PERAN RISIKO SISTEMATIS DALAM MENENTUKAN HUBUNGAN ANTARA
FAKTOR FUNDAMENTAL MAKROEKONOMI DENGAN KINERJA PERUSAHAAN
MANUFAKTUR DI BURSA EFEK INDONESIA
JAKARTA
The purpose of this research is to analysis influence of macroeconomic factors, as inflation,
interest rate, exchange rate, economic growth; and systematic risk toward financial performance for
2004 to 2006. This research uses secondary data, with the source of data from BPS and Indonesian
Capital Market Directory publication. The sampling technical used purposive sampling, and total sample
is 116 firm with the 348 observation sample. The analysis with regression ordinary least square OLS.
Result the test that inflation and exchange rate are significant negative influence the systematic
risk, but interest rate and economic growth are significant positive toward to systematic risk. Interest
rate significant positive toward financial performance, and systematic risk is significant negative toward
financial performance. Exchange rate significant negative at level less than 10% toward financial
performance.
In this research is only interest rate toward systematic risk, and than exchange rate &
systematic risk toward financial performance support economic theory. The R-square is 0,031 so the five
independent variable is have a weak ability to predict financial performance. The other result that
systematic risk is a intervening variable, they are mediation macroeconomic fundamental factor with
firm performance.