Soenarto Soenarto


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
Key words : Investment Opportunity Set (IOS)

Full Text:



Fijrijanti, Tettet, dan Jogiyanto Hartono M. 2000. Analisis Korelasi Pokok IOS Dengan

Realisasi Pertumbuhan, Kebijakan Pendanaan dan Deviden. Simposium Nasional

Akuntansi III . Jakarta.

Gaver, Jennifer J., & Kenneth M.Gaver. 1993. Additional Evidence on The Association

between the Investment Opportunity Set and Corporate Financing, dividend, and

Compensation Policies. Journal of Accounting and Economics. 16.


Hartono, Jogiyanto. 2003. Teori Portofolio dan Analisis Investasi. Edisi Ketiga.

Yogyakarta: BPFE.

Husnan, Suad. 2001. Dasar-dasar Teori Portofolio dan Analisis Sekuritas. Edisi Kedua.

AMP, YKPN. Yogyakarta.

IAI.2004. “Kerangka Dasar Penyusunan dan Penyajian Laporan Keuangan” Pernyataan

Standar Akuntansi Keuangan. Jakarta : Penerbit Salemba.

Keown J, Arthur, David F. Scott Jr, John D Martin dan J. William Petty. 1996.Dasar-

Dasar Manajemen Keuangan. Buku Dua. Jakarta: Salemba Empat.

di Publikasikan pada Kampus UMAHA