PERBEDAAN PENGARUH PRICE-EARNING RATIO (PER) DAN DIVIDEND YIELD TERHADAP RETURN SAHAM PADA PERUSAHAAN IOS TINGGI DAN PERUSAHAAN IOS RENDAH
Daftar Isi:
- The objective of this study is to investigate differenciation the impacts price earning ratio (PER) and dividend yield on stock return between growth firms and no growth firms. There are six variables used as growth indicator, such as market to book value of equity ratio (BE/MVE), market to book value of asset ratio (A/V), firm value of plant, property, and equipment to firm value (PPE), capital expenditure to book value of asset (CAPBVA), capital expenditure to market value of asset (CAPMVA), and variance of total return (VARRET). These variables are analized by common factor analysis. 55 growth firms and 62 no growth firms from 203 public firms at Indonesia Stock Exchange. The empirical results show that correlation between MVE, AV, CAPBVA, CAPMVA, VARRET, and realized growth firms are significantly positive. Growth firms have higher PER and lower dividend yield than no growth firms. Growth firms have significant impacts PER on stock return and no growth firms haven’t significant impacts. For dividend yield value, the growth and no growth firms haven’t significant impacts dividend yield on stock return. The dividend yield don’t effect change of stock return proxied by abnormal return. It means investor haven’t reacted yet the signals.