Pengaruh Penggunaan Price to Book Value (PBV) Ratio dan Faktor Leverage Operasi Terhadap Kenaikan Expected Return Saham pada Perusaan Yang Terdaftar di BEJ

Sari, Anggraini and Sri Daryanti, Zen (2010) Pengaruh Penggunaan Price to Book Value (PBV) Ratio dan Faktor Leverage Operasi Terhadap Kenaikan Expected Return Saham pada Perusaan Yang Terdaftar di BEJ. Jurnal Business & Manajemen, 1 (2).

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Abstract

This research aims at examining further about the effect of using Price to Book Value Ratio (PBV) and operating leverage to the increasing of expected return of listed companies in Jakarta Stock Exchange. The analysis included three aspects: PBV ratio with ROE factor, operating leverage, and increasing of expected return. The sample for this research is 115 firms during the period 1999 to 2002, and consists of 345 observations. The regressions analysis that used in this research shows companies with undervalued stock prices indicate significant improvement in their expected return, meanwhile overvalued company’s shows less significant increasing. A part from that, operating leverage factor also influence PBV ratio to determine investment risk. Key words: price to book value ratio; operating leverage; expected return; undervalued; overvalued

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