Pengaruh Likuiditas, Laba, Kebijakan Hutang, dan Operating Leverage Terhadap Price To Book Value pada Perusahaan Real Estate dan Property yang Terdaftar di Bursa Efek Indonesia (BEI)

This study aims to analyze the influence of Liquidity, Earning, Debt Policy, and Operating Leverage, either partially or simultaneously, on Price to Book Value of real estate and property companies listed in Indonesia Stock Exchange. The design of the study used is associative causal. Population of this study consists of 42 real estate and property companies listed in Indonesia Stock Exchange during 2007-2009, with 33 companies taken as sample. Purposive sampling method is used for the sample selection. Data used in this study is secondary data in the form of financial statements of each sample, which is published in www.idx.co.id and Indonesia Capital Market Directory (ICMD). The analytical method used is multiple linear regression, after the classic assumption test has been done previously. Independent variables used are Current Ratio (CR), Operating Earning (OE), Debt to Asset Ratio (DAR), and Degree of Operating Leverage (DOL) with Price to Book Value (PBV) ratio as the dependent variable.The result shows that simultaneously Current Ratio, Operating Earning, Debt to Asset Ratio, and Degree of Operating Leverage have a significant influence on Price to Book Value ratio. Partially, only variables of Operating Earning and Debt to Asset Ratio have significant influence on Price to Book Value.