摘要：Fluctuation of stock price in the capital market as an indicator of uncertainty market,it can influence any investment decision of investors. Any rational investors, their investment decisions are based on return valuation and risk assessment in any investment alternatives. This research aimed to analyze effects of internal and external variables on the systematic risk of stock at different condition of market. Secondary data used ion this research are financial report of stock price. Research population is all of emiten which involve in calculation of LQ45 indexes during periode of 1999 – 2003. Purposive sampling is used in this research and result in 15 emiten as a research sample. Results of research show that internal and external variables simultaneously influence the systematic risk of stock at the bullish market and bearish market. Partially,variables of TATO,DER,ROI,PER significantly influence the systematic risk of stock at bullish market,the dominant variable is TATO. At the bearish market condition,variables of CR,TATO,DER,PER,PBV,and AS significantly influence the systemnatic risk of stock,the dominant variables is AS..
其他摘要：Fluktuasi harga saham di pasar modal sebagai cerminan ketidakpastian kondisi pasar secara langsung maupun tidak akan berpengaruh terhadap pertimbangan investor dalam mengambil keputusan investasi. Investor yang rasional,pengambilan keputusan investasi did
