Pengaruh Likuiditas, Struktur Modal Dan Ukuran Perusahaan Terhadap Risiko Investasi Saham Yang Terdaftar Di Jakarta Islamic Index

Abstract

This study aimed to examine the effect of liquidity as measured by current ratio, capital structure as measured by long term debt equity ratio, and firm size as measured by total assets to the risk of  stocks  investment are listed on the Jakarta Islamic Index.

This study considered the causative research. The population in this study are companies of listed on the Jakarta Islamic Index in 2008 until 2011. While the sample was determined by the purposive sampling method to obtain a sample of 12 companies sample. Types of data used is secondary data obtained from www.idx.co.id. The method of analysis used is multiple regression analysis.

Based on the result of multiple regression analysis with a significance level of 5%, the result of the study concluded: (1) liquidity has no effect on the risk of stocks investment, with significance value 0.098>0.05, and with the β coefficient is positive amounted 0.196, (2) capital structure has no effect on the risk of stock investment, with significance value 0.927>0.05, and with the β coefficient is positive amounted 0.010, (3) firm size has no effect on the risk of stocks investment, with significance value 0.118>0.05, and with the β coefficient is negative amounted -3.084.

Based on the above result it is suggested: (1) for investor who want to invest in companies listed on the Jakarta Islamic Index factor you should pay attention to liquidity, solvability and profitability together, (2)For further research may add other variables that affect investment risk stock, such as profitability variable that gives an overview of direct investment and  add a proxy of the variables stidied.

Kata kunci : Liquidity, Current ratio, Capital Structure, Long Term Debt Equity Ratio, Firm Size, Total Assets, Invesment Risk, Standard Deviation