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National Journals

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Pengaruh Operating Leverage, Financial Leverage, Total Asset Turnover dan Price Earning Ratio terhadap Beta Saham Perusahaan

ID : 1-153-10, ISSN : 0854-4190 , PUB: Vol 15 , Desember, 2008


This research uses manufacturing company data resouces during 2004 ? 2006 period which is registered in Jakarta Stock Exchange (JSX) that can be seen in Indonesian Capital Market Directory 2007. Independent variable comprises variable; degree of operating leverage (DOL), degree of financial laverage (DFL), Total asset turnover (TATO), price earning ratio (PER) and dependent variable is the beta of common stocks. There are 176 population of manufacturing companies, and there are 93 companies which are determined as samples. Data analysis uses double regression analysis and correlation program SPSS 13. The simultaneously tested hypotheses use The F-test and the partially ones use The t-test in significance level 5%. The results of the regression analysis indicate that there is influence among Variable DOL, DFL, TATO, and PER toward beta of common stocks is 0,10 or 10% and the rest is influenced by another variable about 0,90 or 90%. Partially, There are positive influences between DFL and beta of common stocks, while there are negative influences among DOL, TATO and PER toward beta of common stocks. The most dominant influences are -13,8% between DOL and beta of common stocks, however they are negative influences; it means that if DOL is increased beta company stock will decrease.


Keyword: Operating leverage, financial leverage, total asset turnover, price earning ratio, beta of common stocks.

Author: Mohammad Usman