PENGARUH FAKTOR INTERNAL DAN EKSTERNAL PADA RETURN SAHAM

Abstract

This research is meant to test the influence of external and internal factors to the stock return. The internal
factor is proxy by Return on Assets (ROA), Debt to Equity Ratio (DER), Earnings per Share (EPS), Operating
Cash Flow (OCF) whereas the external factor is proxy by inflation and interest rate through the annual financial
statement which has been prepared by property and real estate companies which are listed in Indonesia Stock
Exchange and the monthly report of Bank Indonesia.The samples are property and real estate companies which
are listed in Indonesia Stock Exchange by using purposive sampling method. The observation period is in 2011-
2015 periods. The analysis method has been carried out by using multiple linear regressions analysis. The result
of the research shows that: (a) the ROA does not give any influence to the stock return, (b) the DER does give
any influence to the stock return, (c) the EPS give positive influence to the stock return, it means when earnings
per share is getting high, (d) the OCF does not give any influence to the stock return, (e) the inflation give
positive influence to the stock return, (f) the interest rate give negative influence to the stock return.
Keywords: Financial ratio, operating cash flow, inflation, interest rate, stock return