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KINERJA AKUNTANSI DAN KINERJA PASAR MODAL PADA PERUSAHAAN-PERUSAHAAN DALAM JAKARTA ISLAMIC INDEX
Sinarti (Politeknik Batam)
Ainun Na’im (Universitas Gadjah Mada)
[Jurnal Akuntansi Syariah – SNA 13]
The objectives of this research are to test and to give empirical evidence about positive relationship between accounting-based performance and marketbased performance, as well as the negative relationship between financial leverage ratio with accounting-based performance and market-based performance. Spesifically this study hypotheses that: (1) there is positive relationships between accounting-based performance (ROE, ROA, ROS, and EVA) with market-based performance (Sharpe Measure and Treynor Measure); (2) there is negative relationships between financial leverage ratio with accounting-based performance (ROE, ROA, ROS, and EVA) as well as market-based performance (Sharpe Measure and Treynor Measure). There are 42 companies taken as the sample of this research.
The companies are registered in Jakarta Islamic Index from 2001-2006 with 122 observation. The data are collected by using purposive sampling method. The hypotheses are tested using multiple regression analysis and simple regression analysis. The result of the research shows that there is positive relationship between accounting-based performance measured using ROA and ROS with market-based performance measured using treynor measure. There is also negative relationship between financial leverage ratio and accounting-based performance measured using ROA, ROS, and EVA. The research cannot prove the hypotheses which says that there is negative relationship between financial leverage ratio and market-based performance.
Key Words: Accounting-Based Performance – Market-Based Performance – Financial Leverage Ratio.
The main objective person in the conduct of investment activities is to improve the financial well-being in the form utilitinya (Hartono, 2008) both from dividends received as well as from rising stock prices. Therefore, before investing, investors need to ensure that the investment is capable of providing the expected rate of return. In carrying out investment activities, a rational investor will choose a company that has good performance.
A good corporate performance indicates that the company can increase the utility of its shareholders. Therefore, the measurement of company performance are needed to assess the ability of companies in maximizing the utility of its shareholders.
There are several concepts of performance measurement that can be used, two of which are performance measurements using financial indicators based on the results (based on accounting performance) and the approach to measuring risk and return based on the market (market-based performance). Accounting data illustrate the company’s performance in the past, while the approach to measuring risk and return based on market-based company’s stock price, which is conceptually illustrates the market’s perception of the company’s performance in the future (Michel & Shaked, 1984).
Despite the historical nature of accounting performance measurement and the measurement of market performance shows market perceptions of corporate performance in the future, if the measurement of performance using data from accounting reports have a high information content of the behavior of the two measurements should yield the same performance.
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