PENGARUH ROE, SIZE, PERTUMBUHAN PENJUALAN DAN DER, TERHADAP NILAI PERUSAHAAN (Studi Pada Perusahaan Manufaktur yang Listed Di Bursa Efek Indonesia Tahun 2011-2013)

Abstract

This study is based on two considerations: first phenomenon that many manufacturing firms listed in the Indonesia Stock Exchange under value, because it has a market value lower than their book value (PBV< 1). In 2011 the percentage of companies that under value were 46.73 per cent, in 2012 there were 45.37 per cent and in 2013 there were 50.93 percent of the total population. Secondly, there are the results of previous studies on the effect of ROE, Size, Growth Sales and DER to Company Value inconsistent. This study aimed to analyze the effect of ROE, Size, Growth Sales and DER to PBV. The theory used in thi study primarily are: growth theory, signaling theory and the trade-off theory. Research carried out by using purposive sampling as many as 78 of the 110 companies listed on the Indonesia Stock Exchange in 2013. The data used are panel data from 2011-2013. The analytical tool used by double Ln regression model . The main findings of this study are: the effect of ROE to PBV is positive and significant. Sales Growth influence of the PBV is positive and significant , Large companies do not affect significantly PBV , as well as about the effect on the PBV DER insignificant. PBV elasticity of the ROE was higher than the sales growth elasticity of the PBV.