Pengaruh Investment Oportunity Set Terhadap volume perdagangan Saham Perusahaan Go Public Di...
PENGARUH INVESTMENT OPPORTUNITY SET TERHADAP VOLUME PERDAGANGAN SAHAM PERUSAHAAN GO PUBLIC DI BURSA EFEK JAKARTA
TESIS OLEH : RAHMAD GUSRIFA 027017012 / AKUTANSI
PROGRAM PASCASARJANA UNIVERSITAS SUMATERA UTARA
MEDAN 2004
Rahmad Gusrifa : Pengaruh INVESTMENT OPPORTUNITY SET Terhadap volume perdagangan…, 2004 USU Repository © 2007
ABSTRACT The aim of this research was to examine the influence of investment opportunity set for shares trading volume between growth company and non growth company. There were six proxies was used as variable of IOS, that are market to book value of assets ratio (MVA/BVA), market to book value of equity ratio (MVE/BVE), price to earning ratio (P/E), capital expenditure to book value of assets ratio (CAP/BVA), capital expenditure to market value of assets ratio (CAP/MVA), and firm value to book value of' plant, property, and equipment ratio (VPPE). Realized growth was measured with proxies of growth sales, growth earning, growth equity, and growth assets. The proxy of IOS was a n a l y z e d w i t h u s i n g c o m mo n f a c t o r a n a l y s i s t o d e t e r m i n e c o mp a n y classification. The characteristic data was used in this research is cross section. The choosing of sample used purposive sampling method, and the result was obtained are 56 companies from various industry. Based on the result common factor analysis can be determined 24 growth companies and 32 non growth companies. Classifying into growth company and non growth company based on IOS score value that was obtained from common factor analysis. Six proxies IOS was correlated with using Spearman Rank Correlation to realized growth. The test of normality showed that data distribution was abnormal. Furthermore to knew if there were the influence IOS to shares trading volume done regression. The results showed that as individual or total score IOS didn't have that significant relation with realized growth. Then, didn't find difference shares trading volume between growth company with non growth company. The regression test showed same thing, there were not significant influences 105 to shares trading volume. It meant that investor hasn’t yet reacted to classifying company based on IOS theory. Key words: investment opportunity set, realized growth, shares trading
volume, proxy.
Rahmad Gusrifa : Pengaruh INVESTMENT OPPORTUNITY SET Terhadap volume perdagangan…, 2004 USU Repository © 2007
RINGKASAN
Tujuan penelitian ini adalah untuk menguji pengaruh investment opportunity set terhadap volume perdagangan saham antara perusahan yang berpotensi tumbuh dan perusahaan yang tidak berpotensi tumbuh. Ada enam proksi yang digunakan sebagai variabel 10S, yaitu rasio market to hook value of assets (A7/VA HVA), ratio market to hook value of equity (WERI/A), rusio price to earning (flip), rust° capital expenditure to hook value of assets (CAP 13114), rasio capital expenditure to market value of assets (CAP/A/11/7,4), clan ratio firm value to hook value of plant, property, and equipment (VI'I'I,). Realisasi pertumbuhan perusahaan diukur dengan proksi pertumbuhan penjualan, pertumbuhan laba, pertumbuhan ekuitas, dan pertumbuhan aktiva. Keseluruhan proksi IOS dianalisis dengan memakai common factor analysis untuk menentukan klasifikasi perusahaan.
Data yang digunakan dalam penelitian ini bersifat cross section. Pemilihan sampel memakai metode purposive sampling, dan hasil yang diperoleh sampel penelitian berjumlah 56 perusahaan dari berbagai jenis industri. berdasarkan hasil analisis faktor dapat ditentukan 24 perusahaan yang tumbuh dan 32 perusahaan yang tidak tumbuh. Pengelompokan ke dalam perusahaan yang tumbuh dan tidak tumbuh berdasarkan peringkat nilai IOS yang diperoleh dari hasil analisis faktor. Ke-enam proksi IOS tersebut dikorelasikan dengan metode Spearman Rank Correlation terhadap realisasi pertumbuhan perusahaan. Pengujian normalitas data menunjukkan bahwa distribusi data adalah tidak normal. Selanjutnya untuk mengetahui adanya pengaruh IOS terhadap volume perdagangan saham dilakukan regresi.
Hasil pengujian menunjukkan bahwa secara individual maupun skor total IOS tidak memiliki hubungan yang signifikan dengan realisasi pertumbuhan perusahaan. Sejalan dengan itu, tidak ditemukan adanya perbedaan volume perdagangan saham antara perusahaan yang berpotensi tumbuh dengan perusahaan yang tidak berpotensi tumbuh. Pengujian regresi juua membuktikan hal yang sama, tidak ada pengaruh yang signifikan IOS terhadap volume perdagangan saham. I n i b e r a r t i b a h w a i n v e s t o r b e l u m bereaksi terhadap klasifikasi perusahaan berdasarkan teori IOS.
Kata kunci
investment opportunity set, realisasi pertumbuhan perusahaan, volume perdagangan saham, proksi.
vi
Rahmad Gusrifa : Pengaruh INVESTMENT OPPORTUNITY SET Terhadap volume perdagangan…, 2004 USU Repository © 2007
TESIS OLEH : RAHMAD GUSRIFA 027017012 / AKUTANSI
PROGRAM PASCASARJANA UNIVERSITAS SUMATERA UTARA
MEDAN 2004
Rahmad Gusrifa : Pengaruh INVESTMENT OPPORTUNITY SET Terhadap volume perdagangan…, 2004 USU Repository © 2007
ABSTRACT The aim of this research was to examine the influence of investment opportunity set for shares trading volume between growth company and non growth company. There were six proxies was used as variable of IOS, that are market to book value of assets ratio (MVA/BVA), market to book value of equity ratio (MVE/BVE), price to earning ratio (P/E), capital expenditure to book value of assets ratio (CAP/BVA), capital expenditure to market value of assets ratio (CAP/MVA), and firm value to book value of' plant, property, and equipment ratio (VPPE). Realized growth was measured with proxies of growth sales, growth earning, growth equity, and growth assets. The proxy of IOS was a n a l y z e d w i t h u s i n g c o m mo n f a c t o r a n a l y s i s t o d e t e r m i n e c o mp a n y classification. The characteristic data was used in this research is cross section. The choosing of sample used purposive sampling method, and the result was obtained are 56 companies from various industry. Based on the result common factor analysis can be determined 24 growth companies and 32 non growth companies. Classifying into growth company and non growth company based on IOS score value that was obtained from common factor analysis. Six proxies IOS was correlated with using Spearman Rank Correlation to realized growth. The test of normality showed that data distribution was abnormal. Furthermore to knew if there were the influence IOS to shares trading volume done regression. The results showed that as individual or total score IOS didn't have that significant relation with realized growth. Then, didn't find difference shares trading volume between growth company with non growth company. The regression test showed same thing, there were not significant influences 105 to shares trading volume. It meant that investor hasn’t yet reacted to classifying company based on IOS theory. Key words: investment opportunity set, realized growth, shares trading
volume, proxy.
Rahmad Gusrifa : Pengaruh INVESTMENT OPPORTUNITY SET Terhadap volume perdagangan…, 2004 USU Repository © 2007
RINGKASAN
Tujuan penelitian ini adalah untuk menguji pengaruh investment opportunity set terhadap volume perdagangan saham antara perusahan yang berpotensi tumbuh dan perusahaan yang tidak berpotensi tumbuh. Ada enam proksi yang digunakan sebagai variabel 10S, yaitu rasio market to hook value of assets (A7/VA HVA), ratio market to hook value of equity (WERI/A), rusio price to earning (flip), rust° capital expenditure to hook value of assets (CAP 13114), rasio capital expenditure to market value of assets (CAP/A/11/7,4), clan ratio firm value to hook value of plant, property, and equipment (VI'I'I,). Realisasi pertumbuhan perusahaan diukur dengan proksi pertumbuhan penjualan, pertumbuhan laba, pertumbuhan ekuitas, dan pertumbuhan aktiva. Keseluruhan proksi IOS dianalisis dengan memakai common factor analysis untuk menentukan klasifikasi perusahaan.
Data yang digunakan dalam penelitian ini bersifat cross section. Pemilihan sampel memakai metode purposive sampling, dan hasil yang diperoleh sampel penelitian berjumlah 56 perusahaan dari berbagai jenis industri. berdasarkan hasil analisis faktor dapat ditentukan 24 perusahaan yang tumbuh dan 32 perusahaan yang tidak tumbuh. Pengelompokan ke dalam perusahaan yang tumbuh dan tidak tumbuh berdasarkan peringkat nilai IOS yang diperoleh dari hasil analisis faktor. Ke-enam proksi IOS tersebut dikorelasikan dengan metode Spearman Rank Correlation terhadap realisasi pertumbuhan perusahaan. Pengujian normalitas data menunjukkan bahwa distribusi data adalah tidak normal. Selanjutnya untuk mengetahui adanya pengaruh IOS terhadap volume perdagangan saham dilakukan regresi.
Hasil pengujian menunjukkan bahwa secara individual maupun skor total IOS tidak memiliki hubungan yang signifikan dengan realisasi pertumbuhan perusahaan. Sejalan dengan itu, tidak ditemukan adanya perbedaan volume perdagangan saham antara perusahaan yang berpotensi tumbuh dengan perusahaan yang tidak berpotensi tumbuh. Pengujian regresi juua membuktikan hal yang sama, tidak ada pengaruh yang signifikan IOS terhadap volume perdagangan saham. I n i b e r a r t i b a h w a i n v e s t o r b e l u m bereaksi terhadap klasifikasi perusahaan berdasarkan teori IOS.
Kata kunci
investment opportunity set, realisasi pertumbuhan perusahaan, volume perdagangan saham, proksi.
vi
Rahmad Gusrifa : Pengaruh INVESTMENT OPPORTUNITY SET Terhadap volume perdagangan…, 2004 USU Repository © 2007