Analisis Hubungan Indeks Harga Saham Gabungan dan Exchange Rate terhadap Return Saham dengan Profitabilitas sebagai Variabel Intervening

Abstract

Return and high profitability is the target to be achieved by all companies. Many
things affect the return of which is the stock price index and the exchange rate. This study
aims to determine the effect of stock price index and the exchange rate of Industry stock
returns on real estate and property in the Indonesian stock exchange with profitability as an
intervening variable. The population in this study is 23 companies in the real estate and
property industry listed on the Indonesia Stock Exchange during the period from 20,111 to
2014 years. Testing the hypothesis of this study using the technique of path analysis (path
analysis), with the application of tools Amos version 20. The results showed that: (1) the
stock price index and exchange rate positive effect on returns and profitability also a positive
effect on return. (2) The effect of stock price index and the exchange rate of the return is
greater than the direct effect of stock price index and the exchange rate to return through
profitability. It is advisable in future studies to add variables that affect returns and also
expand the study sample so that the results could be better.

Keywords: Stock Price Index, Exchange Rate and Stock Return,Profitability.