Several factors affecting price-earnings ratio of manufacturing companies :: An Empirical study from the Jakarta Stock Exchange

ARINTAWATI, Yenni, Prof.Dr. Marwan Asri SW., MBA

2004 | Tesis | Magister Manajemen

One of the purposes of stock analysis is to acquire the share of company which is considered to have brighter prospects in achieving higher benefit in the future with certain risk rate sustained by investors. Price-Earning (P/E) ratio approach is one of indicators in determining stock price. P/E ratio indicates the prices investors are willing to pay in relation to company earnings. From practical point of view, P/E ratio is one of the important aspects to consider. Investors, traders, investment managers and analysts in stocks market use P/E ratio-together with other information in detecting, predicting and analysing the future prospect of securities on the market. Consequently, it is not surprising that P/E ratio is more popular among security analysts and investors. This popularity has caused P/E ratio to be the most perfect, the best known and the most widely used among other valuation techniques. Based on that description the research objective is to re-analyse the factors aflecting P/E ratio. The independent variables taken by the writer were internal growth, return on equity growth, leverage, debt equity ratio growth, dividend payout ratio, sales growth and total assets. The data in this research were taken from the Yndonesian Capital Market directory and the Jakarta Stock Exchange Statistic. The data were then processed by using computer software program SPSS version 711.5 and analysed in order to provide a clearer picture. The sample firms were obtained from manufacturing companies as they were the biggest industry in Indonesia. The method was chosen in order to provide actual, factual, systematic and accurate explanation of the available data or informations during the observation periods of years 2001 and 2002. Several conclusions were reached based on the research findings of analysis of the factors aflecting P/E ratio using multiple log-linear regression. Since the research material on dividend payout ratio was limited, the manufacturing companies to be analysed were 26, as it is the available number during observation periods. At significance level of 5%, using two-tailed test, the independent variables were tested using a paired sample t-test that indicated only debt equity ratio growth, dividend payout ratio and total asset were proper to be used as a tool of analysis in examining the factors affecting P/E ratio on manufacturing companies listed in the Jakarta Stock Exchange for periods of years 2001 and 2002.

Salah satu tujuan dari analisa saham adalah untuk memperoleh saham dari suatu perusahaan yang memiliki prospect cerah dan memberikan tingkat keuntungan yang lebih besar dengan resiko tertentu. P/E ratio adalah salah satu pendekatan untuk meniali harga saham selain itu pula P/E ratio merupakan salah satu alternatif untuk mengetahui prospek suatu perusahaan. Investor, manager investasi dan analyst menggunakan P/E ratio beserta informasi lain untuk menilai prospect suatu saham dimasa depan. Oleh karena itu studi ini bertujuan untuk menganalisafactor-faktor yang mempengaruhi P/E ratio. Independent variable terdiri atas internal growth, pertumbuhan Return on Equity, leverage, pertumbuhan Debt Equity Ratio, Dividends Payout Ratio, pertumbuhan penjualan dan total asset. Data diperoleh dari Capital Market Directory dan Jakarta Stock Exchange Statistic. Kemudian data diproses melalui ~SPSS versi 11.5. Beberapa kesimpulan diperoleh berdasarkan atas penelitian tersebut dengan menggunakan Multiple log-linear model. Dengan tingkat signifikansi 5%, two-tailed test, diperoleh bahwa hanya pertumbuhan debt equity ratio, dividends payout ratio dan total asset yang significant mempengaruhi P/E ratio perusahaan manufaktur yang listed di Jakarta Stock Exchange.

Kata Kunci : Pasar Modal,Analisis Saham,P/E Ratio P/E ratio, internal growth, pertumbuhan return on equity, leverage, dividends payout ratio, pertumbuhan penjualan dan total asset