PENGARUH KINERJA KEUANGAN TERHADAP REAKSI PASAR PADA PERUSAHAAN MANUFAKTUR

Abstract

The purpose of this research is to examine the influence of current ratio, debt to equity ratio, return on asset,
total asset turnover to the market reaction. The population is all consumer goods industry sector manufacturing
companies which are listed in Indonesia Stock Exchange in 2012-2014 periods. The sample collection technique
has been done by using purposive sampling with predetermined criteria so 17 sample companies with 3 year
observations. The data analysis has been carried out by using multiple linear regressions analysis. The result of
the research shows that 1) current ratio, 2) total asset turnover give positive influence to the market reaction
whereas 3) debt to equity ratio give negative influence to the market reaction. Meanwhile, 4) return on asset does
not give any influence to the market reaction. It has been found from the formulation of four hypothesis, three
hypothesis are suported by the result of the research whereas one hypothesis i.e. the influence of return on asset to
the market reaction is not supported by the result.
Keywords: Current ratio, debt to equity ratio, return on asset, total asset turnover, market reaction.