Analisis Faktor – Faktor yang Mempengaruhi Nilai Perusahaan Manufaktur dengan ROA Sebagai Variabel Intervening. (Studi pada Perusahaan Manufaktur Food and Beverages yang Listed di BEI tahun 2010-2012)

Abstract

The value of the company is a factor to be considered by investors in taking investment decisions. Research on the factors – factors that affect the value of the companies researched by Sulistyawan (2005), and Hermawati (2011) where still showing there are differences in the results of research. In addition, based on existing data, there may be differences about the direction of the relationship of factors that affect the value of the company. Therefore, there is still the need for further research on factors – factors that affect the value of the company. This study tested the effect of Sales growth (SG), Total Asset Turnover (TATO), Net Profit Margin (NPM) against the Return on Asset (ROA) as well as the influence of Return on Assets (ROA), Sales growth (SG) against Price Book Value (PBV) on food and baverage manufacturing company that is listed on the Indonesia stock exchange (idx) of the period 2010 – 2012. The sample used in this study consisted of 20 food and baverage manufacturing company that is listed on the Indonesia stock exchange (idx) of the period 2010 – 2012. Sampling done by the method of purposive sampling. Data obtained from Indonesian Capitan Market Directory (ICMD) and the Annual Report of the company. Analytical techniques used is multiple regression analysis and path analysis with the help of SEM programs. The results showed that Sales growth (SG) negative effect of the Return on Assets (ROA), as well as direct megative and significant effect on Price Book Value (PBV). Total Asset Turnover (TATO) negative effect of the Return on Assets (ROA). Net Profit Margin (NPM) a positive and significant effect of the Return on Asset (ROA). Return on Asset (ROA) positive and significant effect of the Price Book Value (PBV).