Jurnal internationalbuari

THE EFFECT OF FUNDAMENTAL FACTORS ON STOCK PRICE
(EMPIRICAL STUDY SHARE SECTOR MANUFACTURING)
Ari Lestari
Email: arilestari79a@yahoo.com
Abstract
The capital market is the appropriate representations to assess the condition
of the company - a company in a country because almost all industries are
represented and one of the effective means to accelerate the development of a
country and the development of capital markets provide a source of investment for
investors. One of the investment activity in companies is by issuing shares. To make
investments in the form of stock analysis is required to measure the value of stocks,
namely fundamental analysis and technical analysis.
This study aimed to analyze the effect on the share price on the factors - the
company's fundamentals that include: growth sales, sales / current assets and
retained earnings / total assets is a variable that is thought to affect stock prices in
consumer goods industry in Indonesia Stock Exchange (BEI). The study used
secondary data obtained from the annual financial statements published by the
Indonesia Stock Exchange (BEI) using a sample of 54 companies manufacturing
consumer goods industry sector over the period 2012-2014.
Results of research by using multiple linear regression test showed that in
partial Growth of sales and sales to current assets has no effect on stock prices,
Retained earnings / total assets effect on stock prices, while simultaneously across
the company's fundamentals: sales growth , sales / current assets and retained
earnings / total assets significantly affects the share price to the level of significance
(0.05).
Keywords: Stock Prices, Sales,Assets and Retained Earnings

Introduction
Capital markets have an important role in the economic life of a country
including Indonesia. The important role of the capital market is as a means of capital
formation and the accumulation of funds directed, to increase public participation in
the direction of funds to support the financing of national development (Ahmad,
2004: 17).
According to Harry Su, Head Research of PT. Bahana Securities
(www.kemenperin.go.id) Companies engaged in the consumer goods industry 31
issuers have a weight of 44% of the formation of the manufacturing index, while the
various industries (40 issuers) and basic industries (44 emitents) each 27% and 29%.
The endurance of the manufacturing sector is mainly supported by the consumer
sector which grew by 28%. This increase is the second highest increase of ten
sectors. Consumer sector performance is also higher than the other two sectors,
namely the various industry sectors and basic industries which are also part of the
manufacturing index. The rise in the manufacturing index amid lethargy of negative
sentiment on rising production costs as the drivers of the manufacturing index mostly
came from diversified consumer companies, such as PT Kalbe Farma Tbk (KLBF).
"The availability of raw materials for a number of listed manufacturing companies is
sufficiently maintained that the weakening rupiah exchange rate does not have a
significant impact.If further explored, five of the six largest issuers that recorded an
increase are consumer listed companies so that it can be mentioned that the consumer
sector is the largest contributor by sector. -shares of these issuers will be an option
because they still offer potential increases.He is a producer of basic consumer needs
such as food, beverages, medicine, meat and toiletries products.Probable
manufacturing sector will still grow solidly in line with the increase in population
and purchasing power due to solidnya Economic growth in the range of 6%, which is
still the highest among G20 countries, with the result of a recent survey showing that
Indonesia's consumer confidence index is the highest in the world.
Shares are securities that indicate ownership of the company so that
shareholders have the right of claim on dividends or other distributions made by the
company to other shareholders. According to Husnan (2005: 29), "stock is a piece of
paper indicating the right of the investor (ie the party owning the paper) to obtain

part of the prospect or wealth of the organization issuing the securities and the
conditions under which the investor may exercise his right." Stock is one of several
alternatives to choose from to invest.
According Arifin (2001) There are several factors that can trigger the
fluctuation of stock prices either macro or micro. What is meant by micro factors are
those factors whose impacts are felt only on certain types of stocks, whereas macro
factors are the factors whose impact is felt on all stocks as well as the economy as a
whole. Macro information concerning market conditions in the form of political
news, national economic policy and policies related to the capital market. While
micro information is information relating to company conditions such as dividend
payment policy, investment, new product launching. Factors affecting stock
fluctuations include 1) The issuer's fundamental condition directly related to the
performance of the issuer itself; 2) Laws and offers where there is a sale and
purchase of shares that affect stock price fluctuations; 3) Interest rate is the interest
rate applied by Indonesian bank by issuing certification of Bank Indonesia; 4)
Foreign exchange which has a double effect on stock price changes; 5) Foreign funds
in the stock, where the foreign funds have a profound impact on changes in stock
prices; 6) Composite Stock Price Index (CSPI) reflecting the overall stock exchange
transactions that occurred; 7) News and rumors are all the news circulating in the
middle of society that concerns various things both economic, social, political and
security issues.
From the results of varied research and phenomena that occur encourage
further research on the relationship or the influence of fundamental factors (financial
ratios) with stock prices. Although it is realized that the fundamental factors are very
wide the scope includes not only the internal condition of the company but also the
macro economic fundamental conditions that are beyond the control of the company.
Sales growth is a change in sales on annual financial statements, growth
relates to how stability of future sales increases and above average sales growth for a
company is generally based on the expected rapid growth and the industry in which it
operates (Fabozzi, 2000). Brigham and Houston (2001) also said that companies with
relatively stable sales could be safer to get more loans and bear a higher fixed burden
than companies with unstable sales. Companies with relatively stable sales can be

safer to get more loans and bear a higher burden than companies with unstable sales
(Horne, 2001).
Sales to Current Assets is a measure of how efficiently a company utilizes its
current assets in generating sales (Tampubolon, 2005). From Asmara (2002)
research, one of the variables used is sales to current assets, showing a positive
influence on financial performance before the monetary crisis in 1998, while for the
period after the crisis in 1998 there was no positive influence on financial
performance. It proves that by using sales to current assets can detect risk will
experience a decrease or even the possibility of bankruptcy of a company. Based on
Table I-4 below, it shows that the Sales / Current Assets (Sales to Current Assets) in
18 manufacturing companies experienced a good level of efficiency, because there is
no negative to sales / asset ratio (sales to current assets). So it can be interpreted that
the value of sales is much larger than current assets. Because the ratio of sales /
current assets is the ratio used to measure how efficiently the use of corporate funds
is spent on current assets in generating a sale (Tampubolon, 2005).
Retained earnings reflect the accumulated benefits that have not been
distributed or losses suffered by a company since the company operates. A relatively
new company may show a low retained earnings / total asset ratio in the absence of
time to increase its cumulative earnings. According Mulyono (Fakrurozie, 2004),
retained earnings / total assets are profitability ratios that can detect a company's
ability to generate profits, in terms of its ability to earn profits compared to its
operating assets turnover as a measure of business efficiency.
From the theory and result of the research above, the researcher see the direct
influence between sales growth to stock price, sales to current assets to share price,
retained earnings to total assets to stock price. Based on the background and previous
research described above, the authors are interested to submit a research entitled
"The influence of fundamental factors on stock prices (Empirical Studies In
Manufacturing Companies)."

Review Literatur
Capital Market
According to Tandelilin (2001: 26), the capital market is a meeting between
parties who have excess funds with parties who need funds by way of trading
securities. Thus, the stock market can also be interpreted as a market for trading
securities that generally have more than one year of age, such as stocks and bonds.
From some of the above understanding, it can be concluded that capital market is a
means of meeting between demand and supply of long-term instruments that aims to
provide alternative funding sources for companies other than financial institutions
(banks). Therefore, with the many financial instruments in the capital market,
investors can choose and determine which instruments are more promising to invest
in the future.
Stock
According to BAPEPAM (2003: 9) quoted from (www.bapepam.go.id),
"shares are certificates indicating proof of ownership of a company, and shareholders
have the right of claim on income and assets of the company". According to
Darmadji and Fakhrudin (2006: 6), Stock (share or share) is a sign of participation or
possession of a person or entity within a company or limited liability company.
Fundamental Factors
According to Arifin (2004: 116), the fundamental factor is "the factors that
reflect the issuer's performance that can be seen from the issuer's financial
statements". The better the performance of the issuer the greater the effect on the
stock price increase and vice versa, if the worse the performance of the issuer, the
declining share price will be issued and traded on the company. Because the
performance of the issuer describes the company's ability to generate profits so that it
can foster investor confidence in investing capital.
According to Stoner et al. (1995) in Anastasia (2000), fundamental analysis related
to the assessment of company performance, about the effectiveness and efficiency of
the company to achieve its target.

Sales Growth
According to Fabozzi (2000: 881), Sales growth is a change in sales on the financial
statements per year. Growth is related to how the stability of sales increase in the
future. The above-average sales growth for a company is generally based on the
expected rapid growth and the industry in which it operates.
Sales / Current Assets
Sales / Current assets are measuring how efficiently a company utilizes its current
assets in generating sales (Tampubolon, 2005: 35).
Profit / Total Assets Balance
According to Sawir (2005: 23), the ratio of retained earnings / total assets is to
measure the cumulative profitability of the company, because the younger the
company, the less time it has to build cumulative profits. Retained earnings / total
assets, showing growth that has been financed through profits so that the company's
debt does not increase and indicates the extent to which the asset has been paid by
the company's profits.
According to Mulyono (1994) in Fakhrurozie (2007), retained earnings / total assets
are profitability ratios that can detect a company's ability to generate profits, in terms
of its ability to earn profits compared to its operating assets turnover as a measure of
business efficiency.
Conceptual Framework
From the foundation of the theory and some previous research that has been
described above, then prepared a hypothesis that is the flow of thought from
researchers. Then depicted in the theoretical framework compiled as follows:
1. The Influence of Growth Sales (Growth Sales) Against Stock Price
Azis research (2005), with the results showed that simultaneously
Earnings Per Share (EPS) and sales growth affect the stock prices of food and
beverage companies listed on the JSE and partially Earning Per Share (EPS)
significantly influence the stock price , While sales growth did not
significantly influence stock prices at food and beverage companies listed on
the BEJ.

The research that has been done by Musriyati (2003), which is related
to the growth of sales to stock price shows that the increasing of sales growth
will have positive effect to stock price. Stefanus (2000), the fundamental
factors affecting stock prices in the food and beverage industry in JSE shows
that the variable of sales growth also has a positive effect on stock price.
Kesuma research (2009), with the results of research indicates that the
growth of sales (growth of sales) and debt ratio significantly influence the
capital structure and profitability ratio (ROA) does not significantly
influence, while the profitability ratio significantly influence stock prices and
sales growth (Growth of sales), asset structure, and capital structure have no
significant effect on stock price.
2. The Influence of Sales / Current Assets (Sales to Current Assets) Against
Stock Price
Fakhrurozie's research (2007), with the result of research indicate that
the value of Z-Score Altman effect on stock price equal to 21,50% while
78,50% influenced by other factor.
Sales to Current Assets is a measure of how efficiently a company
utilizes its current assets in generating sales (Tampubolon, 2005). From
Asmara (2002) research, one of the variables used is the current sales / assets,
showing a positive influence on financial performance before the monetary
crisis in 1998, while for the period after the crisis in 1998 there was no
positive effect on financial performance. It proves that by using sales / assets
smoothly can detect the risk will experience a decrease or even the possibility
of bankruptcy of a company.
3. Effect of Retained Earnings / Total Assets on Share Price
Cahyono's (2013) study, states that retained earnings reflect the
accumulated benefits that have not been distributed or losses suffered by a
company since the company operates. Basically the purpose of the retained
earnings ratio / total assets measures the accumulation as long as the earnings
of the company operates, so the age of the firm also influences this ratio.

Retained earnings represent a substantial portion of the equity the company
has received / withholds the profit and does not pay it to the shareholders for
a certain period. The longer the company operates, the more likely it is to
increase the accumulated retained earnings. Retained earnings are the source
of their own capital funds. The greater the yield of this ratio indicates the
greater retained earnings can be used to finance the company's funding needs
and reduce the amount of external funding sources. The ratio of retained
earnings to total assets indicates that every Rp. 1.00 of the Company's assets
are secured by retained earnings.
Handojo's research (2001), with the results of the study showed
simultaneously that independent variables significantly influence stock prices
and partially Working Capital / Total Assets (WC / TA), Retained Earnings /
Total Assets (RE / TA), and Earnings Before Interest And Taxes / Total
Assets (EBIT / TA) have a significant effect on stock prices and other ratios
have no significant effect on stock prices. The results show that WC / TA, RE
/ TA, EBIT / TA, MVE / BVD and S / TA variables have 85% accuracy
while 15% are explained by other variables.
Gambar 1. Kerangka Konseptual
Penjualan/Aktiva Lancar
(Sales to Current Assets)
(X2)
Pertumbuhan Penjualan
(Growth Sales)
(X1)
Saldo Laba/Total Aktiva
(Retained Earnings to Total
Assets) (X3)
Harga Saham
(Y)

Hypothesis
Based on the relationship between the theoretical basis to the formulation of
the problem then the hypothesis or suspected transient of the problem of this study
are as follows:
1. Growth Sales (Growth Sales) affect the stock price of manufacturing
companies in the consumer goods industry sector.
2. Sales / Current assets (Sales to Current Assets) affect the stock price of
manufacturing industry sector consumer goods industry.
3. Retained Earnings to Total Assets affects the stock price of manufacturing
companies in the consumer goods industry sector.
Growth sales (sales sales), sales / current assets (sales to current assets) and
retained earnings / total assets (retained earnings to total assets) simultaneously affect
the stock price of manufacturing industry sector consumer goods industry.
Research Methods
Population and Sample
In this study all members of the population became the subject of research.
The population to be studied in this research is Manufacturing companies in
Indonesia Stock Exchange period 2012 to 2014 which amounted to 37 companies.
The sample data used in this study are all manufacturing firms in Indonesia
Stock Exchange as much as 18 manufacturing companies in the consumer goods
industry by selecting companies that publish financial statements and stock price
reports during the period 2012-2014.
Operational Definition and Variable Measurement
In completing this research, there are several operational definitions and
measurements of variables used as follows:
1. Independent Variable (X)
1) Growth Sales (X1)
Growth Sales is a change in sales due to the stability of sales increase from year to
year.

2) Sales to Current Assets (X2)
Sales / Current assets is a measure of how efficiently a company utilizes its
current assets in generating sales.
3) Retained Earnings to Total Assets (X3)
Retained Earnings to Total Assets is a measure of the growth that has been
financed through profits so that the company's debt does not increase and shows
how far the assets have been paid by the company's profits.
.2. Dependent Variable (Y)
Stock price is the price of a company contained in the stock market or stock
exchange whose value is determined by investors (market participants).
3. Variable Measurement
a. Independent Variable (X)
1) Growth Sales (X1)
Growth Sales is measured by comparing the sales of the current year (tn) minus
last year's sales (tn-1) divided by total sales last year (tn - 1). The scale
measurement used is the ratio scale with the percentage unit (%). With the
following formula:
2) Sales to Current Assets (X2)
Sales / Current assets are measured by comparing total sales to total current assets.
The scale used is the ratio scale with the percentage unit (%). Using the following
formula:
3) Retained Earnings to Total Assets (X3)
Retained Earnings to Total Assets is measured by comparing retained earnings
with total assets. The scale used is the ratio scale with the percentage unit (%).
Using the following formula:

b. Dependent Variable (Y)
The stock price used is the average closing price on the annual financial statements
issued by the manufacturing sector companies that have been listed on the Indonesia
Stock Exchange (IDX) starting from 2012 until 2014. The scale used is the ratio
scale With a measuring unit of Rupiah (Rp).
Data Analysis Technique
There are several data analysis techniques that are used in this research, that
is:
1. Classic assumption test, in the form of normality test, multicollinearity test,
heteroscedasticity test and autocorrelation test
2. Multiple Linear Regression Analysis
3. Hypothesis Test, in the form of statistical test (T) and statistical test (F)
4. Coefficient of Determination (R2)
Result
Researchers get the average stock price manufacturing companies
manufacturing goods industry komsumsi with data as follows:
Table 1.
Average Stock Price Companies Manufacturing Industry Sector Consumer
Goods
No Perusahaan 2012 2013 2014
1 CEKA (Cahaya Kalbar Tbk) 3608.33 2795.00 3488.33
2 DLTA (Delta Djakarta Tbk) 196958.33 334166.67 370000.00
3
ICBP (Indofood CBP Sukses Makmur
Tbk) 6283.33 10475.00 10847.92
4 INDF (Indofood Sukses Makmur Tbk) 5252.08 6900.00 6937.50
5 MYOR (Mayora Indah Tbk) 20350.05 28820.91 28255.00
6 ROTI (Nippon Indosari Corporindo 4795.83 6032.50 1216.67

Tbk)
7 SKLT (Sekar Laut Tbk) 160.00 180.00 384.58
8 STTP (Siantar Top Tbk) 751.67 1353.33 2740.42
9
ULTJ (Ultrajaya Milk Industry and
Trading Company Tbk) 1176.67 3686.67 4042.92
10 GGRM (Gudang Garam Tbk) 54541.67 44483.33 53795.83
11
HMSP (Hanjaya Mandala Sampoerna
Tbk) 52737.50 73891.67 69383.33
12 DVLA (Darya Varia Laboratoria Tbk) 1450.00 2361.25 1878.75
13 KLBF (Kalbe Farma Tbk) 3140.00 1302.50 1620.00
14 MERK (Merck Tbk) 146479.17 185708.33 182775.00
15 PYFA (Pyridam Farma Tbk) 173.92 165.58 137.75
16 TSPC (Temp Scan Pasific Tbk) 2918.75 3745.83 2939.58
17 MRAT (Mustika Ratu Tbk) 557.50 511.25 404.83
18 TCID (Mandom Indonesia Tbk) 8975.00 11500.00 15881.25
The Table shows the condition of stock price in manufacturing of consumer
goods industry sector during observation year from 2012-2014 up and down
(fluctuation). The rise of stock prices is expected to occur in many demand of shares
of issuers such as the rise of stock prices on DLTA, ICBP, INDF, SKLT, STTP,
ULTJ and TCID. If high stock prices can be maintained, then investor confidence or
potential investors to the issuer is also higher and this will increase the value of the
issuer. While companies that have a decline in stock prices, is suspected to be caused
by factors such as bad news, where companies are affected by it.

For sales growth resulted information as follows:
Table 2.
Sales Growth of Manufacturing Companies in Consumer Goods Industry
Sector
3
ICBP (Indofood CBP Sukses
Makmur Tbk) 0.1140 0.1631 0.1964
4
INDF (Indofood Sukses Makmur
Tbk) 0.1043 0.1112 0.1433
6
ROTI (Nippon Indosari
Corporindo Tbk) 0.4641 0.2643 0.2489
9
ULTJ (Ultrajaya Milk Industry
and Trading Company Tbk) 0.3365 0.2315 0.1319
11
HMSP (Hanjaya Mandala
Sampoerna Tbk) 0.2605 0.1261 0.0755
12
DVLA (Darya Varia Laboratoria
Tbk) 0.2087 0.0132 0.0019
14 MERK (Merck Tbk) 0.0124 -0.1335 0.0713
17 MRAT (Mustika Ratu Tbk) 0.1277 -0.2184 0.2139
Based on the tabulation results obtained information that there is a growth in
sales with an increase in sales growth from year to year such as ICBP, INDF, and

MYOR, which means stable sales growth so that will impact on the number of loans
acceptable to the company and able to bear the high burden. From the above data, it
can be analyzed that PT. Indofood CBP Sukses Makmur Tbk in 2012 has a sales
growth of 0.1140 which means that every 100% of last year's sales will generate
11.4% of sales in the current year. While in 2013 has a sales growth of 0.1631 which
means that every 100% of sales last year that used will produce 16.31% sales of the
current year. And in 2014, PT. Indofood CBP Sukses Makmur Tbk, has a sales
growth of 0.1964. This means that every 100% of last year's sales will produce
19.64% of the year's sales.
For sales to current assets obtained results of data processing as follows:
Table 3.
Sales To Current Asset Manufacturing Company Sector of Consumer Goods
Industry
3
Makmur Tbk) 2.1818 2.2165 2.2070
4
Tbk) 1.9104 1.6973 1.5512
6
ROTI (Nippon Indosari
Corporindo Tbk) 5.4173 4.1374 4.4734
9
ULTJ (Ultrajaya Milk Industry
and Trading Company Tbk) 2.3485 2.2103 2.3852
11
Sampoerna Tbk) 3.1534 3.5310 3.8835
12
Tbk) 1.3159 1.2054 1.1929

14 MERK (Merck Tbk) 2.0045 1.3698 1.4499
In table 3. it can be seen that the level of efficiency of a company is high in
using its assets to generate sales. This can be seen by the increase of sales to current
assets in CEKA, SKLT, STTP, HMSP and KLBF efficient in the use of funds on the
current assets in generating sales. Based on the above data, it can be analyzed that
PT. Cahaya Kalbar Tbk, in 2012 has sales to current assets of 2.2100. This means
that every 100% of current assets used will generate 221% of sales. In 2013, sales to
current assets owned by PT. Cahaya Kalbar Tbk of 2.9891 which means that every
100% of current assets used will produce 298.91% of sales. And in 2014, PT. Cahaya
Kalbar Tbk has sales to current assets of 3,5145, which means that every 100% of
current assets used will produce 351.45% of sales.
As for retained earnings generated information as follows:
Table 4.
Retained Earning to Total Asset Manufacturing Industry Sector of Consumer
Goods Industry
3
Makmur Tbk) 0.2719 0.2804 0.2993
4
Tbk) 0.2135 0.1743 0.1876
6
ROTI (Nippon Indosari Corporindo
Tbk) 0.3256 0.2815 0.3191

9
ULTJ (Ultrajaya Milk Industry and
Trading Company Tbk) 0.4151 0.4606 0.5208
11
Sampoerna Tbk) 0.4582 0.4703 0.4318
12
Tbk) 0.4399 0.4495 0.4693
14 MERK (Merck Tbk) 0.6617 0.6776 0.7169
In table 4. it can be seen that the increase of retained earnings to total assets
every year occurs in ICBP, SKLT, STTP, ULTJ, DVLA and MERK companies. This
means that the condition of the company is in good category. Thus from the results
of retained earnings / total assets (retained earnings to total assets) that no company
is a negative value. It indicates that the company always gets a net profit or earns a
profit. Because with the profit will increase retained earnings which means will
enlarge its own capital, on the contrary the loss suffered will reduce retained earnings
which means will minimize own capital (Riyanto, 2001). Based on the above table
can be analyzed that PT. Indofood CBP Sukses Makmur Tbk in 2012 has retained
earnings to total assets of 0.2719 which means that every 100% of total assets used
will produce 27.19% retained earnings. In 2013, PT. Indofood CBP Sukses Makmur
Tbk has retained earnings to total assets of 0.2804 which means that every 100% of
total assets used will produce 28.04% retained earnings. And in 2014, PT. Indofood
CBP Makmur Tbk has retained earnings to total assets of 0.2993, which means that
every 100% of total assets used will produce 29.93% retained earnings.

Descriptive Statistics Analysis
Sales Growth
Based on the results obtained tabulation of data processing as follows:
Table 5.
Descriptive Statistics
N Minimum Maximum Mean Std. Deviation
Statistic Statistic Statistic Statistic Statistic
Growth_Sale 54 -.22 1.04 .1745 .17009
PENJUALAN/A
KTIVA
LANCAR
54 1.14 5.42 2.3941 .90410
RETA 54 .03 .76 .4269 .19340
Harga_Saham 54 137.75 3.70E5 3.6761E4 78635.57384
Valid N (listwise) 54
Source: SPSS Processing Result Data
From 18 samples used with the financial statements of 2012-2014, the
average growth of sales (growth sales) manufacturing companies in the consumer
goods industry sector listed on the Indonesia Stock Exchange is 0.1745 this means
the average growth of sales (growth sales) owned by the company Manufacturing is
relatively stable. This means that the growth in manufacturing sales of the consumer
goods industry sector is stable (there is an increase) so it can be said that the steady
increase in sales growth tends to increase can affect the profits in the future so have
an indication that stock prices will increase. It can be interpreted that if sales growth
from year to year increase or stable, then investor trust to company and will give
advantage in the future. The growth value of the growth of the manufacturing sector
of the consumer goods industry listed on the Indonesia Stock Exchange is the lowest
is -0.22 and the highest sales growth value of 1,004 is seen in table IV-1. Companies
with relatively stable sales can be safer to get more loans and bear a higher burden
than companies with unstable sales.

Sales / Current Assets
Sales / Current Assets (Sales to Current Assets) owned by manufacturing
companies of the consumer goods industry sector listed on the Indonesia Stock
Exchange in 2012-2014 have an average of 2,394 which is seen in table 1. and this
value means the average A consumer goods industry manufacturing company listed
on the Indonesia Stock Exchange 2012-2014 does not take advantage of its current
assets in generating sales. In other words the lack of efficient use of corporate funds
issued on current assets in generating a sale which in the end there is an indication of
impairment of the company.
Retained Earnings / Total Assets
The value of retained earnings / total assets owned by manufacturing
companies of the consumer goods industry sector listed on the Indonesia Stock
Exchange 2012-2014 amounted to 0.4269 for the resulting average. The ability of
companies to generate profits, which is viewed from the company's ability to earn
profits compared to the speed of operating assets turnover as a measure of business
efficiency is categorized as small. In 18 companies experienced good condition from
2012-2014 because there is no result ratio which is negative. This is because of the
length of the company is established, because with the longer the company stands
then the more retained earnings in the company, vice versa, except at the beginning
when the company stands to have a very large profit.
Results of Data Testing
Linear Regression
The test used is Multiple Linear Regression to know the influence of sales
growth, sales / current assets and retained earnings / total assets to the stock price of
manufacturing companies listed on the Stock Exchange. So by testing multiple linear
regression will be seen in Table IV.6 as follows:

Table 6.
Coefficientsa
Model
Unstandardized
Coefficients
Standardiz
ed
Coefficien
ts
t Sig.
Collinearity Statistics
B Std. Error Beta Tolerance VIF
1 (Constant) -85699.078 39992.128 -2.143 .037
Pertumbuhan -591.963 635.945 -.128 -.931 .356 .745 1.342
Sales_Curren
t
166.372 119.678 .191 1.390 .171 .745 1.343
Retained 2177.381 518.289 .536 4.201 .000 .868 1.153
a. Dependent Variable: Harga_Saham
From the above Coefficienta table it can be seen that from the regression
equation that was formulated previously ie:
Y= a+β1X1+β2X2+β3X3 Then the equation obtained is as follows:
Y= -85699.078 - 591.963X1 + 166.372X2 + 2177.381X3
From the equation above then: Alpha value (a) of -85699.078 shows that if
the variable of sales growth (sales sales), Sales to Current Assets and Retained
Earnings to Total Assets are constant or Fixed, then the stock price level is worth -
85699.078. Each increase in value Sales growth (X1) rises by 1 then Y will decrease
by 591,963 assuming all variables remain. Any increase in the value of Current Sales
/ Assets (X2) rises by 1 then Y will rise by 166,372 assuming all other variables
remain. Each increase in Retained earnings / Total Assets (X3) rises by 1 then Y will
rise by 2177,381 assuming another variable remains.
T Test
Partial test is used to determine the partial influence of variable Sales growth,
Sales to Current Assets and Retained Earnings to Total Assets on Stock Price. Here
the results of the calculation of the value of t arithmetic and significance level α =
0.05, where if the significant value <0.05 then partially independent variables affect
the dependent variable and if significant value> 0.05 then partially independent
variable does not affect the dependent variable .

Table 7.
Coefficientsa
Model
Unstandardized
Coefficients
Standardiz
ed
Coefficien
ts
t Sig.
Collinearity Statistics
B Std. Error Beta Tolerance VIF
1 (Constant) -85699.078 39992.128 -2.143 .037
Pertumbuhan -591.963 635.945 -.128 -.931 .356 .745 1.342
Sales_Curren
t
166.372 119.678 .191 1.390 .171 .745 1.343
Retained 2177.381 518.289 .536 4.201 .000 .868 1.153
a. Dependent Variable: Harga_Saham
From Table Coefficienta above for the growth it appears that the value of t
arithmetic for the variable Sales growth (growth sales) of -0.931. The value is
smaller than t table of 1.6735, so it is interpreted that the growth of sales (growth
sales) does not affect the Stock Price. Significantly, if significant <0.05 then Ho is
rejected, if significant> 0.05 then Ho is accepted. Due t test Sales growth> 0.05
(0.356> 0.05) then Ho accepted, meaning that the growth of sales (growth sales)
partially does not affect the stock price.
For sales / current assets (sales to current assets) in the table above shows that
the value of t arithmetic for variable sales / assets smoothly of 1.39. The value is
smaller than t table of 1.6735, so it is interpreted that current sales / assets have no
effect on Stock Price. Significantly, if significant <0.05 then Ho is rejected, if
significant> 0.05 then Ho is accepted. Due t test sales / assets current> 0.05 (1.6735>
0.05) then Ho accepted, meaning that the sale / assets smoothly partially does not
affect the stock price.
For retained earnings / total assets in Table Coefficienta it appears that the
value of t arithmetic for variable retained earnings / total assets of 4.201. The value is
greater than t table of 1.6735, so it is interpreted that the retained earnings / total
assets affect the Stock Price. Significantly, if significant <0.05 then Ho is rejected, if
significant> 0.05 then Ho is accepted. Due to the retained earnings t test / total assets
<0.05 (0,000 <0.05) then Ho is rejected, meaning that the retained earnings / total
assets partially affect the Stock Price.

F Test
A simultaneous test is performed to see the effect of independent variables on
the dependent variable simultaneously. Where the proposed statistical hypothesis
significance level α = 0.05, where if siginifikan <0.05 then simultaneously
independent variables affect the dependent variable and if siginifikan> 0.05 then
simultaneously the independent variable has no effect on the dependent variable.
Table 8.
ANOVAb
Model Sum of Squares Df Mean Square F Sig.
1 Regression 9.674E10 3 3.225E10 6.980 .001a
Residual 2.310E11 50 4.620E9
Total 3.277E11 53
a. Predictors: (Constant), Retained, Pertumbuhan, Sales_Current
b. Dependent Variable: Harga_Saham
From table Anova above can be seen that the value of F arithmetic = 6.980
and if seen on Residual 50 and Regression df 3 on F table is 2.79 this means Ho
Rejected and Ha Accepted it can be concluded that together - the growth of sales,
sales / assets smoothly and Retained earnings / total assets affect the stock price.
Determination Coefficient Test
Coefficient of Determination (R2) is used to measure how far the regression
model in explaining the variation of the dependent variable. The coefficient of
determination is between zero and one. The small value of R2 means that the ability
of independent variables is very limited. A value close to one means that independent
variables provide almost all the information needed to predict the variation of the
dependent variable (Ghozali, 2009: 87).
Based on the calculation of SPSS 16.0 to yield the coefficient of
determination is as follows:

Tabel 9.
Model Summaryb
Model R R Square
Adjusted R
Square
Std. Error of
the Estimate Durbin-Watson
1 .543a
.295 .253 67968.73999 1.845
a. Predictors: (Constant), Retained, Pertumbuhan, Sales_Current
b. Dependent Variable: Harga_Saham
Source: Data processed SPSS
Based on the output of SPSS Model Summary above, R Square value of
0.295 indicates that the relationship between Growth sales (growth sales), sales /
current assets and retained earnings / total assets to stock price is 29.5% and the rest
of 70.5% influenced by other factors Not included in the research model.
Conclusion
After performing hypothesis analysis and testing of fundamental factors that
affect stock prices at manufacturing companies for the year 2012-2014. Results and
discussion used in accordance with the purpose of hypotheses conducted with
multiple linear regression analysis, it can be drawn conclusion as follows:
a. Partially (individual) sales growth does not affect the stock price.
b. Partially sales / current assets do not significantly influence the stock price.
Current sales / assets are used to measure how efficiently a company takes
advantage of its current assets in generating sales
c. Partially retained earnings / total assets affect the stock price.
d. Simultaneously (together) of the fundamental factors consisting of sales
growth, current sales / assets, and retained earnings / total assets have a
significant effect on stock prices.

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