STUDI PRICE EARNINGS RATIO ANTAR SEKTOR INDUSTRI MANUFAKTUR

DIANA NUGRAHENI, BERNADETTA (pembimbing: PROF. DR. MAS'UD MACHFOEDZ, MBA.), PROF. DR. MAS'UD MACHFOEDZ, MBA.

2012 | Tesis | S2 Accounting

Krisis ekonomi yang terjadi di Indonesia sejak pertengahan 1997 mengakibatkan banyak perusahaan mengalami kerugian. Hal ini membawa dampak bagi investor dalam menentukan portofolionya. Indikator keuangan yang sering digunakan untuk melihat kondisi risiko perusahaan sasarannya dengan menggunakan price earning ratio (PER). Penelitian ini ingin melihat apakah PER antar sektor industri manufaktur berbeda sebelum dan sesudah tahun 1997. Dengan menggunakan analisis Twowa ANOVA, maka diperoleh hasil bahwa sebelum dan sesudah 1997, PER antar sektor industri manufaktur berbeda. Dimana perbedaan ini lebih dikarenakan adanya krisis ekonomi.

Selain itu penelitian ini juga mengkonsistensi variable-variabel, yang mempengaruhi perbedaan PER untuk kedua kondisi sebelum dan sesudah 1997. Variabel-variabel yang digunakan terdiri dari income smoothing index, beta,financial leverage, pertumbuhan laba, ROE, dan size. Sektor industri manufaktur digunakan sebagai variabel dummy. Dengan menggunakan persamaan regresi berganda diperoleh hasil yaitu keenam variabel yang digunakan secara bersama-sama dapat menjelaskan perubahan PER. Variabel indeks income smoothing, pertumbuhan laba, ROE, dan size signifikan mempengaruhi PER untuk kondisi sebelum 1997. Sedangkan sesudah 1997, variabel financial leverage dan size yang signifikan mempengaruhi PER. Sektor industri manufaktur 3 signifikan untuk dua kondisi yaitu sebelum dan sesudah 1997.

The Economic crisis that broke in Indonesia since the mid-year of 1997 caused a lot of business losses. This condition brings effect to the investors to determine their portfolio. One of most popular financial indicator that usually used to predict the business prospect and risk is price earnings ratio (PER). This study is performed to find whether PER between manufacturing industrial sectors differ before and after the year 1997. By using two ways ANOVA analysis, so the result of the analysis proved that before and after the year 1997, PER between manufacturing industrial sectors were different. The different were caused by economic crisis.

Beside that, this study also performed a test of consistency of variables that influence the different of PER for those two condition, before and after the year 1997. The variables that used in consist of: income smoothing index, beta, financial leverage, earnings growth, ROE, and size. Manufacturing industrial sectors were used as a dummy variable. By using the multiple linier regression analysis, so those six variables that used thrown together could explain the change of PER. The variable of Index income smoothing, earnings growth, ROE, and size significantly influence PER at the condition before the year 1997. In other side, after the year 1997, the variable of financial leverage, and size significantly influence PER. The Third manufacturing industrial sector is significant for those two conditions, before and after the year 1997.

Kata Kunci : Economic crisis, price earnings ratio, manufacture industrial sector , krisis ekonomi,sektor industri manufaktur.