Arus Kas dan Pergerakan Harga Saham Syariah dalam Jakarta Islamic Index

Abstract

This paper is written to find out how the influence of company Free Cash Flow (FCF). Operating Cash Flow (OCF), Net Operating Profit after Tax (NOPAT) to its stock price. The research objects are eight stocks that always listed in Jakarta Islamic Index within 2009-2013 period. The information from Cash Flow Indicates the Company ability to manage its operation and how it strive for sustainability in the future, then its stock price will adjust accordingly. In order to find the influence of Cash Flow all the data run using panel data analysis. This research shows that FCF has negative and significance impact to stock price, NOPAT has positive and significance impact to stock price, but not OCF.