ANALYSIS OF LIQUIDITY AND PROFITABILITY RATIO TO STOCK PRICE ON GARMENT & TEXTILE INDUSTRIES LISTED IN BEI FOR THE YEAR 2011-2015

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By

Edward Tzarvensko Hukubun 13410086

BACHELOR’S DEGREE in

ACCOUNTING

FACULTY BUSINESS ADMINISTRATION & HUMANITIES

SWISS GERMAN UNIVERSITY The Prominence Tower, Alam Sutera

Jl. Jalur Sutera Barat No. 15 Tangerang 15143 - Indonesia

August 2017

Revision after Thesis Defense on July 27th, 2017

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Edward Tzarvensko Hukubun

STATEMENT BY THE AUTHOR

I hereby declare that this submission is my own work and to the best of my knowledge, it contains no material previously published or written by another person, nor material which to a substantial extent has been accepted for the award of any other degree or diploma at any educational institution, except where due acknowledgement is made in the thesis.

_____________________________________________

Student Date

Approved by:

Indra Pratama, MM, Ak, CA, CMA, CPMA

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Thesis Advisor Date

DR. Nila Krisnawati Hidayat, SE, MM

_____________________________________________

Dean Date

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ANALYSIS OF LIQUIDITY AND PROFITABILITY RATIO TO STOCK PRICE ON GARMENT & TEXTILE INDUSTRIES LISTED IN BEI FOR THE YEAR

2011-2015

By

Edward Tzarvensko Hukubun Indra Pratama, MM, Ak, CA, CMA, CPMA

SWISS GERMAN UNIVERSITY

This study aims to analyze the influence of liquidity ratio (Current Ratio and Quick Ratio) and profitability ratios (ROI and ROE) on Stock Price. The independent variables used are Current Ratio (CR), Quick Ratio (QR), Return On Investment (ROI), and Return On Equity (ROE). The dependent variable used is Stock Price.

Sample population in this research is Garment and Textile Company which listed in Bursa Efek Indonesia (BEI) in period 2010-2013. The sample collected using purposive sampling method. A total of 18 companies were determined as samples.

While the analytical techniques used in this study is multiple linear regression to test the effect of independent variables on the dependent variable with SPSS program. The results of this study indicate that partially Quick Ratio (CR) has a significant positive effect on stock prices, while Current Ratio, Return On Investment (ROI), and Return On Equity (ROE) have no significant effect on stock prices.

Keywords: Current Ratio (CR), Quick Ratio (QR), Return On Investment (ROI), Return On Equity (ROE), Stock Price.

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DEDICATION

I dedicate this thesis for my family and friends, who gave me support and strength to finish this thesis

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ACKNOWLEDGEMENTS

Author would like to express gratitude to Jesus Christ for completion of this thesis.

Without His grace, blessing and guidance this thesis will not be finish on schedule.

The author would like to thank you to all of my lecture in accounting Pak Yosman, Ibu Imelda, Pak Nurhayadi, and specially to Mr. Indra Pratama, MM, Ak, CA, CMA, CPMA. for all his support, critics, advice, and his time that wasted on me for discussion about this thesis.

The author would like to thank you to author’s parents, Drs. Matheus Hukubun and Ir.

Olga Margaretha for their support during the research progress.

Thank you for all of my friends and other individual who support me during the process.

Edward Tzarvensko Hukubun.

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Page

STATEMENT BY THE AUTHOR ... 2

ABSTRACT ... 3

DEDICATION... 5

ACKNOWLEDGEMENTS ... 6

TABLE OF CONTENTS ... 7

1. CHAPTER 1 - INTRODUCTION ... 11

1.1 Background ... 11

1.2 Research Problem ... 13

1.3 Research Objectivity ... 13

1.4 Research Question ... 14

1.5 Significant of Study ... 14

1.6 Scope and Limitation ... 15

1.7 Thesis Structure ... 15

2 CHAPTER 2 - LITERATURE REVIEW ... 16

2.1 Financial Ratio ... 16

2.2 Liquidity Ratio ... 17

2.3 Profitability Ratio... 19

2.4 Capital Market ... 21

2.4.1 Capital Stock ... 21

2.4.2 Stock Price ... 22

2.5 Previous Study ... 22

2.6 Table of Previous Study ... 24

3 CHAPTER 3 – RESEARCH AND DISCUSSION ... 26

3.1 Population and Sampling Method ... 26

3.2 Data Source and Collection ... 28

3.3 Theoretical Framework ... 28

3.4 Research Model ... 29

3.5 Method of Data Analysis ... 30

3.5.1 Multiple Linear Regression Analysis... 31

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3.5.2 Classical Test ... 31

3.5.3 Hypothesis... 33

4 CHAPTER 4 – RESULT AND DISCUSSION... 35

4.1 Company Financial Position Summary ... 35

4.1.1 PT. Polychem Indonesia Tbk. (ADMG) ... 35

4.1.2 PT. Eratex Djaja Tbk. (ERTX) ... 36

4.1.3 PT. Panasia Indo Resources Tbk. (HDTX) ... 36

4.1.4 PT. Indorama Synthetic Tbk. (INDR)... 37

4.1.5 PT. Apac Citra Centertex Tbk. (MYTX) ... 37

4.1.6 PT. Pan Brothers Tbk. (PBRX)... 38

4.1.7 PT. Ricky Putra Globalindo Tbk. (RICY) ... 38

4.1.8 PT. Sunson Textile Manufacturer Tbk. (SSTM) ... 39

4.1.9 PT. Nusantara Inti Corpora Tbk. (UNIT) ... 39

4.2 Statistical Descriptive ... 40

4.3 Result and Analysis... 40

4.3.1 Classical Test ... 40

4.3.2 Hypothesis Testing... 44

5 CHAPTER 5 - CONCLUSION AND RECOMMENDATION ... 52

5.1 Conclusion ... 52

5.2 Recommendation ... 53

6 GLOSARRY... 54

7 REFERENCES ... 55

APPENDICES ... 58

8 CURRICULUM VITAE ... 62