PENGARUH KINERJA TERHADAP RETURN SAHAM PERUSAHAAN PERBANKAN DI BURSA EFEK INDONESIA TAHUN 2008-2010

Abstract

One of the crucial factors that investor observes in deciding to buy the companies’ shares or not is the company’s financial performance. Generally, there are five aspects namely CAMEL that projected through six financial ratios: CAR, NPL, NIM, ROA, BOPO, and LDR used in assessing financial performance of banking companies. It is significant for a banking company to maintain and improve its financial performance in order to preserve its attractiveness for investor due to the main objective of investing their capital in securities firm, especially in stock market is to obtain return which yielded from investment. The main problem in this research is on how financial ratios which consists of CAR, NPL, NIM, ROA, BOPO, and LDR influences banking companies’ return of shares in Indonesian Stock Exchange (IDX) both partially and simultaneously. The objective of this research is to ascertain partial effect of Capital Adequancy Ratio (CAR), Non Performing Loan (NPL), Net Interest Margin (NIM), Return On Asset (ROA), Operational Weight to Operational Income Ratio (BOPO), and Loans to Deposit Ratio (LDR) toward return of shares. Population of this research is listed banking sector in Indonesian Stock Exchange (IDX) which totaled of 30 banks. Purposive Sampling Technique is used to determine sample aiming for attaining representative sample that fits to prearranged criterion. The samples are 25 banking companies. There are two variables which namely independent variable (CAR, NPL, NIM, ROA, BOPO, and LDR) and dependent variable (return of shares banking companies in IDX) that used in this research. Based on research, it is proven that there is significant effect between NPL and BOPO toward banking companies’ return of shares in IDX while partial test result of CAR, NIM, ROA, and LDR to banking companies’ return of shares in IDX has no significant effect. There are significant effect between variable CAR, NPL, NIM, ROA, BOPO and LDR simultaneously toward variable return of shares of banking companies in IDX. The amount of the effect is 0.217 or 21.7 % while the rest (78.3%) is affected by other factor that is not revealed in this research. The suggestion of the researcher for future research is to increase observation period therefore there are more amount of sample, the sample selection should not only limited to listed banking companies in IDX but also used the entire banking companies in Indonesia. Also, the subsequent research using the same object with this research can add more variables that are not used in this research, mainly which have significant effect toward return of shares if listed banking companies in Indonesian Stock Exchange (IDX).