PENGARUH PROFITABILITAS TERHADAP KINERJA PASAR DENGAN PERCEIVED RISK SEBAGAI VARIABEL MODERASI

Abstract

Market performance  is very important information to inverstors,and attract academic and Practitioner’sattention in the field of finance and  accounting. However, study on this subjects are still limited especially using indonesian company that offered  stock to the public (IPO) first. Therefor this study aims to investigate the relationship between profitability and market performance. In addition, this study also determine the role of perceived risk as a moderation varabel. The signaling theory is applied  to underpin the above relationship. The populations of this study are IPO companies during 2004-2014. Final simples are 170 companies ellected by using purposive sampling method. Market performance are masured by two proxsies: stock Returnand Tobin`s Q. In addition, Earning Per Share(EPS),Return on investment, (ROI),Net Profit Margin(NPM) are used as proxsy of profitability. Further company age, company size and leverage are use as  control variabel. MRA is applied to analyze the data. The result show  that only ROI and  perceived risk have significant influence on the Tobin’s Q, and the rest hypotheses are rejected.  In addition, company  size and leverage  are significantly associated with Tobin’s Q. Further, Perceived Risk strengthen signifiacntly the relationship  between EPS and Tobin’s Q.

 

Keywords:Stock Return, Value of Tobin’s Q, Earning Per Share (EPS), Return On Investment (ROI), Net Profit Margin (NPM), Perceived Risk (PR),Firm Age, Firm Size,Leverage