Analysing of the Effect of Financial Performance and Valuation Performance to Commercial Bank Stock Prices
Based on Business Activities Category 4 Minor Thesis
Submitted in Fulfillment of the Requirement for the Degree of Bachelor of Economics
Aqila Gabrita Kamal 165020407141002
INTERNATIONAL UNDERGRADUATED PROGRAM OF ECONOMICS
ECONOMICS DEPARTMENT
FACULTY OF ECONOMICS AND BUSINESS UNIVERSITAS BRAWIJAYA
2020
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Table of Contents
APPROVAL PAGE ... ii
HALAMAN PENGESAHAN ... iii
ORIGINAL LETTER OF RESEARCH ... iv
STATEMENT OF ORIGINALITY ... v
CURICULUM VITAE ... vi
ABSTRACT ... viii
ABSTRAKSI ... ix
LIST Of TABLE ... xii
LIST OF FIGURE ... xiii
APPENDIX ... xiv
... 1
1.1 Research Background ... 1
1.2 Research Questions ... 4
1.3 Research Objectives ... 5
1.4 Benefits of Research ... 5
... 6
2.1 Bank Performance... 6
2.2 Bank Financial Ratio ... 6
2.2.1 Liquidity Analysis... 6
2.2.2 Profitability Analysis ... 8
2.2.3 Solvency Ratio ... 9
2.3 Understand the Concept and Definition of Banks ... 10
2.3 Stock ... 10
2.4 Determinants of Stock Price ... 11
2.4.1 Stock Price ... 14
2.4.2 Types of Stock ... 15
2.4.3 Stock Performance ... 17
2.4.4 Composite Stock Price Index (IHSG) ... 18
2.5 Stock Analysis ... 18
2.5.1 Fundamental Analysis... 18
2.5.2 Technical Analysis ... 20
2.6 Supporting Theory ... 20
xi
2.6.1 Efficient Market Hypothesis ... 20
2.6.2 Asymmetric Information... 22
2.6.3 Signaling Theory... 23
2.6.4 Herding Behaviour ... 25
2.7 Previous Research ... 26
2.8 Research Framework ... 30
2.9 Hypothesis ... 34
... 36
3.1 Research Approach and Scope ... 36
3.2 Data Type and Sources ... 36
3.3 Population and Sample ... 37
3.4 Variables ... 37
3.5 Panel Data Regression ... 40
3.5.1 Panel Data Model Estimation Process ... 41
3.5.2 Classic Assumption Test ... 44
3.5.3 Interpreting the Result of the Selected Model... 45
... 46
4.1 Result ... 46
4.1.1 Descriptive Variables ... 46
4.1.2 Results of Regression Model Selected... 51
4.1.3 Classical Assumption Test ... 52
4.2 Hypothesis Testing ... 54
4.2 Discussion ... 59
... 63
5.1 Conclusion ... 63
5.2 Research Implication and Recommendation ... 64
5.3 Research Limitation ... 66
Bibliography ... 68
APPENDIX ... 72
Appendix A. BUKU 4 Commercial Bank Stock Data Period 2013-2019 per Quarter (Raw Data) ... 72
