ANALISIS FAKTOR-FAKTOR PENENTU DALAM KEPUTUSAN INVESTASI DI BURSA EFEK JAKARTA

Abstrak

The purposes of this analyse are to analyze the determinants of Price to Book Value Ratio (PBV) in the Jakarta Stock Exchange (JSX) and to test whether there exists differences between PBV less than one and PBV more than one firms on the extent of PBV. The test were conducted on 250 firms for year of 2006 until 2008. Five variables were examined. That include PBV, rate on equity, devident payout ratio, growth and beta. An ordinary least square regression was used to test the hypothesis. The findings show that all of the four variables examined is significantly related to the level of PBV. The adjusted R² indicates that the variables explain 25 % of the variation of PBV. Other finding reveals that there is difference on the extent of PBV between firms that whose PBV more than and less one and those that less than one.