Analisis Perbandingan Risiko Total Investasi Saham Melalui Diversifikasi Portofolio Saham Domestik Dan Internasional
Stock investment has become one of the most interesting and promising ways to provide a faster rate of return compared to other investments in the 21st century. Harry Markowitz has set the foundations about how to take a good investment decission by considering the expected return and standard deviation. Modern portfolio theory is one of the most important tool in making investment decisions, especially in stock investment. This research applies mean standard deviation, paired t test, and simple regression analysis on the American, German, and Indonesian stocks markets. Aim of this research is to compare the total portfolio risk between international and domestic portfolio diversification and also to find the relationship between portfolio size and portfolio risk. The results of this study show that international diversification gives more significant total risk reduction compared to domestic diversification. Another results show a significant relationship between portfolio size and risk reduction, it means that the more number of stock in portfolio the lesser risk that will be taken. The least risk can be achived by holding 15 stocks whether in domestic or international portfolio diversification. The results have revealed that diversification has a positive impact through the stock investment and this study strongly recommends to diversify the investment internationally and increase the portfolio size to gain the lower risk.