JRAA Vol.2 No.2, Juli 2015 PENGARUH STABLE PROFITABILITY DAN FREE CASH FLOW TERHADAP STOCK RETURN PADA INDUSTRI MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA
PENGARUH STABLE PROFITABILITY DAN FREE CASH FLOW TERHADAP STOCK RETURN PADA INDUSTRI MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA
Abstract
This study aims to identify and analyze empirically the effect Stable Profitability and Free Cash Flow to the Stock Return on manufacturing industries listed in the Indonesia Stock Exchange. The data used is data manufacturing companies listed in Indonesia Stock Exchange in 20109-2013. The population in this study were 254 companies listed on the Stock Exchange in 2009-2013. Selection of the samples was determined by purposive sampling. samples taken in this study are 7 companies listed in the Indonesia Stock Exchange (BEI). Analysis of data using multiple linear regression analysis.
Results of this study are stable profitability Beta value of 0.306 which indicates that stable profitability have a positive influence on stock return. Siginifikansi value of 0.017 <0.05, which means stable profitability has a significant influence on stock return. Beta value of free cash flow amounted to 0,014 which indicates that free cash flow has a positive influence on stock return. Siginifikansi value of 0.959> 0.05, which means that free cash flow does not have a significant effect on the stock return. F statistic value of 3.319 dngan siginifikansi value of 0.049 <0.05, which means stable profitability and free cash flow together have a significant effect on the stock return.
Limitations of this study is the independent variable used in the study consisted of stable profitability and free cash flow, while many other aspects that affect stock return. Adjusted R2 value of only 12%, so there are other variables that affect stock return that is outside the regression model. This study used a sample of companies that divide the cash dividend as a whole and not separate samples that announces cash dividend increase, decrease and do not include the sample of companies that do not declare a dividend, both the cash dividend and stock dividend. The sample used in this study uses only 7 companies listed in the Indonesia Stock Exchange.
