Analysis of the Effect of Return on Equity, Debt-to-equity, Net Profit Margin on Price-to-earnings Ratio
DOI:
https://doi.org/10.54518/ebh.1.1.2022.70Keywords:
Price-to-earnings ratio, Return on Equity, Debt to Equity Ratio, Net Profit MarginAbstract
The current research was aimed at analyzing the impact of Return on Equity, Debt-to-equity, and Net Profit Margin simultaneously as well as partial effects, and to empirically find out which variables have a higher contribution to the Price-to-earnings ratio in the Property and Real Estate Companies listed in Indonesia Stock Exchange. All properties and real estate companies that go public and are listed at IDX were taken as the population, which ranges from 2009 to 2012, and those companies have published the reports periodically as consideration. Meanwhile, the purposive sampling method was deployed, and the present study used 34 companies as a sample. The statistical output demonstrated that Return on Equity, Debt-to-equity, and Net Profit Margin significantly affect the Price-to-earnings ratio. Meanwhile, in a partial test conducted among variables, the finding showed that Return on Equity and Debt-to-equity were insignificant on the Price-to-earnings ratio, while Net Profit Margin has a significant effect on the Price-to-earnings ratio.
References
Adnan, M. A. (2013). The Financial Management Practices of the Mosques in the Special Region of Yogyakarta Province, Indonesia. Tazkia Islamic Finance and Business Review, 8(2).
Aji, M. N., & Pangestuti, I. R. D. (2012). Analisis Faktor-Faktor yang Mempengaruhi Price-to-earnings ratio (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia 2007-2010) (Doctoral dissertation, Fakultas Ekonomika dan Bisnis).
Amanda, W. B. B. A., & Pratomo, W. A. (2013). Analisis Fundamental dan Resiko Sistematik Terhadap Harga Saham Perbankan yang Terdaftar Pada Indeks LQ 45. Ekonomi dan Keuangan, 1(3).
Arisona, V. F. F. (2013). Faktor-Faktor yang Mempengaruhi Price-to-earnings ratio. Jurnal Ilmu Manajemen (JIM), 1(1).
Brigham, E. F., & Ehrhardt, M. C. (2013). Financial management: Theory & practice. Cengage Learning.
Dangol, J. (2008). Unanticipated political events and stock returns: An event study. Economic Review, 20, 86-110.
Darmadji, T., & Fakhruddin, H. M. (2001). Pasar modal di Indonesia: Pendekatan tanya jawab. Jakarta: Salemba Empat.
Darmadji, T., & Fakhruddin, H. M. (2011). Pasar modal di indonesia. Jakarta: Salemba Empat.
Daulata, M. P. (2005). Analisis Faktor-Faktor Yang Mempengaruhi Price Earnings Ratio (PER) Perusahaan-Perusahaan Yang Terdaftar di Bursa Efek Jakarta. Jurnal Bisnis dan Ekonomi, 2(1).
Dendawijaya, L. (2003). Manajemen Perbankan (Banking Management). Jakarta: Ghalia Indonesia.
Dewi, M. C., & Artini, L. G. S. (2019). Pengaruh Kurs, Gross Domestic Product dan Solvabilitas terhadap Return Saham Investor pada Perusahaan Pertambangan. E-Jurnal Manajemen, 8(10), 6262-6280.
Famiah, R. (2018). Pengaruh Return On Equity (ROE), Debt To Equity Ratio (DER), Dan Total Asset Turnover (TATO) Terhadap Price-to-earnings ratio (PER) (Studi Pada Perusahaan Sub Sektor Makanan dan Minuman yang Terdaftar Pada Bursa Efek Indonesia (BEI) Periode 2011-2016) (Doctoral dissertation, Universitas Brawijaya).
Gelb, D. S. (2000). Corporate signaling with dividends, stock repurchases, and accounting disclosures: An empirical study. Journal of Accounting, Auditing & Finance, 15(2), 99-120.
Hayati, N. (2016). Faktor-faktor yang mempengaruhi Price-to-earnings ratio (PER) sebagai salah satu kriteria keputusan investasi saham perusahaan real estate dan property di bursa efek Indonesia. Jurnal Manajemen dan Akuntansi, 11(1).
Husnan, S. (1997). Manajemen Keuangan: Teori dan Penerapan (Keputusan jangka Panjang). Yogyakarta: BPFE.
Jogiyanto, H. (2010). Teori portofolio dan analisis investasi. Yogyakarta: BPFE.
Lardin, D. F., & Kasmir, H. (2022). Determinant of Debt-to-equity (DER), Earning Per Share (EPS), And Price-to-earnings ratio (PER), Stock Price In Indonesia Stock Exchange. Advance Journal of Management, Accounting and Finance, 7(3).
Muliawati, L. (2013). Pengaruh Debt to Equity Ratio (DER) Dan Return on Equity (ROE) Terhadap Price-to-earnings ratio (PER) (Penelitian Pada Pt. Unilever Indonesia, Tbk.) Periode Tahun 2003-2012. Jurnal Manajemen dan Bisnis, 2(2).
Munawir, S. (2004). Analisis Laporan Keuangan, Ed.4, Yogyakarta: Liberty, Ikatan Akuntansi Indonesia (IAI).
Musthafa, H., & SE, M. (2017). Manajemen Keuangan. Jakarta: Penerbit Andi.
Naidu, G. (2012). An empirical study on announcement effect of right Issue on share price volatility and liquidity and its impact on market wealth creation of informed Investors in Bangalore with special reference to CNX Nifty stocks of NSE. EXCEL International Journal of Multidisciplinary Management Studies, 2(7), 41-58.
Nekhaychuk, D., Nogas, I., Nekhaychuk, E., & Dzhelilov, A. (2019, June). The financial planning and its tasks in modern models of enterprise management. In Volgograd State University International Scientific Conference” Competitive, Sustainable and Safe Development of the Regional Economy” (CSSDRE 2019) (pp. 38-41). Atlantis Press.
Prastowo, D., & Juliaty, R. (2002). Analisis laporan keuangan. Yogyakarta: UPP AMP YKPN, Yogyakarta.
Qoyum, A., Mardiya, M., & Sakti, M. R. P. (2018). Indonesian capital market efficiency: islamic vis-a-vis conventional. Shirkah: Journal of Economics and Business, 2(3).
Rachmawati, A. (2007). Pengaruh Informasi Akuntansi terhadap Kapitalisasi Pasar di Bursa Efek Jakarta (Perusahaan Manufaktur Tahun 2001-2005).
Reilly, F. K., & Brown, K. C. (2011). Investment analysis and portfolio management. Cengage Learning.
Reza, M., & Ullah, S. (2019). Financial reporting quality of the manufacturing firms listed in Indonesian Stock Exchange. Arthatama, 3(1), 37-54.
Rhidho, R., & Prabawa, S. A. (2012). Faktor-Faktor Yang Mempengaruhi Price-to-earnings ratio Saham Perusahaan Manufaktur. Management Insight, 7(1), 85-97.
Setiawan, R. (2005). Pengaruh Dividend Payout Ratio, Profit Margin, Asset Turnover, Leverage dan Tingkat Risiko Terhadap Price-to-earnings ratio Pada Kondisi Pasar Bearish dan Bullish. Majalah Ekonomi Tahun XIV, (1).
Silfi, A., & Ramadhani, G. (2014). Analisis Faktor-faktor yang Mempengaruhi Price-to-earnings ratio pada Perusahaan Manufaktur yang Bursa Efek Indonesia 2007-2011, (Doctoral dissertation, Riau University).
Sitepu, D., & Effendi, J. (2014). Analisis Faktor-Faktor yang Mempengaruhi Price-to-earnings ratio Perusahaan Consumer Goods di Bursa Efek Indonesia. Jurnal Wira Ekonomi Mikroskil, 4(1), 31-40.
Susilowati, H. (2010). Analisis Faktor-Faktor yang Mempengaruhi PER Antara Saham yang Tercatat Dalam Index Syariah dan Saham Biasa (Studi pada Perusahaan Non Keuangan di Bursa Efek Indonesia 2006-2008).
Tandelilin, E. (2001). Investment analysis and portfolio management. Yogyakarta: BPFE.
Tandelilin, E. (2010). Portfolio and investment theory and application. Yogyakarta: Kanisius.
Usman, M. (1989). Peranan Perbankan Pasar Modal Sebagai Wahana Penyedia Dana Bagi Pembangunan.
Van Horne, J. C., & Wachowicz, J. M. (2001). Fundamentals of financial management. Pearson Education.
Wismar'ein, D. (2004). Reaksi pasar atas pengumuman. Right issue terhadap abnormal return saham dan likuiditas saham (Studi Kasus Pada Bursa Efek Jakarta). (Doctoral dissertation, Program Pascasarjana Universitas Diponegoro).
Yanescha, N. Y. P. (2022). Analysis of Factors Affecting Inflation in Indonesia 2015-2020: English. Research Horizon, 2(2), 330-344.
Yanto, E., Christy, I., & Cakranegara, P. A. (2021). The Influences of Return on Asset, Return on Equity, Net Profit Margin, Debt-to-equity and Current Ratio Toward Stock Price. International Journal of Science, Technology & Management, 2(1), 300-312.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2022 Economic and Business Horizon
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
