PENGARUH PROFITABILITAS DAN VARIABEL MAKROEKONOMI TERHADAP RETURN SAHAM PERUSAHAAN PERBANKAN DAN LEMBAGA KEUANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

Abstract

The value of a company can be measured by stock return generated by a company . Stock return is the yield given by go public companies to the investors who have invested in the company . The purpose of this study was to analyze the effect of profitability and macroeconomic variables include inflation , interest rates, and exchange rates on stock returns of banking companies and financial institutions listed on the Stock Exchange in 2009-2012. The number of companies studied as many as 34 companies. The sampling technique used was nonprobability sampling non probability sampling. The results showed that the stock returns of banking companies and financial institutions may be affected by profitability and the exchange rate .The results also showed that the level of interest rates and inflation have no effect on stock returns . This is because the inflation rate in Indonesia is not among the high inflation rate and also investors in Indonesia are the type of investor who like to do short-term profit taking in order to get a bigger profits when investing in stocks market rather than investing in the bank.