LQ45 Stock Price Valuation Analysis Using Price to Book Value (PBV) and Price Earning Ratio (PER) Variables from 2016-2020

##plugins.themes.academic_pro.article.main##

Davin Surjanto
Totok Sugiharto

Abstract

The research was conducted with the aim of knowing the effect of the stock valuation method on the company's stock price for the last five years. The sample used is consistent companies listed in the LQ45 index from 2016 – 2020 with quarterly data. Data analysis was performed using multiple linear regression because there is 1 dependent variable (stock price) and 2 independent variables (price to book value (PBV) and price earning ratio (PER)). The results of the study stated that the stock price was most influenced by the price to book value (PBV) in this study, while the price earning ratio (PER) did not affect the stock price in this study. However, based on the results of simultaneous testing, it is found that price to book value (PBV) and price earning ratio (PER) simultaneously affect stock prices.

##plugins.themes.academic_pro.article.details##

How to Cite
Surjanto, D., & Sugiharto, T. (2021). LQ45 Stock Price Valuation Analysis Using Price to Book Value (PBV) and Price Earning Ratio (PER) Variables from 2016-2020. Enrichment : Journal of Management, 12(1), 205-211. Retrieved from https://enrichment.iocspublisher.org/index.php/enrichment/article/view/192

References

[1] Afriani, Emma, and Rusdayanti Asma (2019). “Analisis Valuasi Harga Saham Dengan Price Earning Ratio, Free Cash Flow To Equity Dan Free Cash Flow To Firm Pada Perusahaan Manufaktur.” Sains Manajemen dan Kewirausahaan 3, no. 2 , pp : 111–123.
[2] Aletheari, I. A., & Jati, I. K (2016). "Pengaruh Earning Per Share, Price Earning Ratio, dan Price to Book Value pada Harga Saham". E-Jurnal Akuntansi Universitas Udayana, no.11 , pp : 1254-1282
[3] Anggraeni, Rizki, Brady Rikumahu, and Tieka T Gustyana (2017). “Analisis Valuasi Harga Saham Dengan Free Cash Flow To Equity (Fcfe) Dan Price Earning Ratio (Per) Studi Pada Sektor Infrastruktur, Utilitas Dan Transportasi Yang Terdaftar Di Bursa Efek Indonesia Periode 2011 – 2015.” e-Proceeding of Management 4, no. 1, pp : 252–259.
[4] Ariyani, Liya, Rita Andini, and Edi Budi Santoso (2018). “Pengaruh EPS, CR, DER, Dan PBV Terhadap Harga Saham Dengan Kebijakan Dividen Sebagai Variabel Intervening (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di BEI Tahun 2011-2015).” Journal Of Accounting 4, no. 4 , pp : 1–20.
[5] Bagya, M., S. Suhadak, and S. Handayani (2016). “PENGARUH EARNING PER SHARE (EPS), RETURN ON EQUITY (ROE), DAN PRICE EARNING RATIO (PER) TERHADAP HARGA SAHAM (Studi Pada Perusahaan Telekomunikasi Yang Terdaftar Di Bursa Efek Indonesia Periode Tahun 2010-2014).” Jurnal Administrasi Bisnis S1 Universitas Brawijaya 41, no. 1 , pp : 100–107.
[6] Berlian, Niar, Nindi Vaulia Puspita, and Kartika Yuliari (2020). “Analisis Fundamental Dan Nilai Saham Dengan Metode Price Earning Ratio ( Per ) Dan Price To Bookvalue ( Pbv ) Dalam Keputusan Investasi ( Perusahaan Semen Yang Terdaftar Di Bursa Efek Indonesia ( Bei ) Periode.” Jurnal Cendekia Akuntansi 1, no. 2 , pp : 42–57.
[7] Cahyaningrum, Y. W (2017). "Pengaruh Earning Per Share, Price to Book Value, Return On Asset, dan Return On Equity terhadap Harga Saham Sektor Keuangan". Jurnal Economia Universitas Sebelas Maret, no.10 , pp : 191-200.
[8] Elbialy, Bassam A (2019). “The Effect of Using Technical and Fundamental Analysis on the Effectiveness of Investment Decisions of Traders on the Egyptian Stock Exchange.” International Journal of Applied Engineering Research 14, no. 24 , pp : 4492–4501. http://www.ripublication.com.
[9] Hamka, Arman M.S (2011). “Pengaruh Variabel Earning per Share (EPS), Price Earning Ratio (PER), Dan Return on Equity (ROE) Terhadap Harga Saham (Studi Pada Perusahaan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia)” , pp :1–25.
[10] Inge Beliani, Maria Makdalena, and M Budiantara (2017). “Pengaruh Price Earning Ratio Dan Price To Book Value Tehadap Harga Saham Perusahaan Asuransi Yang Terdaftar Di Bursa Efek Indonesia Tahun 2009-2012.” 085228282256 1, no. 1.
[11] Islam, Md Rashidul, Tahsan Rahman Khan, Tonmoy Toufic Choudhury, Ashique Mahmood Adnan, and 1 Senior Lecturer (2014). “How Earning Per Share (EPS) Affects on Share Price and Firm Value.” European Journal of Business and ManagementOnline) 6, no. 17 , pp : 2222–2839.
[12] Jumhana, R Chepi Safei (2016). “Pengaruh PER Dan PBV Terhadap Harga Saham Perusahaan Pt Lippo Karawaci Tbk.” Prosiding Seminar Ilmiah Nasional , pp : 143–154.
[13] Liputan 6 (2020). "26 Maret 2020, IHSG Catat Rekor Frekuensi Transaksi Tertinggi". www.liputan6.com. Diakses tanggal 5 Maret 2021
[14] Market Bisnis (2020). "Ringkasan Perdagangan 12 Maret: Bursa Asia Melemah, IHSG Anjlok Hingga BEI Suspensi Perdagangan". www.marketbisnis.com. Diakses tanggal 5 Maret 2021.
[15] Mulia, Fredy Hermawan, and Nurdhiana (2010). “Pengaruh Book Value ( BV ), Price to Book Value ( PBV ) , Earning Per Share ( EPS ), Dan Price Earning Ratio ( PER ) Terhadap Harga Saham Perusahaan Food and Beverage Yang Terdaftar Di Bursa Efek Indonesia Tahun 2007 – 2010 The Influence of Book Value ( B” , pp : 1–19.
[16] Mutiarani, Niki Nony, Riana R Dewi, and Suhendro (2019). “Pengaruh Price Earning Ratio, Price To Book Value, Dan Inflasi Terhadap Harga Saham Yang Terindeks Idx 30.” Jurnal Ilmiah Edunomika 3, no. 02 , pp : 433–443.
[17] Nugraha, Egananda Septian, and Sri Sulasmiyati (2017). “Analisis Nilai Intrinsik Saham Dengan Relative Valuation Techniques (Studi Pada Perusahaan Sub Sektor Rokok Yang Terdaftar Di Bursa Efek Indonesia Periode 2013 – 2016).” Jurnak Akuntansi Bisnis 52, no. 1 , pp : 106–113.
[18] Permatasari, Ninda Putri, Ishariadji, dan Liana Vivin Wihartanti (2020). "Pengaruh EPS, PER, dan PBV terhadap harga saham (Studi pada perusahaan sektor manufaktur yang terdaftar JII). Jurnal Akuntansi PEB Univestitas Tadulako.
[19] Silalahi, U (2018). Metodologi Analisis Data dan Interpretasi Hasil untuk Penelitian Sosial Kuantitatif. Bandung : Refika Aditama.
[20] Sugiharto, Totok, and Roy Sembel (2017). “A Survey of Investors Current Perceptions and Valuation Approaches at Jakarta Stock Exchange.” International Research Journal of Finance and Economics 10, no. 10 , pp : 175–206.
[21] Tirto (2020). "Investasi Saham Saat Pandemi : Iseng-Iseng Belum Tentu Berhadiah". www.tirto.co.id. Diakses tanggal 5 Maret 2021.
[22] Trimono, Trimono, and Di Asih I Maruddani (2017). “Valuasi Harga Saham PT Aneka Tambang Tbk Sebagai Peraih IDX Best Blue 2016.” STATISTIKA: Journal of Theoretical Statistics and Its Applications 17, no. 1 , pp : 33–43.
[23] Yuliza, Arma (2018). “The Effects of Earnings Per Share and Firm Size to Stock Price LQ45 Company Listed in Indonesian Securities.” International Journal of Engineering & Technology 7, no. 4.9 , pp : 247.