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returns. Its mean that increase or decrease of
liquidity level has no effect on the increase or
decrease in stock returns. Liquidity significance
value is greater than the expected significant level,
meaning there is significant due to mistakes by
78.89% over the expected conditions.
Rejection of this hypothesis can be seen from the
variable conditions of liquidity and stock returns in
2012-2016. The average of liquidity mining
companies in 2012 amounted to 2.28 while the
average stock return of -0.29. In 2013 the average
liquidity decreased to 1.96 while stock returns
increased to 0.05. So even in 2014 and 2015, the
movement of liquidity is not in line with the
movement of the stock return. In addition, the
rejection of the hypothesis due to the company's
liquidity level information is not taken into
consideration by investors in investing.
The results of this study are not consistent with
the theory of reference which states that assets with
high liquidity will provide a high expected return. In
addition, Rahardjo (2006) also states that the criteria
for companies that have a strong financial position is
able to meet the obligations to outside parties in a
timely manner. The higher a company's ability to
meet its obligations, then the company can be said to
be strong in financial position and increase the
confidence of investors to invest.
4.3 The Influence of Market Value on
Stock Return in Mining Companies
Listed in Indonesia Stock Exchange
from 2012 to 2016
The market value is ability investors to pay per one
share. The market value is the description of the
company's achievements in the capital market. The
market value in this study were measured with a
Price to Book Value (PBV). PBV is the ratio
calculated comparing between the market price of
shares and book value. The increase in the stock
price will be made either by the investor
information, so it can increase the demand of
investment. This indicates that the market value will
have positive influence on stock returns.
The test results of multiple linear regression
obtained regression coefficient value of the market
value is 0.900131. 0.900131 coefficient value means
that the market value has increased one, then stock
returns will increase by 0.900131, and vice versa if
the market value has decreased once the stock
returns will also be decreased by 0.900131. After
testing the significance of regression coefficients (t
test), the value of t arithmetic market value is
5.831465 with probability equal to 0.0000. Because
the value of t count> t table, then the market value
positive effect on stock returns. Significance value
less than the market value of the expected significant
level, so that means significant because mistakes
zero percent under the provisions of 5%.
The results of this study indicate that the market
value of a positive effect on returns, meaning each
an increasing rate of the stock market stock returns
received by investors are increasingly rising. The
positive influence shows that the market value has a
direct relationship with stock returns. On average
PBV for four years from 2012 to 2015 decline.
However, the average PBV values can still be said to
be good, it is because the average value of PBV
shows the value of more than 1. During the years
2012 to 2016, the average PBV highest value
achieved in 2016 with an average value of 1.97
PBV.
This study is in line with the theory of reference
stated by Brigham and Houston (2010) which states
that the company viewed favorably by investors is
sold with a high MBV. The higher MBV, the higher
the investors' assessment of the company. Ang
(1997) also argues that the higher the value, the
higher PBV company was appraised by investors
compared to the funds invested in the company.
Additionally, Tandelilin (2010) also revealed a
similar security that if the price increases, then the
investor will receive additional profit from the
difference in prices that occurred.
5 CONCULUSION
The conclusions in this research are the profitability
in the mining company listed on the Indonesia Stock
Exchange in 2012-2016 are in the unhealthy
conditions. Liquidity in mining companies listed on
the Indonesia Stock Exchange in 2012-2016 are in a
healthy condition. The market value of mining
companies listed on the Indonesia Stock Exchange
in 2012-2016 are in a healthy condition.
Stock Return in mining companies listed on the
Indonesia Stock Exchange in 2012-2016 are in a
pretty healthy state. Profitability has no effect on the
Stock Return in Mining Company listed on the
Indonesia Stock Exchange in 2012-2016. Liquidity
has no effect on the Stock Return in Mining
Company listed on the Indonesia Stock Exchange in
2012-2016. The market value has positive influence
on Stock Return in Mining Company listed on the
Indonesia Stock Exchange in 2012-2016.
The Influence of Profitability, Liquidity and Market Value on Stock Returns - Research to Mining Companies on Indonesia Stock Exchange
from 2012 To 2016
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