PENGARUH KATEGORI INDUSTRI TERHADAP PRICE-EARNING (P/E) RATIO DAN FAKTOR-FAKTOR PENENTUNYA
Agus Sartono(1*), Misbahul Munir(2)
(1) Universitas Gadjah Mada
(2) Financial Consulting Group
(*) Corresponding Author
Abstract
Keywords
Full Text:
PDFReferences
Aggarwal, R., Rao, R. P., and Hiraki, T., 1990, "Regularities in Tokyo Stock Exchange Security Returns: P/E, Size, and Seasoanl Influences/'Journal of Financial Research, Vol. 13, No. 3, Fall, pp. 249-263 Badrinath, S.G., and Kini, O., 1994, "The Relationship between Securities Yioeld,Firm Size, Earning/Price Ratios and Tobin's q," Journal of Business Finance and Accounting, Vol.21, No.l, January, pp. 109-131. Baker, H.K., 1989, "Why Companies Pay No dividends," Akron Business & Economic review, Vol. 20, No. 2, Summer, pp.48-61. Banz, R.W., 1981, "The Relationship between Return and Market Value of Common Stocks," Journal of Financial Economics, Vol. 9, pp. 18-24. Basu, S., 1983, "The Relationship between Earnings' Yield, Market Value and Return for NYSE Common Stocks: Further Evidence," Journal of Financial Economics, June, pp. 129-156. Barbee, W.C., Jr., Mukherji,S., and Raines, G.A., 1996,"Do Sales-Price and Debt Equity Expalain Stock Return Better than Book-Market and Firm Size,"Financial Analysis! Journal, March/April, pp. 56-60. Bhandari, L.C., 1988,"Debt/Equity Ratio and Expected Common Stock Returns," Journal Of Finance, Vol. 43, No. 2, June, pp. 507-528 Bleiberg, S., 1989,"How Little We Know..... About P/Es, but Also Perhaps More Than we Think," Journal of Portofolio Management, Vol. 14, No. 4, Summer, pp. 26-31. Bose, M., 1989, "Bidding farewell to the P/E?" Director, No. 2, September, pp. 39-41 Bromberg, M., 1990,"The Efficient Market Hypotesis: Some Second Thoughts," Management Accounting-London, Vol. 68, No. 5, May, pp. 36-38. Brooks, R.M., 19%,"Changes in Asymmetric Informations at Earning and Devidend Announcement," Journal of Business Finance & Accounting, Vol. 23, No. 3, April, pp. 359-378. Chandra, J., 1994, PER Sebagai Penilai Kewajaran Harga Saham di Bursa Efek Jakarta Charath, A., Chaudry, M., Ramchandar, S., and Sharma, J. L., 1993, " Gains From Leverage," Financial Management, Vol. 22, No.4, Winter, pp.21-22 Clemente, H.A., 1990," What Wall Street Sees When It Looks At Your P/E Ratio," Financial Executive, Vol. 6, No.3, May/June, pp. 40-44 Cohen, J., Zinbarg, E., and Zeikel, A., 1973, Investment Analysis and Portofolio Management, Richard D. Irvvin, Illinois. Cole, K., Helwege, J., and Laster, D., 1996, "Stock Market Indicator: Is this time Different?" Financial Analysis! Journal, Vol. 52, No. 3, May/June, pp.56-64. Dann, L., and Mikkelson, W., 1984, "Convertible Debt Issuance, Capital Structure Change and Financing Related Information," Journal of Financial Economics, Vol. 13, June, pp. 157-186. Davis, J. L., 1994," The Cross-Section of Realized Stock Return: The Pre COMPUSTAT Evidence," Journal Of Finance, Vol. XLIX, No. 5, December, pp. 1579-1593 Eaton, L., 1993,"Price Earning Ratios," Barron's, Vol. 73, No. 42, October 18, pp. M18-M-22 ______, 1993,"Price Earning Ratios/'Barron's Vol. 73, No. 29, July 19, pp. M17 Elsharkawy, A., and Garrod, N.,1996," The Impact of Investor Sophistication on Price Responses to Earning News," Journal of Business Finance & Accounting, Vol 23, No.2, March, pp. 221-236. Elton, E. J., and Gruber, M, J., 1995, Modern Portfolio Theory and Investment Analysis, 5th ed., John Willey & Sons, Inc., New York. Fairfield, P.M., 1994, " P/E, P/B and the Present Value of Future Devidends," Financial Analysist Journal, Vol. 50, No. 4, July/August, pp. 23-31. Fama, E. F., and French, K.R., 1996, "Multifactor Explanations of Asset Pricing Anomalies," Journal of Finance, Vol. 51, No, 1, March, pp. 55-84. Fama, E. F., and French, K. R.,1992,"The Cross Section of Expected Stock Return," Journal of Finance, Vol. 47, No.2, pp.427-465. Firth, M., 1996,"Dividend Changes, Abnormal Returns, and Intra-industri Firm Valuation," Journal of Financial & Quantitative Analysis, Vol. 31, No.2, June, pp. 189-211 Fisher, K. L., 1984, Super Stock, Dow Jones-Irwin. Foster, G., 1986, Financial Statement Analysis,. 2nd ed., Prentice Hall, Inc., New Jersey Gonedes, N. J., 1976,"Corporate Signaling External Accounting, and Capital Market Equilibrium, Evidence on Dividends Income and Extraordinary Items/'Journal of Accounting Research, Vol. 16, Spring, pp. 26-79. Good, W. R., 1991,"When Are Price/Earning Ratios Too High -or Too Low?" Financial Analysist Journal, Vol. 47, No. 4, July/August, pp. 9-12,25. Hamid, S., Prakash, A. J., and Anderson, G. A., 1994,"A Note on the Relationship between Systematic Risk and Growth in Earning/'Journal of Business Finance & Accounting, Vol. 21, March, pp. 293-297. Haugen, R. A., 1993, Modern Invcestment Theory, Prentice-Hall, Inc., New York. Husnan, S., Hanafi, M. M., dan Wibowo, A., 1996," Dampak Penguinuman Laporan Keuangan terhadap Kegiatan Perdagangan Saham dan Variabilitas tingkat Keuntungan," Kelola, Vol. V, No. 11, hal. 110- 125. Husnan, S., 1990, "Penggunaan P/E ratio Penilaian Saham: Suatu Analisis Lebihy Lanjut," Manajemen dan Usahawan Indonesia, No.2 Tahun XIX, Pebruari. Impson, C. M., and Karafiath, I., 1992," A Note on the Stock Market Reaction to Dividend Announcements," Financial Review, Vol. 27, No.2, May, pp.259-271. Jakarta Stock Exchange, 1992-19%, Indonesia Capital Market Directory. John, K., and William, J., 1985,"Dividends, Dilutions and Taxes: A Signaling Equilibrium/'Journal of Finance, Vol. 40, September, pp. 1053-70. Kallapur, S. G., 1991, Determinants of Stock Price Response to Earning, Ph.D. Degree Dissertation in Harvard University. Kane, A., Markus, A. J., and Noh, J., 1996,"The P/E Multiple and Market Volatility," Financial Analysist Journal, Vol. 52, No. 4, July/August, pp. 16-24. Keley, A., 1982,"Stockholders-Bondholders Conflict and Dividend Constraint," Journal of Economics, Vol. 1, Summer, pp. 111-136. Kim, D., 1995,"The Errors in the Variables Problems in the Cross Section of Expected Stock Return/'Journal of Finance, Vol. 50, No. 5, December, pp. 1605-1634. Klein, A., and Rosenfeld, J., 1991/TE Ratios, Earning Expectations, and Abnormal Returns/'Journal of Financial Research, Vol. 14, No. 1, Spring, pp. 51-64. Kumar, P.,1988, "Shareholder-Manager Conflict and Information Content of Dividends," Review of Financial Studies, Vol. 1, Summer, pp. 111-136. Lang, M., and Lundholm, R., 1993, "Cross-Sectional Determinants of Analysis Rating of Corporate Disclosures/'Journal of Accounting Research, Vol. 31, No. 2, Autumn, pp. 246-271. Lehman, S., 1996, "Bear Busters," Barren's, Vol. 76, No. 37, September 9, p. 19. Leibowitz, M. L., and Kogelman, S., 1992, "Franchise Value and the Growth Process/'Financial Analysist Journal, Vol. 48, No. 1, January/February, pp. 17-35 _____, 1991, "The Franchise Factor for Leveraged Firms," Financial Analysist Journal, Vol. 47, No. 6, November/December, pp. 29-43. _____, 1990,"Inside the P/E Ratio: The Franchise Factor/'Financial Analysist Journal, Vol. 46, No. 6, November/December, pp. 17-35. Louiso, N., 1993, "One Third Off," in Mpaata, K. A., and Sartono, A., 1996, Factors Determining Price-Earning Ratio, Tesis S-2 Fakultas Pasca Sarjana, Universitas Gadjah ' Mada, Yogyakarta. Manakyan, H., and CaroU, C, 1991, "Dividend Change Announcements and Structural Change," Quarterly Journal of Business & Economics, Vol. 30, No. 1, Winter, pp. 62-86. _____, 1990, "An Empirical Examination of the Existence of a Signaling Value Function for Dividends," Journal of Financial Research, Vol. 13, No. 3, Fall, pp. 201-210. Markese, J., 1990, "How P/E Ratios Lead You to Best Buys," Money, Vol. 19, No. 3, March, pp. 119-160. Martin, L. J., and Henderson, G. V. Jr., 1984, "Industry Influence on Financial Structure: A Matter of Interpretation," Review of Business & Economic Research, Vol. 19, No. 1, Spring, pp. 57- 67. Merton, M., and Rock, K., 1985, "Dividends, Dilution and Taxes: a Signaling Equilibrium/'Journal of Finance, Vol. 40, September, pp. 1053-70. Molodovsky, N., 1995, "A Theory of Price Earning Ratios," Financial Analysis! Journal, Vol. 51, No. 1, January/February, pp. 29-43. Mpaata, K. A., and Sartono, A., 1997, "Factors Determining Price-Earning Ratio," Kelola, Vol. VI, No. 15, hal. 133-150. Myers, M., and Majluf, N., 1984, "Corporate Financing and Investment Decision when Firms have Informations That Investors Do Not Have," Journal of Financial Economics, Vol. 13, June, pp. 187-222. Nirwana, 1995, Analisis Penentuan Harga Saham atas Dasar Price Earning Ratio (P/E Ratio),di Pasar Modal Indonesia, Tesis S2>Fakultas Pasca Sarjana, Universitas Gadjah Mada, Yogyakarta. Peters, D. P., 1991, "Valuing a Growth Stock," Journal of Portfolio Management, Vol. 17, No. 3, Spring, pp. 49-51. Penman, S. H., 19%, "The Articulation of Price-Earning Ratios and Market-toBook Ratios and the Evaluation of Growth," Journal of Accounting Research, Vol. 34, No. 3, Autumn, pp. 235-259. Philips, A. L., 1989, "An Empirical Study of Assets Size, Financial Leverage, and Stock Market Anomalies," Akron Business and Economic Review, Vol. 20, No. 3, Fall, pp. 40-54. Pillotte, E., 1992, "Growth Opportunities and the Stock Price Response to New Financing," Journal of Business, Vol. 65, No. 3, July, pp. 371-394. Ravid, S. A., Sarig, O. H., 1991, "Financial Signaling by Comitting to Cash Outflows," Journal of Financial & Qualitative Analysist, Vol. 26, No. 2, June, pp. 165-180. Reilly, F. K.,1989, Investment Analysist and Portfolio Management, 3rd ed., Dryden Press, Illinois. Sarjana, 1990, Pengaruh Earning per Share dan Dividen per Share terhadap Harga Saham Biasa: Studi Kasus Pasar Modal di Jakarta Periode 1984-1988, Skripsi S-l Fakultas Ekonomi, Universitas Gadjah Mada, Yogyakarta. Smith, C. W. Jr., and Watts, R. L. 1992, "The Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies," Journal of Financial Economics, Vol. 32, No. 3, December, pp. 263-292. Tseng, K. C, 1988, "Low Price, Price-Earning Ratio, Market Value, and Abnormal Stock Returns," Financial Review, Vol. 23, No. 3, August, pp. 333-343. Van Horn,. C, and Machowitz, . Jr., 1992, Fundamental of Financial Management, 8th ed., Prentice-Hall, Inc., New Jersey. Whitbeck, V., and Kissor, M., "A New Tool in Investment Decision Making," in Elton, E. and Gruber, M. ., 1995, Modern Portfolio Theory and Investment Analysis, 5th ed., John Wiley & Sons, Inc., New York. Wong, K. A., and Lye, M. S., 1990, "Market Values Earnings Yield and Stock Return: Evidence from Singapore," Journal of Banking and Finance, Vol. 14, No. 2, 3, August, pp. 311-326.
Article Metrics
Abstract views : 2214
| 
views : 1879
Refbacks
- There are currently no refbacks.
Copyright (c) 1997 Journal of Indonesian Economy and Business
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
| Journal of Indonesian Economy and Business |
| The Journal of Indonesian Economy and Business (print ISSN 2085-8272; online ISSN 2338-5847) is published by the Faculty of Economics and Business Universitas Gadjah Mada, Indonesia. The content of this website is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License |
| © 2019 Journal of Indonesian Economy and Business | Visitor Statistics |