JOURNAL ANALYSIS

CAPITAL MARKET BASED ACCOUNTING

LA ANGGA
B2C1 23 007

Master Of Accounting Study Program

Faculty of Economics and Business
Halu Oleo University
Kendari
2023
 JOURNAL 1

Stock Returns and Accounting Earnings

By : Jing Liu & Jacob Thomas

I. Introduction
This study discusses testing the relationship between the current-period unexpected
return and unexpected profit which is a combination of revisions on future earnings forecast. The
researcher's motivation is to emphasize the mis- specification on the return/profit regression
which omitted the available information regarding future profits and offer a solution. This
research is a development of previous research (Lipe, 1986; Ohlson and Penman, 1992;
Subramanyam, 1996). Study previously also wanted to know whether the income statement
contains a component that different with different implications of value, and also try develop
specifically the income statement into components by using several assessments. The
measurement model used in this study is by assess abnormal earnings using the price relationship
approach current-period shares and future accounting values. The number of samples that
selected for processing were 7,708 data between 1981 and 1994. Data were obtained from
Compustat (1995 edition) and annual returns from the Center for Research in Security Prices
(CRSP) 1994 edition. The results of this study are conclusive that the value relevance of
accounting profit is obtained from a simple regression of unexpected returns on unexpected
smooth profits are potentially misleading. Although added revisions forecast analyst and
assistance from changes discount rate to better explain the relationship between returns stocks
and income statements, the results obtained cannot be used for infer the value relevance of the
financial statements, even if the information is used multiple regressions that contain directly the
analyst's forecasts and the relationship between those forecasts and the broader financial
statements.
a. Research motivation and research objectives
Research motivation is to continue and develop research before (Lipe, 1986; Ohlson and
Penman, 1992; Subramanyam, 1996), which is where the research wants to know whether the
earnings report contains different components with different implications of value, as well try to
develop the income statement specifically into components components by using several
assessments.
 b. Research problem
Testing the relationship between the current-period unexpected return and earnings
unexpected which is a combination of revisions to future earnings forecasts come
c. Theoretical Based
In general, the type of theory that underlies this research is inductive, ie the formulation
of the hypothesis is based on the results of previous research logically derived.
d. Consistency between research problems and hypotheses
A related implication is that of accounting earnings ability to explain stock returns with
multiple regression is not affected by accounting choices, because estimates of earnings
efficiently compensate the difference in the amount of profit in the current period because of the
difference accountancy. Jing and Thomas' results also offer some evidence about whether the
stock price shows excessive volatility or not (e.g., Shiller (1981), Kothari and Shanken (1992),
and Abarbanell and Bernard (forthcoming)). The increase in explanatory power is documented
by Jing and Thomas, as well as the proximity of the estimated coefficient estimates to estimate
value of one, consistent with his assumption that price stocks (and analyst forecasts) are
generally efficient.
II. CHARACTERISTICS OF QUALITATIVE RESEARCH
a. Sample and Methodology
Researchers conducted their analysis at an annual and collected data from three sources:
book value and earnings from Compustat (1995 edition), annual returns from CRSP (1994
edition), and income from I/B/E/S estimates.
b. Data Selection Quality
The quality of the data selection is guaranteed. Researchers make a selection strictly
according to the research objectives (purposive sampling). The number of samples selected for
processing was 7,708 data between 1981 and 1994. The data were obtained from Compustat
(1995 edition) and return annual report from the 1994 edition of the Center for Research in
Security Prices (CRSP).
c. Consistency between results and conclusions drawn
The results of this study conclude that the value relevance of accounting profit obtained
from the simple regression of unexpected returns on unexpected profits smoothly is potentially
misleading. Even though forecasting revisions are added analyst and assistance from discount
rate changes to explain the basis better the relationship between stock returns and reported
earnings, the results obtained cannot be used to infer the value relevance of the report financial
statements, although the information used by some of the regressions is unbiased directly
 forecast analysts and the relationship between these forecasts with extensive financial reports
Jing and Thomas' results also offer some evidence as to whether stock prices show excessive
volatility or not (e.g., Shiller (1981), Kothari and Shanken (1992), and Abarbanell and Bernard
(forthcoming)). The increase in explanatory power is documented by Jing and Thomas, as well
as the proximity of estimated coefficient estimates to estimated values one, consistent with his
assumption that stock prices (and analyst estimates) are generally efficient.
III. IMPLIKASI HASIL PENELITIAN
a. Pooled results
The results of estimating the earnings response regressions with and without the
revision terms are reported in Table 2. The slope coefficients and associated White-adjusted
standard errors for the simple regressions corresponding to equation (10) are reported in the
first three columns (A, B, and C). The corresponding statistics for the multiple regression,
described by equation (11), are reported in the next three columns (D). The adjusted R2 values
and sample sizes for the four regressions are reported in the last four columns. Each row
corresponds to a different measure of unexpected return (UR), with expected return measured
by 3x2 different expectation models: 3 measures of firm-specific risk, or beta, times 2 measures
of the risk premium. The three estimates of beta used are a) all firms have a beta =1, b) beta
estimated by firm-specific market model regressions of 60 monthly firm returns on the value-
weighted market returns, and c) beta equal to the median beta (MBETA) of all firms in each
firm’s beta decile, as estimated in b). The two estimates of risk premium are 3 percent and 5
percent. We discuss only the results in the sixth row, based on the primary measure of
unexpected returns (beta equal to the median decile beta and risk premium equal to 5 percent),
since the remaining rows provide the same general results.17 Comparing the three simple
regressions, UE appears to be slightly better than the other two measures of unexpected
earnings (R2 of 5.26 percent versus 3.97 and 3.76 percent). This result was expected, given the
correlations reported in panel B of Table 1. Including the future period revisions, via the
combination term RAE, increases dramatically the explanatory power (R2 of 30.67 percent),
which is consistent again with the pattern of correlations between UR and the different earnings
terms reported in Table 1, panel. Revisions of future earnings are substantially more important
than current unexpected earnings when explaining price movements.
The coefficients in the sixth row for the multiple regression are 0.046, 1.017 and 1.061
corresponding to the intercept, current period unexpected earnings (UE), and revisions of future
period earnings (RAE). The positive intercept represents the better than expected performance
of the stock market over the sample period, and/or measurement errors that resulted in an
understated RTERM, as described in the discussion of the results in Table 1, panel A. The
coefficient on UE is just above its predicted value of one, and is statistically insignificantly
different from one. Incorporating the correlated information that was omitted in the simple
regression reduces the bias in this coefficient. The coefficient on RAE is also slightly higher
than its predicted value of one. This difference is also not statistically significant at
conventional levels. As indicated in section 4.2, we believe that future period earnings revisions
are measured with error and that error causes some bias in estimated coefficients.
b. Potential measurement error in forecast revisions
Table 4 provides the results of an analysis designed to show that the forecast revisions
used in this research contain some measurement error. The forecasts for 1 and 2 years out are
derived from point estimates provided by analysts, and are less likely to contain measurement
errors. The forecasts for years +3, +4, and +5 are for most firm-years derived by projecting
growth rates on the year +2 forecast, and are thus more likely to contain measurement error,
since the growth forecast is not expressly designed for such projections. The terminal value
estimates are likely to contain the most measurement error because of errors in our assumption
of constant
5-year out P/B ratios, as well as error in the forecasted 5-year out earnings and implied book
value caused by the cumulation of errors in earnings forecasts for years +1 to +5.
To gauge the extent of potential measurement error, we begin by consolidating all the
information contained in the different earnings terms, and then progressively separate that
information into its individual components. Observing the pattern of changes in coefficient
estimates during this process provides some indication of the extent of measurement error. We
recognize that the impact of measurement error on coefficient bias is fairly complex and
extends beyond the simple case of “noise” or independent measurement errors, because biases
are also
caused by measurement errors that are correlated with each other as well as measurement errors
that are correlated with the included regressors (and both types of correlations are likely to exist
in our sample). However, our objective here is to simply suggest that measurement error exists
and that measurement error could bias the resulting coefficients away from their predicted
value of one.
c. Source of improvement in fit for multiple regression
Our next analysis seeks to identify the specific reasons why the explanatory power of
the multiple regression exceeds that of the simple regression; i.e., how much of the
improvement is due to the information in each of the future period revisions and how much is
due to the specification prescribed by the abnormal earnings model? To do so, we begin with
the simple
regression of UR on UE and then identify the improvement in R2 as we include one at a time
the revisions for years t+1 through t+4 (RAE2 through RAE5) and the terminal value
(RTERM). revisions. We also consider the revision in 5-year growth rate forecasts (RGROW).
Similar to our results in Table 5, the revision in growth term adds only a small improvement to
the R2 already provided by the information in forecast revisions and discount rate changes.
Finally, we combine the variables UE and RAE from the abnormal earnings specification and
the three forecast revision variables from the simple specification in regression 6 to get an
overall R2 of 37 percent, which is higher than any of the other specifications.
d. Subsamples based on consistency of current and future period earnings information.
Table 8 provides the results of an analysis designed to show the relative improvement
between the simple and multiple regressions that can be obtained for subsamples with
consistent and inconsistent values of the explanatory variables. Here consistent and inconsistent
refer to the sign of UE relative to the sign of RAE, which is the sum of all future period
revision terms: when the two signs are the same they are consistent and when they are of
opposite sign they are inconsistent.
e. Subsamples based on reported profit or loss
To examine the issue of the low explanatory power of earnings for loss firms
documented by Hayn (1995), we split the sample into loss and profitable firms based on the
earnings reported by the firm (from Compustat) for year t. We further split the loss subsample
into two groups based on whether a loss had been reported in year t-1. We label firms with
losses in both period as “consistent” loss firms and those loss firms reporting a profit in t-1 as
“one time” loss firms. The rationale for this split is that one time loss firms are likely to have
period t earnings that are less representative of its true profitability, and would therefore exhibit
even lower explanatory power in simple ERC regressions. We also split the profitable firms
into two groups based on whether the prior year’s reported earnings was positive or not, and
labeled the two subgroups as consistent profitable firms and one-time profitable firms. As with
the other tables, the abnormal earnings model predicts that regardless of the results observed in
the simple regressions, all subsamples should be similar at the level of the multiple regressions.
f. Evidence of non-linear returns/earnings relation
Evidence on non-linearity in the relation between unexpected returns and unexpected
earnings has been documented in a number of papers. Violations of a linear relation that have
been noted include lower slopes for extreme values of unexpected earnings (Freeman and Tse,
 1992) and lower slopes for negative surprises relative to positive surprises (Das and Lev, 1994).
To the extent that these cases of non-linearity are caused by variation within the sample in the
persistence of earnings, any observed non-linearity should be removed when revisions of future
period earnings are included to the regression. That is, the coefficient on current period
earnings surprise should be one for all firm-years.
g. Subsamples based on expected future growth in earnings
We turn next to the issue of the information content of earnings for firms in the high-
tech industries, or for high-growth firms. An argument has been made (e.g., Lev, 1996), along
with some supporting evidence (e.g., Amir and Lev, 1996), that accounting information, and
earnings in particular, will likely be less informative about value for such firms, relative to
mature low-growth firms.19 The intuition underlying this argument is that a considerable
portion of value lies in future earnings for such firms and current earnings are not informative
about future earnings (low correlation) because they are distorted by the requirement to write-
off investments in research and development. While the studies that have studied this issue
recently have typically examined price-level regressions on earnings and book value, the logic
behind the argument is equally applicable to studies that examine the ability of earnings to
explain returns (see Amir and Lev, 1996).
IV. KETERBATASAN PENELITIAN
We believe the methodology and results of this paper provide comfort to researchers
examining the value-relevance of earnings. It is not the case that reported earnings are of little
use in explaining stock returns. Instead, if earnings are introduced properly along with relevant
information about future period earnings, the relation between returns and earnings improves
considerably. Also, differences across samples and non-linearities that have been observed in
the prior literature are “smoothed out” when this other information about future period earnings
is included.
The importance of incorporating information other than current period unexpected
earnings when explaining stock returns has already been documented before (e.g., Lev and
Thiagarajan, 1993, Abarbanell and Bushee, 1997), and some papers have shown the specific
importance of future period forecast revisions (e.g., Brown, Foster and Noreen, 1985, and
Brous and Shane, 1997). Our contribution lies in deriving a specification that allows
researchers to incorporate that information more effectively, and documenting the resulting
improvement in fit and reduction in misspecification.
 There are a number of implications of our methodology and results. We discuss three of
those implications below to provide some flavor of the potential that exists in reexamining
issues that have been considered before. Beginning with Shiller (1981), there has been
considerable debate on whether stock prices are too volatile, relative to the underlying volatility
in fundamentals. Subsequent research has shown that Shiller’s methodology perhaps overstated
his position. Papers such as Easton, Harris and Ohlson (1992), Kothari and Shanken (1992) and
Abarbanell and Bernard (1996) have shown that a large proportion of variation in stock prices
and stock returns can be explained by variation in earnings, dividends and other fundamentals.
This paper adds to that evidence. The contribution of this paper lies in the relatively high R2
values observed at the firm level and for unexpected returns. Other papers have shown the
higher explanatory power at the level of prices, or have aggregated firms (either cross-
sectionally into portfolios or over time using long event windows). To provide another
perspective on the relative improvement in fit between unexpected returns and earnings
information offered in this paper, consider the plot reported in Figure 2. In essence, the
abnormal earnings approach in combination with IBES forecast data can be used to explain
almost all variation in returns at the portfolio level.
A number of recent papers have examined the question of whether accounting practices
and accounting numbers are less important than they used to be (e.g., Collins, Maydew and
Weiss, 1997, Francis and Shipper, 1996, Ely and Waymire, 1996, and Lev, 1996). The
objective in these papers is to determine if the relation between prices (or returns) and earnings
(and book values) has changed over time. That methodology is relevant for questions about the
importance of the simple relation between reported numbers and stock prices. Those questions
are indeed important for regulators assessing whether or not small investors have been suitably
protected by accounting reports. However, if all types of investors are considered, including
sophisticated investors who have access to and can comprehend analyst reports, a different
methodology more like the one we use is likely to provide more relevant results. Interestingly,
because the abnormal earnings expression is true for most acceptable accounting procedures, it
is unlikely to be able to discriminate between “good” and “bad” accounting. As long as analysts
understand the accounting principles and methods used, and incorporate that understanding in
their forecasts, the relation between stock prices and future period abnormal earnings remains
valid. In the prior literature, there has been some distinction made between earnings
components that are of low persistence but are still value-relevant versus earnings components
that are value- irrelevant. Examples of the former include a one-time lawsuit settlement, and
examples of the latter include earnings management that does not provide any signal about
underlying value.
We believe the methodology we use can be adapted to incorporate value-irrelevant
components of earnings, and then employed to determine the magnitude of value-irrelevant
earnings components in different circumstances.
 References
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Michigan, Ann Arbor, MI, 1996.
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Accounting Research 35 (1997): 1-24.
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 JOURNAL 2

Penilaian Harga Saham dengan Analisis Fundamental Sebagai Dasar

Pengambilan Keputusan Investas
By : Asyifa Melati Sukma Ratu Nyaman

I. PENDAHULUAN
Pandemi COVID-19 menyebabkan kinerja ekonomi Indonesia menurun drastis. Wabah
virus ini berdampak pada suatu bangsa dan Global (Ningrum et al, 2020). Kehadiran Covid-19
sebagai pandemi tentunya memberikan dampak ekonomi, sosial dan psikologis bagi masyarakat
(Saleh dan Mujahiddin, 2020). Pandemi Covid 19 menyebabkan segala upaya tidak maksimal
seperti yang diharapkan (Sihombing dan Nasib, 2020). Bahkan kinerja saham di BEI juga
mengalami penurunan, khususnya di tahun 2020. Hingga akhir Juni 2020, tercatat dalam data
KSEI total nilai aset saham yang dimiliki investor lokal mencapai 50,1% hingga 65,6% dari total
kapitalisasi pasar BEI. (Putra, 2020). Kemudian pada tahun 2021, kinerja saham di BEI perlahan
akan meningkat. Hal itu dibuktikan dengan grafik Indeks Harga Saham Gabungan (IHSG) yang
menunjukkan pergerakan harga seluruh saham di BEI pada Januari 2021 yang rata-rata mencapai
6.257,84. Artinya perekonomian pulih. Semua pihak berperan dalam pemulihan perekonomian
Indonesia. Pasar modal juga berperan, dengan meningkatkan kinerjanya.
Saat ini di BEI terdapat indeks yang membagi beberapa sektor. Dimana menunjukkan
kinerja saham-saham pada sektor-sektor yang terdapat di BEI. Indeks sektor yang menunjukkan
harga saham berdasarkan klasifikasi IDX-IC (IDX Industrial Classification). Indeks sektor terdiri
dari sektor energi, sektor bahan baku, sektor industri, sektor non siklus konsumen, sektor siklus
konsumen, sektor kesehatan, sektor keuangan, sektor properti & real estate, sektor teknologi,
infrastruktur, transportasi & logistik (Sidik, 2021). Di antara seluruh indeks sektor di BEI,
terdapat sektor yang mengalami kenaikan dan penurunan sejak terjadinya COVID-19. Sektor
yang mengalami kenaikan harga saham dari akhir tahun 2019 hingga pertengahan tahun 2020
adalah saham-saham dalam bentuk raw sektor barang, industri, barang konsumsi primer,
kesehatan dan keuangan. Hanya dilihat dari faktor permintaan investor akibat kinerja perusahaan
yang tetap baik bagi emiten di sektor-sektor tersebut, dapat menyebabkan kenaikan harga saham
di sektor-sektor tersebut di tahun 2020. Sedangkan di tahun 2021, sektor teknologi (IDX Sector
Technology) yang sejak tahun 2019 mengalami penurunan drastis, namun pada tahun 2021
terjadi kenaikan harga saham yang drastis dengan persentase pertumbuhan mencapai 115,78%.
 Karena harga saham di setiap sektor berfluktuasi, maka perlu dilakukan analisis oleh
investor sebelum mengambil keputusan investasi. Ada beberapa metode yang dapat digunakan
untuk menganalisis harga saham dengan analisis fundamental. Hal ini bertujuan untuk
mengetahui nilai intrinsik saham yang nantinya akan menjadi acuan investor dalam mengambil
keputusan. Metode yang cukup terkenal dalam analisis fundamental adalah metode Price Earning
Ratio (PER), metode Dividend Discounted Model (DDM), dan metode Discounted Cash Flow
(DCF). Penelitian lain menyebutkan bahwa PER tidak lebih akurat dibandingkan dengan metode
DCF (Darmawan & Budiman, 2016). Namun, belum ada penelitian yang menyatakan bahwa
DDM merupakan metode yang paling akurat dibandingkan dengan metode analisis lainnya.
Sementara itu, terdapat penelitian lain yang menyatakan bahwa metode analisis nilai intrinsik
adalah FCFE (Audini, 2018).
II. KARAKTERISTIK KUALITATIF PENELITIAN
a. Definisi Operasional dan Pengukuran Variabel
Penelitian ini berfokus untuk melihat metode mana yang paling akurat untuk mengukur
nilai intrinsik suatu saham. Sebelumnya, dalam penelitian ini nilai intrinsik dicari terlebih
dahulu dengan ketiga metode yang menjadi fokus penelitian. Metode analisis yang juga
merupakan variabel dalam penelitian ini meliputi metode perhitungan PER, DDM, DCF.
Setelah mengetahui nilai intrinsik saham tersebut, kemudian dibandingkan dengan nilai pasar
saham tersebut yang akan menunjukkan bagaimana saham tersebut undervalued atau
overvalued. Setelah itu, dilakukan perbandingan metode mana yang paling akurat untuk
mengukur nilai intrinsik
b. Populasi
Menurut Arikunto, populasi adalah keseluruhan subjek yang akan diteliti dalam
penelitian (Darmawan & Budiman, 2016). Dalam penelitian ini, seluruh subjek yang diambil
adalah perusahaan yang terdaftar pada indeks sektoral (IDX-IC), dan telah terdaftar minimal
pada tahun 2018.
c. Sampel
Pengambilan sampel dilakukan dengan menggunakan metode purposive sampling.
Sampel yang digunakan harus memenuhi kriteria, yang terdiri dari:
1. Perusahaan-perusahaan yang tercatat di indeks sektoral BEI (IDX-IC), sekurang-kurangnya
pada tahun 2018 telah terdaftar dan masuk dalam saham di papan utama.
2. Mempublikasikan laporan keuangan perusahaan di BEI periode 2018-2020.
3. Membagikan dividen secara berkala selama periode 2018-2020
III. IMPLIKASI HASIL PENELITIAN
Dalam penelitian ini menggunakan metode sampling dengan cara purposive sampling.
Dimana sampel yang digunakan telah memenuhi beberapa kriteria yang mendukung penelitian
ini. Sampel diambil dari perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) minimal
tahun 2018 dan terdaftar di papan utama. Selain itu, perusahaan yang termasuk dalam sampel
penelitian ini telah membayarkan dividen
secara berkala dari tahun 2018 hingga 2020. Berdasarkan kriteria tersebut, terdapat 24
perusahaan yang dapat dijadikan sampel dalam penelitian ini.

IV. KETERBATASAN PENELITIAN

Saham perusahaan undervalued lebih dari overvalued. Dimana pada tahun 2018 seluruh
saham yang nilai intrinsiknya diukur dengan metode DDM menunjukkan semuanya
undervalued. Hal ini mendukung penelitian sebelumnya dimana hasil pengukuran nilai intrinsik
 dengan metode DDM menunjukkan bahwa harga saham umumnya undervalued (Darmawan &
Budiman, 2016; Natalia et al., 2019). Namun penelitian ini tidak mendukung penelitian
sebelumnya mengenai saham-saham di BEI subsektor makanan dan minuman yang
menyatakan bahwa dengan metode DDM saham dominan dinilai dengan benar ( Herawanny,
2017). Pertumbuhan dividen (pertumbuhan) dapat menyebabkan saham dinilai terlalu tinggi.
Karena ketika saham tersebut dinilai terlalu tinggi, berarti nilai pasarnya lebih tinggi dari nilai
intrinsik atau nilai aktualnya. Pada tahun 2019 dan 2020, overvalued mengalami pertumbuhan
dividen negatif atau pertumbuhan yang menurun, sedangkan nilai saham tersebut di pasar
masih cukup tinggi dibandingkan dengan nilai intrinsiknya.
Saham perusahaan yang overvalued masih banyak yang undervalued. Hal ini
mendukung penelitian sebelumnya dimana hasil pengukuran nilai intrinsik dengan metode DCF
menunjukkan kondisi harga saham yang umumnya overvalued (Darmawan & Budiman, 2016).
Mirip dengan metode DDM, dengan metode DCF, jika saham dinilai terlalu tinggi, investor
dapat menjual saham tersebut, atau jika saham tersebut undervalued, investor dapat membeli
saham tersebut. Namun, perlu dicatat bahwa DCF memperkirakan pertumbuhan dalam
10 tahun ke depan dengan tingkat pertumbuhan yang diasumsikan.
V. KONTRIBUSI PENELITIAN DAN PENELITIAN LANJUTAN
Dalam penelitian ini variabel metode pengukuran PER, DDM, dan DCF digunakan
sebagai pengukuran nilai intrinsik. Hasil analisis RMSE menunjukkan bahwa DDM merupakan
metode pengukuran yang paling akurat untuk mengukur nilai intrinsik saham. Hasil analisis
deskriptif nilai intrinsik yang diukur dengan metode DDM menunjukkan bahwa secara umum
saham undervalued yang artinya nilai intrinsiknya lebih tinggi dari nilai pasar. Diharapkan
penelitian selanjutnya dapat menambah variabel pengukuran nilai intrinsik lainnya, dan dapat
menambah tahun penelitian untuk lebih memperjelas metode pengukuran nilai intrinsik mana
yang paling akurat. Selain itu, penelitian selanjutnya dapat menggunakan PER, DDM, dan DCF
sebagai variabel untuk melihat apakah ketiga metode penilaian saham tersebut berpengaruh
terhadap kinerja saham dan keputusan investor untuk membeli saham atau tidak.
 Referensi

Audini, M. (2018). Analisis Penilaian Harga Saham Dengan Menggunakan PBV, FCFF Dan FCFE
Pada Subsektor Pariwisata, Restoran, dan Hotel Yang Terdaftar Di Bursa Efek
Indonesia Periode 2015-2017. Sains Manajemen Dan Kewirausahaan, 2(2), 102–
106
Carl, S. (2019). Prediksi Harga Saham dengan Analisis Finansial. IJISET-International Journal of
Darmawan, A., & Budiman, R. (2016). Analisis Harga Fundamental Saham Perusahaan dengan
Menggunakan Metode Discounted Cash Flow dan Price Earning ( Studi Pada
Perusahaan Multinasional Yang Menjadi Anggota Indeks Sektor Properti di BEI
Periode 2012-2016 ). Jurnal Administrasi Bisnis S1 Universitas Brawijaya, 63(1),
122–129.
Febriana, MS, Pinem, DB, & Fadila, A. (2020). Analisis Faktor-Faktor yang Mempengaruhi Nilai
Perusahaan (Studi Empiris pada Perusahaan Pertambangan yang Terdaftar di Bursa
Efek Indonesia). Jurnal Apresiasi Ekonomi, 8(2), 185–196.
Hasanah, R., & Rusliati, E. (2017). Harga Saham Dengan Metode Dividend Discount Model Dan
Price To Book Value. Jurnal Riset Bisnis Dan Manajemen, 10(2), 1.
https://doi.org/10.23969/jrbm.v10i2.446
Islami, RG (2020). Valuasi Nilai Wajar Saham dengan Metode DCF (Discounted Cash Flow) dalam
Pengambilan Keputusan Investasi pada Perusahaan Pertambangan Tahun 2015 –
2019. Jurnal Mahasiswa USM: Pasar Modal, 1(1), 1–15.
 JURNAL 3

Analisis Fundamental Dhaka Stock Exchange (DSE) Tercatat Teratas

Lima LKNB: Sebuah Studi tentang Bangladesh
By : SM Masudur Rahman

I. PENDAHULUAN
Lembaga Keuangan Non Bank (LKNB) merupakan bagian yang tidak terpisahkan dari
suatu sistem keuangan. Beranda Jurnal: https://rpjournals.com/jibm 1 Sistem keuangan adalah
komponen paling penting dari ekonomi mana pun. Bank dan lembaga keuangan bukan bank
membentuk sistem keuangan ini. Bank dan lembaga 2013). Lembaga keuangan terlibat dalam
intermediasi keuangan melalui pertukaran aset keuangan untuk tujuan mereka sendiri dan atas
nama pelanggan, serta mendukung pertumbuhan aset keuangan, memberikan nasihat investasi,
dan mengelola portofolio peserta (Fabozzi et al, 2002). Di Bangladesh, identik dengan beberapa
negara berkembang, LKNB berfungsi sebagai perantara keuangan antara unit anggaran defisit
dan surplus. Dengan demikian, meskipun intermediasi keuangan dapat diakses, bentuk tidak
langsung memimpin sebagian besar lainnya di sektor keuangan (Beck & Rahman, 2006; Uddin
& Suzuki, 2011). LKNB tidak sama dengan bank karena tidak menerima giro, bukan bagian dari
sistem pembayaran dan pelunasan, dan tidak dapat mengeluarkan cek yang ditarik padanya.
LKNB, tidak seperti bank, tidak dapat menerbitkan Draf Permintaan. Perusahaan Penjamin tidak
tersedia untuk deposan NBFC, tidak seperti bank. Sementara bank diatur oleh Undang-Undang
Perusahaan Perbankan, NBFC diatur oleh Undang- Undang Perusahaan tahun 1956 (Nath et al.,
2015). LKNB memainkan peran penting dalam perekonomian negara berkembang seperti
Bangladesh. Ukuran total aset LKNB di Bangladesh adalah 414108 juta pada tahun 2010 dan
Total aset LKNB menunjukkan pertumbuhan sebesar 28,2 persen. Rasio total aset terhadap PDB
LKNB adalah 5,07% pada tahun 2010 (Datta, 2014).
Lembaga keuangan non bank (NBFIs), sering dikenal sebagai lembaga keuangan (FIs),
adalah jenis entitas keuangan yang diatur dan diawasi oleh Bank Bangladesh di bawah Undang-
Undang Lembaga Keuangan, 1993. Bangladesh kini memiliki 34 lembaga keuangan, dengan
yang pertama dibuka pada 1981. Dua sepenuhnya dikendalikan oleh pemerintah, satu adalah
anak perusahaan dari SOCB, dan 15 dimulai oleh inisiatif domestik swasta dan 15 oleh inisiatif
usaha patungan (Bank Sentral Bangladesh Diakses 29 Agustus 2018).
 a. Rumusan Penelitian
1. Apa posisi fundamental dari lima LKNB teratas yang terdaftar di DSE di Bangladesh?
2. Apa perbedaan yang signifikan di antara variabel terpilih dari lima LKNB teratas ini?
b. Tujuan penelitian
Memiliki analisis fundamental dari lima LKNB teratas yang terdaftar di DSE di Bangladesh.
Untuk mengetahui perbedaan yang signifikan antara variabel yang dipilih
II. KARAKTERISTIK KUALITATIF PENELITIAN
Penulis menggunakan statistik deskriptif dan statistik inferensial untuk melakukan
analisis fundamental studi. Untuk penelitian ini, statistik deskriptif berisi rata-rata dan standar
deviasi, sedangkan statistik inferensial hanya mencakup ANOVA satu arah. Peneliti
menggunakan ANOVA satu arah (satu variabel independen memengaruhi kelompok sampel
yang berbeda) untuk mengungkap perbedaan yang signifikan antar variabel (Lind et al., 2017).
Menurut Walia (2012); Sodhi, & Waraich (2016), peneliti menggunakan enam yang paling
umum digunakan indikator fundamental untuk analisis fundamental: ROE, EPS, dan Dividen per
Saham, rasio P/E, Dividend Yield, dan rasio D/P. Untuk penelitian ini, penulis menggunakan
lima LKNB teratas di Bangladesh sebagai sampel. IDLC, LankaBangla, ICB, BDFinance, dan
Prime Finance adalah lima NBFI penghasil laba teratas di Bangladesh, menurut
Ahsan Habib (November 2020).
Para peneliti menggunakan data sekunder untuk melakukan analisis ini, mengumpulkan
informasi dari laporan tahunan, situs web dari lima LKNB teratas, dan beberapa majalah. Data
tersebut digunakan dari tahun 2015 hingga 2020 oleh para peneliti.
III. IMPLIKASI HASIL PENELITIAN
IV. KETERBATASAN PENELITIAN
1. Penelitian ini didasarkan pada analisis kuantitatif dari karakteristik utama dari lima LKNB
teratas di Bangladesh yang terdaftar di DSE, bukan faktor kinerja kualitatif.
2. Makalah ini telah mengevaluasi data dari 2015 hingga 2020. Analisis data lima tahun ini
dianggap sebagai keterbatasan penelitian ini.
3. Dalam penelitian ini, hanya data sekunder yang dipertimbangkan, yang mungkin memiliki
beberapa keterbatasan Karena Kurangnya Kepercayaan.
4. Penulis menggunakan informasi kuantitatif dari lima LKNB teratas antara tahun 2015 dan
2020 untuk melakukan studi mereka. Namun, mulai tahun 2020, seluruh dunia terkena
dampak epidemi COVID-19 yang berdampak signifikan pada sektor keuangan, dan
COVID-19 ini berdampak besar pada sektor keuangan hingga akhir tahun 2021. Seperti
Akibatnya, temuan penelitian ini akan mencerminkan situasi sebelum wabah COVID-19,
karena penulis tidak dapat memasukkan semua data selama pandemi COVID. Selain itu,
penyebaran COVID-19 telah mempengaruhi kemampuan peminjam untuk memenuhi
kewajiban kreditnya, serta kinerja sektor perbankan (Ullah & Rahman, 2022). Sejumlah
besar orang/karyawan kehilangan pekerjaan akibat pandemi COVID-19, yang mempersulit
pembayaran pembiayaan karena debitur tidak dapat melakukan pembayaran bulanan
(Ichsan et al., 2021). Akibatnya, ini adalah salah satu kelemahan penelitian.

V. KONTRIBUSI PENELITIAN DAN PENELITIAN LANJUTAN

Studi ini bertujuan untuk menguji kinerja keuangan lima lembaga keuangan non-bank
teratas Bangladesh dengan analisis fundamental dan mengetahui perbedaan yang cukup besar
dalam variabel yang dipilih (ROE, EPS, Dividen per Saham, rasio P/E, Hasil Dividen, dan D /P
ratio) di antara lima LKNB teratas. Dan Kesehatan organisasi ditentukan melalui analisis
fundamental. Sebelum menyumbang atau melakukan persiapan investasi jangka panjang,
disarankan untuk melakukan pemeriksaan fundamental saham yang sah (Swapna &
Subbalakshmi, 2020).
 Referensi

Audini, M. (2018). Analisis Penilaian Harga Saham Dengan Menggunakan PBV, FCFF Dan FCFE
Pada Subsektor Pariwisata, Restoran, dan Hotel Yang Terdaftar Di Bursa Efek
Indonesia Periode 2015-2017. Sains Manajemen Dan Kewirausahaan, 2(2), 102–
106
Carl, S. (2019). Prediksi Harga Saham dengan Analisis Finansial. IJISET-International Journal of
Darmawan, A., & Budiman, R. (2016). Analisis Harga Fundamental Saham Perusahaan dengan
Menggunakan Metode Discounted Cash Flow dan Price Earning ( Studi Pada
Perusahaan Multinasional Yang Menjadi Anggota Indeks Sektor Properti di BEI
Periode 2012-2016 ). Jurnal Administrasi Bisnis S1 Universitas Brawijaya, 63(1),
122–129.
Febriana, MS, Pinem, DB, & Fadila, A. (2020). Analisis Faktor-Faktor yang Mempengaruhi Nilai
Perusahaan (Studi Empiris pada Perusahaan Pertambangan yang Terdaftar di Bursa
Efek Indonesia). Jurnal Apresiasi Ekonomi, 8(2), 185–196.
Hasanah, R., & Rusliati, E. (2017). Harga Saham Dengan Metode Dividend Discount Model Dan
Price To Book Value. Jurnal Riset Bisnis Dan Manajemen, 10(2), 1.
https://doi.org/10.23969/jrbm.v10i2.446
Islami, RG (2020). Valuasi Nilai Wajar Saham dengan Metode DCF (Discounted Cash Flow) dalam
Pengambilan Keputusan Investasi pada Perusahaan Pertambangan Tahun 2015 –
2019. Jurnal Mahasiswa USM: Pasar Modal, 1(1), 1–15.