Open AccessPENGARUH STRUKTUR KEPEMILIKAN DAN STRUKTUR MODAL TERHADAP HARGA SAHAM
Author(s) -
Rani Raharjanti,
Nur Setyowati
Publication year - 2018
Publication title -
jurnal akuntansi dan auditing/jurnal akuntansi dan auditing
Language(s) - English
Resource type - Journals
eISSN - 2549-7650
pISSN - 1412-6699
DOI - 10.14710/jaa.14.2.89-99
Subject(s) - cointegration , economics , capital structure , econometrics , equity (law) , error correction model , stock (firearms) , stock price , debt , financial economics , monetary economics , macroeconomics , series (stratigraphy) , geography , paleontology , archaeology , biology , political science , law
This paper aims to investigate the short and long run behavior of ownership structure, capital structure and Indonesian Stock Price over the period from 2007 to 2016. To capture the long run relationships, we used the panel cointegration by Pedroni (1999, 2000, 2004), while the short run relationship are measured by Vector Error Correction Model (VECM). The main findings are as follows. First, the result of most results of Pedroni’s panel cointegration tests, suggest the null hypothesis of no cointegration is rejected. In consequence, this result suggests that there is a cointegration between stock price, managerial ownership, institutional ownership, public ownership, debt to equity ratio and earnings per share. Second, the results of VECM indicate that in the short run, only managerial ownership that will influence the stock price.