ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI PER ANTARA SAHAM YANG TERCATAT DALAM INDEX SYARIAH DAN SAHAM BIASA (Studi pada Perusahaan Non Keuangan di Bursa Efek Indonesia 2006 -2008)
Abstract
Price Earning ratio (PER) shows how much investors are willing to pay per rupiah of
reported profit. Since a high PER shows that investor think that the firm has good growth opportunity,
so factors determining of PER become very important means to investors in making investment
decisions. This study examined the influence of current ratio, debt to equity ratio, return on equity,
net profit margin, dividend payout ratio, and inventory turn over on PER between stock listed in
syariah index and common stock of non financial companies in the Indonesia Stock Exchange (IDX).
Samples used in this study consisted on 38 companies listed in IDX and 10 of them listed in Jakarta
Islamic Index (JII). The data was analized using regression model and Chow test. The result showed
return on equity has negative influence on the join PER. This coefficient was contrary with the
expectation. This might due to the fact that the PER could increase because of decreasing of the profit
but not from the increasing of the stock price. Other result is a difference of the regression coefficient
between stock listed in syariah index and common stock.