Ratih Paramita, Ratih
Jurusan Akuntansi, Fakultas Ekonomi Universitas Terbuka

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Journal : Jurnal Manajemen dan Organisasi

Analisis Portofolio Untuk Menentukan Expected Return Optimal dan Risiko Minimal pada Saham Perusahaan Telekomunikasi yang Terdaftar di Bursa Efek Indonesia Paramita, Ratih; Mulyono, Mulyono
Jurnal Manajemen dan Organisasi Vol 6, No 1 (2015): Jurnal Manajemen dan Organisasi
Publisher : Jurnal Manajemen dan Organisasi

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Abstract

Investment is investing some amount of funds in the form of money or goods, expected to obtain results in the future. Investors do not positively know the results of their investment, thus an investor is at risk in the investment made. The approach, that can be made by investors to face such a risk, is by conducting calculation in selecting a portfolio and investor behavior patterns towards stocks transaction. Portfolio is fund allocated to various investment alternatives, or diversified in some financial assets, so that the overall investment risks can be minimized. This study aims to find empirical evidence for alternative investments resulting in optimal expected returns and investment risk elimination. In addition, it identifies the optimal portfolio combinations that are formed by the stocks of telecommunication categories. The approach of this study is using expected return and risks resulting from the combination of stock portfolios. The populations of this study are stock companies of telecommunication categories according to Indonesia Stock Exchange (IDX) statistics period of 2009 to 2011 with a purposive sampling method. Based on the results of this research, there are five companies that can be formed into a stock portfolio with a combination of 2 shares to 5 shares. All of the form combinations of stocks were then rated based on the value of coefficient of variance (CV). The optimal portfolio is a portfolio with the smallest CV value. From the result with Single Index Model and Equally Weighted Method, it was found that the combinations of two stocks have the smallest CV value; that is, a combination of shares of Bakrie Telecom, Tbk and XL Axiata, Tbk.Keywords: expected return, risk, portfolio, coefficient of variance, stock companies