ANALISIS PENGARUH LEVERAGE, EFEKTIVITAS ASET DAN SALES TERHADAP PROFITABILITAS SERTA DAMPAKNYA TERHADAP NILAI PERUSAHAAN (Studi pada Perusahaan di Sektor Industri Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2007-2011)
Abstract: Value of the firm
became very important to the firm because investors always consider it before
make investment decision. According to investor’s perception, value of the firm
affected by firm financial performance because a good financial performance
will give a great return to the investor and increase value of the firm. The
previous research showed that there is a gap research, such as research by
Nasehah (2012) and Hardiyanti (2012) have different result for observing the
effect of Debt to Equity Ratio (DER) to Price to Book Value (PBV). Based on the
data, it is known that there is a gap phenomenon. Therefore, further research
is still needed. This study aims to analyze the effects of Debt to Equity Ratio
(DER), Total Asset Turnover (TATO) and sales towards Return on Asset (ROA) and
the impact to Price to Book Value (PBV).
This study uses firms in consumer goods industry listed in Indonesian
Stock Exchange (IDX) from 2007 until 2011 as the population which consist of 38
firms. There are 31 firms selected as samples using purposive sampling method.
This study uses secondary data obtained from published financial report in
Indonesian Stock Exchange (IDX). Data analysis tool used was Path Analysis with
the help of Structural Equation Modeling (SEM) with 19.0 AMOS program.
The result of this research showed the following resulst; Debt to Equity
Ratio (DER) has negative and significant effect on Return on Asset (ROA), Total
Asset Turnover (TATO) has positive and significant effect on Return on Asset
(ROA), Sales has positive and significant effect on Return on Asset (ROA), Debt
to Equity Ratio (DER) has positive and significant effect on Price to Book
Value (PBV), Sales has positive and significant effect on Price to Book Value
(PBV), and Return on Asset (ROA) has positive and significant effect on Price
to Book Value (PBV). The result of Path Analysis showed that Sales indirectly
influence Price to Book Value (PBV) through Return on Asset (ROA).
Keywords: Value of the firm,
Price to Book Value (PBV), Return on Asset (ROA) and Debt to Equity Ratio (DER)
Penulis: Novia Maharani
Yuliana Dewi Putri Sari, Mochammad Chabachib
Kode Jurnal: jpmanajemendd131119
