PENGARUH KINERJA KEUANGAN PERUSAHAAN TERHADAP RETURN SAHAM DENGAN PERILAKU HERDING SEBAGAI VARIABEL MEDIASI
ABSTRACT: The main objective
of this research is to obtain empirical evidence whether herding behavior
exists on buy and sell decisions in Indonesia. This research also tries to give
a contribution whether herding behavior could become an intervening variable
between corporate finance performance and stock return. The population in this
research is companies that listed in Bursa Efek Indonesia (BEI). By a purposive
sampling method, 20 companies which publish quarterly financial report from
2004-2007 period were taken as sample. The data were analyzed by two step
regression which consists of the effect of the corporate finance performance to
herding behavior and then the effect of herding behavior to stock return.
Results of this research indicate that follower investors follow the leader
investor’s stock trading pattern. The results also show that herding behavior
could become an intervening variable between corporate finance performance and
stock return al-though the intervening has a weak relationship. This weak
relationship occurs because of the corporate finance performance has a direct
effect to stock return.
Keyword: herding, corporate finance performance, stock
return, follower investor, leader investor
Penulis: Muflikhun Annas
Kode Jurnal: jpmanajemendd100144
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