REKAP ISI
JURNAL ILMIAH
UNTUK KAJIAN PENELITIAN YANG RELEVAN
NamaPengutip:
Rinny Viany (B11111060)S Hari/Tgl
Pengarsipan: 2 Oktober 2014
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No
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ASPEK JURNAL
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SUBSTANSI/ ISI JURNAL DIKUTIP
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1
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Judul /title:
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Determinants
of Price-Earnings Ratio: The
Case of Chemical Sector of Pakistan
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2
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Nama penulis :
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by Dr Talat Afza and Ms. Samya Tahir
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3
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Nama, edisi, halaman jurnal :
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HR MARS International Journal of
Academic Research in Business and Social Sciences,August 2012, Vol. 2, No.8
ISSN: 2222-6990
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Sumber/bentuk
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http/www.hrmars.com
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4
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Setting penelitian
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A. Tempat penelitian :
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Department
of Management Sciences, COMSATS Institute of
Information
Technology, Defence Road, Off Raiwind Road, Lahore, Pakistan,
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B. Waktu penelitian :
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-
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C.
Subyek penelitian :
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25
firms listed at
Karachi stock exchange
for the period
2005 to 2009
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5
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Kerangkapikir :
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·
Earnings
growth and dividend
payout ratio had a
significant positive relationship with
P/E ratio and interest
rate had a negative
relationship with P/E Ratio
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market price
and corporate size were the most significant determinants
of P/E ratios
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high
earnings lead to
increase in P/E ratios and the firms with high and
sustainable EPS growth rate
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6
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Metodologi penelitian
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A. Jenis/ pendekatan :
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Quantitative study
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B. Metode sampling :
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Purposive sampling
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C. Metode pengumpulan data
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by
using annual data of
25 firms listed at Karachi stock
exchange for
the
period 2005 to
2009.
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D. Metode analisis data :
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using Ordinary Least
Square (OLS) regression on pooled data for
the period 2005-2009, test of
normality of data
i.e.
Kolmogorov–Smirnov test (K–S
test) is applied
on response variable
i.e. P/E ratio, and
insignificant p-value implies that data
is normal
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7
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Teori yang digunakan :
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·
The relationship between
share prices and
fundamentals (e.g. firm
earnings, dividends and book-value
per share) has
always remained as the
focus area of interest for market analysts, fund managers
and investors. In this regard, the Price-to-earnings ratio
has gained enormous popularity
for evaluating individual stocks,
sectors and stock markets as potential
investments (Molodovsky 1953)
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A
number of studies have examined the determinants of P/E ratios
for the U.S
economy. Reilly et al.
(1983) examined a
time series relationship of
price-to-earnings ratio by using
multiple regression model
for quarterly standard & poor 500 data for the period of 1963 to
1980. Results showed that P/E
ratio increased with
an increase in
dividend payout, realized
earnings growth, and dividend
growth and decreased
with an increase
in business failure rate, risk-free return, inflation
and earnings volatility.
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8
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Hasil/temuan penelitian :
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·
Results
explain that P/E ratios of firms are positively associated with firm’s
earnings growth, payout ratio, market return, variability in market price
and growth opportunities, whereas,
negatively associated with leverage and size, which support the
expected relationships. The highest significant positive correlation is found
between dividend payout ratio and P/E ratio, indicating that high payout
ratio raises investor’s confidence to make investments in chemical sector
firms.
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Results show
that dividend payout
ratio, variability in market
price, growth opportunities and
size significantly explain
variations in Price-to-earnings
ratio. Dividend payout ratio demonstrates the highest explanatory power,
indicating that investors
are willing to
pay high for
those companies which
pay large dividends to their shareholders.
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Variability in market
price also shows significant
positive impact on P/E
ratio, implying that
investors prefer the
shares of those firms whose
market prices are highly variable in order to gain benefits of capital gains
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Size
of the firm depicts significant negative impact on P/E ratio, reflecting that
investors are more willing to invest in small firms
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Furthermore, estimated
results indicate positive effect
of earnings growth
and a negative effect
of leverage on
P/E ratio, supporting of Ramcharran
(2002), Jones (2000), and
Beaver and Morse
(1978). These results imply that
high leverage increases financial
distress cost resulting
into a lower
P/E ratio, whereas high earnings growth offset the risk
effect, and leads to an increase in investor’s confidence and thus the
price-to-earnings ratio.
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9
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Diskusi :
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Empirical
results using pooled data show that dividend
payout ratio, variability
in market price, growth
opportunities and size significantly explain variations in Price-to-earnings
ratio with dividend payout
ratio as the
most influential variable, indicating
that investors are willing
to pay high
for those companies
which pay high
dividends to their
shareholders. Investor’s confidence for making investment is high for
small firms with high growthopportunities. Similarly, investors prefer the
shares of those firms whose market prices are highly variable
in order to
gain benefits of
capital gains. Empirical
findings of time-series analysis
indicate that determinants of P/E ratio differ across years and affect the
investment decisions of investors.
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Current
paper by examining factors explaining variation in P/E ratios, facilitates
practitioners in identifying the significant factors that influence the
corporation’s P/E ratio of chemical sector, and helps in making investment
decisions for building their portfolios. Corporations therefore, should pay
high dividends to their shareholders in order to increase investor’s
confidence.
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10
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Saran
& rekomendasi
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A. Saran :
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-
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B. Rekomendasi :
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-
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