MODEL MARKOWITZ UNTUK MENENTUKAN PORTOFOLIO EFISIEN PADA PERUSAHAAN TELEKOMUNIKASI DI BEI

Abstract

This research is meant to find out whether the application of Markowitz model has determined the stock portfolio
which is efficient to the telecommunication companies which are listed in Indonesia Stock Exchange. The data of
this research applies the monthly stock price data in 2014 and dividend data which has been shared in 2014. The
research samples consist of 6 Telecommunication Companies which perform trading actively in Indonesia Stock
Exchange and 15 combined stock portfolios have been obtained. The result of this research shows that there are 4
efficient stock portfolios i.e. the equal proportion (50%: 50%) have been obtained in portfolio 4, portfolio 8,
portfolio 15, and portfolio 5. In the different proportion (40%: 60%) have been obtained in portfolio 4, portfolio
8, portfolio 15, and portfolio 5. The selection of efficient stock portfolio based on the preference of the investor i.e.:
(1) Risk-taker Investors, these investors choose portfolio 4; (2) Risk neutral investors, these investors choose
portfolio 8 and portfolio 15; (3) Risk Averse Investors, these investors choose portfolio 5.

Keywords: Model Markowitz Portfolio, Investment, Stock.