HUBUNGAN KINERJA KEUANGAN DENGAN HARGA SAHANI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE TAHUN 2007-2009 DENGAN PENDEKATAN ALTMAN Z SCORE

Abstract

This empirical study intended to determine 'the relatknship betweenfinancial performance with stockprices at the manufac iiring company listed on the Indonesia Stock Exchange-year period 2007- 2009 with the approach Altman Z Score. The population in this study are all listed manufac uring companies (listing) in Indonesia Stock Exchange during the years 2007 to 2009 (446 samples). The datawas drawnfromtheIndc nesia Stock Exchange ("Pojok BE! UH") and the book Indonesia Capital Market Directoiy (ICMD). This research includes t^vo variables : financial performance and stock prices. Chi square test was uUd to analyze the relationship between Z scores with stock prices The result ofchi square analysis indicated that there was a significant relationship between financial perfotmance in the stock price approaches Altman method (Z score value). It could be conct uded that the higher a company's financial performance, the Higher business profits and the more benefits that can be enjoyed by the shareholders as well as themore likely thestockprice increases. Vice versa if the lower a company's financial performance, the tower income and less profit business that can be enjoyed by ' the shareholders and also the less likely the company's stock price increases.