PENGARUH GROWTH DAN LEVERAGE TERHADAP PRICE TO BOOK VALUE DALAM MEDIASI RETURN ON EQUITY DAN DIVIDEND PAYOUT RATIO

DOI: https://doi.org/10.32722/eb.v11i1.97

Mochamadi Umar Mai

Abstract


This study aims to examine the influence of leverage and growth to price book value, and test the
mediation return on equity and dividend payout ratio in the causal relationship. The study population
was categorized as a company of Jakarta Islamic Index listed on the Indonesia Stock Exchange in the
period 2004-2009. Data collection methods used is purposive sampling. Criteria on the sample used,
the company must have positive earnings per share and issued financial statements make it possible to
determine the variables of the study. Testing of all hypotheses in this study using path analysis with
Amos 16.0 package program. Furthermore, some important findings from this study can be stated as
follows: 1) growth does not significantly effect the price to book value, 2) leverage has positive and
significant effect on the price to book value, 3) return on equity and dividend payout ratio to mediate
the influence growth of the price to book value. However, this study found no evidence that the return
on equity mediates the effect of leverage on price to book value.
Key Word :
corporate governance mechanism, value of the firm, boards independent, dividend payout ratio

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