Sie sind auf Seite 1von 7

Available online at www.sciencedirect.

com

ScienceDirect
Procedia - Social and Behavioral Sciences 211 (2015) 896 – 902

QG*OREDO&RQIHUHQFHRQ%XVLQHVVDQG6RFLDO6FLHQFH*&%666HSWHPEHU
%DOL,QGRQHVLD

7KH(IIHFWRI5HWXUQRQ(TXLW\ 52( DQG5HWXUQRQ,QYHVWPHQW


52, RQ7UDGLQJ9ROXPH
6DNLQD,FKVDQLD $JDWKD5LQWD6XKDUGLE
a,b
Widyatama University, Cikutra 204A, Bandung 40153, Indonesia

$EVWUDFW

3XEOLFLQWHUHVWDERXWVWRFNVDQGERQGVLQFUHDVLQJO\JURZLQJLW¶VEHFDXVHWKHZLGHUSXEOLFFXULRVLW\DERXWWKHFRQGLWLRQVLQWKH
FDSLWDOPDUNHW,QGLFDWRULQSURILWDELOLW\UDWLRLV5HWXUQRQ(TXLW\DQG5HWXUQRQ,QYHVWPHQW7KHUHDVRQZK\WKH52(DQG52,
VHOHFWHGDVPHDVXUHLVGXHLQ52(DQG52,XVLQJQHWLQFRPHDVDEHQFKPDUNLQPHDVXULQJSURILWDELOLW\52,DQG52(DIIHFWWKH
YROXPHRIWUDGHHYHQWKRXJKLWJLYHVZHDNUHVXOWV7UDGLQJYROXPHZDVLQIOXHQFHGE\RWKHUIDFWRUVEH\RQGSURILWDELOLW\UDWLR
,QYHVWRUVGRQRWMXVWORRNDWWKHSURILWDELOLW\IDFWRULQWKLVFDVHLVUHSUHVHQWHGE\WKH52(DQG52,
‹7KH$XWKRUV3XEOLVKHGE\(OVHYLHU/WG
© 2015 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license
3HHUUHYLHZXQGHUUHVSRQVLELOLW\RIWKH2UJDQL]LQJ&RPPLWWHHRIWKHQG*&%66
(http://creativecommons.org/licenses/by-nc-nd/4.0/).
Peer-review under responsibility of the Organizing Committee of the 2nd GCBSS-2015
Keywords:5HWXUQRQ(TXLW\5HWXUQRQ,QYHVWPHQW7UDGLQJ9ROXPH

,QWURGXFWLRQ

3XEOLFGHVLUHWRNQRZPRUHDERXWVWRFNVDQGERQGVWKDWFDQEHNQRZQWKURXJKWKHVWRFNH[FKDQJHLVLQFUHDVLQJ
IURPWLPHWRWLPH7KLVFDQEHVHHQE\WKHODUJHUSXEOLFLQWHUHVWDQGFRQFHUQZLOOEHWKHGHYHORSPHQWRIWKHVWRFN
PDUNHW &RQFHUQ DQG WKH SXEOLF LQWHUHVW DUH QRW OLPLWHG WR WKH GHYHORSPHQW RI WKH VWRFN PDUNHW VHFWRU DQG VWRFN
H[FKDQJHVKDUHLQGH[LWVHOIEXWSHRSOHKDYHPRUHLQWHUHVWLQDQ\FRPSDQ\LQFRUSRUDWHGLQWKHVWRFNPDUNHWDQGKRZ
WKHGHYHORSPHQWRIWKHVHFRPSDQLHV
$FFRUGLQJWR6XDG+XVQDQ  WKHUROHRIWKHFDSLWDOPDUNHWLVYHU\LPSRUWDQWLQWKHHFRQRP\RIDFRXQWU\
WKLVLVEHFDXVHWKHHIIHFWRIFDSLWDOPDUNHWZLOODIIHFWWKHFRXUVHRIWKHFRXQWU\
VHFRQRP\7KHVLJQDOWKDWWKHVWRFN


&RUUHVSRQGLQJDXWKRU7HOID[
E-mail address:VDNLQDLFKVDQL#ZLG\DWDPDDFLG

1877-0428 © 2015 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license
(http://creativecommons.org/licenses/by-nc-nd/4.0/).
Peer-review under responsibility of the Organizing Committee of the 2nd GCBSS-2015
doi:10.1016/j.sbspro.2015.11.118
Sakina Ichsani and Agatha Rinta Suhardi / Procedia - Social and Behavioral Sciences 211 (2015) 896 – 902 897

RIDFRPSDQ\IDYRUHGE\WKHPDUNHWLVWKHOHYHORIWKHFRPSDQ\
VVWRFNWUDQVDFWLRQVLVJURZLQJUDSLGO\7KHPRUH
VKDUHVLQWHUHVWHGE\LQYHVWRUVWKHJUHDWHUWKHYROXPHRIWUDGLQJRILWVVKDUHVKLJKHU,IWKHFRPSDQ\LVSURILWDEOHWKHQ
WKHFRPSDQ\FDQVKDUHWKHSURILWVLQWKHIRUPRIDODUJHGLYLGHQGWRLWVLQYHVWRUV7KH&RPSDQ\ZDVDOVRDEOHWR
SHUVXDGHLQYHVWRUVWRUHLQYHVWIXQGVWRWKHFRPSDQ\
7KHIUHTXHQF\RIWUDGLQJLQVWRFNH[FKDQJHLVDIUDPHWKDWWKHLQYHVWRUVDUHVHHLQJWKRVHFRPSDQLHV%XWVHHLQJLV
QRWHQRXJKIRUWKHFRPSDQ\IRUWKHFRPSDQ\WKH\QHHGWRVHHWKHYROXPHRIWKHWUDGLQJ7KHPRUHQXPEHURIVKDUHV
WUDGHGLQGLFDWHGWKDWWKHVWRFNLVLQFUHDVLQJO\LQGHPDQGE\WKHSXEOLF
,QGHWHUPLQLQJZKHWKHUWKHFRPSDQ\LVSURILWDEOHWKHLQYHVWRUFDQSHUIRUPILQDQFLDOVWDWHPHQWDQDO\VLV:DUUHQ
5HHYHDQG)HHV  H[SODLQWKDWWKHREMHFWLYHRIILQDQFLDOVWDWHPHQW LVXVHGWRHYDOXDWHDFRPSDQ\¶VILQDQFLDO
FRQGLWLRQDWWKLVWLPHDQGSUHGLFWWKHUHVXOWVRIRSHUDWLRQVDQGFDVKIORZVRIWKHFRPSDQ\LQWKHIXWXUH7KHFRPSRQHQWV
FRQWDLQHG LQ WKH ILQDQFLDO VWDWHPHQW DUH LQFRPH VWDWHPHQW VWDWHPHQW RI RZQHU¶V HTXLW\ EDODQFH VKHHW FDVK IORZ
VWDWHPHQWDQGQRWHVWRWKHILQDQFLDOVWDWHPHQW
2QHUDWLRLQILQDQFLDOVWDWHPHQWDQDO\VLVLVSURILWDELOLW\UDWLR7KHUDWLRLVDPHDVXUHPHQWRISURILWDELOLW\LQWKH
DQDO\VLV RI ILQDQFLDO VWDWHPHQWV WKDW DUH XVHIXO WR PHDVXUH WKH H[WHQW RI SURILWDELOLW\ HDUQHG E\ WKH FRPSDQ\ 7KH
JUHDWHUWKHSURILWUDWHLQGLFDWHVEHWWHUPDQDJHPHQWLQPDQDJLQJWKHFRPSDQ\
,QGLFDWRULQSURILWDELOLW\UDWLRLV5HWXUQRQ(TXLW\DQG5HWXUQRQ,QYHVWPHQW7KHUHDVRQZK\WKH52(DQG52,
VHOHFWHGDVPHDVXUHLVGXHLQ52(DQG52,XVLQJQHWLQFRPHDVDEHQFKPDUNLQPHDVXULQJSURILWDELOLW\
7KHHPSLULFDOHYLGHQFHDERXWQHWLQFRPHKDVEHHQGRQHE\(PLO56LQDJD  DQG5R]D7KRULUL  (PLO
56LQDJDUHVHDUFKHGDERXWWKHHIIHFWRIFDVKIORZDQGQHWLQFRPHWRWUDGLQJYROXPHKDVEHHQFODLPHGWKDWWKHUHLVD
VLJQLILFDQWHIIHFWEHWZHHQFDVKIORZDQGQHWLQFRPHWRWUDGLQJYROXPH
,QOLQHZLWK(PLO6LQDJD5R]D7KRULULUHVHDUFKHGDERXWWKHHIIHFWRIFDVKIORZDQGQHWLQFRPHWRWUDGLQJYROXPH
KDVEHHQFODLPHGWKDWWKHUHLVDVLJQLILFDQWDQGSRVLWLYHHIIHFWEHWZHHQFDVKIORZDQGQHWLQFRPHWRWUDGLQJYROXPH
7KHLQYHVWRUVEHOLHYHWKDWWKHFRPSDQ\¶VVWRFNSULFHZLOOLQFUHDVHLIWKHQHWLQFRPHLVFRQVWDQWO\LQFUHDVLQJ
%DVHGRQWKHEDFNJURXQGDERYHWKHDXWKRUVFRQGXFWHGDUHVHDUFKZLWKWKHWLWOHWKHHIIHFWRI5HWXUQRQ(TXLW\DQG
5HWXUQRQ,QYHVWPHQWRQ7UDGLQJ9ROXPH6WRFNV


/LWHUDWXUH5HYLHZ

$FFRUGLQJWR6XWULVQR  ILQDQFLDOVWDWHPHQWVDUH³)LQDQFLDO6WDWHPHQWDUHSUHSDUHGWRSURYLGHLQIRUPDWLRQ


RIFRPSDQ\¶VILQDQFLDOWRVWDNHKROGHUV PDQDJHPHQWRZQHUVFUHGLWRUVLQYHVWRUVJRYHUPHQWVDQGRWKHUSDUWLHV ´
3URILWDELOLW\UDWLRVPHDVXUHHQDEOHDQDO\VWVWRHYDOXDWHWKHILUP¶VSURILWVZLWKUHVSHFWWRDJLYHQOHYHORIVDOHVD
FHUWDLQOHYHORIDVVHWVRUWKHRZQHUV¶LQYHVWPHQW2ZQHUVFUHGLWRUVLQYHVWRUVPDQDJHPHQWDQGVWRFNKROGHUVSD\
FORVHDWWHQWLRQWRERRVWLQJSURILWVEHFDXVHRIWKHJUHDWLPSRUWDQFHWKHPDUNHWSODFHVRQHDUQLQJV5HWXUQRQ7RWDO
$VVHWVRIWHQFDOOHGWKHUHWXUQRQLQYHVWPHQW 52, PHDVXUHVWKHRYHUDOOHIIHFWLYHQHVVRIPDQDJHPHQWLQJHQHUDWLQJ
SURILWVZLWKLWVDYDLODEOHDVVHWV1HWLQFRPHLVWKHH[FHVVRIDOOUHYHQXHDQGH[SHQVHVRPHERRNVFDOOHGQHWLQFRPH
ZLWKHDUQLQJDIWHUWD[
$FFRUGLQJWR0DUGL\DQWR  5HWXUQRQ,QYHVWPHQWLVUDWLRXVHGWRPHDVXUHFRPSDQ\¶VDELOLW\WRJHQHUDWH
SURILWVIURPLQYHVWLQJDFWLYLWLHV´
7RPHDVXUH5HWXUQ2Q,QYHVWPHQW 52, FDQEHIRUPXODWHGDVIROORZV

ா௔௥௡௜௡௚஺௙௧௘௥்௔௫
ܴܱ‫ ܫ‬ൌ  ‫ͲͲͳݔ‬Ψ         
்௢௧௔௟஺௦௦௘௧௦


5HWXUQ2Q,QYHVWPHQWLQGLFDWHVKRZPXFKZLOOWKHSURILWJDLQHGE\XVLQJWKHHQWLUHDVVHWVRZQHGE\WKHFRPSDQ\
$FFRUGLQJWR/HVWDULDQG6XJLKDUWR  JRRGUDWHUHWXUQRI5HWXUQRQ$VVHWV 52$ LI!
5HWXUQRQ(TXLW\ 52( DFFRUGLQJWR0DUGL\DQWR  DUH³7KHUDWLRXVHGWRPHDVXUHFRPSDQ\¶VVXFFHVV
LQJHQHUDWLQJSURILWVIRUVKDUHKROGHUV´$FFRUGLQJWR/HVWDULDQG6XJLKDUWR  JRRGUDWHUHWXUQRI5HWXUQRQ
(TXLW\ 52( LI!
$FFRGLQJWR6XWULVQR  WRPHDVXUH52(WKHIRUPXODWLRQDUHDVIROORZV
898 Sakina Ichsani and Agatha Rinta Suhardi / Procedia - Social and Behavioral Sciences 211 (2015) 896 – 902

ா௔௥௡௜௡௚஺௙௧௘௥்௔௫
ܴܱ‫ ܧ‬ൌ  ‫ͲͲͳݔ‬Ψ         
்௢௧௔௟ா௤௨௜௧௬

6KDUHVDUHWKHPRVWSRSXODUW\SHRIHIIHFWXVHGE\LVVXHUVWRUDLVHIXQGVIURPWKHSXEOLFDQGDOVRWKHPRVWSRSXODU
LQWKHFDSLWDOPDUNHW 5XVGLQ 6KDUHVFDQEHGHILQHGDVDVLJQRIRZQHUVKLSRUSRVVHVVLRQRIDSHUVRQRU
HQWLW\LQDFRUSRUDWLRQRUOLPLWHGOLDELOLW\FRPSDQ\ 'DUPDMLGDQ)DNKUXGGLQ 
9ROXPHRIVKDUHVWUDGHGLVWKHQXPEHURIDOOVKDUHVWUDGHGZLWKLQDVSHFLILHGSHULRG +DVWXWLGDQ6XGLE\RGDODP
(PLO5LYDQWX  7UDGHVWRFNVDFWLYHO\VKRZWKDWWKHVWRFNIDYRXUHGE\LQYHVWRUVZKLFKPHDQVWKHVWRFNLV
WUDGHGTXLFNO\7UDGLQJDFWLYLW\GLGQRWGLIIHUZLWKWKHWUDGHLQJHQHUDOLQYROYLQJVHOOHUVDQGEX\HUV2IWKHVWRFN
WUDGLQJWKDWRFFXUVLWZLOOJHQHUDWHDYROXPHRIVWRFNWUDGLQJ7KLVFDXVHVWKHQXPEHURIWUDQVDFWLRQVLQVKDUHVRU
VWRFNVWKDWDUHWUDGHGYROXPHFDQIOXFWXDWHGDLO\
7KH KLJK DQG ORZ WUDGLQJ YROXPH VWRFNV DUH MXGJPHQWV DUH LQIOXHQFHG E\ PDQ\ IDFWRUV $V WKH FRPSDQ\
V
SHUIRUPDQFH SROLF\ GLUHFWRUV LQ RWKHU LQYHVWPHQWV HFRQRPLF FRQGLWLRQV JRYHUQPHQW SROLFLHV LQFRPH OHYHOV
LQIODWLRQVXSSO\DQGGHPDQGDQGWKHDELOLW\WRDQDO\]HWKHHIIHFWRIVWRFNSULFHLWVHOILVDOVRDSDUWRIWKLQJVWKDWDIIHFW
WKHYROXPHRIVWRFNWUDGLQJDQGPDQ\PRUHIDFWRUVLQIOXHQFLQJ

0HWKRGRORJ\

7KLV UHVHDUFK LV D VHFRQGDU\ VXUYH\ UHVHDUFK WKH VDPSOHV WDNHQ LV IURP WKH FRPSDQ\¶V ILQDQFLDO UHSRUW WKDW¶V
UHSRUWHG LQ ,QGRQHVLD 6WRFN ([FKDQJH 7KLV VWXG\ LV D VXUYH\ RI VHFRQGDU\ GDWD LVVXHG E\ WKH ,QGRQHVLD 6WRFN
([FKDQJH([SODQDWRU\UHVHDUFKLVDQH[SODQDWLRQZKLFKIRFXVHVRQWKHUHODWLRQVKLSEHWZHHQWKHYDULDEOHVRIUHVHDUFK
DQG WHVWLQJ K\SRWKHVHVIRUPXOD -XGJLQJIURP WKH GLPHQVLRQVRIWLPH WKH UHVHDUFK LV D GDWDSDQHORUSRROHG GDWD
5HVHDUFKGDWDSDQHOLVDFRPELQDWLRQRIDFURVVVHFWLRQDODQGWLPHVHULHV,QWKLVVWXG\WKHGDWDREWDLQHGDUHWKH
ILQDQFLDOVWDWHPHQWVUHSRUWDQGWKHYROXPHRIVWRFNWUDGLQJFRPSDQ\WKDWOLVWHGRQWKH,QGRQHVLD6WRFN([FKDQJHIURP
WR7KHFRPSDQ\WDNHLVWKHPRVWDFWLYHLQWKHWUDGLQJYROXPHRILWVVKDUHVWUDQVDFWLRQ



+
  

 5HWXUQRQ
 (TXLW\
 +
  
 7UDGLQJ
 9ROXPH
 5HWXUQRQ
+
 ,QYHVWPHQW




)LJXUH&RQFHSWXDO)UDPHZRUN

%DVHGRQWKHWKHRULHVDQGFRQFHSWVSUHYLRXVO\ZHFDQEXLOGWKRVHIROORZLQJK\SRWKHVHV

+7KHUHLVDQHIIHFWIURPUHWXUQRQHTXLW\RQWUDGLQJYROXPHLQPRVWDFWLYHDQGFRQVLVWHQWVWRFNVLQ\HDUVRQWKH
,QGRQHVLD6WRFN([FKDQJH
+7KHUHLVDQHIIHFWIURPUHWXUQRQLQYHVWPHQWRQWUDGLQJYROXPHLQPRVWDFWLYHDQGFRQVLVWHQWVWRFNVLQ\HDUVRQ
WKH,QGRQHVLD6WRFN([FKDQJH
+7KHUHLVDQHIIHFWUHWXUQRQHTXLW\DQGUHWXUQRQLQYHVWPHQWRQWUDGLQJYROXPHLQPRVWDFWLYHDQGFRQVLVWHQWVWRFNV
LQ\HDUVRQWKH,QGRQHVLD6WRFN([FKDQJH

6DPSOHVLQWKLVVWXG\DUHWKHPRVWDFWLYHVWRFNVE\WUDGLQJFRPSDQ\ZKRVHFRQVLVWHQWDFWLYHIURP
RQWKH,QGRQHVLDQ6WRFN([FKDQJH7KHVRXUFHLVFROOHFWHGIURP,QGRQHVLD6WRFN([FKDQJHZHEVLWH7KHGHSHQGHQW
YDULDEOH LQ WKLV VWXG\ LV WUDGLQJ YROXPH 7UDGLQJ YROXPH LV WKH IUHTXHQF\ DQG DPRXQW RI WUDGH LQ RQH \HDU 7KH
Sakina Ichsani and Agatha Rinta Suhardi / Procedia - Social and Behavioral Sciences 211 (2015) 896 – 902 899

LQGHSHQGHQWYDULDEOHVLQWKLVVWXG\DUH

 5HWXUQRQ(TXLW\ 52( WKHIRUPXODIRU52(LVHDUQLQJDYDLODEOHIRUFRPPRQVWRFNKROGHUVHTXLW\GLYLGHGE\


WRWDOHTXLW\
 5HWXUQRQ,QYHVWPHQW 52, RU5HWXUQRQ$VVHWV 52$ WKHIRUPXODIRU52,LVHDUQLQJDYDLODEOHIRUFRPPRQ
VWRFNKROGHUVGLYLGHGE\7RWDO$VVHW

5HVHDUFKPHWKRGVXVHGLQWKLVUHVHDUFKDUHGHVFULSWLYHDQGYHULILFDWLYHPHWKRG7KHLQGHSHQGHQWYDULDEOHLQWKLV
VWXG\LVWKH5HWXUQRQ(TXLW\ ; DQG5HWXUQRQ,QYHVWPHQW ; DQGWKHGHSHQGHQWYDULDEOHLVWKH7UDGLQJ9ROXPH
<  7KHVH GDWD WR WHVW WKHFODVVLFDO DVVXPSWLRQRIQRUPDOLW\ WHVW PXOWLFROOLQHDULW\ WHVW DXWRFRUUHODWLRQ WHVW DQG
KRPRJHQHRXVWHVW7KHQWKHGDWDZHUHDQDO\]HGXVLQJUHJUHVVLRQDQDO\VLV$QDO\VLVRIGDWDXVLQJOLQHDUUHJUHVVLRQWR
VHHWKHVWUHQJWKHIIHFWRILQGHSHQGHQWYDULDEOHRQWKHGHSHQGHQWYDULDEOHIURPWKHGHWHUPLQDQWFRHIILFLHQWLQGLFDWHG
E\WKH5VTXDUHWKDWVKRZVKRZIDUWKHLQGHSHQGHQWYDULDEOHFDQH[SODLQWKHGHSHQGHQWYDULDEOH3RSXODWLRQLQWKLV
UHVHDUFKDUHWKHPRVWDFWLYHDQGFRQVLVWHQWVWRFNVLQWUDGLQJYROXPHLQ\HDUVOLVWHGLQ,QGRQHVLD6WRFN([FKDQJH
,'; SHULRGRI±ZKLFKWRWDOFRPSDQLHV6DPSOLQJWHFKQLTXHXVLQJSXUSRVLYHVDPSOLQJ$VIRUWKH
FULWHULDXVHGDUHDVIROORZV

 7KH FRPSDQLHV XVHG LQ WKLV UHVHDUFK DUH FRPSDQLHV ZKRVH DFWLYHDQG FRQVLVWHQW VWRFNV E\ WUDGLQJ YROXPH LQ
,QGRQHVLD6WRFN([FKDQJH ,'; SHULRG
 %XPL5HVRXUFHV7EN%DNULHODQG'HYHORSPHQW7EN(QHUJL0HJD3HUVDGD7ENDQG%DNULH6XPDWUD3ODQWDWLRQV
7ENDUHH[FOXGHGIURPUHVHDUFKREMHFWGXHWRQHJDWLYHYDOXHRI52,DQG52(ZLWKWKHUHVXOWWKDWDIIHFWVWKH
DQDO\VLVGDWDUHVXOW

7DEOH&RPSDQLHVRI5HVHDUFK2EMHFW6DPSOH

 1R &RPSDQLHV1DPHV
  $GDUR(QHUJ\7EN

  $QHND7DPEDQJ 3HUVHUR 7EN
  $ODP6XWHUD5HDOW\7EN
  %DQN1HJDUD,QGRQHVLD7EN

 6HQWXO&LW\7EN

  %DQN0DQGLUL 3HUVHUR 7EN
  (OQXVD7EN
 .DOEH)DUPD7EN
  3HUXVDKDDQ*DV1HJDUD 3HUVHUR 7EN

 7HOHNRPXQLNDVL,QGRQHVLD7EN



900 Sakina Ichsani and Agatha Rinta Suhardi / Procedia - Social and Behavioral Sciences 211 (2015) 896 – 902

 5HVXOW


)LJXUH+LVWRJUDP9DULDEOH<  )LJXUH1RUPDOLW\7HVW

)LJXUHVKRZVWKDWWKHYDULDEOH< 7UDGLQJ9ROXPH LVLQQRUPDOGLVWULEXWLRQDVDKLVWRJUDPVKDSHGOLNHDEHOO


VKDSHG%HOOVKDSHGDUHWKHFKDUDFWHULVWLFRIWKHQRUPDOGLVWULEXWLRQRIGDWD)LJXUHVKRZWKDWWKHGDWDYDULDEOH<
VSUHDGQHDUWKHGLDJRQDOOLQHDQGIROORZWKHGLUHFWLRQRIWKHGLDJRQDOOLQH2IWKHILJXUHLWFDQEHFRQFOXGHGWKDWWKH
GDWD ZHUH QRUPDOO\ GLVWULEXWHG,W PHDQV WKDW SDUDPHWULF VWDWLVWLFV FDQ EH XVHG 'DWD VSUHDG WHQG WR EH LQ WKH OLQH
HTXDWLRQ)RUDXWRFRUUHODWLRQWHVWZHFDQVHH'XUELQ:DWVRQRQWDEOH)URPWKH6366VFRUH'XUELQ:DWVRQVFRUH
LVDQGLWLVXQGHU':!,WPHDQVWKDWWKHUHDUHSRVLWLYHDXWRFRUUHODWLRQ0XOWL&RUUHODWLRQ7HVW
 
VIF = = =  9,)YDOXHLVXQGHULWPHDQVWKDWWKHUHDUHQRPXOWLFRUUHODWLRQUHODWLRQV
− R 
 −  


  7DEOH$XWR&RUUHODWLRQ7HVW52(52,RQ7UDGLQJ9ROXPH

0RGHO 5 56TXDUH $GMXVWHG56TXDUH


D
    

 

)URP WDEOH DERYH ZH FDQ VHH FRUUHODWLRQ 52( DQG 52, ZLWK WUDGLQJ YROXPH LV  7KLV VKRZV SRVLWLYH
FRUUHODWLRQEHWZHHQ52(DQG52,ZLWKWUDGLQJYROXPH5VTXDUHLV,WPHDQVWKDWWUDGLQJYROXPHLVLQIOXHQFHG
E\52(DQG52,WKHUHVWRILW  LQIOXHQFHGE\RWKHUIDFWRUV


  7DEOH$XWR&RUUHODWLRQ7HVW52,RQ7UDGLQJ9ROXPH

0RGHO 5 56TXDUH $GMXVWHG56TXDUH

 D  




)URPWDEOHDERYHZHFDQVHHFRUUHODWLRQ52,DQGWUDGLQJYROXPHLV7KLVVKRZVSRVLWLYHFRUUHODWLRQEHWZHHQ
52,DQGWUDGLQJYROXPH5VTXDUHLV,WPHDQVWKDWWUDGLQJYROXPHLVLQIOXHQFHGE\52,WKHUHVWRILW
 LQIOXHQFHGE\RWKHUIDFWRUV
Sakina Ichsani and Agatha Rinta Suhardi / Procedia - Social and Behavioral Sciences 211 (2015) 896 – 902 901


  7DEOH$XWR&RUUHODWLRQ7HVW52(RQ7UDGLQJ9ROXPH

0RGHO 5 56TXDUH $GMXVWHG56TXDUH

 D  



 )URPWDEOHDERYHZHFDQVHHFRUUHODWLRQ52(DQGWUDGLQJYROXPHLV7KLVVKRZVSRVLWLYHFRUUHODWLRQ
EHWZHHQ52(DQGWUDGLQJYROXPH5VTXDUHLV:HXVXDOO\H[SODLQ5VTXDUHZLWKGHWHUPLQDWLRQFRHIILFLHQW
PHDQVWKDWWUDGLQJYROXPHLVLQIOXHQFHGE\52(WKHUHVWRILW  LQIOXHQFHGE\RWKHUIDFWRUV

 &RQFOXVLRQ

&RUUHODWLRQ FRHIILFLHQW 52( DQG 52, ZLWK WUDGLQJ YROXPH LQGLFDWRUV LV  7KLV VKRZV ZHDN FRUUHODWLRQ
EHWZHHQ52(DQG52,ZLWKWUDGLQJYROXPHLQGLFDWRUV5VTXDUHLVPHDQVWKDWWUDGLQJYROXPHLVLQIOXHQFHGE\
52(DQG52,WKHUHVWRILWLQIOXHQFHGE\RWKHUIDFWRUV52(DQG52,KDYHLQIOXHQFHRUUROHLQWUDGLQJYROXPH
VWRFNV
&RUUHODWLRQFRHIILFLHQW52(DQGWUDGLQJYROXPHLQGLFDWRUVLV7KLVVKRZVZHDNFRUUHODWLRQEHWZHHQ52(
DQGWUDGLQJYROXPHLQGLFDWRUV5VTXDUHLVPHDQVWKDWWUDGLQJYROXPHLVLQIOXHQFHGE\52(DQG52,WKH
UHVWRILWLQIOXHQFHGE\RWKHUIDFWRUV52(KDVLQIOXHQFHRUUROHLQWUDGLQJYROXPHVWRFNV
&RUUHODWLRQFRHIILFLHQW52,ZLWKWUDGLQJYROXPHLQGLFDWRUVLV7KLVVKRZVZHDNFRUUHODWLRQEHWZHHQ52,
ZLWKWUDGLQJYROXPHLQGLFDWRUV5VTXDUHLVPHDQVWKDWWUDGLQJYROXPHLVLQIOXHQFHGE\52(DQG52,WKH
UHVWRILWLQIOXHQFHGE\RWKHUIDFWRUV52,KDVLQIOXHQFHRUUROHLQWUDGLQJYROXPHVWRFNV
%DVHGRQ WKHUHVXOWV WXUQHGRXW WR 52, DQG52( DIIHFW WKH YROXPH RI WUDGH HYHQ WKRXJK LW JLYH ZHDN UHVXOWV
7UDGLQJYROXPHZDVLQIOXHQFHGE\RWKHUIDFWRUVEH\RQGSURILWDELOLW\UDWLR,WFDQEHFRQFOXGHGWKDWLQYHVWRUVGRQRW
MXVWORRNDWWKHSURILWDELOLW\IDFWRULQWKLVFDVHLVUHSUHVHQWHGE\WKH52(DQG52,7KLVVWRFNSXUFKDVHGHFLVLRQVWKDW
OHGWRVWRFNWUDGLQJYROXPHLQFUHDVHGDQGGHFUHDVHG
7KH DXWKRUV VXJJHVW WKDW IXUWKHU UHVHDUFK ZKLFK DLPV WR GHWHUPLQH WKH IDFWRUV WKDW DIIHFW WKH YROXPH RI VWRFN
WUDGLQJ+RZHYHUIXUWKHUUHVHDUFKLVQRWOLPLWHGWRWKHIDFWRUVLQWKHILQDQFLDOVWDWHPHQWVEXWH[WHUQDOIDFWRUVVXFKDV
WKHWLPHRIWKHDQQRXQFHPHQWRIILQDQFLDOVWDWHPHQWVFDQEHRQHRIWKHLQIOXHQFHVRQVWRFNWUDGLQJYROXPH
)DFWRUVWKDWDIIHFWHGVWRFNWUDGLQJZHUHLQIOXHQFHGE\PDQ\IDFWRUVRWKHUWKDQWKH5HWXUQRQ(TXLW\ 52( DQG
5HWXUQRQ,QYHVWPHQW 52, 7UDGLQJYROXPHLVLQIOXHQFHGE\52(DQG52,LQDVPDOOSURSRUWLRQ2WKHUIDFWRUVWKDW
DIIHFWWKHYROXPHRIVWRFNWUDGLQJLVWKHLQWHUQDOIDFWRUVDQGH[WHUQDOIDFWRUV
,QWHUQDOIDFWRUVWKDWDIIHFWLQJWUDGLQJYROXPHVDUHRWKHUSURILWDELOLW\UDWLRVEHVLGHV5HWXUQRQ(TXLW\DQG5HWXUQRQ
,QYHVWPHQWVWRFNSULFHVRSHUDWLQJLQFRPHDQGQHWLQFRPH([WHUQDOIDFWRUVWKDWDIIHFWLQJWUDGLQJYROXPHVDUHWKH
H[FKDQJH UDWH LQIODWLRQ LQWHUHVW UDWHV PRUDO KD]DUG WKDW LPSDFW WKH GHFUHDVLQJ SXEOLF WUXVW WR FRPSDQ\ QHJDWLYH
LVVXHVDERXWWKHFRPSDQ\DQGWKHVLWXDWLRQLQWKHJOREDOHFRQRP\

5HIHUHQFHV

$PEDU:RHUR  3HQJDUXK3XEOLNDVL$UXV.DVWHUKDGDS9ROXPH3HUGDJDQJDQ6DKDPGL%(5-XUQDO5LVHW$NXQWDQVL,QGRQHVLD


*LWPDQ/DZUHQFH  3ULQFLSOHVRI0DQDJHULDO)LQDQFH%RVWRQ3HDUVRQ3UHQWLFH+DOO
+DUDKDS6RI\DQ6\DIUL  $QDOLVLV.ULWLV$WDV/DSRUDQ.HXDQJDQ-DNDUWD5DMD*UDILQGR3HUVDGD
+XVQDQ6XDG  'DVDUGDVDU7HRUL3RUWRIROLRGDQ$QDOLVLV6HNXULWDV<RJ\DNDUWD882$03<.31
/HQD7DQ&KRL<HQ  3HQJDUXK,QIRUPDVL$UXV.DVWHUKDGDS9ROXPH3HUGDJDQJDQ6DKDPGL3DVDU0RGDO6LPSRVLXP1DVLRQDO
$NXQWDQVL,,,$,.$3G
0DOKRWUD1.0DUNHWLQJ5HVHDUFK$Q$SSOLHG2ULHQWDWLRQWK(GLWLRQ1HZ-HUVH\3HDUVRQ(GXFDWLRQ,QF
0DUGL\DQWR+DQGR\R,QWLVDUL0DQDMHPHQ.HXDQJDQ-DNDUWD37*UDVLQGR
0DUWRQR $JXV+DUMLWR0DQDMHPHQ.HXDQJDQ<RJ\DNDUWD(NRQXVD
0RK1D]LU0HWRGH3HQHOLWLDQ%RJRU*KDOLD,QGRQHVLD
0XDZDQDK8VZDWXQ  5HDNVL3DVDUWHUKDGDS9ROXPH3HUGDJDQJDQEHUGDVDUNDQ8NXUDQ3HUXVDKDDQ7KHVLV
0XQDZLU$QDOLVLV/DSRUDQ.HXDQJDQ<RJ\DNDUWD/LEHUW\
902 Sakina Ichsani and Agatha Rinta Suhardi / Procedia - Social and Behavioral Sciences 211 (2015) 896 – 902

5RVV6WHSKHQ$:HVWHUILHOG5DQGROSK:-DIIH-HIIUH\)  &RUSRUDWH)LQDQFHWK(GLWLRQ0F*UDZ+LOO&RPSDQLHV,QF


6DPRHGUD$UWDULQD'HZL  7KH(IIHFWRI5HWXUQRQ$VVHW 52$ 5HWXUQRQ(TXLW\ 52( DQG1HW3URILW0DUJLQ 130 RQ6WRFN3ULFHRQ
)RRG DQG %HYHUDJHV &RPSDQLHV /LVWHG LQ ,QGRQHVLD 6WRFN ([FKDQJH ,';  ,QWHUQDWLRQDO &RQIHUHQFH RQ (QWUHSUHQHXUVKLS DQG %XVLQHVV
0DQDJHPHQW
6HNDUDQ8PD  0HWRGRORJL3HQHOLWLDQXQWXN%LVQLV-DNDUWD6DOHPED(PSDW
6LQDJD(PLO5  3HQJDUXK,QIRUPDVL$UXV.DVGDQ/DED%HUVLK7HUKDGDS9ROXPH3HUGDJDQJDQ6DKDPSDGD3HUXVDKDDQ0DQXIDNWXU\DQJ
7HUGDIWDUGL%XUVD(IHN,QGRQHVLD7KHVLV8QLYHUVLWDV1HJHUL0HGDQ
7KRKLU5R]D  3HQJDUXK,QIRUPDVL$UXV.DVGDQ/DED%HUVLKWHUKDGDS9ROXPH3HUGDJDQJDQ6DKDPSDGD3HUXVDKDDQ0DQXIDNWXU\DQJ
7HUGDIWDUGL%XUVD(IHN,QGRQHVLD-XUQDO%LQD$NXQWDQVL-XQL
:LGMDMD,QGUD  (IIHFWRI/LTXLGLW\2SHUDWLQJ3URILW*URZWKDQG2SHUDWLQJ0DUJLQRQ3URILWDELOLW\RI&RPSDQLHVLQ5HVWDXUDQW+RWHODQG
7RXULVP,QGXVWU\,QWHUQDWLRQDO&RQIHUHQFHRQ(QWUHSUHQHXUVKLSDQG%XVLQHVV0DQDJHPHQW


Das könnte Ihnen auch gefallen