Analisis pengaruh variabel Macroeconomics Uncertainty terhadap Eksposur Ekonomi: Pada Perusahaan Otomotif Yang Terdaftar Di Bursa Efek Indonesia Tahun 2010-2014
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Institusion
Universitas Islam Negeri Maulana Malik Ibrahim Malang
Author
Maimanah, Ziydatul
Subject
Datestamp
2018-04-04 09:01:21
Abstract :
?????? ????? ??? ???? ???? ???????? ?? ??? ?????? ?? ???? ???? ??????? ???? ???? ??? ?? ???? ???????? ???? ??????? ????????? ?? ???? ???? ?????? ???? ??? ???????. ????? ??? ????? ?????? ????? ??????? ????? ???????? ???????? ?? ??? ?????? ?????????. ???? ??? ???????? ???????? ??????? ??? ??????? ?????? ????. ??????? ??? ??????? ?????? ?????. ??? ????? ??????? 12 ???? ????? ?? ????? ????????? (BEI)? ????? ??? ???? ?? ??? ????? ???????? ??? ??????? ???????. ?????? ????? ???????? ????????? ?? ?????? ???????? ????? ???????? ?-????? (Eviews) ?????? ?????? ??????? ???????. ?????? ??????? ?? ??? ????? ?? ????????? ???????? (????? ???????? ????? ????? ????? ??????? ????????? ???????) ??? ????? ?????? ???? ??? ?????? ?????? ?????? ASII? AUTO? MASA. ?????? ????? ??????? ????? ?????? ??? ?????? ?????? ?????? ????? MASA? ?? ?????? ????? ????? ????? ???????? ??????? ???????? ????? ???? ?????? ?????? ASII? AUTO? MASA. ?? ??? ?? ?????? ?? ???? ???? ???? ??? ???????? ??????? ?? ??????? ???? ?????? ??????. ABSTRACT Macroeconomic changes that occur in a country often becomes unexpected changes for a company, which caused a lot of companies have to adjust the operational costs or transactions that did by the company so that the future cash flows of a company change appropriately to what is expected. The purpose of this research is to know the influence of macroeconomic variables against an economic exposure. The automotive company's economic exposure to exchange rate and other macro-economic variables is estimated using quarterly cash flow as a dependent variable. This research uses a quantitative approach. The population of the research was the 12 companies that listed in Indonesian stock exchange (IDX). The technique used in sampling is purposive sampling technique that obtained samples as much as 5 companies. Data analysis technique that used is multiple linier regressions using Eviews as a tool of research trials. The result of the research showed that simultaneously, all independent variables are interest rate, exchange rate of the Rupiah against the U.S. Dollar, and inflation the effect significantly positive against the cash flow of the company ASII, AUTO and MASA. Partially, the interest rate only has positive effect against company's cash flow MASA and then to the exchange rate of the Rupiah against the U.S. Dollar has positive effect to the cash flow against the influential company ASII, AUTO, and MASA. While Inflation has no effect significantly to the company's cash flow sample. ABSTRAK Perubahan makroekonomi yang terjadi pada suatu negara sering menjadi perubahan yang tidak diharapkan oleh suatu perusahaan, yang menyebabkan banyak perusahaan harus menyesuaikan biaya operasional ataupun transaksi yang dilakukannya agar arus kas masa depan suatu perusahaan berubah sesuai dengan apa yang diharapkan. Tujuan penelitian ini untuk mengetahui pengaruh suatu variabel makroekonomi terhadap eksposur ekonomi pada perusahaan otomotif. Penelitian ini menggunakan pendekatan kuantitatif. Populasi penelitian adalah 12 perusahaan yang terdaftar dalam Bursa Efek Indoneisai (BEI). Teknik yang digunakan dalam pengambilan sampel adalah menggunakan teknik purposive sampling diperoleh sampel sebanyak 5 perusahaan. Untuk analisis data yang digunakan adalah Uji Regresi Linier Berganda dengan menggunakan Eviews sebagai alat uji penelitiannya. Hasil penelitian menunjukkan bahwa secara simultan variabel independent yakni suku bunga, nilai tukar Rupiah terhadap Dollar AS, dan inflasi berpengaruh signifikan positif terhadap arus kas perusahaan ASII, AUTO, dan MASA. Secara parsial suku bunga berpengaruh positif terhadap arus kas perusahaan MASA saja, kemudian untuk nilai tukar Rupiah terhadap Dollar AS berpengaruh positif terhadap arus kas perusahaan ASII, AUTO, dan MASA. Sedangkan Inflasi tidak berpengaruh secara signifikan terhadap arus kas perusahaan sampel, karena adanya keadaan disekuilibrium antar setiap variabel independent, dan keberagaman tren nilai arus kas yang berbeda dari setiap perusahaan
?????? ????? ??? ???? ???? ???????? ?? ??? ?????? ?? ???? ???? ??????? ???? ???? ??? ?? ???? ???????? ???? ??????? ????????? ?? ???? ???? ?????? ???? ??? ???????. ????? ??? ????? ?????? ????? ??????? ????? ???????? ???????? ?? ??? ?????? ?????????. ???? ??? ???????? ???????? ??????? ??? ??????? ?????? ????. ??????? ??? ??????? ?????? ?????. ??? ????? ??????? 12 ???? ????? ?? ????? ????????? (BEI)? ????? ??? ???? ?? ??? ????? ???????? ??? ??????? ???????. ?????? ????? ???????? ????????? ?? ?????? ???????? ????? ???????? ?-????? (Eviews) ?????? ?????? ??????? ???????. ?????? ??????? ?? ??? ????? ?? ????????? ???????? (????? ???????? ????? ????? ????? ??????? ????????? ???????) ??? ????? ?????? ???? ??? ?????? ?????? ?????? ASII? AUTO? MASA. ?????? ????? ??????? ????? ?????? ??? ?????? ?????? ?????? ????? MASA? ?? ?????? ????? ????? ????? ???????? ??????? ???????? ????? ???? ?????? ?????? ASII? AUTO? MASA. ?? ??? ?? ?????? ?? ???? ???? ???? ??? ???????? ??????? ?? ??????? ???? ?????? ??????. ABSTRACT Macroeconomic changes that occur in a country often becomes unexpected changes for a company, which caused a lot of companies have to adjust the operational costs or transactions that did by the company so that the future cash flows of a company change appropriately to what is expected. The purpose of this research is to know the influence of macroeconomic variables against an economic exposure. The automotive company's economic exposure to exchange rate and other macro-economic variables is estimated using quarterly cash flow as a dependent variable. This research uses a quantitative approach. The population of the research was the 12 companies that listed in Indonesian stock exchange (IDX). The technique used in sampling is purposive sampling technique that obtained samples as much as 5 companies. Data analysis technique that used is multiple linier regressions using Eviews as a tool of research trials. The result of the research showed that simultaneously, all independent variables are interest rate, exchange rate of the Rupiah against the U.S. Dollar, and inflation the effect significantly positive against the cash flow of the company ASII, AUTO and MASA. Partially, the interest rate only has positive effect against company's cash flow MASA and then to the exchange rate of the Rupiah against the U.S. Dollar has positive effect to the cash flow against the influential company ASII, AUTO, and MASA. While Inflation has no effect significantly to the company's cash flow sample. ABSTRAK Perubahan makroekonomi yang terjadi pada suatu negara sering menjadi perubahan yang tidak diharapkan oleh suatu perusahaan, yang menyebabkan banyak perusahaan harus menyesuaikan biaya operasional ataupun transaksi yang dilakukannya agar arus kas masa depan suatu perusahaan berubah sesuai dengan apa yang diharapkan. Tujuan penelitian ini untuk mengetahui pengaruh suatu variabel makroekonomi terhadap eksposur ekonomi pada perusahaan otomotif. Penelitian ini menggunakan pendekatan kuantitatif. Populasi penelitian adalah 12 perusahaan yang terdaftar dalam Bursa Efek Indoneisai (BEI). Teknik yang digunakan dalam pengambilan sampel adalah menggunakan teknik purposive sampling diperoleh sampel sebanyak 5 perusahaan. Untuk analisis data yang digunakan adalah Uji Regresi Linier Berganda dengan menggunakan Eviews sebagai alat uji penelitiannya. Hasil penelitian menunjukkan bahwa secara simultan variabel independent yakni suku bunga, nilai tukar Rupiah terhadap Dollar AS, dan inflasi berpengaruh signifikan positif terhadap arus kas perusahaan ASII, AUTO, dan MASA. Secara parsial suku bunga berpengaruh positif terhadap arus kas perusahaan MASA saja, kemudian untuk nilai tukar Rupiah terhadap Dollar AS berpengaruh positif terhadap arus kas perusahaan ASII, AUTO, dan MASA. Sedangkan Inflasi tidak berpengaruh secara signifikan terhadap arus kas perusahaan sampel, karena adanya keadaan disekuilibrium antar setiap variabel independent, dan keberagaman tren nilai arus kas yang berbeda dari setiap perusahaan
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