OLEH
NOVRIDA QUDSI LUTFILLAH
UNIVERSITAS WIJAYA PUTRA SURABAYA
One of approaches in analyzing stock return is fundamental analysis, assuming each company his intrinsic value, which can be obtained from company financial statement. This research is aimed to find out the influence of internal fundamental variables such as Current Ration (CR), Debt Ratio (DR) Return On Investment (ROI). Total Asset Turnover (TATO), Earning Per Share (EPS), Labor Force (LF), and external variables such as inflation (INF) and Exchange Rate (KURS) on stock price and to find out the dominant variables which has significant effect on company stock return.
Data used in this research is secondary data from the Annual Financial Statement from 4 hotels and travel services company from 1993-2004 listed at the Jakarta Stock Exchange as sample. The four company have fulfilled the requirement, base on data during 12 year according to research period need. The multiple regression analysis shows that internal fundamental variable have a significant effect on the stock return simultaneously, and external fundamental variables do not have significant effect on the stock return simultaneously. All fundamental variables (internal variables and external variables) have a significant effect on the stock return simultaneously. There are three variables have significant effect on stock return partially, which are ROI, TATO and LF. The ROI variables has a dominant and significant effect on stock price partially.
Key Word : Internal Fundamental Variables, External Fundamental Variables and Stock Return.
