Kinerja Akuntansi dan Kinerja Pasar Modal pada Perusahaan-Perusahaan dalam Jakarta Islamic Index

Sinarti (Politeknik Batam)

Ainun Na’im (Universitas Gadjah Mada)

[Jurnal Akuntansi Syariah - SNA 13]

ABSTRACT

The objectives of this research are to test and to give empirical evidence about positive relationship between accounting-based performance and marketbased performance, as well as the negative relationship between financial leverage ratio with accounting-based performance and market-based performance. Spesifically this study hypotheses that: (1) there is positive relationships between accounting-based performance (ROE, ROA, ROS, and EVA) with market-based performance (Sharpe Measure and Treynor Measure); (2) there is negative relationships between financial leverage ratio with accounting-based performance (ROE, ROA, ROS, and EVA) as well as market-based performance (Sharpe Measure and Treynor Measure). There are 42 companies taken as the sample of this research.

The companies are registered in Jakarta Islamic Index from 2001-2006 with 122 observation. The data are collected by using purposive sampling method. The hypotheses are tested using multiple regression analysis and simple regression analysis. The result of the research shows that there is positive relationship between accounting-based performance measured using ROA and ROS with market-based performance measured using treynor measure. There is also negative relationship between financial leverage ratio and accounting-based performance measured using ROA, ROS, and EVA. The research cannot prove the hypotheses which says that there is negative relationship between financial leverage ratio and market-based performance.

Key Words: Accounting-Based Performance – Market-Based Performance – Financial Leverage Ratio.

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