Proceedings of 7th Asia-Pacific Business Research Conference
25 - 26 August 2014, Bayview Hotel, Singapore ISBN: 978-1-922069-58-0
The Impact of Profitability Ratios, Market Ratios and Leverage Ratio
toward Stock Return of LQ45 during 2004-2013
Dhika Febrianov* and Anggoro Budi Nugroho**
Gaining the return is the first reason by investors to invest their money.
Before investing their money, investors will need some information as the
consideration to invest in stock market. One of way to analyze the stock
performance is by using fundamental analysis. Fundamental analysis is
used to analyze the strength or the weakness of company financial
performance. It can be analyzed by calculating the company year-to-year
financial ratio. So, by looking the financial ratio, investor can analyze the
performance and firm financial condition as the consideration to invest
In this research, there will be explanation about the impact of Return on
Assets (ROA), Earning per Share (EPS), Price to Earning Ratio (PER),
Price to Book Value (PBV) and Debt to Equity Ratio (DER) toward stock
return of issuers that listed in LQ45 for period of 2004-2013. LQ45 is
chosen because it has high liquidity of stocks, good financial performance
and are expected to provide a high return. Sample of this research are
issuers that consistently listed in LQ45 during 2004-2013. Based on those
criteria, there are seven companies that become the sample of this
research.
The result of this research shown that Earning Per Share (EPS) and Pricebook Value (PBV) have positive and significant effect toward stock return
with level of significance of 5%. Then, Price-earning Ratio (PER) has
negative and significant effect toward stock return. Return on Asset (ROA)
and Debt-equity Ratio (DER) does not significantly impact the return of
LQ45 for the period 2004-2013. The result of F-test also shows that three
of independent variables from the regression model (EPS, PER and PBV)
simultaneously impact the stock return.
Keywords: LQ45, return, profitability, market, leverage, ratio, regression.
1. Introduction
Stock market is being an interesting investment media for investor to invest. According to
director of development of Jakarta Composite Index on jurnas.com, investors also have
high expectations with the profile of Indonesia in the future. Factors that lead to positive
perceptions because Indonesia is considered have stable economic growth, GDP
continues to rise, the fourth largest population in the world, Indonesia is one of the G20
member countries, etc. McKinsey survey also predicted that Indonesia would be the
seventh largest economy in the world by 2030.
One of way to analyze the stock performance is by using fundamental analysis.
Fundamental analysis is used to analyze the strength or the weakness of company
financial performance. Empirical research suggests that financial ratios have a significant
effect on stock returns. But, there was any phenomenal gap between empirical
researches, because the conclusions generated in each study is using different data and
year-of-observation.
*Dhika Febrianov, School Of Business & Management Institute Technology Bandung,
Indonesia. Email: dhika@sbm-itb.ac.id
**Anggoro Budi Nugroho, MBA, Lecturer of School of Business and Management, Institut Teknologi Bandung,
Indonesia. Email: anggoro@sbm-itb.ac.id
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Proceedings of 7th Asia-Pacific Business Research Conference
25 - 26 August 2014, Bayview Hotel, Singapore ISBN: 978-1-922069-58-0
Therefore, to determine the effect of the ratio of shares Stock return, the research about
effect of financial ratio toward Stock return conducted. In this study, the data used is
stocks in LQ-45 Index because it has high liquidity and good financial performance.
2. Literature Review
2.1 LQ45 Index
According to Indonesia Stock Exchange (IDX), LQ45 index is a market capitalizationweighted index that captures the performance of 45 most liquid companies listed on the
Indonesia Stock Exchange (the “IDX”). The LQ45 Index covers at least 70% of the stock
market capitalization and transaction values in the Indonesia Stock Market. The Index is
denominated in Indonesia rupiah (“IDR”) and is published throughout the trading hours of
the IDX.
2.2 Hypothesis
2.2.1. Return on Assets (ROA)
H0: ROA does not significantly affect the stock return
H1: ROA significantly affects the stock return.
2.2.2. Earning Per Share (EPS)
H0: EPS does not significantly affect the stock return.
H3: EPS significantly affects the stock return.
2.2.3. Price Earning Ratio (PER)
H0: PER does not significantly affect the stock return.
H4: PER significantly affects the stock return.
2.2.4. Price to Book Value (PBV)
H0: PBV does not significantly affect the stock return.
H5: PBV significantly affects the stock return.
2.2.5. Debt to Equity Ratio (DER)
H0: DER does not significantly affect the stock return.
H5: DER significantly affects the stock return.
2.3 Ratios Definition
2.3.1 Return On Assets
Gitman (2012:82) stated that return on common assets (ROA) measures the return earned
on the common stockholders’ investment in the firm. According to Ross, Westerfield and
Jaffe (2010:55), this ratio is used to measure of company performance. ROA is usually
measured as:
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Proceedings of 7th Asia-Pacific Business Research Conference
25 - 26 August 2014, Bayview Hotel, Singapore ISBN: 978-1-922069-58-0
Bodie (2014: 477) also stated that higher ROA should be better ROE measures
effectiveness of management in generating profit with its assets and should be better able
to raise money in security markets because they offer prospects for better returns on the
firm’s investments.
2.3.2 Earning Per Share
Fabozzi (2011:20) explain that earning per share is earning available for common
shareholders, divided by the number of common share outstanding. This ratio indicates
each shares portion of how much is earned by the company given accounting period and
shows net profit obtained by company to each share. EPS usually measured as:
According to Gitman (2010:81), earning per share (EPS) is considered as an
important indicator of corporate success and is watched by investing public.
2.3.3 Price Earning Ratio
According to Little (2014), price-earning ratio looks at the relationship between the stock
price and the company’s earnings. The P/E gives an idea of what the market is willing to
pay for the company’s earnings. Gitman (2010:82) also stated that market ratio is
measured to know the amount that investors are willing to pay for each value of money of
a earning that is generated by a firm. The level of this ratio indicates the degree of
confidence that investors have in the firm’s future performance. The formula of PER is:
The higher the P/E indicates more the market is willing to pay for the company’s earnings.
Some investors read a high P/E as an overpriced stock and that may be the case,
however it can also indicate the market has high hopes for this stock’s future and has bid
up the price.
2.3.4 Price-Book Value Ratio
Peavler (2014) stated that the market to book financial ratio or the price to book ratio,
measures to know the market value of a company relative to company’s book or
accounting value. The market to book ratio is used by security analysts to determine if a
stock is undervalued or overvalued. The price is expected to rise if the price is
undervalued. The price is expected to fall if it is overvalued. The formula of PBV/MBV ratio
is:
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Proceedings of 7th Asia-Pacific Business Research Conference
25 - 26 August 2014, Bayview Hotel, Singapore ISBN: 978-1-922069-58-0
High PBV indicates if the firm has high value by investors and it also increasing the firm’s
share price on stock market.
2.3.5 Debt-equity Ratio (DER)
Debt-equity ratio is a leverage ratio that measures the total of firm’s debt financed to firm’s
equity. According to Ross (2010), the formula for Debt-equity Ratio is:
3. The Methodology
3.1 Data Collection
3.1.2 Types of Data
Type of data in this research is quantitative data. Quantitative data is a numeric data.
According to the data type, quantitative data can be processed or analysed by using
mathematics calculation technique or statistics. Used data for this research is secondary
data, where the data is obtained or collected by author is derived from existing sources.
(Suryana:2010).
3.1.3 Sources of Data
Sources of the data in this research is obtained from yearly report and financial report of
companies that listed in Jakarta Composite Index (JCI), where all of data that needed in
this research is obtained by Indonesia Stock Exchange’s website (www.idx.co.id), IDX
Office (Veteran 10, Bandung), ICMD, Yahoo! Finance and www.sahamok.com.
Used data in calculating of variables for this research are:
1. List of companies that listed in LQ-45 for period of 2004-2013 which obtained from
www.idx.co.id
2. Historical data of stock for each company that obtained from Yahoo! Finance.
3. Yearly report and financial report during 2004-2013 that obtained from IDX.
4. Company financial ratio that obtained from ICMD 2005-2013.
5. Interest rate and exchange rate that obtained from www.bps.go.id and
www.data.worldbank.org
6. List of 7 companies that listed consistently during 2004-2013 from idx.co.id by using
Ms.Excel.
Population in this research is listed companies in LQ-45. For the sampling technique,
author is using purposive sampling method, where the sampling is using some criteria that
used by author. Used criteria in this research are:
1. Listed on LQ-45.
2. Actively traded in LQ-45 during 2004-2013 or twenty times in a row, because LQ45
published twice per year.
3. Not a banking company, because it has different financial ratio.
4. Never suspended by Indonesia Stock Exchange.
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Proceedings of 7th Asia-Pacific Business Research Conference
25 - 26 August 2014, Bayview Hotel, Singapore ISBN: 978-1-922069-58-0
5. Have the yearly report and financial report during 2004-2013.
Based on these criteria, so the author can selected 8 companies from 45 companies that
is used as the sample in this research. List of used companies in this research can be
seen on Table 3.2 below:
Table 3.2 List of Sample
NO
1
2
3
4
5
6
7
LISTS OF COMPANY
CODE
PT Astra Agro Lestari Ltd
AALI
PT Astra International Ltd
ASII
PT Vale Indonesia Ltd
INCO
PT Indofood Sukses Makmur Ltd INDF
PT Tambang Bukit Asam Ltd
PTBA
PT Telekomunikasi Indonesia Ltd TLKM
PT United Tractor Ltd
UNTR
4. The Findings
4.1 Regression Analysis
This research is using multiple regression analysis. This regression analysis purpose is to
analyse the impact of profitability ratios, market ratios and leverage ratio toward stock
return. This research is using panel data, where the data is the combination between time
series data and cross section data. In panel data, there are three methods are used as
approach to regression model in panel data:
1. Pooled Least Square
Pooled Least Square method is combining the time series data and cross section
data to estimate regression by using Ordinary Least Square and it assumes the
data behaviour is similar for some period.
2. Fixed Effect Method
Fixed effect method is a regression model that use dummy variable to detect the
intercept differences. It assumes the slope of coefficient regression between cross
section and time series is different.
3. Random Effect Method
Random effect method is including differences of parameter between cross section
and time series to error.
In order to know the best model that will be used in regression, Hausman test are tools to
determine best panel data model that will be used.
4.1.2 Hausman Test
Hausman test is a test that aims to choose the best model in panel data by using eviews
software. This test aims to choose the best regression model between Fixed Effect Model
and Random Effect. In this test, the used hypothesis’ are:
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Proceedings of 7th Asia-Pacific Business Research Conference
25 - 26 August 2014, Bayview Hotel, Singapore ISBN: 978-1-922069-58-0
H 0 : use random effect model
H 1 : use fixed effect model
If the value of probability is smaller than 0.05, H0 can be rejected and H1 is accepted, but
if the probability is bigger than 0.05, it means that H0 can be accepted and H1 can be
rejected.
This table below is the result of Hausman Test:
Table 4.1.2 Hausman Test
Test Summary
Cross-section random
Chi-Sq.
Statistic
Chi-Sq. d.f.
Prob.
4.481906
5
0.4823
From the table above, known if the value of probability is 0.4823. This value is bigger than
0.05, it means that the best model that used in this panel data is random effect model.
The result of software Eviews to analyze random effect regression can be seen on the
table below:
Table 4.1 Multiple Regression Analysis Table
Variable
Coefficient
T-Statistics
Probability
Constant -0.000094600
-0.101552
0.9194
ROA
-0.007428000
-1.519461
0.1336
EPS
0.000000471
2.244347*
0.0283*
PER
-0.000025200
-2.035333**
0.0460**
PBV
0.000600000
3.848345*
0.0003*
DER
0.000025500
0.053936
0.9572
Then, the result from table above is inserted to the multiple linier regression equation and
the obtained multiple regression equation is:
Y = -0.0000946 -0.007428ROA+0.000000471EPS-0.0000252PER+0.000600PBV+
0.0000255DER + e
Note: * positive, significant level at 0.05
** negative, significant level at 0.05
4.2
The impact of ROA (X1), EPS (X2), PER (X3), PBV (X4), DER (X5)
toward Return (Y)
4.2.1 Relationship Between ROA and Stock Return
Return on Asset (ROA) does not significantly affect the stock return of LQ45. From the
partial test (t-test), the value of t-statistics (-0.101552) indicates if ROA has negative
relationship toward stock return. T-statistics (-0.101552) is bigger than t table (1.990), it
means the ROA does not significantly affect the stock return.
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Proceedings of 7th Asia-Pacific Business Research Conference
25 - 26 August 2014, Bayview Hotel, Singapore ISBN: 978-1-922069-58-0
4.2.2 Relationship Between EPS and Stock Return
EPS has positive relationship with stock return in this research and significantly affect the
stock return. Because t calculation (2.44347) > t table (1,990), it means H1 can be
accepted. So, it can be concluded if EPS positive significantly affect the return (Y).
Based on the regression equation, he value of EPS is positive with value of 0.000000471,
it means if EPS is increasing by 1, the stock return will increase by 0.000000471 with the
assumption that the other independent variables are fixed.
4.2.3 Relationship Between PER and Stock Return
PER has negative relationship with stock return in this research and significantly affect the
stock return. Because t calculation (-2.035333) < -t table (-1,990), it means H1 can be
accepted. So, it can be concluded if PER significantly affect the return.
Based on the regression equation, the value of PER is negative with value of 0.0000252, it
means if the PER is increasing by 1, the stock return will decrease by 0.0000252 with the
assumption that the other independent variables are fixed.
4.2.4 Relationship Between PBV and Stock Return
PBV has positive relationship with stock return in this research and significantly affect the
stock return. Because t calculation (3.848345) > t table (1,990), it means H1 can be
accepted. So, it can be concluded if PBV significantly affect the return.Based on the
regression equation, the value of PBV is 0,000600, it means if EPS value is increasing by
1, the stock return will increase by 0,000600 with the assumption that the other
independent variables are fixed.
4.2.5 Relationship Between DER and Stock Return
DER has positive relationship and does not significantly affect the stock return. Because t
calculation (0.053936) < t table (1,990), it means H0 can be accepted. So, it can be
concluded if DER does not significantly affect the return.
Based on the regression equation, the value of DER is 0,0000255, it means if DER value
is increasing by 1, the stock return will increase by 0,0000255 with the assumption that the
other independent variables are fixed.
4.3
Compound Annual Growth Rate
Compound Annual Growth Rate (CAGR) is used to measure the year-over year rate of an
investment over a specified period. It is an imaginary of rate at an investment would have
grown if it grew at steady rate and it is not an actual return in reality. So, by using CAGR
the author can get more specific which company that has relationship to the positive and
significant variables of the research’s results.
The used formula for CAGR is:
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Proceedings of 7th Asia-Pacific Business Research Conference
25 - 26 August 2014, Bayview Hotel, Singapore ISBN: 978-1-922069-58-0
(
(
)
)
Table 4.3 Compound Annual Growth Rate
CAGR
ROA
EPS
PER
PBV
AALI
-6.68%
9.41%
20.47%
6.78%
ASII
-3.08% -10.75%
8.78%
1.88%
INCO -22.94% -35.57% 22.79% -0.82%
INDF
6.86%
24.39%
1.38%
-1.88%
PTBA
-1.14%
16.73%
6.93%
6.91%
TLKM
4.27%
-8.19%
-0.85% -5.16%
UNTR -7.10%
14.40%
11.53%
0.00%
DER
-2.91%
-1.61%
-2.11%
-9.29%
3.32%
-9.07%
-6.98%
Based on the research analysis results, known if PBV and EPS has positive relationship
and significantly affect the stock return. PT. Tambang Batubara Bukit Asam Ltd. (PTBA),
PT.Astra Agro Lestari Ltd. (AALI) and PT. Astra Agro Lestari Ltd. (ASII) have the largest
CAGR of PBV. Then, the companies that have the largest CAGR of EPS are PT. Indofood
Sukses Makmur Ltd. (INDF), PT. Tambang Batubara Bukit Asam Ltd. (PTBA), PT.United
Tractors Ltd. (UNTR) and PT.Astra Agro Lestari Ltd. At final, the companies that have the
highest CAGR of PBV and EPS are PT. Tambang Batubara Bukit Asam Ltd. (PTBA),
PT.Astra Agro Lestari Ltd. (AALI) and PT. United Tractor (UNTR)
5. Conclusions
There are many conclusions resulted from this research:
1. Return on Asset (ROA) does not significantly affect the stock return of LQ45. From
the partial test (t-test), the value of t-statistics (-0.101552) indicates if ROA has
negative relationship toward stock return. T-statistics (-0.101552) is bigger than t
table (1.990), it means the ROA does not significantly affect the stock return.
2. EPS has positive relationship with stock return in this research and significantly
affect the stock return. Because t calculation (2.44347) > t table (1,990), it means
H1 can be accepted. So, it can be concluded if EPS positive significantly affect the
return (Y).
3. PER has negative relationship with stock return in this research and significantly
affect the stock return. Because t calculation (-2.035333) < -t table (-1,990), it
means H1 can be accepted. So, it can be concluded if PER significantly affect the
return.
4. PBV has positive relationship with stock return in this research and significantly
affect the stock return. Because t calculation (3.848345) > t table (1,990), it means
H1 can be accepted. So, it can be concluded if PBV significantly affect the return.
5. DER has positive relationship and does not significantly affect the stock return.
Because t calculation (0.053936) < t table (1,990), it means H0 can be accepted.
So, it can be concluded if DER does not significantly affect the return.
6. ROA, EPS, PER, PBV and DER simultaneously affect the stock return by
significance level of 5%.
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7. There are three companies that have the highest CAGR of PBV and EPS: PT. Astra
Agro Lestari Ltd. (AALI),) and PT. Tambang Batubara Bukit Asam Ltd. (PTBA) an
PT. United Tractor Ltd. (UNTR).
References
Ross, Stephen A., Randolph W. Westerfield & Jeffrey Jaffe, 2010, Corporate Finance,
New York: McGraw-Hill.
Gitman, Lawrence J & Zutter, Chad J, 2010, Principles of Managerial Finance, Boston:
Prentice Hall.
Van Horne, James C & Wachowicz, John M, 2008, Fundamentals of Financial
Management, London: Prentice Hall.
Gujarati, Damodar N., 2004, Basic Econometrics, McGraw-Hill.
Fabozzi, Frank J. & Pamela Peterson Drake, 2009, Finance: Capital Markets, Financial
Management, and Investment Management, Canada: John Wiley & Sons.
Prihantini, Ratna, 2009, Analisis Pengaruh Inflasi, Nilai Tukar, ROA, DER, dan CR
Terhadap Return Saham, retrieved from www.eprints.undip.ac.id.
Nurdina, Iffa, 2014, Analisis Pengaruh Faktor Fundamental Terhadap Beta Saham,
retrieved from www.eprints.undip.ac.id.
Hagaina Bukit, Inka Natasya, 2012, The Effect of Price to Book Value (PBV), Divident
Payout Ratio (DER), Return On Equity (ROE), Return On Asset (ROA) and Earning Per
Share (EPS) toward Stock Return of LQ 45 for The Period of 2006-2011, retrieved from
www.sibresearch.org.
Miranti, Nuza, 2012, The Influence of Debt Equity Ratio, Market Capitalization and
Turnover Ratio in Listed Companies in Jakarta Islamic Index Period of 2005-2010,
retrieved from www.staff.ui.ac.id
Dewiyanti, Emily, 2013, The Relationship between Profitability Ratios and Stock Return in
The Consumer Goods Sector in Indonesia Stock Exchange (2004-2012), retrieved from
www.library.sbm.itb.ac.id.
Novitasari, Ryan, 2013, Analisis Pengaruh Fundamental terhadap Return Saham (Studi
pada perusahaan LQ45 tahun 2009-2012), retrieved from www.eprints.undip.ac.id
Hernendiastoro, Andre, 2005, Pengaruh Kinerja Perusahaan dan Kondisi Ekonomi
Terhadap Return Saham dengan Metode Intervalling (Studi Kasus pada saham LQ45),
retrieved from www.eprints.undip.ac.id.
ECFIN, (2005), Indonesian Capital Market Directory 2004.
ECFIN, (2006), Indonesian Capital Market Directory 2005.
ECFIN, (2007), Indonesian Capital Market Directory 2006.
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Proceedings of 7th Asia-Pacific Business Research Conference
25 - 26 August 2014, Bayview Hotel, Singapore ISBN: 978-1-922069-58-0
ECFIN, (2008), Indonesian Capital Market Directory 2007.
ECFIN, (2009), Indonesian Capital Market Directory 2008.
ECFIN, (2010), Indonesian Capital Market Directory 2009.
ECFIN, (2011), Indonesian Capital Market Directory 2010.
ECFIN, (2012), Indonesian Capital Market Directory 2011.
ECFIN, (2013), Indonesian Capital Market Directory 2012.
Appendix
Hausman Test
Correlated Random Effects - Hausman Test
Equation: Untitled
Test cross-section random effects
Test Summary
Cross-section random
Chi-Sq.
Statistic
Chi-Sq. d.f.
Prob.
4.481906
5
0.4823
Regression Result
Dependent Variable: RETURN
Method: Panel EGLS (Cross-section random effects)
Date: 08/12/14 Time: 21:13
Sample: 2004 2013
Periods included: 10
Cross-sections included: 7
Total panel (balanced) observations: 70
Swamy and Arora estimator of component variances
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
ROA
EPS
PER
PBV
DER
-9.46E-05
-0.007428
4.71E-07
-2.52E-05
0.000600
2.55E-05
0.000931
0.004889
2.10E-07
1.24E-05
0.000156
0.000473
-0.101552
-1.519461
2.244347
-2.035333
3.848345
0.053936
0.9194
0.1336
0.0283
0.0460
0.0003
0.9572
Effects Specification
S.D.
Cross-section random
Idiosyncratic random
0.000000
0.001990
Rho
0.0000
1.0000
Weighted Statistics
R-squared
Adjusted R-squared
0.261929
0.204267
Mean dependent var
S.D. dependent var
0.001023
0.002204
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S.E. of regression
F-statistic
Prob(F-statistic)
0.001966
4.542497
0.001317
Sum squared resid
Durbin-Watson stat
0.000247
1.990624
Unweighted Statistics
R-squared
Sum squared resid
0.261929
0.000247
Mean dependent var
Durbin-Watson stat
0.001023
1.990624
DATA
CODE
AALI
ASII
INCO
INDF
YEAR
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2004
2005
2006
2007
2008
2009
2010
2011
ROA
0.2367
0.2476
0.2251
0.3687
0.4035
0.2294
0.2393
0.2448
0.2029
0.1271
0.1381
0.0892
0.0641
0.1026
0.1138
0.1399
0.1507
0.1373
0.1248
0.1042
0.1763
0.1623
0.2418
0.6216
0.1949
0.0836
0.1997
0.1378
EPS
509
502
500
1253
1671
1098.37
1280.7
1527.59
1530.57
1143.93
1335
1348
917
1610
2271
3073.84
3548.6
4393.14
479.73
479.63
2496
2652
4666
10663
395
187
481
367
2012
0.0269
12
2013
2004
2005
2006
2007
0.0169
0.0241
0.0084
0.0406
0.0332
47.73
40
13
70
104
PER
6.09
9.76
25.2
22.34
5.87
21.53
20.46
13.68
12.64
32.54
7.19
7.57
17.12
16.95
4.65
14.83
15.37
14.03
13.7
15.33
5.67
4.96
6.64
9.03
4.88
19.48
10.14
8.72
204.3
2
35.97
19.98
69.3
19.28
24.81
PBV
2.36
2.94
7.22
10.86
2.99
5.82
5.72
4.06
3.31
4.26
2.36
2.02
2.84
4.1
1.29
3.69
4.48
3.95
3.43
2.79
1.4
1.04
2.03
7.64
1.15
2.1
2.64
1.64
DER
0.6
0.19
0.24
0.28
0.23
0.24
0.19
0.21
0.33
0.46
1.18
1.81
1.41
1.17
1.21
1.02
1.1
1.02
1.03
1.02
0.4
0.29
0.26
0.36
0.21
0.29
0.3
0.37
RETURN
0.00239874
0.002027717
0.003836216
0.003387788
-0.003076352
0.003221475
0.000510593
-0.000625386
-0.000379378
0.001403959
0.002726804
0.000424356
0.001850203
0.002263266
-0.002618858
0.004643837
0.002018134
0.001511481
-0.0039194
-0.000248412
0.000908925
0.000763458
0.004072641
0.005597939
-0.005219388
0.002745446
0.001145899
-0.001121035
7.45
0.36
-0.001921944
1.3
1.78
1.99
2.53
3.41
0.33
2.5
2.33
2.1
2.62
0.000395346
0.00018861
0.000640509
0.001566641
0.002778983
11
Proceedings of 7th Asia-Pacific Business Research Conference
25 - 26 August 2014, Bayview Hotel, Singapore ISBN: 978-1-922069-58-0
PTBA
TLKM
UNTR
2008
2009
2010
2011
2012
2013
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2004
2005
2006
2007
2008
2009
2010
2011
2012
0.0098
0.0707
0.0832
0.0913
0.0806
0.0438
0.176
0.1645
0.1563
0.1935
0.2796
0.3378
0.2292
0.2684
0.2286
0.1588
0.1089
0.1286
0.1465
0.1567
0.1164
0.1638
0.1591
0.1501
0.1649
0.1586
0.1624
0.0988
0.0827
0.1148
0.1165
0.1577
0.1305
0.127
0.1144
118
236.42
336.3
350.46
371.41
285.16
197
203
211
330
741
1184.54
871.86
1339.26
1258.66
792.55
304
397
547
644
527
792.47
572.27
543.9
637.4
140.92
386
369
326
524
800
1157.15
1164.13
1581.96
1549.45
7.89
14.84
14.5
8.05
10.54
22.61
7.75
8.88
16.72
36.37
9.31
13.38
26.32
12.95
15.33
14.17
15.87
14.88
18.46
15.76
14.05
15.36
13.89
9.18
9.92
14.7
5.89
9.96
20.08
20.82
5.5
13.05
20.44
16.76
12.54
0.96
3.23
2.55
1.28
1.5
1.5
1.93
2.02
3.54
9.88
3.98
7.42
8.31
4.9
4.09
3.52
4.8
5.11
7.25
6.06
4.35
5.08
3.61
2.33
2.72
2.98
2.09
2.55
4.07
5.42
1.32
3.85
4.91
3.57
2.27
3.11
2.68
1.34
0.7
0.74
1.04
0.41
0.38
0.35
0.4
0.51
0.38
0.36
0.41
0.5
0.55
1.53
1.4
1.39
1.16
1.38
1.28
0.98
0.69
0.66
0.65
1.17
1.58
1.44
1.26
1.05
0.74
0.84
0.69
0.56
2013
0.0837
1295.85
15.73
2.09
0.61
-0.003496763
0.005498298
0.001321357
-0.00004238
0.000929788
0.000675228
0.002434058
0.000855483
0.002977151
0.005255314
-0.000676658
0.003866574
0.001277161
-0.001057086
-0.000893314
-0.001394863
0.001310851
0.000915997
0.0022586
0.000289623
-0.001070703
0.001314658
-0.000532326
0.000062297
0.001173437
0.000734301
0.002702567
0.002132403
0.00251823
0.002167298
-0.002133855
0.005242923
0.001737207
0.000631244
-0.001276191
0.0000041272
7
12