Nama : Simon Surya Keban

Kelas : 51 MMSI 3, Sistem Informasi Bisnis

NIM : 92216168
Mata Kuliah : Manajemen Keuangan dan Teknologi E-Bisnis
Tugas : Review faktor- faktor yang mempengaruhi nilai saham

REVIEW JURNAL MANAJEMEN KEUANGAN

Judul ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI HARGA

SAHAM SYARIAH
Jurnal Jakarta Islamic Index (JII)
Volume & Halaman
Tahun Januari 2016
Penulis Muksal
Reviewer Simon Surya Keban
Tanggal 29 September 2017

Tujuan Penelitian Tujuan utama dari penelitian ini adalah Penelitian ini bertujuan
memberikan informasi kepada investor mana diantara variabel
fundamental atau teknikal yang dapat memberikan pengaruh
terhadap perubahan harga saham syariah di JII.

Assesment Data Menggunakan beberapa cara, yakni :

1. Studi dokumen
2. Interview
3. Quisioner

Hasil Secara parsial, dari hasil uji t diperoleh p value untuk variabel ROA
sebesar 0.026. Hal ini menunjukkan nilai p value tersebut dibawah
level signifikansi 0.05, yang berarti variabel ROA berpengaruh
signifikan terhadap Harga Saham, demikian juga dengan variabel
 EPS dengan p value sebesar 0.000 yang berada dibawah level
signifikansi 0.05, yang menunjukkan bahwa variable EPS
berpengaruh signifikan terhadap Harga Saham, variable Harga
saham masa lalu juga menunjukkan nilai p value dibawah 0.05, yaitu
nilai p value sebesar 0.000 dan berarti variable Harga Saham Masa
Lalu juga berpengaruh signifikan terhadap Harga Saham.
Sedangkan variabel Volume perdagangan Saham memiliki koefisien
negatif sebesar -0.139 dan p value sebesar 0.002, dengan demikian
variabel Volume perdagangan Saham tidak berpengaruh positif tetapi
signifikan. Berbeda dengan variabel DER diperoleh p value = 0.965
yang berada di atas level signifikansi 0.05, yang berarti variabel DER
tidak mempunyai pengaruh positif dan tidak signifikan terhadap
Harga Saham, dan variable terakhir yang memiliki nilai p value diatas
0.05 ialah Variabel BV yaitu sebesar 0.534, dan menunjukkan bahwa
BV tidak berpengaruh signifikan terhadap Harga Saham

Kesimpulan 1. Berdasarkan hasil uji determinasi ditemukan besarnya

koefisien determinasi atau adjusted R2 adalah 0.933 hal ini
berarti 93.3% variasi harga saham dapat dijelaskan oleh
variasi dari enam variabel yang berpengaruh terhadap harga
saham ini.
2. Berdasarkan koefisien regresi ROA, EPS dan Harga Saham
Masa Lalu secara parsial terdapat pengaruh yang positif dan
signifikan terhadap perubahan Harga Saham pada
perusahaan yang terdaftar di Jakarta Islamic Index (JII).
3. Berdasarkan koefisien regresi DER dan BV secara parsial
tidak terdapat pengaruh yang positif dan signifikan terhadap
perubahan Harga Saham pada perusahaan yang terdaftar di
Jakarta Islamic Index (JII).
4. Berdasarkan koefisien regresi Volume Perdagangan Saham
secara parsial terdapat pengaruh yang signifikan namun
pengaruhnya negatif terhadap perubahan Harga Saham pada
perusahaan yang terdaftar di Jakarta Islamic Index (JII).
 5. Hasil penelitian ini juga menyimpulkan bahwasanya variabel
diatas juga dapat mempengaruhi bursa Saham-saham
syariah sebagaimana yang terjadi pada bursa saham-saham
konvensional

REVIEW JURNAL MANAJEMEN KEUANGAN

Judul ANALISA FAKTOR-FAKTOR YANG MEMPENGARUHI

PERGERAKAN HARGA SAHAM PADA PERUSAHAAN
PERTAMBANGAN
Jurnal Jurnal Wira Ekonomi Mikroskil
Volume & Halaman 4
Tahun April 2014
Penulis Agustina, Fitri Sumartio
Reviewer Simon Surya Keban
Tanggal 29 September 2017

Tujuan Penelitian Tujuan utama dari penelitian ini adalah mengetahui dan menganalisis
pengaruh faktor internal dan eksternal perusahaan terhadap
pergerakan harga saham baik secara simultan dan secara parsial

Assesment Data Menggunakan beberapa cara, yakni :

1. Studi dokumen
2. Interview
3. Quisioner

Hasil Penelitian Dapat diketahui bahwa jumlah data yang digunakan dalam penelitian
ini adalah 30. Pergerakan harga saham memiliki nilai minimum
sebesar 217,00 dan nilai maksimum sebesar 44.258,00 dengan nilai
rata-rata sebesar 8.975,70 yang dapat dilihat bahwa nilai rata-rata
 cenderung mengarah ke nilai minimum. Hal ini menunjukkan bahwa
kinerja perusahaan pertambangan pada periode pengamatan adalah
buruk. Kemudian standar deviasi = 11.249,08 > rata-rata = 8.975,70.
Hal ini menunjukkan rata-rata jarak penyimpangan jauh dari rata-rata
dan terdapat penyimpangan data.

Kesimpulan 1. Dari hasil uji F, dapat disimpulkan bahwa faktor internal dan
faktor eksternal berpengaruh secara simultan terhadap
pergerakan harga saham pada perusahaan pertambangan
yang terdaftar di BEI periode 2007 2011.

2. Diperoleh persamaan linear berganda, yaitu Pergerakan

Harga Saham = 33.412,208 32,930 NPM + 16,800 DPS
227,312 T.SBSBI + 228,218 T.Inflasi 3,159 K.Valas, dimana
dapat disimpulkan bahwa NPM, Tingkat Suku Bunga SBI dan
Kurs Valuta Asing berpengaruh negatif terhadap pergerakan
harga saham.

3 Diperoleh nilai koefisien determinasi (R2) sebesar 0,752, yang

artinya kemampuan variabelNPM, DPS, tingkat suku bunga
SBI, tingkat inflasi dan kurs valuta asing dalam menjelaskan
variabel pergerakan harga saham adalah sebesar 75,2 %,

4. Dari hasil uji t, dapat disimpulkan hanya DPS yang secara

parsial berpengaruh signifikan terhadap pergerakan harga
saham
 REVIEW JURNAL MANAJEMEN KEUANGAN

Judul Factors Affecting Performance of Stock Market:Evidence from

South Asian Countries
Jurnal International Journal of Academic Research in Business and
Social Sciences
Volume & Halaman No. 9
Tahun September 2012
Penulis Dr. Aurangzeb
Reviewer Simon Surya Keban
Tanggal 29 September 2017

Research Goals Identifies the factor affecting performance of stock market in South
Asia from the period of 1997 to 2010 of 3 South Asian countries
namely, Pakistan, India and Sri Lanka.

Assesment Data 1. Literature review

2. Interview

Outcome 1. Regression results indicate that foreign direct investment and

exchange rate have significant positive impact on
performance of stock market in South Asian countries.
2. interest rate has negative and significant impact on
performance of stock market in South Asia. Results also
 indicate the negative but insignificant impact of inflation on
stock market performance in South Asia.

.
Conclusion Under the light of the results it is highlighted that there is a need of
well managed macroeconomic policies in order to obtain the benefits
from the capital market. In order to take the full advantage of stock
market and carry on with the international markets well managed
macroeconomic policies are necessary in which interest rates and
inflation rate are thoroughly monitor and try to reduce the value as
much possible. It gives the confidence to the investors as well as the
industries. It is also recommended that some extra benefits were
given to the foreign investors because we observed that the influence
of foreign investors is strong in this region.
 REVIEW JURNAL MANAJEMEN KEUANGAN

Judul Analysis of Factors Affecting Share Prices: The Case of

Bahrain Stock
Exchange
Jurnal International Journal of Economics and Finance
Volume & Halaman No. 7
Tahun 25 February 2015
Penulis Taimur Sharif, Harsh Purohit, Rekha Pillai

Reviewer Simon Surya Keban

Tanggal 29 September 2017

Research Goals Identifying the main determinants affecting share prices in the Bahrain
financial market of 41 companies listed in the Bahrain stock exchange
for the period 2006-2010.

Assesment Data 1. Literature review

2. Interview

Outcome There is a wide variation in the minimum and maximum values for PE
(min= 2.66 and max= 99.17). This suggests that people are willing to
pay a huge premium for well performing companies while they are
reluctant to invest in underperforming firms. It is also noteworthy to
analyze the statistics related to dividend policy which is proxied by
 dividend yield and dividend per share. Here also we can find a
respectable difference in the minimum and maximum values due to
the fact that there are companies which are not paying dividends at
all.
This shows that market value of a share is significantly and positively
affected by a high return on equity, increasing book value of shares,
higher dividend per share and increased price earnings per share.
This suggests that an upward trend in these variables will
automatically cause an increase in the market price of shares as
investors show a preference for these stocks.
.

.
Conclusion There is a positive and significant relationship between ROE, BVS,
DPS, PE and Log MCAP suggesting that these factors act as active
determinants in shaping the market price of shares. However a
significant negative relationship was found between dividend yield
and MPS. This suggests that dividend decisions are made in order to
attract different clienteles. A certain group who expects short term and
regular return will show their impact as a positive relationship with
market price while the group who is unaffected or considers dividends
as irrelevant will show an inverse relationship with stock price.
The study acts as a guide to potential investors in Bahrain to focus on
the factors discussed above before making investment decisions. It is
recommended that investors monitor the PE ratio, dividend policies
(DPS and DY), BVS, Log MCAP and ROE before they expand their
portfolio. The paper also provides recommendations to the listed
companies in Bahrain to focus their attention in taking steps to
improve the figures related to the significant variables evolved in this
study, affecting the market price of shares. Bahrain is an emerging
economy# and it is imperative to conduct studies which will benefit
the investor to make rational investments
 REVIEW JURNAL MANAJEMEN KEUANGAN

Judul Factors Affecting the Market Stock Price - The Case of the
Insurance Companies Listed in Amman Stock Exchange
Jurnal International Journal of Business and Social Science
Volume & Halaman No. 7
Tahun Oktober 2016
Penulis Dr. Fouzan Al Qaisi, Dr. Asem Tahtamouni, Dr. Mustafa AL-
Qudah

Reviewer Simon Surya Keban

Tanggal 29 September 2017

Research Goals To investigate the effect of some factors on market stock price such
as Return on Asset (ROA), Return on Equity (ROE), Debt Ratio, the
Age of the Company, and the Size of the Company. To achieve the
objective, the study uses twenty insurance companies listed in
Amman stock exchange during the period 2011 to 2015

Assesment Data 1. Literature review

2. Interview

Outcome/ Results Results that have been reached previously, multiple regression tests
has been performed for all the independent variables of the research
combined, in order to determine whether there is a statistically
significant effect of finical factors (ROA, ROE, Debt Ratio, the Age of
 the Company, and the Size of the Company) on market stock price in
insurance companies listed on Amman stock exchange.
After discussing the research hypotheses, it notes that P-value has
reached (0.000), which means that there is a statistically significant
effect finical factors (ROA, ROE, debt ratio, company's age, and
company's size) on market stock price in insurance companies listed
on Amman stock exchange, notes also that the coefficient of
determination (Adjusted R Square) value is (0.357), which indicates
to the extent of accuracy of interpreting dependent variable (market
stock price) through independent variables, therefore the null
hypothesis is rejected and accept the alternative hypothesis which
says "There is effect between factors and market stock price in
insurance companies listed on Amman stock exchange".
.

.
Conclusion The results found that there is effect between ROA and market stock
price in insurance companies listed on ASE. There is no effect
between ROE and market stock price in insurance companies listed
on ASE. There is effect between Debt Ratio and market stock price in
insurance companies listed on ASE. There is effect between
Company's age and market stock price in insurance companies listed
on ASE.There is effect between Company's Size and market stock
price in insurance companies listed on ASE.

The study recommends some points for future studies: insurance

should ensure that they have good and robust factors in place. This
will enhance their profitability andmarket stock price and attract
investments to the organizations. Furthermore, the easy interpretation
of fundamental factors for investment needs to be taught from higher
secondary level. Moreover, government initiated trainings can help to
motivate current micro investors to focus more on fundamentals.
Moreover, the depth and breadth of Jordan stock market need to be
broadened to