PENDEKATAN MODEL PENILAIAN DALAM PENGAMBILAN KEPUTUSAN INVESTASI SAHAM DI BURSA EFEK INDONESIA
Sri Isworo Ediningsih
Jurusan Manajemen Fakultas Ekonomi UPN “Veteran” Yogyakarta
Jl. SWK 104 (Lingkar Utara) Condongcatur Yogyakarta, 55283.
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- Sri Isworo Ediningsih: Telp. /Fax.+ 62 274 487 275
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A valuation model was a mechanism that converted a set of forecast, a series of company and economic variables into a forecast of market value for the company’s stock. The purpose of this study was to examine relevance among dividend yield, retained earnings, book value and total debt on stock price: approximation valuation model in the Indonesia Stock Exchange. Samples in this study were manufacture firms listed on the Indonesia Stock Exchange period 2008–2011 and divided dividend. The results showed that few of samples were undervalue and the others were overvalue. It meant valuation model could be applicated in the Indonesian stock exchange. By using multiple regressions, this study found that: valuation model relevans used in investment decission in manufacture firms in the Indonesia Stock Exchange could prove simultaneously dividend yield, retained earnings, book value and total debt had significant effect to stock price and partially dividend yield had no significant effect to stock price and whereas retained earnings, book value and total debt had significant effect in partial to stock price.
Key words: valuation model, dividend yield, retained earnings, book value, total debt, stock price