Yanti, Mimi (2012) Determinan Price Earning Ratio dan Stock Return (Studi pada Saham-Saham Syariah di Bursa Efek Indonesia). Doctor thesis, Universitas Brawijaya.
Abstract
Penelitian ini bertujuan untuk menguji dan membuktikan secara empiris pengaruh variabel fundamental perusahaan yang meliputi financial leverage, dividend payout ratio, standard deviation earning growth, dan return on equity terhadap price earning ratio, dan pengaruh faktor fundamental perusahaan dan price earning ratio terhadap stock return . Secara teoritis hasil penelitian ini diharapkan dapat memperkaya dan melengkapi khasanah ilmu pengetahuan di bidang investasi terutama teori penilaian saham ( stock valuation ), sehingga dapat bermanfaat bagi para akademisi, otoritas Pasar Modal Syariah dan Investor yang berinvestasi pada saham syariah. Populasi penelitian adalah saham-saham syariah di Bursa Efek Indonesia, yaitu emiten yang selama lima tahun secara terus menerus mendapatkan keuntungan atau laba tidak negatif, dan membayarkan dividen. Berdasarkan kriteria tersebut maka jumlah perusahaan yang dianalisis sebanyak 22 perusahaan. Metode analisis yang digunakan adalah analisis Path . Hasil penelitian ini menunjukan bahwa price earning ratio pada saham-saham syariah di Indonesia ditentukan oleh dividend payout ratio, standard deviation earning growth, dan return on equity. Penelitian ini juga menemukan bahwa price earning ratio dan return on equity menentukan stock return pada saham-saham syariah di Bursa Efek Indonesia. Jadi, Variabel fundamental adalah informasi penting dalam menentukan price earning ratio dan stock return dan digunakan oleh investor untuk memutuskan strategi investasi mereka.
English Abstract
This research aims at investigating and showing empirical evidence of the influence of the company`s fundamental variables, comprising financial leverage, dividend payout ratio, standard deviation of earnings growth, and return on equity on the price earnings ratio, and the influence of the company`s fundamentals factors and price earnings ratio on the stock return. Theoretically, the results of this research are expected to enrich and strengthen the issue in the field of investment, particularly the theory of stock valuation, so it would be beneficial for scholars as well as the authorities of Islamic capital market and investors of sharia shares. The population of this study were sharia stocks at Indonesia Stock Exchange, that continuously recorded profit over five year period and paid the dividends. Using these criteria, a total of 22 companies were selected. The method of analysis was the Path analysis. The results indicated that the price earnings ratio of sharia stocks in Indonesia is determined by the dividend payout ratio, standard deviation of earning growth and return on equity. The research also found that the price earning ratio and return on equity determine the stock returns. Thus, fundamental variables are important sources of information to determine the price earnings ratio and stock returns and could be used by investors in deciding their investment strategies.
| Item Type: | Thesis (Doctor) |
|---|---|
| Identification Number: | DES/332.632 21/YAN/d/061204272 |
| Subjects: | 300 Social sciences > 332 Financial economics > 332.6 Investment |
| Divisions: | S2/S3 > Doktor Kimia, Fakultas MIPA |
| Depositing User: | Endro Setyobudi |
| Date Deposited: | 22 Apr 2014 13:50 |
| Last Modified: | 22 Apr 2014 13:50 |
| URI: | http://repository.ub.ac.id/id/eprint/160752 |
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