Variabel-Variabel yang Memengaruhi Rasio P/E dan Dampaknya terhadap Return Saham (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia)

Abstract

Abstract: This research is aimed to understand and to analyze the influence of firm size (size),DER (Debt to Equity Ratio), ROE (Return on Equity), DY (Dividend Yield), and TSB (InterestRate) on P/E Ratio (Price Earning Ratio), and also their influence on stock return. Samplingtechnique is census which results in 17 manufacture companies as the sample. Two-StageLeast Square is used to analyze data. Result of research has shown that: (1) Variables of Sizeand ROE are positively and significantly influencing P/E Ratio. Variables of DER and TSBare negatively but significantly influencing P/E Ratio; and DY is not significantly influencingP/E Ratio. (2) P/E Ratio is negatively and significantly influencing stock return. Anychanges happening with fundamental variables of finance and macroeconomic will increaseP/E Ratio in the next period, but the increase of P/E Ratio will force stock return in the nextperiod to decline.

Keywords: firm size, debt to equity ratio, return on equity, interest rates, P/E ratio, stockreturn