PENGARUH GROWTH DAN LEVERAGE TERHADAP PRICE TO BOOK VALUE DALAM MEDIASI RETURN ON EQUITY DAN DIVIDEND PAYOUT RATIO

Abstract

This study aims to examine the influence of leverage and growth to price book
value, and test the mediation return on equity and dividend payout ratio in the causal
relationship. The study population was categorized as a company of Jakarta Islamic
Index listed on the Indonesia Stock Exchange in the period 2004-2009. Data collection
methods used is purposive sampling. Criteria on the sample used, the company must
have positive earnings per share and issued financial statements make it possible to
determine the variables of the study.
Testing of all hypotheses in this study using path analysis with Amos 16.0
package program. Furthermore, some important findings from this study can be stated
as follows: 1)growth does not significantly effect the price to book value, 2) leverage
has positive and significant effect on the price to book value, 3) return on equity and
dividend payout ratio to mediate the influence growth of the price to book value.
However, this study found no evidence that the return on equity mediates the effect of
leverage on price to book value.