The Effect Of Price To Book Value (PBV), Dividend Payout .
Rev. Integr. Bus. Econ. Res. Vol 2(2)22The Effect of Price to Book Value (PBV),Dividend Payout Ratio (DPR), Return onEquity (ROE), Return on Asset (ROA), andEarning Per Share (EPS) Toward StockReturn of LQ 45 for the Period of 2006-2011Inka Natasya Hagaina Bukit *Undergraduate Program, School of Business and Management, Institut Teknologi Bandunginka.natasya@yahoo.comIr. Achmad Herlanto Anggono, MBASchool of Business and Management, Institut Teknologi Bandungachmad.herlanto@sbm-itb.ac.idABSTRACTEvery investor surely wants to gain high return from their investment. Gaininghigh return, investors need enough information from the issuer that can be obtainedfrom financial report. Financial report contains much information about company. Italso can be summarized into financial ratios. Some researchers found that financialratios have impact toward Stock return.In this research, there will be explanation about the effect of Price to Book Value(PBV), Dividend Payout Ratio (DPR), Return on Equity (ROE), Return on Asset (ROA),and Earning per Share (EPS) toward issuers included in LQ 45 Index. LQ 45 Index ischosen because it has high liquidity and hopefully be able to give whole image of stocksin Indonesia. Sample of this research are issuers included in LQ 45 Index duringresearch period, 2006 until 2011. Based on those criteria, there are seventeen issuers thatbecome sample of this research. The data used in this research obtained from JakartaStock Exchange and Indonesian Capital Market Directory (ICMD) published each year.Findings of this research show that Price to Book Value (PBV), Dividend PayoutRatio (DPR), and Earning per Share (EPS) have positive and significant effect towardStock return of LQ 45 Index with level of significance by 5%. PBV, DPR, and EPSsimultaneously also have significant effect toward Stock return of LQ 45 Index. Basedon explanation above, financial ratio such as Price to Book Value (PBV), DividendPayout Ratio (DPR), and Earning per Share (EPS) should be considered by investorswho want to invest their money in stocks.Keywords: Financial Ratio, Stock Return, LQ 45 IndexI.IntroductionPresence of capital markets in financial give important impact to companies andinvestors. Company as a party that needs funds be able to raise funds through capitalmarkets to develop the company, while investors can take advantage of capital marketsas a means of investment and gain profit.According to Ang (1997), investors can take advantage of capital markets as ameans to distribute the idle funds, in order to obtain additional income referred as theCopyright 2013 Society of Interdisciplinary Business Research (www.sibresearch.org)
Rev. Integr. Bus. Econ. Res. Vol 2(2)23acquisition of an investment, in form of increase capital value (capital gain), and gain ofdistributed profits (dividends) as investment in stock market and interest (coupon) forinvestment in the bond market.Each investor would be like to earn high profits from their investments. Therefore,before invest their money investor needs to do analysis of the issuers in which theinvestor wants to invest his money.One source of information that can be used to analyze the issuer company isthrough financial statements. Each company that has published the IPO must publishfinancial statements each year, so it can be used by investors as an analytical toolcompany.The financial statements contain much information about the state of thecompany. Those financial statements can be analyzed in a compact form using financialratios. Financial ratios make it easier for investors to analyze company performance. Inaddition to the company's performance analysis tools, financial ratios also affect Stockreturn as a result of investment in stocks.Some research suggests that financial ratios have a significant effect on stockreturns. However, the conclusions generated in each study are different. This wasprobably due to differences in data and time of each study.Therefore, to determine the effect of the ratio of shares Stock return, the researchabout effect of financial ratio toward Stock return conducted. In this study, the data usedis stocks in LQ-45 Index because it has high liquidity and are expected to provide anoverall picture of the shares in Indonesia.II.HypothesisHypothesis used in this research are shown below:H1: Price to Book Value (PBV) has positive effect toward Stock return of LQ 45H2: Dividend Payout Ratio (DPR) has positive effect toward Stock return of LQ 45H3: Return on Equity (ROE) has positive effect toward Stock return of LQ 45 IndexH4: Return on Asset (ROA) has positive effect toward Stock return of LQ 45 IndexH5: Earnings per Share (EPS) has positive effect toward Stock return of LQ 45 IndexIII. MethodologyResearch methodology is used to explain in detail steps used in this stud. Researchmethodology is also used as a way to understand the object of study and answer theissues in this study. In this research, method use is causal-distributive method thatanalyzes past situation and relationship between independent variable and dependentvariable. The steps done in conducting research can be seen in figure below.Copyright 2013 Society of Interdisciplinary Business Research (www.sibresearch.org)
Rev. Integr. Bus. Econ. Res. Vol 2(2)24Population of this research is each company that has been listed in LQ 45 Indexover the period 2006-2011. Total population is 96 companies (Indonesia StockExchange). Not all the population in this study is used as sample. Method used forsampling is purposive sampling that is suitable with the purpose of research stated(Sekaran, 2003). Sample is determined based on the terms determined as follow:1. Actively traded shares during the years 2006-2011. This is indicated by the entry ofthe company's stock in LQ 45 Index for twelve times in a row (because LQ 45 Index ispublished twice a year).2. Never been suspended by Indonesia Stock ExchangeUsing criteria above, there are 17 companies listed in LQ 45 Index over theperiod 2006-2011 and defined as sample in this research. Those 17 companies can beseen in table below:No12345CodeAALIANTMASIIBBCABBRICompanyAstra Agro Lestari TbkAneka Tambang (Persero) tbkAstra Internasional TbkBank Central Asia TbkBank Rakyat Indonesia (Persero) TbkCopyright 2013 Society of Interdisciplinary Business Research (www.sibresearch.org)
Rev. Integr. Bus. Econ. Res. Vol CPGASPTBASMCBTLKMUNSPUNTR25Bank Danamon Indonesia TbkBank Mandiri (Persero) TbkInternational Nickel Ind. TbkIndofood Sukses Makmur TbkIndosat TbkMedco Energi Internasional TbkPerusahaan Gas Negara (Persero) TbkTambang Batubara Bukit Asam TbkSemen Cibinong TbkTelekomunikasi Indonesia TbkBakrie Sumatra Plantations TbkUnited Tractors TbkData and Result Analysis4.1. The Effect of Price to Book Value (PBV) toward Stock Return AnalysisMultiple regression analysis result shows that the effect of PBV toward Stockreturn as dependent variable is 4.349618. It means that there is positive effect of PBVtoward Stock return. Significance of this variable is 0.0000 that is lower than alpha 5%.It means that there is positive and significant effect of PBV toward Stock return.Based on explanation above, Ha1 which said that PBV has significant effecttoward Stock return can be rejected. Regression coefficient value of independentvariable (PBV) is 0.160128 that means if PBV increases by 1, it will increase Stockreturn by 0.160128 (16.0128%).4.2. The Effect of Dividend Payout Ratio (DPR) toward Stock Return AnalysisMultiple regression analysis result shows that the effect of DPR toward Stockreturn as dependent variable is 2.131190. It means that there is positive effect of DPRtoward Stock return. Significance of this variable is 0.0363 that is lower than alpha 5%.It means that there is positive and significant effect of DPR toward Stock return.Based on explanation above, Ha2 which said that DPR has significant effecttoward Stock return can be accepted, and Ho2 which said that DPR does not havesignificant effect toward Stock return can be rejected. Regression coefficient value ofindependent variable (DPR) is 0.235327 that means if PBV value increases by 1, it willincrease Stock return of 0.235327 (23.5327%).4.3. The Effect of Earning per Share (EPS) toward Stock Return AnalysisMultiple regression analysis result shows that EPS has effect toward Stock returnby 2.131190. It shows that there is positive effect of EPS toward Stock return.Significance of this variable is 0.0011 which is lower than alpha 5%. So, it can besummarized that there is significant effect of EPS toward Stock return.Based on explanation above, Ha4 which said that there is significant effect of EPStoward Stock return can be accepted, and Ho4 which said that EPS does not havesignificant effect toward Stock return can be rejected. Regression coefficient value ofindependent variable (EPS) is 0.0000941. It means that if EPS increase by 1, Stockreturn will increase by 0.0000941 (0.00941 %).Copyright 2013 Society of Interdisciplinary Business Research (www.sibresearch.org)
Rev. Integr. Bus. Econ. Res. Vol 2(2)264.4. Compound Annual Growth Rate (CAGR)Compound annual growth rate is measurement used to calculate rate of growthand usually for several years. Compound annual growth rate is the best formula forevaluating how different investments have performed over time, and evaluate how wellone stock performed against other stocks. The formula used to calculate CAGR is:Where:V(t0) start valueV(tn) finish valuetn – t0 number of yearsUsing formula above, CAGR of variables of each company can be seen below:EmitenPBVAALI-9.64%ANTM -18.00%ASII8.35%BBCA6.92%BBRI-0.27%BDMN C -12.19%PGAS -10.54%PTBA8.20%SMCB-1.78%TLKM -19.57%UNSP -34.03%UNTR-1.94%CAGRDPRROEROAEPS-16.29%0.66%0.77% 25.99%-27.50% -13.17% -7.70%4.38%-27.50% 15.42% 82.48% 41.52%-15.10%0.57% 58.70% -2.77%-100.00% -3.26%3.06%4.04%-100.00%4.92% -27.43%6.00%-100.00% 17.69% 22.22% 27.97%-100.00% -5.27% -6.45% -42.87%-100.00%3.97% 17.59% 44.04%-100.00% -10.23% -13.63% -12.61%-100.00%1.55%5.27% -12.17%-35.11%1.85%9.62% -14.64%-27.16% 14.39% 13.81% 36.78%421.47%2.15% 20.13% 21.14%0.00% -7.17%1.56%1.18%-100.00% -15.07% -10.27% -11.50%-14.69%6.92% 15.17% 36.98%Regression model shows that Dividend Payout Ratio has biggest impact towardStock return, followed by Price to Book Value and Earning per Share. From the tableabove, nine companies that have highest CAGR of DPR are Semen Cibinong Tbk.,Telekomunikasi Indonesia Tbk., United Tractors Tbk., Bank Central Asia Tbk., AstraAgro Lestari Tbk., Tambang Batubara Bukit Asam Tbk., Aneka Tambang (Persero) Tbk.,Astra Internasional Tbk., and Perusahaan Gas Negara (Persero) Tbk.Nine companies that have highest CAGR of PBV are Astra Internasional Tbk.,Tambang Batubara Bukit Asam Tbk., Bank Central Asia Tbk., Bank Mandiri (Persero)Tbk., Bank Rakyat Indonesia (Persero) Tbk., International Nickel Indonesia Tbk., SemenCibinong Tbk., United Tractors Tbk., and Indosat Tbk.Copyright 2013 Society of Interdisciplinary Business Research (www.sibresearch.org)
Rev. Integr. Bus. Econ. Res. Vol 2(2)27Nine companies that have highest CAGR of EPS are Indofood Sukses MakmurTbk., Astra Internasional Tbk., United Tractors Tbk., Tambang Batubara Bukit AsamTbk., Bank Mandiri (Persero) Tbk., Astra Agro Lestari Tbk., Semen Cibinong Tbk., BankDanamon Indonesia Tbk., and Aneka Tambang (Persero) Tbk.There are four companies that have highest CAGR of DPR, PBV, and EPS: SemenCibinong Tbk., United Tractors Tbk., Tambang Batubara Bukit Asam Tbk., and AstraInternasional Tbk.V.Conclusions and Recommendations5.1. ConclusionsThere are conclusions obtained from this research.1.Variables used in this research, such as PBV, DPR, ROA, and EPS have significanteffect toward dependent variable (Stock return), while ROE does not havesignificant effect toward Stock return. PBV variable has positive and significanteffect toward Stock return by significance level of 5%. DPR variable has positiveand significant effect toward Stock return by significance level of 5%. ROEvariable has positive but not significant effect toward Stock return by significancelevel of 5%. ROA variable has negative and significant effect toward Stock returnby significance level of 5%. EPS variable has positive and significant effect towardStock return by significance level of 5%. Increasing in Price to Book Value by 1will increase Stock return by 16.2031%. Increasing in Dividend Payout Ratio by 1will increase Stock return by 27.5489%. Increasing in Return on Asset by 1 willdecrease Stock return by 30.7381%. Increasing in Earning per Share by 1 willincrease Stock return by 0.00697%.2.The second regression model showed that all variables are significant and havepositive impact toward Stock return. Increasing in Price to Book Value by 1 willincrease Stock return by 16.0128%. Increasing in Dividend Payout Ratio by 1 willincrease Stock return by 23.5327%. Increasing in Earning per Share by 1 willincrease Stock return by 0.00941%.3.PBV, DPR, ROE, ROA, and EPS simultaneously have significant effect towardStock return by significance level of 5%. Variables used in this research are obviousexplanatory to dependent variable. By regression analysis done in this research,independent variables have effect toward dependent variable by 0.721813(72.1813%), and 0.278187 (27.8187%) are affected by other variables that are notobserved in this research.4.The second regression model showed that PBV, DPR, and EPS simultaneouslyhave significant effect toward Stock return by significance level of 5%.Independent variables used in second test have significant effect toward dependentvariable by 72.2474%, and 27.7526% are affected by other variables that are notobserved in this research.5.2. Recommendation for Future Research/Academics1.Researchers who interested in doing research in same study are able to use anothervariable that is not discussed in this research.2.Researchers who interested in doing research in same study are able to use anotherIndex that is not discussed in this research, such as Kompas 100, IHSG or JakartaIslamic IndexCopyright 2013 Society of Interdisciplinary Business Research (www.sibresearch.org)
Rev. Integr. Bus. Econ. Res. Vol 2(2)285.3. Recommendation for Investors1.PBV, DPR, and EPS have big impact toward Stock return. It means that investorswho want to invest their money in stock needs to consider thoroughly to theseratios.2.There are four companies that have highest CAGR of DPR, PBV, and EPS: SemenCibinong Tbk., United Tractors Tbk., Tambang Batubara Bukit Asam Tbk., andAstra Internasional Tbk.Copyright 2013 Society of Interdisciplinary Business Research (www.sibresearch.org)
Rev. Integr. Bus. Econ. Res. Vol 2(2)29APPENDIXAPPENDIX AEVIEWS OUTPUT OF METHOD ESTIMATIONRedundant Fixed Effects TestsPool: APOOLTest cross-section fixed effectsEffects TestStatisticCross-section FCross-section 40.0020Cross-section fixed effects test equation:Dependent Variable: RETURN?Method: Panel Least SquaresDate: 08/13/12 Time: 03:53Sample: 2006 2011Included observations: 6Cross-sections included: 17Total pool (balanced) observations: 102White period standard errors & covariance (d.f. corrected)VariableCoefficientStd. 02540.27910.36680.06080.0003R-squaredAdjusted R-squaredS.E. of regressionSum squared residLog 84990.69383746.21536-104.35705.3891380.000207Mean dependent varS.D. dependent varAkaike info criterionSchwarz criterionHannan-Quinn criter.Durbin-Watson 54Copyright 2013 Society of Interdisciplinary Business Research (www.sibresearch.org)
Rev. Integr. Bus. Econ. Res. Vol 2(2)30Correlated Random Effects - Hausman TestPool: APOOLTest cross-section random effectsChi-Sq.StatisticChi-Sq. d.f.Prob.26.48245250.0001Test SummaryCross-section random** WARNING: estimated cross-section random effects variance is zero.Cross-section random effects test 10.00160.72410.0048Cross-section random effects test equation:Dependent Variable: RETURN?Method: Panel Least SquaresDate: 08/13/12 Time: 03:56Sample: 2006 2011Included observations: 6Cross-sections included: 17Total pool (balanced) observations: 102VariableCoefficientStd. 000.13040.30080.31020.8023Effects SpecificationCross-section fixed (dummy variables)R-squaredAdjusted R-squaredS.E. of regressionSum squared residLog 50520.63355232.11107-85.787353.2122100.000089Mean dependent varS.D. dependent varAkaike info criterionSchwarz criterionHannan-Quinn criter.Durbin-Watson 74Copyright 2013 Society of Interdisciplinary Business Research (www.sibresearch.org)
Rev. Integr. Bus. Econ. Res. Vol 2(2)31Redundant Fixed Effects TestsPool: APOOLTest period fixed effectsEffects TestStatisticPeriod FPeriod 0.0000Period fixed effects test equation:Dependent Variable: RETURN?Method: Panel Least SquaresDate: 08/13/12 Time: 03:58Sample: 2006 2011Included observations: 6Cross-sections included: 17Total pool (balanced) observations: 102White period standard errors & covariance (d.f. corrected)VariableCoefficientStd. 02540.27910.36680.06080.0003R-squaredAdjusted R-squaredS.E. of regressionSum squared residLog 84990.69383746.21536-104.35705.3891380.000207Mean dependent varS.D. dependent varAkaike info criterionSchwarz criterionHannan-Quinn criter.Durbin-Watson 54Copyright 2013 Society of Interdisciplinary Business Research (www.sibresearch.org)
Rev. Integr. Bus. Econ. Res. Vol 2(2)32Correlated Random Effects - Hausman TestPool: APOOLTest period random effectsTest SummaryChi-Sq.StatisticChi-Sq. d.f.Prob.Period 0.0000** WARNING: estimated period random effects variance is zero.Period random effects test 3780.147009-0.1734750.0827460.000131Period random effects test equation:Dependent Variable: RETURN?Method: Panel Least SquaresDate: 08/13/12 Time: 04:00Sample: 2006 2011Included observations: 6Cross-sections included: 17Total pool (balanced) observations: 102VariableCoefficientStd. 0.38030.73640.84450.0087Effects SpecificationPeriod fixed (dummy variables)R-squaredAdjusted R-squaredS.E. of regressionSum squared residLog 02660.45271218.65032-58.0771319.779100.000000Mean dependent varS.D. dependent varAkaike info criterionSchwarz criterionHannan-Quinn criter.Durbin-Watson 38Copyright 2013 Society of Interdisciplinary Business Research (www.sibresearch.org)
Rev. Integr. Bus. Econ. Res. Vol 2(2)33APPENDIX BEVIEWS OUTPUT OF MULTIPLE REGRESSIONDependent Variable: RETURN?Method: Pooled Least SquaresDate: 08/13/12 Time: 04:03Sample: 2006 2011Included observations: 6Cross-sections included: 17Total pool (balanced) observations: 102White period standard errors & covariance (d.f. corrected)WARNING: estimated coefficient covariance matrix is of reduced rankVariableCoefficientStd. Errort-StatisticProb.CPBV?DPR?ROE?ROA?EPS?Fixed Effects CB--CTLKM--CUNSP--CUNTR--CFixed Effects 080.787638-0.136455-0.292518Effects SpecificationCross-section fixed (dummy variables)Period fixed (dummy variables)R-squaredAdjusted R-squaredS.E. of regressionSum squared residLog 18130.40375912.22660-36.5424411.079410.000000Mean dependent varS.D. dependent varAkaike info criterionSchwarz criterionHannan-Quinn criter.Durbin-Watson 67Copyright 2013 Society of Interdisciplinary Business Research (www.sibresearch.org)
Rev. Integr. Bus. Econ. Res. Vol 2(2)34APPENDIX TVARIABLES USED IN RIBDMNBDMNBDMNBDMNBDMNBDMNBMRIBMRIBMRIBMRIAstra Agro Lestari TbkAstra Agro Lestari TbkAstra Agro Lestari TbkAstra Agro Lestari TbkAstra Agro Lestari TbkAstra Agro Lestari TbkAneka Tambang (Persero) TbkAneka Tambang (Persero) TbkAneka Tambang (Persero) TbkAneka Tambang (Persero) TbkAneka Tambang (Persero) TbkAneka Tambang (Persero) TbkAstra Internasional TbkAstra Internasional TbkAstra Internasional TbkAstra Internasional TbkAstra Internasional TbkAstra Internasional TbkBank Central Asia TbkBank Central Asia TbkBank Central Asia TbkBank Central Asia TbkBank Central Asia TbkBank Central Asia TbkBank Rakyat Indonesia (Persero) TbkBank Rakyat Indonesia (Persero) TbkBank Rakyat Indonesia (Persero) TbkBank Rakyat Indonesia (Persero) TbkBank Rakyat Indonesia (Persero) TbkBank Rakyat Indonesia (Persero) TbkBank Danamon Indonesia TbkBank Danamon Indonesia TbkBank Danamon Indonesia TbkBank Danamon Indonesia TbkBank Danamon Indonesia TbkBank Danamon Indonesia TbkBank Mandiri (Persero) TbkBank Mandiri (Persero) TbkBank Mandiri (Persero) TbkBank Mandiri (Persero) 62007200820090.24 7.22 0.28640.28 10.86 0.48600.23 2.99 0.51030.18 5.75 0.26670.19 5.72 0.27970.21 4.35 0.29600.70 3.56 0.36270.37 0.97 0.58570.26 1.29 0.16970.21 2.58 0.07420.28 2.44 0.17570.33 1.32 0.17901.41 2.84 0.16591.17 4.10 0.24181.21 1.29 0.27781.00 3.52 0.25171.10 4.48 0.29131.02 4.24 0.33988.79 3.55 0.23489.66 4.40 0.21969.55 3.44 0.24819.14 4.29 0.24448.51 4.63 0.24868.11 4.96 0.24168.19 3.75 0.33759.48 4.69 0.248910.01 2.52 0.266510.63 3.46 0.268110.02 3.53 0.31287.93 3.70 0.28606.87 3.53 0.14047.22 3.69 0.19549.09 1.47 0.14465.23 2.42 0.09705.40 2.60 0.15634.49 1.58 0.178510.35 2.27 0.09209.91 2.48 0.148710.75 1.38 0.174110.23 2.80 0.2038Copyright 2013 Society of Interdisciplinary Business Research (www.sibresearch.org)ROE
Rev. Integr. Bus. Econ. Res. Vol BAPTBASMCBSMCBSMCBSMCBSMCBSMCBTLKMBank Mandiri (Persero) TbkBank Mandiri (Persero) TbkInternational Nickel Ind. TbkInternational Nickel Ind. TbkInternational Nickel Ind. TbkInternational Nickel Ind. TbkInternational Nickel Ind. TbkInternational Nickel Ind. TbkIndofood Sukses Makmur TbkIndofood Sukses Makmur TbkIndofood Sukses Makmur TbkIndofood Sukses Makmur TbkIndofood Sukses Makmur TbkIndofood Sukses Makmur TbkIndosat TbkIndosat TbkIndosat TbkIndosat TbkIndosat TbkIndosat TbkMedco Energi Internasional TbkMedco Energi Internasional TbkMedco Energi Internasional TbkMedco Energi Internasional TbkMedco Energi Internasional TbkMedco Energi Internasional TbkPerusahaan Gas Negara (Persero) TbkPerusahaan Gas Negara (Persero) TbkPerusahaan Gas Negara (Persero) TbkPerusahaan Gas Negara (Persero) TbkPerusahaan Gas Negara (Persero) TbkPerusahaan Gas Negara (Persero) TbkTambang Batubara Bukit Asam TbkTambang Batubara Bukit Asam TbkTambang Batubara Bukit Asam TbkTambang Batubara Bukit Asam TbkTambang Batubara Bukit Asam TbkTambang Batubara Bukit Asam TbkSemen Cibinong TbkSemen Cibinong TbkSemen Cibinong TbkSemen Cibinong TbkSemen Cibinong TbkSemen Cibinong TbkTelekomunikasi Indonesia Tbk3520109.81 3.28 0.221920117.40 2.64 0.207720060.26 2.03 0.305120070.36 7.64 0.846020080.21 1.15 0.236320090.29 2.10 0.107820100.30 2.64 0.260420110.34 1.94 0.232820062.10 2.53 0.131320072.62 3.41 0.137620083.08 0.95 0.120720092.45 3.07 0.204420101.34 2.55 0.175920112.62 1.33 0.159520061.24 2.41 0.092820071.72 2.82 0.123420081.95 1.79 0.107920092.05 1.43 0.083420101.94 1.64 0.036320111.74 1.59 0.054120062.21 2.28 0.071220072.85 3.38 0.012520081.68 0.77 0.382220091.85 1.05 0.027120101.86 1.30 0.105720111.86 1.19 0.07692006 161.00 9.44 0.33942007 211.00 11.05 0.249320082.47 8.60 0.089620091.35 8.06 0.530920101.22 7.73 0.449920110.88 5.41 0.372020060.35 3.54 0.211620070.40 9.88 0.271620080.51 3.98 0.427120090.40 6.97 0.478420100.36 8.31 0.315520110.39 5.25 0.414520062.37 2.45 0.083820072.19 5.94 0.075020081.93 1.72 0.100620091.19 3.58 0.270220100.53 2.53 0.121420110.49 2.24 0.093220061.39 7.25 0.3921Copyright 2013 Society of Interdisciplinary Business Research (www.sibresearch.org)
Rev. Integr. Bus. Econ. Res. Vol TRUNTRUNTRUNTRUNTRUNTRTelekomunikasi Indonesia TbkTelekomunikasi Indonesia TbkTelekomunikasi Indonesia TbkTelekomunikasi Indonesia TbkTelekomunikasi Indonesia TbkBakrie Sumatra Plantations TbkBakrie Sumatra Plantations TbkBakrie Sumatra Plantations TbkBakrie Sumatra Plantations TbkBakrie Sumatra Plantations TbkBakrie Sumatra Plantations TbkUnited Tractors TbkUnited Tractors TbkUnited Tractors TbkUnited Tractors TbkUnited Tractors TbkUnited Tractors 24.913.69Copyright 2013 Society of Interdisciplinary Business Research .23900.27580.24000.2830
Rev. Integr. Bus. Econ. Res. Vol 2(2)37IssuersCompanyYearROAAALIAstra Agro Lestari Tbk2006 0.225145000.00423AALIAstra Agro Lestari Tbk2007 0.3686612530.00386AALIAstra Agro Lestari Tbk2008 0.403541671 -0.00292AALIAstra Agro Lestari Tbk2009 0.2193310550.00405AALIAstra Agro Lestari Tbk2010 0.2293912810.00103AALIAstra Agro Lestari Tbk20110.326601587 -0.00053ANTMAneka Tambang (Persero) tbk2006 0.21294163 -0.00095ANTMAneka Tambang (Persero) tbk2007 0.42636538ANTMAneka Tambang (Persero) tbk2008 0.13354143 -0.00414ANTMAneka Tambang (Persero) tbk2009 0.06836630.00389ANTMAneka Tambang (Persero) tbk2010 0.136741760.00077ANTMAneka Tambang (Persero) tbk2011202 -0.00146ASIIAstra Internasional Tbk2006 0.064089170.00229ASIIAstra Internasional Tbk2007 0.1026316100.00273ASIIAstra Internasional Tbk20080.113832271 -0.00282ASIIAstra Internasional Tbk20090.1128924800.00564ASIIAstra Internasional Tbk2010 0.1272935490.00220ASIIAstra Internasional Tbk20111.2965452060.00149BBCABank Central Asia Tbk2006 0.024003440.00200BBCABank Central Asia Tbk2007 0.020593640.00172BBCABank Central Asia Tbk2008 0.023522340.00238BBCABank Central Asia Tbk20090.024112760.00215BBCABank Central Asia Tbk2010 0.026143440.00147BBCABank Central Asia Tbk20110.241602990.00109BBRIBank Rakyat Indonesia (Persero) Tbk2006 0.027523470.00267BBRIBank Rakyat Indonesia (Persero) Tbk2007 0.023753930.00187BBRIBank Rakyat Indonesia (Persero) Tbk2008 0.02421483 -0.00056BBRIBank Rakyat Indonesia (Persero) Tbk2009 0.023065930.00271BBRIBank Rakyat Indonesia (Persero) Tbk2010 0.028389300.00158BBRIBank Rakyat Indonesia (Persero) Tbk20110.032004230.00140BDMN Bank Danamon Indonesia Tbk2006 0.016152690.00194BDMN Bank Danamon Indonesia Tbk2007 0.023684240.00113BDMN Bank Danamon Indonesia Tbk2008 0.01426305 -0.00291BDMN Bank Danamon Indonesia Tbk2009 0.015541830.00242BDMN Bank Danamon Indonesia Tbk2010 0.002583430.001320.14262EPSReturn0.00572
Rev. Integr. Bus. Econ. Res. Vol 2(2)38BDMN Bank Danamon Indonesia Tbk20110.00325BMRIBank Mandiri (Persero) Tbk2006 0.009061180.00269BMRIBank Mandiri (Persero) Tbk2007 0.013622100.00122BMRIBank Mandiri (Persero) Tbk2008 0.01482255-0.00110BMRIBank Mandiri (Persero) Tbk2009 0.018133420.00408BMRIBank Mandiri (Persero) Tbk2010 0.020504400.00167BMRIBank Mandiri (Persero) Tbk20110.024704050.00057INCOInternational Nickel Ind. Tbk2006 0.2418446660.00607INCOInternational Nickel Ind. Tbk2007 0.62158 106630.02451INCOInternational Nickel Ind. Tbk2008 0.19494395 -0.00478INCOInternational Nickel Ind. Tbk2009 0.083621870.00341INCOInternational Nickel Ind. Tbk2010 0.199694810.00178INCOInternational Nickel Ind. Tbk2011284 -0.00096INDFIndofood Sukses Makmur Tbk2006 0.04065700.00194INDFIndofood Sukses Makmur Tbk2007 0.033201040.00311INDFIndofood Sukses Makmur Tbk2008 0.02613118 -0.00344INDFIndofood Sukses Makmur Tbk2009 0.051402360.00618INDFIndofood Sukses Makmur T
The Effect of Dividend Payout Ratio (DPR) toward Stock Return Analysis Multiple regression analysis result shows that the effect of DPR toward Stock return as dependent variable is 2.131190. It means that there is positive effect of DPR toward Stock return. Significance of this variable is that is
May 02, 2018 · D. Program Evaluation ͟The organization has provided a description of the framework for how each program will be evaluated. The framework should include all the elements below: ͟The evaluation methods are cost-effective for the organization ͟Quantitative and qualitative data is being collected (at Basics tier, data collection must have begun)
Silat is a combative art of self-defense and survival rooted from Matay archipelago. It was traced at thé early of Langkasuka Kingdom (2nd century CE) till thé reign of Melaka (Malaysia) Sultanate era (13th century). Silat has now evolved to become part of social culture and tradition with thé appearance of a fine physical and spiritual .
Dr. Sunita Bharatwal** Dr. Pawan Garga*** Abstract Customer satisfaction is derived from thè functionalities and values, a product or Service can provide. The current study aims to segregate thè dimensions of ordine Service quality and gather insights on its impact on web shopping. The trends of purchases have
On an exceptional basis, Member States may request UNESCO to provide thé candidates with access to thé platform so they can complète thé form by themselves. Thèse requests must be addressed to esd rize unesco. or by 15 A ril 2021 UNESCO will provide thé nomineewith accessto thé platform via their émail address.
̶The leading indicator of employee engagement is based on the quality of the relationship between employee and supervisor Empower your managers! ̶Help them understand the impact on the organization ̶Share important changes, plan options, tasks, and deadlines ̶Provide key messages and talking points ̶Prepare them to answer employee questions
Chính Văn.- Còn đức Thế tôn thì tuệ giác cực kỳ trong sạch 8: hiện hành bất nhị 9, đạt đến vô tướng 10, đứng vào chỗ đứng của các đức Thế tôn 11, thể hiện tính bình đẳng của các Ngài, đến chỗ không còn chướng ngại 12, giáo pháp không thể khuynh đảo, tâm thức không bị cản trở, cái được
Food outlets which focused on food quality, Service quality, environment and price factors, are thè valuable factors for food outlets to increase thè satisfaction level of customers and it will create a positive impact through word ofmouth. Keyword : Customer satisfaction, food quality, Service quality, physical environment off ood outlets .
Le genou de Lucy. Odile Jacob. 1999. Coppens Y. Pré-textes. L’homme préhistorique en morceaux. Eds Odile Jacob. 2011. Costentin J., Delaveau P. Café, thé, chocolat, les bons effets sur le cerveau et pour le corps. Editions Odile Jacob. 2010. Crawford M., Marsh D. The driving force : food in human evolution and the future.
