<![CDATA[ABSTRAKS  Hasil uji hipotesis yang dilakukan diperoleh hasil bahwa variabel-variabel bebas dividend payout ratio, return on equity, earning growth dan financial leverage secara bersama-sama maupun secara parsial mampu menjelaskan pengaruhnya terhadap price earning ratio dengan R 2 sebesar 57,9%. Sedangkan sisanya 42,1% dipengaruhi oleh faktor-faktor lain, misalnya kebijakan pemerintah, tingkat pertumbuhan penjualan, pertumbuhan laba ataupun tingkat bunga. Dengan uji parsial antara variabel-variabel bebas dengan variabel tergantung diperoleh sumbangan R2 yang terbesar pada variabel financial leverage. Hal ini disebabkan karena selama krisis perusahaan lebih tinggi tingkat leveragenya. Dalam pengujian kewajaran harga saham diperoleh hasil bahwa harga saham lebih bersifat undervalued daripada bersifat wajar. ABSTRACT  Results of hypothesis test shows that independent variables, such as dividend payout ratio, return on equity, earning growth, and financial leverage, collectively and partially able to explain the effect to price earning ratio, by R2 as much as 57,9 %. The rest of 42,1% come from other factors, including government policies, level of sales development, profit growth or interests rate. F test has been defined, it is then said as significant and, therefore, first hypothesis is proved. Result of partial test on independent and dependent variables indicates that the highest R2 is resulted from financial leverage variable. This is because condition that during crisis, companies get higher leverage.In fittingness test the companies’ shares tend to be undervalued.]]>
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