BAHASA INGGRIS BISNIS 2

Softskill

Nama : Maria Lousiana Oldriani

Kelas : 4EA32
Dosen : Dicky Dwi Prakosa

FAKULTAS EKONOMI S1 MANAJEMEN

UNIVERSITAS GUNADARMA
2017
 AN ANALYSIS OF THE INFLUENCE OF PROFITABILITY RATIO, LEVERAGE,
ACTIVITY, AND PROFITABILITY TO RETURN CONTRIBUTION
(STUDIES IN THE FOOD AND BEVERAGE COMPANY WITH CATEGORY OF
CONSUMER GOODS INDUSTRY IN BEJ)

MARIA LOUSIANA OLDRIANI

MANAGEMENT MAJOR
FACULTY OF ECONOMICS, UNIVERSITAS GUNADARMA

ABSTRACT

The purpose of this study is to empirically study the effect of accounting variablesliquidity
ratio, leverage, activity ratio, and profitability ratioon stock returns of the food and beverage
firms registered between 2012--2016 on Jakarta Stock Exchange (JSX). The data is sampled
using purposive sample judgment method. From 21 firms registered on JSX only 13 are used as
samples for this study. The firms included are Asia Inti Sarana, Ades Alfindo Putra Setia, Aqua
Golden Mississipi, Davomas Abadi, Mayora Indah, Indofood Sukses Makmur, Ultra Jaya Milk,
Sinar Mas Agro Resources and Technology, Sari Husada , Cahaya Kalbar, Delta Djakarta, Fast
Food Indonesia and Tunas Baru Lampung. The result of this study using multiple regression
finds that only two variables (return on asset and current ratio) that significantly affect the
following year stock return with level of significance 5 percent.
Keywords: financial statements, financial ratio, stock return
CONCLUSION :

Based on the results of the discussion above, the study found the following matters.

1. Variable current ratio has a positive and significant effect on stock returns one periode
ahead. This indicates that the investor will obtain a higher return if the company's ability
to meet obligations in short term higher

2. Variable return on assets has significant positive effects on stock returns one period
ahead. These results are consistent with theories and opinions from Mogdiliani and
Miller (MM) which states that the value of a company is determined by the earnings
power of the company's assets. A positive result indicates that the higher the earnings
power the more efficient the asset turnover, or the higher the profit margin earned by the
company. This results an increase in the value of the company which can certainly affect
stock returns over the next year. This conclusion also supports the results of previous
research, among others Silalahi (2001), Natarsyah (2002), and Kennedy (2003).

3. Variable debt to equity ratio showed a positive result, but not significantly.
This indicates that the debt ratio does not lead to changes in stock returns
over the next year. This is not consistent with research from Natarsyah that
states DTE has positive and significant effect on stock prices. This differences
is probably occurs due to differences in sample and dependent variables are
used. Possible outcomes would be different if it is used to predict the return of
two or three years into the future.

4. Variable total asset turnover showed a negative and not significant result.
This study is almost similar to the research conducted by Tausikal on the
manufactured company and non-manufactured. He found that the activity
ratio is not useful for predicting return the next year. However, the result will
be different when used to predict the return of the next two years. In contrast
to research conducted by Kennedy (2003), which shows a variable asset
turnover have a significant effect on stock returns. Although this study
indicates that the ratio of the activity has not received the attention of
investors to predict returns, investors are expected to observe the activity of
the company based on the ratio of these activities.