Determinants of stock return of property and real estate companies in the developing market

2021 ◽  
Vol 5 (2, special issue) ◽  
pp. 184-193
Author(s):  
Endri Endri ◽  
Dani Fahmi Amrullah ◽  
Haryo Suparmun ◽  
Hilda Mary ◽  
Maya Sova ◽  
...  
Keyword(s):  
Real Estate ◽  
Financial Performance ◽  
Interest Rates ◽  
Stock Returns ◽  
Stock Price ◽  
Stock Exchange ◽  
Expected Return ◽  
Macroeconomic Risk ◽  
Property Price ◽  
Negative Effect

Macroeconomic risk factors can determine the expected return on property and real estate stocks (Khan, Khan, Ahmad, & Bashir, 2021), in addition to other factors: property prices (Das, Füss, Hanle, & Russ, 2020) and financial performance (Medyawati & Yunanto, 2017). This study aims to empirically prove the effect of interest rates (SB), exchange rates (KURS), commercial property price index (IHPK), return on assets (ROA), debt-to-equity ratio (DER), and current ratio (CR) on stock returns estimated using panel data regression model. The sample of this research is 23 companies from 63 companies in the property and real estate industry which are listed on the Indonesia Stock Exchange (IDX) during the 2015–2019 period. The empirical findings of this study prove that the ROA, CR, IHPK, and KURS variables have a negative effect on stock returns, while the SB variable has a positive effect. The level of corporate debt (DER) was not proven to determine stock returns. The exchange rate has the greatest influence on stock returns, and the fact does show that the Indonesian stock market is dominated by foreign investors, so that every time foreign currencies appreciate because they leave the stock exchange, the stock price immediately declines. The results of this study have implications for investors that investment decisions to buy shares of property and real estate companies must understand the changes that occur, especially macroeconomic variables and also the company’s financial performance

scholarly journals NILAI TUKAR RUPIAH, INFLASI, SUKU BUNGA DAN CURRENT RATIO (CR) TERHADAP RETURN SAHAM

2020 ◽  
Vol 7 (1) ◽  
Author(s):  
Dewi Siti Rukmana ◽  
Alfinur Alfinur ◽  
Supami Wahyu Setiyowati
Keyword(s):  
Exchange Rate ◽  
Real Estate ◽  
Financial Performance ◽  
Interest Rates ◽  
Stock Returns ◽  
Stock Exchange ◽  
Current Ratio ◽  
Property Companies ◽  
Independent Variable ◽  
Positive Effect

This study aims to determine empirically the influence of the exchange rate of the rupiah, inflation, interest rates, and Current Ratio (CR) of real estate and property companies to the stock returns of real estate and property companies listed on the Indonesia Stock Exchange (IDX) in 2015-2017  This study uses the independent variable Rupiah exchange rate, inflation, interest rates, and current ratio, while the dependent variable is Stock Return. The population of 44 Real Estate and Property companies that went public and the sample used were 33 companies using explanatory research methods research. The results of this study indicate that the rupiah exchange rate, inflation, interest rates, current ratio (CR) simultaneously affect stock returns, partially the rupiah exchange rate and inflation negatively affect stock returns, while interest rates and current ratios (CR) have a positive effect on stock returns. The company management should improve financial performance, especially on business operational efficiency and profitability, so that investors can trust the company's financial performance.

scholarly journals The Effect of Macro Economic Variables on Stock Return of Companies That Listed in Stock Exchange: Empirical Evidence from Indonesia

2019 ◽  
Vol 14 (8) ◽  
pp. 108
Author(s):  
Aminullah Assagaf ◽  
Etty Murwaningsari ◽  
Juniati Gunawan ◽  
Sekar Mayangsari
Keyword(s):  
Interest Rates ◽  
Stock Returns ◽  
Stock Price ◽  
Price Index ◽  
Stock Exchange ◽  
Secondary Data ◽  
Foreign Exchange Rates ◽  
Macroeconomic Variables ◽  
Analysis Technique ◽  
Inflation Rates

This study aims to analysis the effect of macroeconomic variables on the overall return of company shares which is a proxy with changes in the composite stock price index. This study uses secondary data in a period of 20 months from November 2016 to June 2018. While the analysis technique uses multiple linear regression This study found that macroeconomic variables consisting of inflation rates, interest rates, money supply, and foreign exchange rates, stock returns have a significant effect on companies on the Indonesia Stock Exchange.

scholarly journals Pengaruh Inflasi dan Suku Bunga dan Nilai Tukar Rupiah serta Jumlah Uang Beredar terhadap Return Saham

FORUM EKONOMI ◽  
2018 ◽  
Vol 19 (2) ◽  
pp. 148
Author(s):  
La Rahmad Hidayat ◽  
Djoko Setyadi ◽  
Musdalifah Azis
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Interest Rates ◽  
Stock Returns ◽  
Money Supply ◽  
Stock Exchange ◽  
Significant Variable ◽  
Inflation Rates ◽  
Negative Effect ◽  
Relationship Of

This research is to examine the effect of inflation, interest rate, exchange rate and money supply on stock returns LQ 45 listed on the Indonesia Stock Exchange. The object of this research is the return - shares out of the category LQ 45 years of research by 2010-2015. Its Sampling using purposive sampling and get the 24 stocks that meet the criteria of 45 stocks LQ 45 as a sample. Thus, the number of samples studied was 144 shares for 6 years. The method used is multiple linear regression analyzes that examine whether or not a significant variable - the independent variable on the dependent variable. Based on the results known that R indicates that there is an ideal relationship of Inflation, Interest Rate, Exchange Rate and Money Supply toward to Return shares in LQ 45. R square indicates that the variable inflation rates, interest rates, the value of exchange rate and the money supply can explain the variable return shares at LQ 45 index. Based on F test indicates the same that the variable inflation rate, interest rate, exchange rate and money supply have a significant influence on shares returns in LQ 45 listed on Indonesia Stock Exchange. The results of T test showed that the rate of inflation significant and negative effect on shares returns and interest rates positive and significant effect on shares returns while exchange Rate and the money supply no significant effect on shares returns in LQ 45 Listed on Indonesia Stock Exchange.Keywords: stock return, Inflation, Interest Rate, Exchange Rate, Money Supply.

scholarly journals The Effects of Financial Performance on Stock Returns: Evidence of Machine and Heavy Equipment Companies in Indonesia

2020 ◽  
Vol 11 (6) ◽  
pp. 131
Author(s):  
A. Razak ◽  
Febrian Vingky Nurfitriana ◽  
Desty Wana ◽  
Ramli Ramli ◽  
Ismail Umar ◽  
...  
Keyword(s):  
Financial Performance ◽  
Interest Rates ◽  
Stock Returns ◽  
Stock Prices ◽  
Stock Exchange ◽  
Performance Factors ◽  
Heavy Equipment ◽  
Panel Data Regression ◽  
Data Regression ◽  
Equity Ratio

This study was made to determine the effect of Current Ratio (CR), Total Assets Turnover (TAT), Return on Assers (ROA), Debt to Equity Ratio (DER) on stock returns in the machinery and heavy equipment sub-sector companies listed on the Stock Exchange Indonesia (IDX) in the period 2014 - 2018. Stock returns are calculated based on changes in closing stock prices and estimated influence of financial performance factors using the panel data regression method. Based on empirical findings show that financial performance that has been proxy using; CR, TAT, ROA, and DER do not affect stock returns. The results of the study have implications that the company's financial performance is not an important consideration for investors in the decision to buy shares in the Machinery and Heavy Equipment sub-sector company. In many studies, stock prices are much influenced by macroeconomic variables, such as; exchange rates, inflation, interest rates, and oil prices.

scholarly journals A COMPARATIVE STUDY ON THE INVESTMENT VALUE OF RESIDENTIAL PROPERTY AND STOCKS

2004 ◽  
Vol 8 (2) ◽  
pp. 63-72 ◽  
Author(s):  
Bing Sun ◽  
Hongyu Liu ◽  
Siqi Zheng
Keyword(s):  
Stock Returns ◽  
Stock Price ◽  
Price Index ◽  
Stock Exchange ◽  
Consumer Price Index ◽  
Residential Property ◽  
Investment Value ◽  
Stock Investment ◽  
Property Price ◽  
Weak Negative Correlation

As real estate, residential property comprises not only the value of utilization, but also the value of investment, which is somewhat different from that of securities such as stocks and bonds. In this paper, the investment value of newly‐built residences and stocks are compared and analyzed theoretically and empirically. Firstly, the paper summarizes the diversity of costs, risks, and benefits of these two investments. Secondly, by quoting the quarterly price/rent indices on the housing market and that at the stock exchange in Shanghai, the paper explores the variances of these two investments with respect to their risk‐return characteristics from 1993 to 2003. Thirdly, the paper discusses the correlations between residential property price/rent index, property/general stock price index, and Consumer Price Index (CPI). Finally, by utilizing the Capital Asset Pricing Model (CAPM), the systematic and the unsystematic risks of these investments are segregated and compared with each other, based on a series of assumptions. The result suggests, on a quarterly basis, that residential property investment produces a higher risk‐adjusted return than that of general stock and property stock investment. Because of a weak/negative correlation between residential property and stock returns, residential property is an ideal candidate to be included into the stock investment portfolio. Moreover, residential property and property stock can be used as effective hedges against inflation.

scholarly journals DAMPAK FAKTOR INTERNAL DAN EKSTERNAL TERHADAP HARGA SAHAM SEKTOR INFRASTRUKTUR

2020 ◽  
Vol 4 (1) ◽  
Author(s):  
Bonita Restu Dwijayati ◽  
Robiyanto Robiyanto
Keyword(s):  
Interest Rates ◽  
Stock Price ◽  
Quantitative Methods ◽  
Stock Exchange ◽  
Sample Selection ◽  
Sampled Data ◽  
Negative Effect ◽  
The Interest Rate ◽  
Internal And External Factors ◽  
The Impact

This research aims to test the impact of internal and external factors both simultaneously and partially against the stock price of infrastructure sectors. Research using quantitative methods. The population in this study is the entire infrastructure, utilities and transportation company listed on the Indonesia Stock Exchange in the period 2014-2018. The sample selection technique is using the purposive sampling method. Based on predefined criteria, acquired 30 companies are being sampled. Data analysis techniques use a regression analysis of data panels. The results showed that the simultaneous variables of the DPR, NPM, CCC and interest rates had significant effect on the stock price of infrastructure sectors. As for the partial, the variables of the DPR and NPM positively influence insignificant against the stock price. On the other hand the CCC variables have significant negative effect on the stock price and the interest rate is significantly positive against the stock price.

scholarly journals The Impact Of Psak 72 Implementation On Financial Performance In The Pandemic Time Covid-19 (Empirical Study On Real Estate Companies Registered In Indonesia Stock Exchange)

SENTRALISASI ◽  
2021 ◽  
Vol 10 (1) ◽  
pp. 12
Author(s):  
Duwi Rahayu Rahayu ◽  
Imelda Dian Rahmawati ◽  
Dina Dwi Oktavia Rini
Keyword(s):  
Real Estate ◽  
Empirical Study ◽  
Financial Performance ◽  
Negative Impact ◽  
Stock Exchange ◽  
Secondary Data ◽  
Significant Negative Effect ◽  
Negative Effect ◽  
Real Estate Company ◽  
The Impact

The purpose of this study is to examine the impact of the implementation of PSAK 72 on financial performance during the Covid-19 pandemic (empirical study of real estate companies listed on the Indonesian stock exchange). This research is a quantitative research, where the data used are secondary data in the form of financial statements of real estate companies. The sample of this study is a real estate company that provides periodic financial reports on the Indonesia Stock Exchange in 2019 and the second quarter of 2020 with a total of 46 sample companies. The results of the study indicate that PSAK 72 has a significant negative effect on the liquidity ratio, profitability ratio, activity ratio, and market ratio, while the implementation of PSAK 72 has no significant effect on the solvency ratio. This show, although the implementation of PSAK 72 has had a significant negative effect, companies have started to prepare for the implementation of PSAK 72 by conducting evaluations, adaptations and training for employees before actually implementing PSAK 72. The meaning of not fully implementing PSAK 72 has a negative impact on real estate company earnings, because the implementation of these standards was also followed by the Covid-19 pandemic which also resulted in a decrease in income for companies.

scholarly journals Pengaruh PDB, Inflasi, Tingkat Suku Bunga dan Nilai Tukar Rupiah terhadap Indeks Harga Saham JAKPROP yang Terdaftar di Bursa Efek Indonesia

2019 ◽  
Vol 1 (1) ◽  
pp. 100
Author(s):  
Chendra Gunawan ◽  
Carunia Mulya Firdausy
Keyword(s):  
Exchange Rate ◽  
Real Estate ◽  
Interest Rates ◽  
Stock Price ◽  
Price Index ◽  
Stock Exchange ◽  
Least Square ◽  
Share Prices ◽  
Real Estate Sector ◽  
Stock Price Index

This research aims to find out and analyze the effects of variable GDP, Inflation, Interest rates, Exchange rate on share prices of listed property sector in Indonesia Stock Exchange. The object population in this study is a company incorporated in the listed Property & Real Estate Index sector (JAKPROP) in Indonesia Stock Exchange (BEI) from 2008 to 2017. This study uses Ordinary Least Square analysis to determine the effect of independent variables on the Property & Real Estate Index sector JAKPROP. Based on t test, GDP is significant, Inflation is not significant and BI Interest rate is significant effect, while the variable Exchange rate have a significant effect on property and Real Estate sector stock price index. Results simultaneously with the F test showed that all the independent variable significantly influenced on the stock price index Property & Real Estate sector. So, the result is the independen variable GDP, Bi-rate & Exchange-rate has an influence effect on the stock price index of listed Property & Real Estate sector JAKPROP in Indonesia Stock Exchange. 

scholarly journals Pengaruh Tax Avoidance, Kepemilikan Institusi dan Kinerja Keuangan terhadap Harga Saham

2020 ◽  
Vol 4 (1) ◽  
pp. 204
Author(s):  
Niken Tri Mulatsari ◽  
Anita Wijayanti ◽  
Yuli Chomsatu Samrotun
Keyword(s):  
Real Estate ◽  
Financial Performance ◽  
Stock Prices ◽  
Stock Price ◽  
Stock Exchange ◽  
Hypothesis Test ◽  
Tax Avoidance ◽  
Institutional Ownership ◽  
Profit Margin ◽  
Net Profit

The stock price will affect someone to invest in a company. This study aims to determine whether the influence of tax avoidance, institutional ownership and financial performance on stock prices. This financial performance measurement uses the proxy of Net Profit margin (NPM) and Earning Per Share (EPS) of real estate companies listed on the Indonesia Stock Exchange in 2017-2018. The population used in this study is real estate companies listed on the Indonesia Stock Exchange 2017-2018. The samples used were 33 real estate companies. This type of research data is secondary data obtained from the financial statements of real estate companies listed on the Indonesia Stock Exchange 2017-2018. To process and analyze data, the writer uses Descriptive Statistical Analysis, Multiple Regression Analysis, Hypothesis Test, and Classical Assumption Test. Based on this research, the results show that Tax Avoidance and Net Profit Margin affect the stock price, while Institutional Ownership and Earning Per Share do not affect the stock price.

scholarly journals Faktor-Faktor Yang Mempengaruhi Kinerja Harga Saham Dengan CSR Sebagai Variabel Pemoderasi

2018 ◽  
Vol 16 (2) ◽  
pp. 185
Author(s):  
Cornelia Erviana P. W. ◽  
Andreas Lako
Keyword(s):  
Corporate Social Responsibility ◽  
Financial Performance ◽  
Stock Returns ◽  
Firm Value ◽  
Stock Price ◽  
Stock Return ◽  
Stock Exchange ◽  
Financial Assets ◽  
Price Performance ◽  
Corporate Social

This study analyzes the effect of financial performance and firm value on stock price performance with corporate social responsibility (CSR) performance as a moderating variable. This research is important because before investing investors will do the valuation in advance, this is in line with the theory of valuation which states that the valuation is done on assets invested, where the assets invested can be in the form of real assets and financial assets (Manurung, 2011). Financial assets in this case are stocks. Assessment of stock price movements in a stock exchange is influenced by several factors, both internal and external factors (Lako, 2004). The main focus in this research is on internal factors of company especially financial performance (QR, DAR, ROA, and TATO), and firm value (PBV). Stock price performance is proxied with stock return and CSR performance is proxied with CSR cost ratio. By using sample of manufacturing company listed in Indonesia Stock Exchange (IDX) during 2010-2015, this research obtained result indicate that (1) TATO and ROA have a significant positive effect to stock return, (2) DAR and QR have positive and not significant On stock returns, (3) the value of companies proxied by PBV has a negative and insignificant effect on stock returns. While the influence of CSR performance as a moderating variable can only moderate the TATO relationship to stock returns. Abstrak Penelitian ini menganalisis pengaruh kinerja keuangan dan nilai perusahaan terhadap kinerja harga saham dengan kinerja corporate social responsibility (CSR) sebagai variabel pemoderasi. Penelitian ini penting dilakukan karena sebelum berinvestasi investor akan melakukan valuasi terlebih dahulu,hal ini sejalan dengan teori valuasi yang menyatakan bahwa valuasi dilakukan atas asset yang diinvestasikan, dimana aset yang diinvestasikan bisa berupa aset riil dan aset finansial (Manurung,2011). Aset finansial dalam hal ini adalah saham.Penilaian pergerakan harga saham di suatu bursa efek dipengaruhi oleh beberapa faktor, baik faktor internal maupun eksternal (Lako, 2004). Fokus utama dalam penelitian ini adalah pada faktor internal perusahaan khususnya kinerja keuangan (QR, DAR, ROA, dan TATO), dan nilai perusahaan (PBV). Kinerja harga saham diproksikan dengan return saham dan kinerja CSR diproksikan dengan rasio biaya CSR. Dengan menggunakan sampel perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) selama 2010-2015, penelitian ini memperoleh hasil yang menunjukkan bahwa (1) TATO dan ROA berpengaruh signifikan positif terhadap return saham, (2) DAR dan QR berpengaruh positif dan tidak signifikan terhadap return saham, (3) nilai perusahaan yang diproksikan dengan PBV berpengaruh negatif dan tidak signifikan terhadap return saham. Sedangkan pengaruh kinerja CSR sebagai variabel pemoderasi hanya mampu memoderasi hubungan TATO terhadap return saham

Sign in / Sign up

Export Citation Format

Share Document