Analisis Faktor-faktor yang Mempengaruhi Present Value of Growth Opportunity Saham yang Terdaftar Di Dalam Indeks LQ45

Abstract

The formulation of this research problems comprehen the facts that influences Present Value of Growth Opportunity (PVGO) at the companies that listed at LQ45 Index. The purpose of this research analyze what the influences of Return on Asset (ROA), Plowback Ratio, and Debt to Equity Ratio (DER) to PVGO. In this research data is used for 18 selected companies through the purposive sampling technique by the criterion (1) The Company whose stock listed in LQ45 Index at 2007 – 2008. (2) The Companies that the constantly survive at 2007 – 2010. In this research that the analyze datas by using Ordinary Least Square models and Fixed Effect (FEM) which is assessed in this research, because this model has the intercept of the equation unconstantly or any differences for individually. Before analyzing the test data is done, firstly by stationarity test and test of redundant fixed effects-likelihood ratio to get the stationarity of data and get the data whether the fixed effect method is suitable for use in this study, further data processing is accomplished using the Eviews 6. The result of this study is ROA, Plowback Ratio, and DER has a significant effection the variable PVGO at 95% confidence level in simultanously and partial. Beside the coefficient of getting the datas indicate the variable ROA, Plowback Ratio, and DERis only able to explain the variable PVGO of 59,16%.