ANALISIS HUBUNGAN INVESTMENT OPPORTUNITY SET (IOS) BERDASARKAN NILAI PASAR DAN NILAI BUKU DENGAN REALISASI PERTUMBUHAN

Soenarto Soenarto

Abstract


The goal of this research is to prove empirically connection between IOS (Investment
Opportunity Set) and growth realization. IOS proxy that is used in this research is proxy based
on value that is market to book value of equity (MVEBVE). To prove IOS proxy validation, we
earlier prove empirically that is significantly different between market value and book value.
The selection of samples is done by purposive judgment sampling method. This sample
researches are 53 companies from 148 manufacture companies which are registered in
Indonesian Stock Exchange. The researcher use paired sample t-test as analytical test to try the
first hypothesis. Whereas to 2nd, 3rd, 4th and 5th IOS’ are correlated with growth realization
by use one-tailed percent correlation. Growth realization of company is proxies by growth of
assets, equity, sales and earnings.
The result of paired-sample t-test shows that there is significantly different between
market value and book value so that proportion ratio of market value and book value can be
used as IOS proxy that valid enough. Whereas the test result use one-tailed pearson correlation
with significant rate (ά) : 1% shows that there is significant positive correlation between IOS
and assets growth realization, equity and selling. For IOS correlation and earning growth
realization there is positive correlation but not significant. It is maybe caused by earning
assignment sample’s company for dividend is bigger than earning assignment for retained
earning.
Key words : Investment Opportunity Set (IOS)

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