PENGARUH RETURN ON EQUITY (ROE) TERHADAP PERUBAHAN HARGA SAHAM PADA PT. BANK NEGARA INDONESIA (PERSERO) TBK

This study is intended (i) to identify the return on equity (ROE) level in PT. Bank Negara Indonesia (Persero) Tbk registered at Bursa Efek Jakarta (ii) to identify the stock price changes in PT. Bank Negara Indonesia (Persero) Tbk registered at Bursa Efek Jakarta and (iii) the result of ROE application to the PT. Bank Negara Indonesia (Persero) Tbk registered at Bursa Efek Jakarta.

The study method used is descriptive analysis with the quantity approach, and the sample is PT. Bank Negara Indonesia (Persero) Tbk financial report per-three months (interim report), particularly the balance sheet and loss-profit reports during 2002 until 2005. Simple linear regressive statistics analysis is applied to make out the consequence of ROE on stock price changes of PT. Bank Negara Indonesia (Persero) Tbk.

The study result is correlative coefficient by using the pearson product moment that shows the negative or contrary relationship between ROE and stock price changes alteration. Determination coefficient (r2) result is 0.0615 or 6.2%. This shows how much ROE effects on the share price shift for 6.2%. While the rest 93.8% (100%-6.2%) is caused by other unexplored factors, such as economical condition based on the macro indicator, political condition and market movement. Hypothesis is that, received Ho or ROE does not affect stock price changes.

The conclusion is that, ROE level at PT. Bank Negara Indonesia (Persero) Tbk, during the first-three months until the fourth-three months in 2002-2005, was still in an acceptable stock price changing level. The study’s result proves that, ROE does not influence the stock price changes.