ANALISIS KINERJA KEUANGAN DAN POTENSI KEBANGKRUTAN SERTA PENGARUHNYA TERHADAP HARGA SAHAM PADA PERUSAHAAN TERBUKA SEKTOR TELEKOMUNIKASI DI BEI

Abstract

This research was conducted at the Telecommunications sector companies listed in
Indonesia Stock Exchange, with secondary data . This study aims to determine the
effect of the financial performance and the potential bankruptcy of either partially or
simultaneously on stock prices. Data analysis techniques in this study using a
descriptive method and multiple regression analysis to determine the effect of two
independent variables on the dependent variable. This study also using factor
analysis to determine the most contributed indicator for each independent variables.
Financial performance is measured based on the Ministry of Finance of the Republic
of Indonesia No. 826/KMK 013 / 1992. It involves the calculation of liquidity ratios,
profitability ratios , solvency ratios, profit margin ratio and operating ratio. While the
potential bankruptcy was measured with Fulmer’s bankruptcy model. This study
using financial statement data for 5 consecutive years from 2008 to 2012 on
Telecommunications company listed in Indonesia Stock Exchange.
Based on the results of this study, we can concluded that the financial performance
and the potential bankruptcy by partially and simultaneously have a significant effect
on the stock price at the telecommunications company listed on the Indonesia Stock
Exchange during the study period of 2008-2012. During this period, the
telecommunications companies on average have an unhealthy financial
performance. This shows that the telecommunications industry in Indonesia has a
climate of intense competition. On the other hand, the potential bankruptcy of the
company tend to be quite good and it implies that the company can still survive amid
the intense competition . This certainly indicates that the telecommunications
industry can still thrive because it is driven by technological developments and the
growing number of users of telecommunications.

Keywords : Potential bankruptcy fulmer models and financial performance