PENGARUH BELANJA INFRASTRUKTUR PEMERINTAH TERHADAP KAPITALISASI PASAR KELOMPOK INDUSTRI INFRASTRUKTUR, UTILITAS DAN TRANSPORTASI PADA PERUSAHAAN YANG TERDAFTAR DALAM BURSA EFEK INDONESIA (STUDI DATA TIME SERIES 2005-2014)

Abstract

This research aims to determine the effect of government infrastructure expenditure
to market capitalization infrastructure, utilities and transportation industry of listed
companies in the Indonesian Stock Exchange (IDX) during 2005-2014. Research analysis
using descriptive and verification. Data used is time series data as realization of direct
expenditures of government in infrastructure sector which consists of transportation and
communication. Market capitalization data is capitalization of industry group
infrastructure, utility and transportation companies listed on the Indonesian Stock
Exchange (IDX) during 2005-2014. Analysis data used descriptive and verification.
Descriptive analysis is used to describe the research variables development. The
verification analysis used to examine the effect between variables with include the
selection models test, specifications model test, normality test, regression test, coefficient
determination test, statistical t and f test.
The result analysis showed government infrastructure expenditure variables is
positive and significant impact on the market capitalization of the infrastructure, utilities
and transportation industry listed companies in the Indonesian Stock Exchange during
2005-2014, with the determination level of 47.47% and the remaining 53.52% is explained
by other variables that are not described or include in the research models function such
as National income, inflation, exchange rates and others. One of suggestions in this
reseach is central government should be consistent on each target and development
activities that have been assigned in infrastructure expenditure every year. It is important
to do, so the financing gap does not encourage inflation that couse high cost in the
production process due to the inflation of infrastructurecommodity. In addition, effective
control efforts to development process is being carried out and also continue by synergy
among the stakeholders that being implementation process development is done on time, as
well as efforts to establish strategic policies and legal certainty for investors. So the
investment climate more conducive to attracting private investors invest in the
infrastructure, utilities and transportation sector in the Indonesian Stock Exchange.
Keywords :Market Capitalization, Infrastructure, Utilities and Transportation Industry,
Government Infrastructure Expenditure, Indonesian Stock Exchange.