Article Per Year (5 Year)
p-Index From 2020 - 2025
0
P-Index
This Author published in this journals
All Journal BISNIS & BIROKRASI: Jurnal Ilmu Administrasi dan Organisasi
Namira, Fitri
Unknown Affiliation
Economics, Econometrics & Finance Social Sciences

Published : 1 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 1 Documents
Search

 1 
Effect of Enterprise Multiple on Stock Return Non-Financial Companies in Indonesian Stock Exchange Namira, Fitri; Nugroho, Bernardus Yuliarto
BISNIS & BIROKRASI: Jurnal Ilmu Administrasi dan Organisasi Vol. 23, No. 2
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Enterprise Multiple is widely used by practitioners as a valuation measure (Loughran & Wellman, 2011). Furthermore, one component used in the calculation of enterprise multiple (EV/EBITDA) is the use of operating income before depreciation data as income variables. The data is accurate and difficult to manipulate (not even) in measuring the profitability of a company over net income. This study aims to analyse the influence of enterprise multiple on stock return towards non-financial companies listed in the Indonesian Stock Exchange from 2006-2015. The dependent variable used is stock return. The independent variable used is enterprise multiple which is proxied with EV / EBITDA. Enterprise Value (EV) is (value of equity + debt + preferred stock - cash). While EBITDA are Earnings Before Interest, Tax, Depreciation and Amortisation. This research takes the form of a quantitative research by using panel data regression test. The results show that firms with a low enterprise multiple values, have a higher stock return than firms with high enterprise multiple values. In addition, the portfolio established under enterprise multiple values (low minus high portfolios) in the Carhart 4 Factor Model is robust on non-financial companies listed on the Indonesia Stock Exchange 2006-2015 period.
Co-Authors Bernardus Yuliarto Nugroho