. Econometrica 46: 1251–1271.

IDX. 2018. IDX Fact Book 2018. Research and Development Division, Indonesia Stock Exchange, diakses pada 21 Agustus 2019 melalui laman https://www.idx.co.id/ media/4648/20181218_fb-2018.pdf.

Ivanov, S. I., F. J. Jones, dan J. K. Zaima. 2013. Analysis of DJIA, S&P 500, S&P 400, NASDAQ 100 and Russell 2000 ETFs and their influence on price discovery. Global Finance Journal 24(3): 171–187. doi: 10.1016/j.gfj.2013.10.005.

Jogiyanto. 2010, Portfolio Theory and Investment Analysis, Gajah Mada Press, Yogyakarta.

Kandel, E. dan L. M. Marx. 1997. Nasdaq Market Structure and Spread Patterns. Journal of Financial Economics 45(1): 61–89. doi:10.1016/s0304-405x(96)00894-x.

Malkiel, B. G. 2019. A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, W. W. Norton and Company, edition 12, ISBN 10:1324002182, ISBN 13:9781324002185.

Miller, M. B. 2018. Quantitative Financial Risk Management, Wiley Finance Series, ISBN 13:9781119522201, ISBN:111952220X.

Poon, A. 2016. Not Too Big To Fail: 5 Blue Chip Companies That Have Fallen From Grace: 5 Companies that are Good Reminders for Us that Blue Chip Companies are not Infallible. Online on September 27, 2016. Accessed on Aug 16, 2019. https://dollarsandsense.sg/no-such-thing-as-too-big-to-fail-5-bluechip-companies-that-have-fallen-fromgrace/.

Prasetya, A. H. dan H. H. D. Tasik. 2017. Analisis Dampak Variabel Keuangan Saham Terhadap Keluar – Masuknya Saham di LQ-45 (Periode 2014 - 2015). Jurnal Emba 5(2): 1532 –1541.

Schwert, G. W. 1997. Symposium on market microstructure: Focus on Nasdaq. Journal of Financial Economics 45(1): 3–8. doi:10.1016/s0304-405x(97)00014-7

Srivastava, U. Dan Sheikh, R. A. 2016. Stock performance analysis of top ten Indian blue chip companies. International Journal of Commerce and Management Research 2(11): 29-30.

Suryani, A dan Herianti, E. 2015. The Analysis of Risk Adjusted Return Portfolio Performance Share for LQ 45 Index in Indonesia Stock Exchange in 2010-2014 Periods. Procedia - Social and Behavioral Sciences. Volume 211, 25 November 2015, Pages 634-643, https:// doi.org/10.1016/j.sbspro.2015.11.087

Tandelilin, E. 2010. Portofolio dan Investasi Teori dan Aplikasi. Edisi pertama. Kanisius. Yogyakarta.

Waller, R dan Wright, C. 2019. How to Invest in Real Estate: The perfect beginner’s guide to creating wealth and passive income without making mistakes. Amazon kindle. ISBN:1095634380 ; 978-109563438

Refbacks

  • Saat ini tidak ada refbacks.