ANALISIS VARIABEL-VARIABEL FUNDAMENTAL YANG BERPENGARUH TERHADAP PRICE EARNING RATIO SEBAGAI DASAR PENILAIAN SAHAM (Studi Pada Saham-Saham indeks LQ 45 di Bursa Efek Jakarta)

Authors

  • Yulianti - - Mahasiswa Program Magister Manajemen, PPSUB
  • Atim - Djazuli Dosen Fakultas Ekonomi, UB
  • S.M. Kiptiyah - - Dosen Fakultas Ekonomi, UB

Abstract

ABSTRACT

 

The existence of the Indonesian Capital Market is very important for Indonesian economic activity, due to the fact that capital market development is one indicated of the betterment of national economy. In terms of investment, capital market development is determined by the economic fundamentals, public company performance, and investor’s tendency to invest. Stock, being the main investment object, offers several preferences to choose by the investor, one of which is LQ 45 stock indices. The Jakarta Stock Exchange (JSX) focus is put on the trade of LQ 45 stock indices. Therefore, it is necessary to evaluate the LQ 45 stock indices by taking into account the four main variables as suggested by the Gordon model.

In line with the above, this study concerns stock evaluation based on the fundamental analysis by the price earning ratio approach. Explanatory variable is dividend payout ratio, return on equity, earning growth and financial leverage, dependent variable is price earning ratio. Purposive random sampling and multiple regression using 16 emittent of LQ 45 stock indices samples were used].

The aims of this research is to know the influence of the fundamental variables on the price earning ratio, and the naturalness of LQ 45 stock indices value. The samples used are the big, established and stable companies included in  calculation of LQ 45 indices, and thus would not apply to non LQ 45 indices at the JSX from 1999 through 2000.

The results of the study indicate that (1) out of the four explanatory variables used: dividend payout ratio, return on equity, earning growth and financial leverage whereas simultaneously, all the variables showed significant influence; (2) dividend payout ratio was the most significant explanatory variable influencing the price earning ratio; (3) based on the price earning ratio analysis, no natural value was evidence of LQ 45 stock indices at the JSX.

 

Keywords: Price Earning Ratio as Bases in Stock Valuation

Downloads

Issue

Vol. 12 No. 4 (2009)

Section

Articles

License

Authors who publish with this journal agree to the following terms:

    1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
cc_license_120
    1. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.

  1. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).