ANALISIS PENGARUH CURRENT RATIO (CR), DEBT TO EQUITY RATIO (DER), RETURN ON ASSETS (ROA) TERHADAP PRICE TO BOOK VALUE (PBV), DENGAN DIVIDEND PAYOUT RATIO SEBAGAI VARIABEL INTERVENING
Abstract: Price to book value
is one of the variables used by investors to make investment decisions. Judging
from the information value of book value per year and also the ratio of the
previous year in the independent variable so that investors can determine the
pace of further investment. This study aimed to analyze the influence of
Current Ratio, Debt to Equity Ratio, Return on Assets to Price to Book Value by
using the Dividend Payout Ratio as an intervening variable in the manufacturing
industry sector companies listed on the Stock Exchange 2011-2014 period. This
study uses 24 manufacturing companies listed in Indonesia Stock Exchange (BEI)
during the period 2011-2014 as the sample. Determination of the samples was
done by purposive sampling method. The analysis technique used is regression
analysis and path analysis. Furthermore, Sobel test is used to test the
strength in the interest of the indirect effect of independent variables on the
dependent variable by an intervening variable. The results showed that CR has
negative effect and not significant on PBV, while DER has significant positive
effect on PBV. ROA has significant positive
effect on PBV and DPR has significant positive effect on the DER.
Furthermore, Sobel test results show that DPR cannot mediate the effect of CR
on PBV and also DPR cannot mediate the effect of DER on PBV while DPR can
mediate the effect of ROA on PBV.
Keywords: Price to Book Value
(PBV), Current Ratio (CR), Debt to Equity Ratio (DER), Return on Assets (ROA),
Dividend Payout Ratio (DPR)
Penulis: Rizka Annisa,
Mochammad Chabachib
Kode Jurnal: jpmanajemendd170867
