Fakultas Ekonomi - Doktor Ilmu Manajemen, JOBMAN Vol. 1 No. 1, Januari 2014 (Views: 1383)

THE EFFECT OF ECONOMIC VALUE ADDED (EVA), EPS, ROE, OCF TO THE DIVIDEND PAYOUT RATIO AND ITS IMPLICATIONS ON THE COMPANY'S STOCK PRICE CONSUMER GOODS ON THE INDONESIA STOCK EXCHANGE

Lestari Ambarini

ABSTRAK

This study aims to find empirical evidence and examine the effect of EVA, EPS, ROE, OCF partially and simultaneously to the DPR, Finding empirical evidence and examine the influence of EVA, EPS, ROE, OCF, DPR partially and simultaneously to the stock price consumer goods company's on the Indonesia Stock Exchange. The research method used Fixed Effect Model, data comes from the companys annual financial statements of concumer goods on Indonesia Stock Exchange during 2005-2009, published in the Indonesian Capital Market Directory. Based on t test results found that the partial and simultaneous EVA, EPS, ROE, OCF significant effect to the DPR ,β EVA = 0.0008, β EPS=0.0005, β OCF 0.0034, R squared =0.871 Partially EVA, OCF, DPR have a significant to the stock prices, β EVA =-0.4389, β OCF =0.9112, β DPR = -0.4508. EPS (β = -0,0135), ROE( β = 0,0116) were not significant to the stock price. Simultaneously EVA, EPS, ROE, OCF,DPR have a significant to the stock prices by the R squared = 0.8602. This study supports the results of research Worthington & West (2004) or Lehn & Makhija (1997), but different direction, because behavior of investors in Indonesia during the study more aggressive towards its fundamental elements thus tend to go public when the market is bearish and holding the stock when the market is bullish. Limitations of this study is the source of data from one type of stock and derived from years of research that not all of stable.

Kata kunci: Economic Value Added, Earning Per Share

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