This study entitled " An Analysis of the Financial Performance Effect of Sharia Companies on Stock Price Changes ( a Case Study of Companies Listed on the Sharia Stock Listing) ". This study uses eight (8) the financial ratios are debt to equity ratio, current ratio, inventory turnover ratio, total asset turnover, net profit margin, return on equity, price earning ratio, and dividend yield. The above financial ratios have been considered representative of the five types of financial ratios, which are 5 types of financial ratios in question are leverage ratios, liquidity ratios, efficiency ratios, profitability ratios, and market value ratios.

1. BY :
YUDI SAPUTRA
213 11 004

2.  1. How does the financial performance of companies
listed on the Stock Exchange of Sharia?
 2. How is change of the prices in sharia stock
exchange?
 3. How does the company's financial performance, both
individually sharia / partial and simultaneously/
together to changes in stock prices?
 4. The ratio of financial performance which is the most
dominant influence the stock price changes sharia
companies listed in List of Islamic Securities?

3.  Dependent Variables
Debt ratio
Current ratio
Inventory turnover
Total asset turnover
Net profit margin
Return on equity
Price earning ratio
Dividend yield
Company Financial
performance
Independent Variables

4. This research is a quantitative research, with the type
probabity sampling (random method) using random
retrieval method (simple random sampling). simple
random method is a method used to select the sample of
the population in such a way so that every member of the
population has an equal chance to be taken as a sample
(Sugiarto, Et al. 2001: 46). The data used in this research
is secondary data. Secondary data is primary data
obtained by the other party or primary data that has been
processed further (Sugiarto, Et al. 2001: 19).

5. Population
 Population is the whole object of research. If someone
wants to examine all the elements that exist in the study,
the research is the study population. Research studies also
called population studies or studies of ensus (Arikunto,
2010: 173). The population in this study is a company
registered in the Register of Sharia Islamic Securities.
Sample
 Samples are partially or representative of the population
studied (Arikunto, 2010: 174). The sample in this study is
that the company's financial statements from 2009-2012.
This study using the sample of 35 companies, because it is
felt has been adequately represent the needs of the
research sample. Samples taken are the financial
statements of companies listed on the Islamic Sharia
Securities List in 2011, 2012, and 2013.

6.  This study uses the method of
documentation. This method is used to find
data about things or variables in the form of
notes, transcripts, books, newspapers,
magazines, inscriptions, minutes of
meetings, lengger, agenda, and so on.
(Arikunto, 1998: 236). Sharia company
financial statement data obtained through
datebase libraries MM UGM data used is ICMD
(Indonesian Capital Market Directory).

7.  This study entitled Analysis of Financial Performance
of Sharia, against Shares Price Change (Case Study at
the Company's Registered on List of Islamic
Securities). Then that becomes the independent
variable is the financial performance and stock price
changes become dependent variable. This study uses
eight (8) the financial ratios that debt to equity ratio,
current ratio, inventory turnover ratio, total asset
turnover, net profit margin, return on equity, price
earning ratio, and dividend yield. The above financial
ratios have been considered representative of the five
types of financial ratios, which are 5 types of financial
ratios in question is leverage ratios, liquidity ratios,
efficiency ratios, profitability ratios, and market value
ratios.

8. a. Determine samples companies whose data will
be incorporated into the research model.
b. Making the main data from the samples that
have been
c. Data entered for the statistical test and
classical assumption
d. The data that do not comply with the model,
or disease in the test will be discarded.
e. Interpretation of the results of statistical tests.
f. Making the measurement model of the test
results.
g. Conclusion.

9. Financial performance measurement formula:
The formula used to measure the financial
performance of companies in this study are
as follows:
1). Top middle limit is determined by the
formula:
A standard deviation + average variable
2). Bottom middle limit is determined by the
formula:
A standard deviation - average variable

10.  Determination of assessment adjusted to the
following classifications:
1). moderate : If the value of the variable is
in the area between the middle and upper
limits.
2). High : If the value of a variable higher
than the top middle limit.
3). Low : If the value of a variable is lower
than the bottom middle limit.

11. CP = β0+ β1DR+ β2CR+ β3TAT+ β4ROE+ β5PER+ β6IVT+
β7NPM+ β8DY+ ε
Where is:
 CP = Close Price as dependent variable
 β0 = Constant
 β1DR = Independent variable 1 (Debt Ratio)
 β2CR = Independent variable 2 (Current Ratio)
 β3TAT = Independent variable 3 (Total Asset Turnover)
 β4ROE = Independent variable 4 (Return on Equity)
 β5PER = Independent variable 5 (Price Earning Ratio)
 β6IVT = Independent variable 6 (Inventory Turnover)
 β7NPM = Independent variable 7 (Net Profit Margin)
 β8DY = Independent variable 8 (Dividend Yield)
 ε = Prediction error

12. Variabel Signifikansi α Interprestasi
TAT 0,00 0,05 Signifikan
PER 0,00 0,05 Signifikan
NPM 0,00 0,05 Signifikan
DY 0,04 0,05 Signifikan

13. ANOVAa
Model Sum of Squares df Mean Square F Sig.
1
Regression 950,312 4 237,578 94,615 ,000b
Residual 256,122 102 2,511
Total 1206,434 106
a. Dependent Variable: CLOSEPRICE
a. Predictors: (Constant), NPM, DY, PER, TAT
(Source: Attachment 4, Results of data processing, 2015)

14. Coefficient determination of TAT, PER, NPM, and DY
 Can be seen in the column R Square of 0.788 and Adjusted R Square of
0.779. Researchers chose the value of Adjusted R Square due to have a more
accurate value than the R-square. Value of 0.779 or 77.9% indicated that
variation, the independent variables used in the model has the ability to
explain the dependent variable variation of 77.9%. While the remaining 22.1%
is explained by other variables outside the model.
Model Summary
Model R R Square Adjusted R Square Std. Error of the
Estimate
1 ,888a ,788 ,779 1,584614
a. Predictors: (Constant), DY, PER, NPM, TAT

15.  Test of data normality

16. Data Summary
NO Variabel r2 Interprestasi
1 Total Asset Turnover (TAT) 0,735 No the multicollinearity
2 Price Earning Ratio (PER) 0,718 No the multicollinearity
3 Dividend Yielad (DY) 0,058 No the multicollinearity
4 Net Profit Margin (NPM) 0,169 No the multicollinearity
5 Main R2 0,788 Above r2

17. Result of Regression with Durbin Watson
Model Summaryb
Mod
el
R R
Square
Adjusted R
Square
Std. Error
of the
Estimate
Durbin-
Watson
1 ,888a ,788 ,779 1,584614 2,203
a. Predictors: (Constant), NPM, DY, PER, TAT
a. Dependent Variable: CLOSEPRICE
(Source: Attachment 4, Results of data processing, 2015)
Nothing autocorrelationUncertain UncertainAutocorrelation
positive
Autocorrelation
negative
DL 1,571 DU 1,679 4 - DL 2,5394 - DU 2,321DW 2,203

18.  Variables TAT, PER, NPM, and DY effect on stock price changes
either partially or jointly (simultaneously). Proven through
statistical test (t test and F) as well as classical assumption
(normality test, multicolinearity, heteroskedastisity test, and
autocorrelation test) which was submitted in the previous
chapter.
 Total Asset Turnover is the most influential variables to changes
in stock prices together (simultaneously). Test proved through
Multiple Regression with TAT, NPM, PER, and DY as independent
variables. TAT coefficient has a value of b of 0.698.
 Variable DR, CR, IVT, and ROE would have to be disposed of in
the model, because it has not escaped the statistical test and
classical assumption.
 The financial performance of companies listed on the list of
sharia Islamic securities have a value in the low and medium
categories. Wherein TAT and PER in the category of medium ,
while NPM and DY into the category of low.

19.  Based on experience in the study, the authors have some
suggestions that would help for further research. The
suggestions are as follows:
 Next researcher should be using ratios of other financial
performance as independent variables. Thus it can be seen
Which variables that have an influence on the stock price
changes.
 Next researcher should be using external variables as
independent variables. Because in this study, the authors
use an internal variable.
 Limitations of this study is that many independent
variables that do not pass the statistical test and classical
assumption. Thus the possibility of other variables that
influence, is still quite large. It became a space for
researchers furthermore, if it wants to examine the field of
the same specification.