The Influence of Company Size, Company Growth, Price to Book Value, Investment Opportunity Set, and Operating Cash Flow Againts Price Earnings Ratio in Food and Beverage Sub Sector Manufacturing Companies Listed In BEI from 2015 To 2017

Andini Nurwulandari

Abstract


This study aims to see how the Price Earning Ratio is affected by company size, growth, price to book value, investment opportunity set, and operating cash flow. The authors used panel data regression to analyze data from 2015 to 2017, 13 food and beverage firms were listed on the Indonesia Stock Exchange. According to the data that have been collected, company size, company growth, and price to book value all have a positive and significant effect on the Price Earning Ratio. Meanwhile, the Investment Opportunity Set and Operating Cash Flow have no impact on the Price Earning Ratio.


Keywords


price earning ratio; company size; company growth; price to book value; investment opportunity set; operating cash flow

Full Text:

PDF

References


Adam, T., & Goyal, V. K. (2008). The Investment Opportunity Set and Its Proxy Variables. Journal of Financial Research, 31(1), 41-63.

Adiwiratama, J. (2012). Pengaruh Informasi Laba, Arus Kas dan Size Perusahaan terhadap return Saham (Studi empiris pada perusahaan manufaktur yang terdaftar di BEI). Jurnal Ilmiah Akuntansi dan Humanika, 2(1).

Angelia, N and Toni, N. (2020). The Analysis of Factors Affecting Dividend Policy in Food and Beverage Sector Manufacturing Companies Listed in Indonesia Stock Exchange in 2015-2017. Budapest International Research and Critics Institute-Journal (BIRCI-Journal). P. 902-910

Arisona, V. F. F. (2013). Faktor-Faktor yang Mempengaruhi Price Earning Ratio. Jurnal Ilmu Manajemen (JIM), 1(1).

Basyaib, Fachmi (2007). Keuangan Perusahaan Pemodelan Menggunakan Microsoft Excell. Jakarta: Kencana Prenada Media Group.

Brigham, E. F., & Houston, J. F. (2009). Fundamentals of Financial Management, Concise Edition. Cengage Learning.

Filippaios, F., & Rama, R. (2008). Globalisation or Regionalisation? The Strategies of The World's Largest Food and Beverage MNEs. European Management Journal, 26(1), 59-72.

Gaver, J. J., & Gaver, K. M. (1995). Compensation Policy and The Investment Opportunity Set. Financial Management, 19-32.

Ghozali, I. (2013). Aplikasi Analisis Multivariate dengan Program SPSS. Semarang: Universitas Diponegoro Publisher.

Ibrahim, H. (2008). Pengaruh Tingkat Suku Bunga, Peringkat Obligasi, Ukuran Perusahaan Dan Der Terhadap Yield To Maturity Obligasi Korporasi Di Bursa Efek Indonesia Periode Tahun 2004-2006 (Doctoral dissertation, Program Pascasarjana Universitas Diponegoro).

Leibowitz, M. L., & Kogelman, S. (1990). Inside the P/E Ratio: the Franchise factor. Financial Analysts Journal, 46(6), 17-35.

Machfoedz, M. U. (1994). Financial Ratio Analysis and The Prediction of Earnings Changes in Indonesia. Kelola, 7(3), 114-134.

Murhadi, W. R. (2009). Studi Pengaruh Good Corporate Governance terhadap Praktik Earnings Management pada Perusahaan Terdaftar di PT Bursa Efek Indonesia. Jurnal Manajemen dan Kewirausahaan, 11(1), 1-10.

Myers, S. C. (1977). Determinants of Corporate Borrowing. Journal of financial economics, 5(2), 147-175.

Nugroho, J. A., & Hartono, J. (2002). Analisis Hubungan Antara Gabungan Proksi Investment Opportunity Set Dan Real Growth Dengan Pendekatan Confirmacy Factor Analysis. Jurnal Riset Akuntansi Indonesia, 6(1), 69-92.

Oktaviani, P. R., & Agustin, S. (2017). Pengaruh PER, EPS, DPS, DPR Terhadap Harga Saham Pada Perusahaan Pertambangan. Jurnal Ilmu dan Riset Manajemen (JIRM), 6(2).

Prasetyorini, B. F. F. (2013). Pengaruh Ukuran Perusahaan, Leverage, Price Earning Ratio dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Ilmu Manajemen (JIM), 1(1).

Purwaningrum, E. (2011). Factors Affecting Price Earning Ratio of Company's Share in the Manufacture Sector. Jurnal Ekonomi & Bisnis PNJ, 10(1), 13434.

Rahma, E. Y., & Djazuli, A. (2014). Analisis Variabel Fundamental yang Berpengaruh terhadap Price Earning Ratio (PER) sebagai Dasar Penilaian Saham pada Perusahaan Automotive and Allied yang Terdaftar di Bursa Efek Indonesia. Jurnal Aplikasi Manajemen, 12(3), 362-372.

Riyanto, B. (2001). Dasar-Dasar Pembelanjaan Perusahaan. Yogyakarta:BPFE

Safitri, A. L. (2013). Pengaruh Earning Per Share, Price Earning Ratio, Return On Asset, Debt To Equity Ratio dan Market Value Added terhadap Harga Saham dalam kelompok Jakarta Islamic Index tahun 2008-2011 (Doctoral dissertation, Universitas Negeri Semarang).

Sagara, I. (2017). Pengaruh Profitabilitas Dan Keputusan Investasi Terhadap Nilai Perusahaan Yang Dimoderasi Oleh Kebijakan Dividen Pada Perusahaan Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia Periode 2012-2015 (Doctoral dissertation, Fakultas Ekonomi dan Bisnis Unpas).

Schiffer, M., & Weder, B. (2001). Firm Size and The Business Environment: Worldwide Survey Results. The World Bank.

Sitanggang, S. et al. (2020). Analysis ofthe Influence ofManagerial Ownership, Audit Quality and Audit Committee on Income Management (Study on Manufacturing Companies in the Consumer Goods Sector Listed on the Indonesia Stock Exchange 2014-2018). Budapest International Research and Critics Institute-Journal (BIRCI-Journal). P. 2521-2533.

Sudiyatno, B. (2010). Peran Kinerja Perusahaan Dalam Menentukan Pengaruh Faktor Fundamental Makroekonomi, Risiko Sistematis, Dan Kebijakan Perusahaan Terhadap Nilai Perusahaan (Studi Empirik Pada Perusahaan Manufaktur Di Bursa Efek Indonesia) (Doctoral dissertation, Universitas Diponegoro).

Sugiyono. (2014). Metode Penelitian Pendidikan Pendekatan Kuantitatif, Kualitatif Dan R&D. Bandung: Alfabeta.

Suprantiningrum. (2013). Pengaruh Pertumbuhan Aktiva dan Ukuran Perusahaan Terhadap Struktur Modal Pada Perusahaan Perbankan. Jurnal Ilmiah Dinamika dan Bisnis, 1 (1): 32-43.

Udayani, I. D., & Suaryana, A. (2013). Pengaruh Profitabilitas Dan Investment Opportunity Set Pada Struktur Modal. E-Jurnal Akuntansi, 4(2), 299-314.

Utami, E. S. (2019, October). Analysis Capital Structure on Indonesia Stock Exchange. In 2019 International Conference on Organizational Innovation (ICOI 2019) (pp. 686-690). Atlantis Press.

Vogel, S. J. (1994). Structural Changes In Agriculture: Production Linkages And Agricultural Demand-Led Industrialization. Oxford Economic Papers, 46(1), 136-156.

Wu, W. T. A. (2014). The P/E ratio and profitability. Journal of Business & Economics Research (JBER), 12(1), 67-76.

Yuwana, V. (2014). Analisa Kemampuan Laba Dan Arus Kas Operasi Dalam Memprediksi Arus Kas Operasi Masa Depan. Business Accounting Review, 2(1), 1-10.

Zuhri, S., Juhandi, N., Sudibyo, H. H., & Fahlevi, M. (2020). Determinasi Harga Saham Perusahaan Manufaktur Subsektor Makanan dan Minuman. Journal of Industrial Engineering & Management Research, 1(2), 25-34.




DOI: https://doi.org/10.33258/birci.v4i2.1874

Article Metrics

Abstract view : 305 times
PDF - 177 times

Refbacks

  • There are currently no refbacks.


Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

 

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.