Pengaruh fundamental dan eksternal terhadap harga saham (studi kasus: Freeport McMoran)

Harisma, Resky (2020) Pengaruh fundamental dan eksternal terhadap harga saham (studi kasus: Freeport McMoran). Masters thesis, IPB University.

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The extraordinary fluctuations of world oil prices, the uncertainty of American economic conditions after the subprime mortgage financial crisis and the implementation of Indonesian government regulation to coal and mining industry (UU Minerba) led to Freeport McMoRan’s operational uncertainty over mine exploration in Indonesia through PTFI, made pressure on corporate consolidate revenues causing losses in 2014-2016. Significant drops in FCX stock prices caused by factors from within the organization as well as form outside must be reviewed by management to make measures expected by the market and by all investors to reduce risk factors. Analyses over financial ratios to assess the company's long-term capabilities or going concern that became the foundation for determining the stock value of McMoRan's Freeport company and external factors that had influence on the company's operational should be well reviewed. In this study, researchers used fundamental analysis or analysis of the company’s financial ratio to undertake reviews of the company’s ability to benefit shareholders over operational activity conducted among them, which is: Net Profit Margin (NPM), Earning Per Share (EPS), Working Capital Turn Over (WCTO), Return on Equity (ROE), Return on Asset (ROA) as well as risk factors coming from outside the organization, uncontrollable but has an effect on Freeport McMoRan's stock price movement, which is: world oil prices, world gold prices, the Fed's interest rate, systematic risks and Indonesian government policy, concentrate export bans over PT. Freeport Indonesia (Dummy variable) The source of the study was obtained from various sources which is, quarterly financial statements on the Securities Exchange and Commission (SEC) in USA and sources from the internet for stock prices and commodity prices, Federal Reserved website for information on the Fed's interest rate during the period of 2000 thru 2019. The method of analysis used is the VAR/VECM method. The results from the study are known that simultaneously fundamental and external variables have a significant influence on FCX stock prices. Partially oil prices in the short term have significant positive influence and in the short term interest rates the Fed has significant negative influence, whereas dummy variables have significant negative influence, this strengthens that PTFI's policy of prohibition-concentrating export sanctions has a significant influence on FCX's stock prices in New York Stock Exchange, Impulse Response Function reveals in addition to shocks on stock prices in previous period shocks against EPS and NPM on fundamental factors having an influence on the fundamental factors that have had influences that strong on FCX stock prices and shocks against oil prices and the Fed's interest rate change had a strong influence on FCX's stock price. Forecast Error Variance Decomposition revealed external factors had a greater influence than fundamental factors on FCX stock prices. Referring to the results of the study, researchers provided managerial implications for management in exercising control over the fundamental ratios which is cost control and corporate spending as well as anticipation of external factors that the organization could not control by doing good corporate governance.

Item Type: Thesis (Masters)
Uncontrolled Keywords: eksternal faktor, fundamental, harga saham, tambang, UU minerba, VAR/VECM, external factors, fundamental, stock prices, mines, UU minerba, VAR/VECM,
Subjects: Manajemen Keuangan
Depositing User: SB-IPB Library
Date Deposited: 15 Jun 2022 01:41
Last Modified: 15 Jun 2022 01:41

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