Pengaruh Isu Cukai, Makroekonomi dan Kinerja Keuangan terhadap Return Saham Sub Sektor Plastik dan Kemasan 2012-2019

Gunawan, Lulu Nike (2020) Pengaruh Isu Cukai, Makroekonomi dan Kinerja Keuangan terhadap Return Saham Sub Sektor Plastik dan Kemasan 2012-2019. Masters thesis, IPB University.

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Abstract

Indonesia is recorded as the second largest plastic waste producer in the world. In suppressing the amount of plastic waste, the government is formulating a plastic excise policy. The plastic excise policy was previously proposed in 2016, but there was no significant progress due to rejection from a number of industries. This causes uncertainty in stock market. Investors doubt to invest or even withdraw their funds. This research was conducted to analyze the effect of excise issues on stock returns in the plastic and packaging sub-sectors. The type of data in this study uses secondary data. Data taken form quarterly financial statements, stock prices, inflation, and other supporting data both through text books and the internet. The analytical method used in this research is descriptive analysis to describe the data, and panel data regression to analyze the effect of each variable. The sample used in this study are 10 companies in the plastic and packaging sub-sector. The results showed that the excise issue had a negative effect on stock returns. The issue of plastic excise gives a signal to the market about the condition of the plastic and packaging industry. Investors catch a signal if the tax has been applied, there will be a decline in sales. This declining sales can be caused by the excise imposed on consumers, so the price of goods with plastic packaging becomes more expensive. A more expensive price will make consumers limit their spending, and then causes declining sales. The decline in corporate profits has an impact on the decline in stock returns. Stock returns in the plastic and packaging sub-sectors are also influenced by inflation, DER, ROA, ROE, and NPM, while the variables Cash Ratio, Current Ratio, DAR, TATO, and FATO have no effect. This study recommends that investors should pay attention to any issues in market or government plans in formulating policies, before starting to invest or make transactions in stock market. For companies, a positive signal must always be built to attract transactions in the stock market. This study also recommends that government must immediately take a decision, either canceled or approved. This certainty is what investors and companies need in the stock market. Delaying the regulation can make the performance of plastic and packaging sub-sector companies even worse in stock market. Decisions taken by the government must consider the advantages and disadvantages. The effect of applying plastic excise to the environment must be proportional to its negative impact on the industry.

Item Type: Thesis (Masters)
Uncontrolled Keywords: isu cukai, kinerja keuangan, makroekonomi, return saham excise issues, financial performance, macroeconomic, stock return
Subjects: Manajemen Keuangan
Depositing User: SB-IPB Library
Date Deposited: 25 Jan 2022 06:49
Last Modified: 25 Jan 2022 06:49
URI: http://repository.sb.ipb.ac.id/id/eprint/3777

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