Analisis Faktor – Faktor yang Mempengaruhi Nilai
Perusahaan Manufaktur dengan ROA Sebagai
Variabel Intervening.
(Studi pada Perusahaan Manufaktur Food and
Beverages yang Listed di BEI tahun 2010-2012)
The value of the company is a factor to be considered by investors in
taking investment decisions. Research on the factors – factors that affect the value
of the companies researched by Sulistyawan (2005), and Hermawati (2011) where
still showing there are differences in the results of research. In addition, based on
existing data, there may be differences about the direction of the relationship of
factors that affect the value of the company. Therefore, there is still the need for
further research on factors – factors that affect the value of the company. This
study tested the effect of Sales growth (SG), Total Asset Turnover (TATO), Net
Profit Margin (NPM) against the Return on Asset (ROA) as well as the influence
of Return on Assets (ROA), Sales growth (SG) against Price Book Value (PBV)
on food and baverage manufacturing company that is listed on the Indonesia stock
exchange (idx) of the period 2010 – 2012.
The sample used in this study consisted of 20 food and baverage
manufacturing company that is listed on the Indonesia stock exchange (idx) of the
period 2010 – 2012. Sampling done by the method of purposive sampling. Data
obtained from Indonesian Capitan Market Directory (ICMD) and the Annual
Report of the company. Analytical techniques used is multiple regression analysis
and path analysis with the help of SEM programs.
The results showed that Sales growth (SG) negative effect of the Return on
Assets (ROA), as well as direct megative and significant effect on Price Book
Value (PBV). Total Asset Turnover (TATO) negative effect of the Return on
Assets (ROA). Net Profit Margin (NPM) a positive and significant effect of the
Return on Asset (ROA). Return on Asset (ROA) positive and significant effect of
the Price Book Value (PBV)
