EFFECT OF ACTIVE RETURNS (ROA) AND INTELLEKTUAL (IC) MODELS ON LEVERANGE IMPLICATIONS AT STOCK PRICES (CASE STUDY IN PT BANK CENTRAL ASIA TBK 2008-2017 PERIOD Rita Satria (a), Nugraha (a), Ikin Solikin (c)
a) Universitas Pendidikan Indonesia Dr Setia budi No.229 Bandung 40154 Indonesia ritasatria[at]upi,edu
b) Universitas Pendidikan Indonesia Dr Setia budi No.229 Bandung 40154 Indonesia nugraha[at]upi,edu c) Universitas Pendidikan Indonesia Dr Setia budi No.229 Bandung 40154 Indonesia Ikin.solikin[at]upi,edu
Abstract
This study aims to obtain empirical evidence about the effect of Return on Assets (ROA) and Intellectual Capital (IC) Against Leverage, which is proxied by Debt to Equity Ratio (DER) which implies the Share Price of PT. Bank Central Asia, Tbk. Intervening Variables used are Debt to Equity Ratio (DER) The research conducted by the author in compiling the thesis is quantitative, namely conducting financial discussions by analyzing numerical data. The sample used in this study is a balance sheet, income statement at PT. Bank Central Asia, Tbk Period 2008-2017. This study uses descriptive analysis of statistical data, and uses the classic assumption test namely multicollinearity test, autocorrelation test, normality test, linearity test, heteroscedasticity test, and using multiple linear regression analysis, model feasibility test, namely t-test, F-test and coefficient of determination . In analyzing this research data using the Eviews 9.0 software tool. From the results of hypothesis testing ROA shows a negative and significant effect on DER. VAIC has a positive and not significant effect on DER. Simultaneously ROA and VAIC have a positive and significant effect on DER. While the results of the determination coefficient (R2) R-squared are influenced by other variables. Partially ROA shows ROA has a negative and not significant effect on Stock Prices, VAIC has a positive and not significant effect on Stock Prices, DER has a negative and significant effect on Stock Prices so that ROA, VAIC and DER have a positive and significant effect on Stock Prices at PT. Bank Central Asia, Tbk The period of 2008-2017 is influenced by other variables.
Keywords: Return on Assets (ROA), Intellectual Capital (IC), Debt to Equity Ratio (DER) Implications of Stock Prices).
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