ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI PRICE EARNING RATIO DENGAN EARNING GROWTH SEBAGAI VARIABEL MODERATING (Studi Empiris Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia 2008-2011)

Abstract

This research wants to examine the effect of return on equity (ROE), debt to equity ratio (DER), current ratio (CR), price to book value (PBV), dividend payout ratio (DPR), firm size, and earning growth (EG) to price earning ratio (PER) of manufacture company. Simultaneously the effect of ROE.EG and DER.EG interaction to price earning ratio (PER). The samples using 42 companies on manufacturing companies sector. Type of data is secondary data from each manufacturing companies listed on the Indonesia Stock Exchange for four years in 2008, 2009, 2010, and 2011. The samples are taken by purposive sampling. Data analysis used multiple regression analysis and interaction test or usually called by Moderated Regression Analysis (MRA), method which initial by classical test for normality, multicollinearity test, heteroskedastisitas test and autocorrelation test. Hypothesis test is using the F test and t test. Results show that variable return on equity (ROE), price to book value (PBV), and firm size have positive and significant effect on price earning ratio (PER). DER.EG interaction have a negative and significant effect on price earning ratio. However variable debt to equity ratio (DER), current ratio(CR), dividend payout ratio (DPR), earning growth (EG), and ROE.EG interaction have no significant effect on price earning ratio manufacturing companies stock