ABSTRACT
Insurance Company represent one of the finance Companies which is also
enlisted in Jakarta Stock Exchange. Started from the recovery of performance of
Capital Market of Indonesia since 1999, posed at increasingly its sum up the enlisted
emitten (listing) in Jakarta Stock Exchange (JSX) and the increasing of its Jakarta
Stock Exchange Composite Index (IHSG), this matter draws the researcher
enthusiasm to analyze the furthermore study about factors influencing price of share
of insurance company. Intention of this research is to analyze the fundamental factor
influence of company's finance to stock price, to know about the influence mount of
the rate of interest of SBI to stock price, and to know about the factors that most
dominant influence the stock price.
The population that used in this research is entire enlisted insurance
company (listing) in Jakarta Stock Exchange (JSX) in the year 1999-2003, the
selecting of insurance sector because of the sector has a strong relation with the
macro economic variable that will be researched interest rate of Indonesia Bank
Certificate ( SBI)). Dependent variable in this research is stock price (P), closing by
the end of the year of financial statement period (ICMD) of insurance sector enlisted
in Jakarta Stock Exchange (JSX). Independent Variables (free) are ratio of Early
Warning System (EWS) that is The Burden Ratio Claim (Incurred Loss Ratio / X1),
Liquidity Ratio (Liabilities To Liquid Assets Ratio / X2 ), Agents' Balance To of
Surplus Ratio ( X3), Ratio of Premium Growth ( Premium of Growth Ratio / X4 )
from each emitten of insurance sector and mount the rate of interest SBI ( X5). This
Research uses the method analyze the doubled regression, which has been tested by
the doubled test regression, that is conditioned to the test of the classic assumption
to get a good result.
Result of the research indicates that all the independent variables, that are:
variable X1 have the coefficient regression of equal to - 0,416, X2 have the
coefficient regression of equal to - 0,261, X3 have the coefficient regression of equal
to - 0,260, X4 have the coefficient regression of equal to - 0,271 while X5 have the
coefficient of equal to regression of equal to + 0,328 by partial have an effect on the
significant to dependent variable. As according to hypothesis of the early raised,
entire independent variables by simultaneously have an effect on the significant to
dependent variable (stock price). Determination Coefficient (
2
R ) having value of
equal to 0,496 means that independent variable influence the dependent variable of
equal to 49,6 percent of while equal to 50,4 percent influenced by the other factor
outside model used in research. The conclusion from this research is the internal
company factor has the important effect that push the investor to buy the insurance
stock company, that also consider the external factor that will be estimated with the
insurance company condition in the next days. The effective and efficient internal
insurance company condition that is supported with the conducive government
policy, will increase the investment through the insurance company in Indonesia.
Thereby the result from this research progressively strengthen the research pickings
which have been done before.
File Selengkapnya.....
Insurance Company represent one of the finance Companies which is also
enlisted in Jakarta Stock Exchange. Started from the recovery of performance of
Capital Market of Indonesia since 1999, posed at increasingly its sum up the enlisted
emitten (listing) in Jakarta Stock Exchange (JSX) and the increasing of its Jakarta
Stock Exchange Composite Index (IHSG), this matter draws the researcher
enthusiasm to analyze the furthermore study about factors influencing price of share
of insurance company. Intention of this research is to analyze the fundamental factor
influence of company's finance to stock price, to know about the influence mount of
the rate of interest of SBI to stock price, and to know about the factors that most
dominant influence the stock price.
The population that used in this research is entire enlisted insurance
company (listing) in Jakarta Stock Exchange (JSX) in the year 1999-2003, the
selecting of insurance sector because of the sector has a strong relation with the
macro economic variable that will be researched interest rate of Indonesia Bank
Certificate ( SBI)). Dependent variable in this research is stock price (P), closing by
the end of the year of financial statement period (ICMD) of insurance sector enlisted
in Jakarta Stock Exchange (JSX). Independent Variables (free) are ratio of Early
Warning System (EWS) that is The Burden Ratio Claim (Incurred Loss Ratio / X1),
Liquidity Ratio (Liabilities To Liquid Assets Ratio / X2 ), Agents' Balance To of
Surplus Ratio ( X3), Ratio of Premium Growth ( Premium of Growth Ratio / X4 )
from each emitten of insurance sector and mount the rate of interest SBI ( X5). This
Research uses the method analyze the doubled regression, which has been tested by
the doubled test regression, that is conditioned to the test of the classic assumption
to get a good result.
Result of the research indicates that all the independent variables, that are:
variable X1 have the coefficient regression of equal to - 0,416, X2 have the
coefficient regression of equal to - 0,261, X3 have the coefficient regression of equal
to - 0,260, X4 have the coefficient regression of equal to - 0,271 while X5 have the
coefficient of equal to regression of equal to + 0,328 by partial have an effect on the
significant to dependent variable. As according to hypothesis of the early raised,
entire independent variables by simultaneously have an effect on the significant to
dependent variable (stock price). Determination Coefficient (
2
R ) having value of
equal to 0,496 means that independent variable influence the dependent variable of
equal to 49,6 percent of while equal to 50,4 percent influenced by the other factor
outside model used in research. The conclusion from this research is the internal
company factor has the important effect that push the investor to buy the insurance
stock company, that also consider the external factor that will be estimated with the
insurance company condition in the next days. The effective and efficient internal
insurance company condition that is supported with the conducive government
policy, will increase the investment through the insurance company in Indonesia.
Thereby the result from this research progressively strengthen the research pickings
which have been done before.
File Selengkapnya.....
