404 customers commitment to a company, or the customers desire to keep
an enduring relationship with the vendor Zhang and Prybutok, 2005. It is also defined as a highly deep commitment to keep on purchasing a
product or service in the future regardless of the fact that there are situational factors and marketing efforts which have potential to create
switching behavior Yim et al., 2008. 2. Literatur Review Dimension
1. Relationship Quallity In measuring a Rellationship Quality will require a benchmark or
dimension. -
Satisfaction Basic and the minimum requirements are being met by the
determinant of the satisfaction. Customer loyalty and satisfaction has a positive relationship with the market share and market profitability
Anderson et al., 1994. As has been demonstrated in common rule of thumb, costs of acquiring new customers are between five to ten
times more than to retain the existing customers who are satisfied Slater et al., 2000. Relationships between customer value
perceptions, satisfaction and loyalty have been explored in the recent research Lam et al., 2004.
- Trust
Commitment and trust are critical as pointed out by the relationship quality literature in establishing and maintaining the relationship
between company and customers Morgan, 1994. Attitudinal loyalty and behavioral loyalty are being related to both the satisfaction and
trust Chiou, 2006. As a form of social norm, the trust, enhances the perceived value and reduces the monitoring costs of relationship
Alejandro, 2011. Customer loyalty and repurchase intention are positively related to satisfaction Burton, 2003. Trust has two levels,
at the first level, the customer trusts one particular sales representative while at the second level the customer trusts the
company.
- Commitment
The belief that the importance of relationships with significant others will ensure maximum effort in maintaining these relationships
Pepper Rogers , 2004: 71
405
2. BrandTrust In measuring a Brand Trust will require a benchmark or dimension. Mayer
et al, 1995 and Ridings et, al 2002 defined by three types of beliefs: competence, honesty and benevolence. Competence is related to the
consumers perceptions of the other partys knowledge and skills to complete a relationship and satisfy their needs [16] Coulter and Coulter,
2002. Honesty is the belief that the second party will keep their word, fulfil their promises and be sincere [27] Gundlach and Murphy, 1993; [18]
Doney and Cannon, 1997. In turn, benevolence reflects the belief that one of the parties is interested in the wellbeing of the other. Specifically,
benevolence refers to the other partys willingness to make an effort to meet common objectives. Indeed, a benevolent attitude is expected to
condition the behaviour of the other party in the event that unforeseen circumstances arise [25] Ganesan, 1994. Taking into account the previous
considerations, we propose that the concept of consumer trust in the FS may be considered as a construct formed by three different dimensions:
honesty, benevolence and competence. Komiak and Benbasat 2004, categorized the definitions of trust in three
groups; i conceptual types trust as belief or attitude ii the direct objects of trust customer trust in salesperson, company or product and iii trust
in some specific characteristics of a trustee competence, integrity and benevolence. Crosby et al. 1990 Mayer et al. 1995 identified that the
most usual characteristics of trustee are competence, integrity and benevolence. In case of banking industry these can be defined as:
i Trust in competence: trust in trustees technical capabilities, skills and know-how.
ii Trust in integrity: Trustors perception that the trustee adheres to a set of principles that the trustor finds acceptable.
iii Trust in benevolence: the degree to which a trustee is believed to want to do good to the trustor in a dyadic relationship, aside from an egocentric
profit motive Komiak and Benbasat 2004. Hoffman et al. 2006 suggests that the psychological aspects of trust
should be linked with the engineering trust issues security, usability, reliability, availability, safety, and privacy.
Trust can be thought of as having two components, performance or
406 credibility trust and benevolence trust Ganesan, 1994, Here performance
trust refers to a customers confidence in the firms expertise to provide effective and reliable services while benevolence trust refers to a
customers belief in the firms intentions and motives to place customer interest ahead of company interest, Ball et al., 2004; Ganesan, 1994;
Sirdeshmukh et al., 2002. 3. Loyalty Y
In measuring a loyalty will require a benchmark or dimension. Bloemer and De Ruyter, 1998; [30] Hallowell, 1996. This distinction implies that loyalty
includes a psychological component, based on consumer feelings that motivate a general attachment to the products of an organisation [30]
Hallowell, 1996, and a behavioural one, based on aspects such as the frequency of visits to a store or the percentage of expense [51] Nilsson
and Olsen, 1995. Loyalty Y Yim et al., 2008.It is also defined as a highly deep
commitment to keep on purchasing a product or service in the future regardless of the fact that there are situational factors and marketing
efforts which have potential to create switching behavior. The Dimension is :
- Repeat Purcase Loyalty to the product purchase Kotller Keller, 2006; 57 - Retention Resistance to negative influences Kotller Keller, 2006; 57
- Referalls Referencing in total esistensi companiesKotller Keller, 2006; 57
407
RESEARCH METEDOLOGY
408 Relationship Quality X1, Palmatier 2006 Relationship quality is an overall
assessment about strength of the relationship between the two parties. The dimension is:
- Satisfaction Customer satisfaction with the product or service is the level of feeling that
someone declare the results of a comparison of the performance of the products or services received and diharapkannnya Kotller Keller 2012:
128 - Trust Trust is the willingness of companies to begantung business
partners the scope of the producer or consumer Kotler and Keller 2012 : 203
- Commitent The belief that the importance of relationships with significant others will ensure maximum effort in maintaining these
relationships Pepper Rogers , 2004: 71
409 Brand Trust X2, According to Chaudhuri and Holbrook 2001 : 82 brand
trust can be interpreted as a willingness to rely on the ability customers branding to perform its stated function . The Dimensions is :
- Performace Competence The ability of the brand in keeping promises and meet the users with the output will increase customers confidence in the
brand. Li et al . 2007 : 39 - Benevolence Intention is customer satisfaction customers are increasingly
confident about the brand so that customers will tend to choose the brand and do not switch to the other brands . Li et al . 2007 : 39
410 Loyalty Y, Yim et al., 2008.It is also defined as a highly deep
commitment to keep on purchasing a product or service in the future regardless of the fact that there are situational factors and marketing
efforts which have potential to create switching behavior. The Dimension is :
- Repeat Purcase Loyalty to the product purchase Kotller Keller, 2006; 57 - Retention Resistance to negative influences Kotller Keller, 2006; 57
- Referalls Referencing in total esistensi companiesKotller Keller, 2006; 57
RESEARCH RESULT EXPECTATION, LIMITATION AND ORIGINALITY
Research Results Expectation The results of this research estimated that the two factors that consists of
brand trust and relationship quality may effect to customer loyalty. Limitation
The research is limited to only two independent variables consisting of brand trust consisting of indicators of performance competence,
411 benevolence intention, then the variable relationship quality consists of
indicators satisfacion, trust, and commitment, while the dependent variable is customer loyalty that consists of indicators repeat purchase,
retention and referalls. This research is limited only to the company that has been working have used the services of PT. Saputra Trans Abadi.
Originality This research was conducted entirely original researcher of the study,
without any element of duplication or plagiarism in the aspects of substance and writing. Researchers also stated that it would accept all the
consequences to all the existing content in this study.
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414
Website http:disperindag.jabarprov.go.idstatistik6
http:jabar.bps.go.idnewwebsitebrs_indbrsInd-20150311121437.pdf
415
The Influence of Systematic Risk, Interest Rates, Change in Tax Rates to the Stock Return of Indonesian Property Companies Listed in IDX
Karla Okta Mianda carlamiandayahoo.com
1,3
, Ratika Puspita Sari iniemailnyatikayahoo.com
2,3 1
Accounting Tax Analyst at Astra Property Group,
2
Accounting Staff at PT. LEN Industri;
3
Master of Management Program, Faculty of Economics, and Business, Universitas Padjadjaran MM FEB UNPAD
INTRODUCTION
The purpose of investor’s decision to invest in financial asset or securities is to earn return or profit from the investment. In addition, investors also
need to consider the risks of their investment decision. The higher return that were expected from investors, the higher risk that must be faced by
investors. So it can be said that the relationship between the level of return and the level of risk is directly proporsional.
In general, the risk can be divided into two categories, which are systematic risk and unsystematic risk. Systematic risk is the risk that comes
from the economic conditions and general market conditions which can not be diversified. Systematic risk expressed in the form of beta β.
Conversely, unsystematic risk is the risk that can be eliminated through diversification.
The business of property is one of the business sectors that closely related to the performance of Indonesian banks because most of the capital
gained from the property sector is derived from bank loans. The property sector is being widely reported in recent years.
Macroeconomic factors such as the weakening purchasing power, the governments policy about the interest rates and inflation indicated may
affect the performance of the property sector in Indonesia. With the appreciation of dollar exchange rate, the interest rates would rise as Bank
of Indonesia would hold rupiah currency, this condition would results in high inflation. In addition, Both of the appreciation dollar exchange rate
and higher interest rates would have an impact on the investment sector and the real sector, where investment in the real sector such as property
and small, medium enterprises would be disturbed.
416 Another factors that cause in rise of inflation rate is the rising of fuel prices,
the rising of fuel price could bring adjustment to the public and industries including property industries. The adjustment could be resulted in a
decline of public purchasing power and the rising of raw material prices. The inflation could slowdown the economic condition and potentially
weaken domestic industries sectors including industrial property. Real estate and property companies are business unit that specializes in
the construction of houses and residential, hospitality buildings, office buildings, and many others. High inflation would drive the price of of
building materials to be more expensive, which would lead to higher production costs that are covered by the company. As it is known that high
inflation could increase production costs and be able to make the consumer purchasing power decreased. The decline in purchasing power
and high production costs would indirectly affect the condition of the capital markets. Investors will not be interested to invest and the demand
for stocks because of the higher risks, especially real estate and property stocks. Investors would demand higher return due to higher risk of
investing in real estate and property stocks. Interest rate is the cost of borrowing or the price paid for the loan is
usually expressed in percentage Mishkin, 2008. Therefore, the interest rate can also be interpreted as money earned on loans that have been
granted. Interest rates basically have two meanings in accordance with the viewpoint which are the viewpoint from the bank and from the borrowers.
For the bank, the interest rate is an income or a profit on the money lent by the entrepreneurs or customers or suppliers. And for businessmen
interest rates are considered as cost of production or cost of capital. With the slowdown of the development of in the property sector, the
government established a policy to decrease the interest rate of Bank Indonesia from 7.75 to 7.5 and it responded well by the market. The
government hopes that this enhances the consumer purchasing power, especially consumers who would buy a house. In addition the government
is improving the infrastructure of using funds derived from diverting the fuel subsidies in the hope of the diversion of funds to the infrastructure
policies provide benefits for property development.
417 Taxation is a very fundamental thing, the tax collection should be based on
legislation. Regulation of the Minister of Finance concerning a certain corporate taxpayers as a tax collectors of income tax from the buyer for
the sale of goods which is classified as very luxurious. Such rules decrease the benchmark selling price on premium class residential income tax
exposed 22 to Rp 5 billion from Rp 10 billion. The building area affected by the new rules of Income Tax 22, is much smaller than the previous rule
which is 500 square meters for the house footprint, and 400 square meters for vertical housing.
On September 2015, Indonesian government, under the leadership of President Jokowi, set up two policies. First, Indonesia government decide
to raise the luxury goods sales tax rate PPnBM for the luxury residences and apartments, and second, they allow the foreigners for owning
properties within the country. The first policy, luxury residences and apartments that is subjected to PPnBM is the consumers who buy
properties at price above 10 billion rupiahs. This rule is under the authority of the Ministry of Finance of Indonesia. The Regulation are
targeted could be completed in early October 2015. This regulation will revise the previous regulation which is the Finance
Minister Regulation PMK Number 106 PMK.010 2015. In this regulation, the government requires that the property that is subjected to
a 20 PPnBM is apartments and luxury homes. Second, the regulation revision also performed on Government Regulation PP No. 41 of 1996
about the ownership of a residence or occupancy by foreigners Domiciled in Indonesia by allowing foreigners to own property in the country, but
limited only to the apartment and housing at prices above 10 billion rupiahs. This regulation gives legal certainty and convenience for
foreigners investor to get a place to stay in Indonesia. Also in September 2015, Bisnis Indonesia newspaper proclaimed that to
overcome the weakening national property sector, the government is arranging three policies. First, the government open the opportunities for
foreign citizen to own properties in the form of flats luxury property at a price above 10 billion rupiahs. Second, the government revised the
government regulation PP to strengthen Perumnas performance in constructing flats for low-income communities MBR. Third, the
government complete the PP about “hunian berimbang” to encourage
418 construction of flats for low income communities MBR by private
developers. The regulation revision in tax rates that conducted by the Indonesian government certainly could affect the level of profits from the
companys property which will affect stock prices and therefore could affect the stock return.
Based on this background, the the problem formulation of this research are:
1. How does the influence of systematic risk on stock returns in
property companies listed on the Stock Exchange Indonesia ? 2.
How does the influence of interest rates on stock returns in property companies listed on the Stock Exchange Indonesia?
3. How does the change in tax rates on stock returns in property
companies listed on the Stock Exchange Indonesia? The purpose of this study is:
1. To determine the influence of systematic risk on stock returns in
property companies listed on the Stock Exchange Indonesia. 2.
To determine the interest rate on stock returns in property companies listed on the Stock Exchange Indonesia
3. To determine changes in tax rates on stock returns in property
companies listed on the Stock Exchange Indonesia.
LITERATURE REVIEW 1. Risk
Investors who invest their money are definitely expecting returns as high as possible by considering risk that they have to carry in an investment
Tandelilin, 2001. According to Tandelilin 2001 risk is the possibility of the differences between the actual return earned with the expected
return. Meanwhile, according to Horne and Wachociez 2005 risk is the difference of return earned with the return expected. Therefore, it can be
concluded that the risk is the probability of not reaching an expectation. The higher the probability, the higher the expected return.
According to Husnan 2005 sources of risk can be divided into two general categories:
1. Systematic risk, that is the risk that affects all the many
companies.
419 2.
Unsystematic risk, that is the risk of affecting the small companies.
Systematic risk or can also be called market risk can not be diversified into portfolio. Systematic risk is derived from the events outside the company
caused by economic factors inflation, changes in exchange rates, and interest rates or non economic factors political and security
disturbances. While unsystematic risk or specific risk can also be called the unique risks of a company. The risk can be offset by good conditions in the
shares of other companies in the diversified portfolio. The same sense of the systematic risk is also expressed by Malkiel and Xu
2006 which states that the systematic risk is undevirsifiable, The other type - unsystematic risk - is specific to a companys fortune. Since
uncertainty can be mitigated through Appropriate diversification . The concept of systemic risk was also delivered by Dowd 2005 that states that
Market risk systematic risk arises from unexpected changes in market prices or market rates. Accordingly, market risk consists of interest rate
risk, equity risk, exchange rate risk, commodity price risk, and so on. The two Researches stated that systematic risk is undiversiable, and arises from
unexpected changes. Market risk systematic risk consists of interest rate risk, equity risk, exchange rate risk, commodity price risk, and so on.
2. Interest rates Interest is the cost of borrowing or the price paid for the loan that is
usually expressed in percentage Mishkin, 2008. Therefore, the interest rate can also be interpreted as money earned on loans granted. Interest
rates have basically two meanings according to the point of view, that is for the banks lender and for client borrower. For banks viewpoint or lender,
the interest rate is an income or a profit on the money lent to the employer or client. And for the entrepreneur or the borrower, the interest
rate is considered as cost of production or cost of capital. High interest rates will encourage investors to invest their funds in banks
rather than invest it in production sectors or industries that have a greater level of risk. Thus, the rate of inflation can be controlled through policies
interest rate Khalwaty, 2010: 144. Interest rates by Khalwaty 2010: 144 can be divided into two, as follows:
420 1.
The nominal interest rate is the interest rate in the value of money. The rate is a value that could be read in general. The
interest rate shows the amount of rupiah to every single rupiah invested.
2. Real interest rates are interest rates that have experienced a
correction due to inflation and defined as the nominal interest rate deducted the inflation rate.
In banking there are two kinds of interest rates that are given to customers that is Kashmir, 2009:
1. The deposit rate is the interest rate is given as recompense for
customers who save their money in banks. deposit interest rate is the price that must be paid by bank to its customers. For example,
current accounts, savings deposits and interest on deposits.
2. The loan interest rate that is the interest rate given to the
borrower or the price paid by borrowers to the bank. Every society that interact with the bank, whether it was the interaction
in the form of deposits, and loans credit, will bear interest.
For the people who save their money in banks, either in the form of savings deposits, time deposits, and current accounts will be subject to
interest rates on deposits in. The rate is the reciprocal of the bank so that people willing to invest their funds in the bank. The higher the interest
rates on deposits, then people will be more interested to deposit their funds in banks, because of their expectations to gain profit from the
interest rate received, and vice versa, the lower the interest rates on deposits, then the public interest in saving money decreases because the
people believes the level of profit they would earn from deposit interest rate are fewer compared to invest their funds in other projects other than
banks. Another case with interest rates on deposits. The lending rate charged to
the public who wish to borrow funds from banks. The interest rate of the loan is depend on the type of loan that they choose. The higher the
interest rate banks charge, the less public interest to borrow, because they are faced with a number of credit payments plus high interestand also
bank charges. And this would burden the people who concerned in borrowing, and pay off credit in the future. On the contrary, if the interest
rate banks charge credit loans is low then the public interest in credit
421 borrowing grow, especially micro, small, and medium enterprises SMEs.
With the low interest rates on loans, will trigger the growth and development of the number of SMEs, which means it can reduce the
number of unemployed. Because after all, SMEs is known as a cantilever number of workers in Indonesia are more abundant, and in order not idle.
Because after all SMEs is known as a the support of employment in Indonesia that recently growing, and hopefully reduced the amount of
unemployment in Indonesia. 3. Tax rates
According to Sudirman and Amiruddin 2012: 9 The tax rate is the provision of a percentage or number rupiah of tax that has to be paid
by the taxpayer in accordance to the the tax base. Intrinsically person who bears the tax is the society, the issue of tax base and tax rate must solved
through the approval of the society that represented by by the legislative branches and the results is poured in the law that must be complied by all
the parties that subject to the tax obligations Rahayu, 2010 : 23. Tax collection by the government, implemented in such a manner in order not
to detrimental to society, therefore tax rates are needed so that the tax collection will be balanced between the public and the government so that
there are no aggrieved party and there is no error between people and government.
The types of tax rates are: proportional rates is rate in the form of percentage that fixed, against any amount of the objected tax so that the
amount of tax payable is proportional to the amount of value that taxed, a fixed rate is the rate in the form of a fixed amount equal to any amount
that charged taxes so that the amount of tax unpaid, progressive rate is the percentage rate that is used the greater the volume of the larger taxed
Waluyo and Ilyas, 2003: 16 Taxes are a cost component which deduct available profit in the
organization, either to be retained or distributed as dividends to shareholders of the company Nnadi and Akpomi, 2008
4. Stock Return Return is one of the factor that motivating investor to invest and also a
reward for the courage investor to face the investment risk Tandelilin,
422 2010: 101. According to Jones 2000: 124, the investment return consists
of two components, which are: 1.
Yield, the return component which reflects cash flow or income derived from an investment periodically. Yield is just a number
zero 0 and positive +. 2.
Capital gain loss, a return component which is an increase or decrease price of securities stocks or bonds, which could give
gains losses for investors. Capital gain loss could be a number minus -, zero 0, and positive +.
Systematically total return of an investment can be written as follows: Return total = yield + capital gain loss
Types of Stocks According to Tandelilin 2010:105, types of return as follow:
1. Realized return
Actual return which calculated based on historical data ex post data. Historical return is used as a basis for determining the
expected return and conditioning expected return
2. Expected Return
Return which expected by investors in the future. Unlike the actual return where the return already realized, the expected
return is estimation result where the return have not yet realized ex ante data.
3. Required Return
Return that obtained historically which is the minimum desired level of return by investors on a subjective preference of investors
toward risk.
In relation to this paper, the researchers try to find a relationship between stock returns of the listing property companies and the risks that may be
faced by the companies. Related research conducted by Merton, 1980 stated that the expected rate of return depends on the interest rate and
the inflation rate. In addition to Lakonishok and Shapiro research, 1986 stated that security returns are affected by various measures of
unsystematic risk.
423
RESEARCH METHODS Types of Research and Samples of Population of the Research
Type of this research is quantitative research. Quantitative research approach can be interpreted as a method of research which based on the
philosophy of positivism, which used for researching the population or a particular sample, generally the sampling technique is taken randomly,
data collection is using research instruments, data analysis is statistical quantitative in order to test the hypothesis which have been set before
Sugiyono, 2011: 8. This research is using event study method, Event study study of events is a methodology used to observe the effect of the
existence of an event of price changes securities Catranti, 2009. Research by event study method generaly regarding to how fast the information
come to the market that can be looked on the share price reaction Tandelilin, 2010: 239. The discussion about event study can not be
separated from semi strong form of market efficiency that stated that the share price reflected all the information that was published Prastawa,
2007 The population of this research are all the property companies that listed
in IDX, the sample of the population in this research is using purposive sampling method represented below. The the sample of population
object of this research is all the property companies that listed on the Indonesia Stock Exchange in 2015 and actively traded its stocks in IDX in
2015. Sub Sector Property and Real Estate Listed on Indonesia Stock Exchange
No Code
Company Name 1
APLN Agung Podomoro Land Tbk
2 ASRI
Alam Sutera Realty Tbk 3
BAPA Bekasi Asri Pemula Tbk
4 BCIP
Bumi Citra Permai Tbk 5
BEST Bekasi Fajar Industrial Estate Tbk
6 BIKA
Binakarya Jasa Abadi Tbk 7
BIPP Bhuwanatala Indah Permai Tbk
8 BKDP
Bukit Darmo Property Tbk 9
BKSL Sentul City Tbk
10 BSDE
Bumi Serpong Damai Tbk 11
COWL Cowell Development Tbk
12 CTRA
Ciputra Development Tbk
424
13 CTRP
Ciputra Property Tbk 14
CTRS Ciputra Surya Tbk
15 DART
Duta Anggada Realty Tbk 16
DILD Intiland Development Tbk
17 DMAS
Puradelta Lestari Tbk 18
DUTI Duta Pertiwi Tbk
19 ELTY
Bakrieland Development Tbk 20
EMDE Megapolitan Developments Tbk
21 FMII
Fortune Mate Indonesia Tbk 22
GAMA Gading Development Tbk
23 GMTD
Gowa Makassar Tourism Development Tbk 24
GPRA Perdana Gapuraprima Tbk
25 GWSA
Greenwood Sejahtera Tbk 26
JIHD Jakarta International Hotels Dan Development
27 JGLE
Graha Andrasentra Propertindo Tbk 28
JRPT Jaya Real Property Tbk
29 KIJA
Kawasan Industri Jababeka Tbk 30
KPIG MNC Land Tbk
31 LAMI
Lamicitra Nusantara Tbk 32
LCGP Eureka Prima Jakarta Tbk
33 LPCK
Lippo Cikarang Tbk 34
LPKR Lippo Karawaci Tbk
35 MDLN
Modernland Realty Ltd Tbk 36
MKPI Metropolitan Kentjana Tbk
37 MMLP
Mega Manunggal Property Tbk 38
MTLA Metropolitan Land Tbk
39 MTSM
Metro Realty Tbk 40
MYRX Hanson International Tbk
41 MYRXP
Hanson International Tbk Saham Seri B 42
NIRO Nirvana Development Tbk
43 OMRE
Indonesia Prima Property Tbk 44
PLIN Plaza Indonesia Realty Tbk
45 PPRO
PP Properti Tbk 46
PWON Pakuwon Jati Tbk
47 RBMS
Ristia Bintang Mahkotasejati Tbk 48
RDTX Roda Vivatex Tbk
49 RODA
Pikko Land Development Tbk 50
SCBD Danayasa Arthatama Tbk.
51 SMDM
Suryamas Dutamakmur Tbk 52
SMRA Summarecon Agung Tbk
53 TARA
Sitara Propertindo Tbk
425
Variables and Variable Operational Definition The definition of each variable operational which used in this research are
as follows: 1. Systematic risk X1
Before committing the decision to sell, buy, or hold the shares, investors will consider the various risk factors and the expected return. Systematic
risk is the risk that can not be eliminated by diversification. Measurement of risk in the CAPM by using beta β as a measure of risk. According to
Horne and Machowicz 2005 beta β is a measurement tools sensitivity of stock returns among changes in the market portfolio returns.
According to Agus 2001 formula that can be used to calculate beta stocks are as follows:
Β = Notes:
Β = Stock beta Rm = market stock of return
Ri = company stock of return N = total sample
Stocks with a beta of more than 1 is an aggressive stock which is stock
very sensitive to changes in the market. Whereas beta of less than 1 is defensive stock which is stock not sensitive to changes in the market and a
beta equal to one indicates that the condition is the same as the market index. This research will take systematic risk in 2015.
2. Interest rate X2 Bank Indonesia Certificates are securities as short-term debt which issued