Journal articles: 'Market to book ratio'

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Li, Larry, Adela McMurray, and Bo Liu. "The Functionality of Book-to-Market Ratio in Chinese Markets." International Research in Economics and Finance 2, no. 2 (August 8, 2018): 50. http://dx.doi.org/10.20849/iref.v2i2.514.

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We investigate the question whether the book to market ratio acts as a “risk-based” or “mispricing-based” proxy for share price formation in Chinese markets. We find that a strong relationship is observed between the firms’ book to market ratio and stock returns both in current and following years, while we cannot find a steady relationship between market leverage ratio and stock returns. In addition, the findings support the notion that a mispricing-based explanation is more plausible in China due to the speculative features of the Chinese markets.

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Sekar Prianintan, Puspa Indah Indah, Titi Rapini, Riawan Riawan, and Riawan Riawan. "Pengaruh Market Risk, Book To Market Ratio, dan Price Earning Ratio Terhadap Return Saham." ISOQUANT : Jurnal Ekonomi, Manajemen dan Akuntansi 6, no. 2 (November 1, 2022): 215–26. http://dx.doi.org/10.24269/iso.v6i2.1287.

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Perkembangan perekonomian di Indonesia saat ini sudah normal kembali bahkan sudah membaik dari tahun sebelumnya. Ekonomi di Indonesia sempat mengalami perosotan hal ini kemungkinan dikarenakan adanya wabah pandemi yang terjadi pada pertengahan bulan Maret tahun 2019 yang sering disebut dengan covid-19. Hal ini berdampak pada Perusahaan Property dan Real Estate yang dimana juga mengalami kenaikan dan penurunan yang tidak stabil. Para investor sangat mengharapkan saham yang ditanamkan memiliki return berupa keuntungan bukan kerugian tetapi hal ini tidak bisa dipungkiri bahwa para investor akan mendapatkan return saham berupa kerugian. Maka dari itu perlu dilakukan perhitungan untuk mengetahui tingkat nilai buku dan nilai pasar sehingga dalam perhitungan ini bisa menggunakan rumus PBV untuk mengetahui besar nilai buku dan nilai pasarnya sehingga melakukan perhitungan Book To Market Ratio untuk menghitung seberapa besar tingkat nilai buku dan pasar tersebut. Dalam berinvestasi juga perlu adanya pertimbangan untuk risiko pasar maka dari itu hal ini dapat di perhitungkan menggunakan Market Risk atau sering di sebut Beta Pasar dengan perhitungan CAPM. Tidak jarang juga dalam pertimbangan berinvestasi melakukan perhitungan dengan membandingkan harga saham dan earning perusahaannya dalam hal ini dapat dihitung menggunakan Price Earning Ratio.Kata Kunci: Market Risk, Book To Market Ratio, Price Earning Ratio, dan Return Saham.

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Han, Shi-Zhuan, Li Zhang, Guang-Yu Han, and Lei Wang. "The Three-factor Model and China’s Multiple Stock Markets." Journal of International Commerce, Economics and Policy 10, no. 03 (October 2019): 1950016. http://dx.doi.org/10.1142/s1793993319500169.

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This paper aims at discussing the applicability of the three-factor model in China’s multiple security markets. The monthly returns of Shenzhen Main Board Market, Shanghai Stock Market, GEM Securities Market and Small and Medium Board Securities Market from January 2012 to December 2016 are selected as samples. The following conclusions are drawn: the three-factor model is applicable in Shenzhen Main Board Market, that is, the change of stock return is proportional to market factor, book-to-market ratio factor, and inversely proportional to scale factor. Moreover, in terms of the explanatory power of the change of stock return, the market factor is the highest, the scale factor is the second, and the book-to-market ratio factor is the lowest. But in the other three markets, the two-factors model that excludes the ratio of book market value can explain the change of stock return better. In addition, the explanatory power of market factor is better than scale factor.

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Tharavanij, Piyapas. "Optimal Book-Value Debt Ratio." SAGE Open 11, no. 1 (January 2021): 215824402098578. http://dx.doi.org/10.1177/2158244020985788.

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When a firm has a target capital structure, it is usually in a book-value term rather than a market-value one as normally assumed in standard finance textbooks. This article provides a systematic approach to determine the optimal book-value debt ratio. The proposed method balances both the tax benefit of debt and its associated bankruptcy cost and more importantly incorporates the aims to maintain a good credit rating, financial robustness in times of adverse shocks, and financial flexibility to seize good investment opportunities. In terms of methodology, our model incorporates the tax benefit of debt in the form of lower cost of capital, whereas the expected bankruptcy cost is reflected in a higher credit spread. We adjust the Hamada equation to take default risk into account by applying the method suggested by Cohen when adjusting the cost of equity as a debt ratio changes. The model is calibrated to data from the U.S. non-financial firms. It provides predictions concerning the effects of key variables such as profitability and growth. Our model reveals a negative relationship between growth opportunities and market debt ratios but no clear directional relationship with book debt ratios. In addition, our model points to the negative (positive) relationship between profitability and market (book) debt ratio. Interestingly, the two debt ratios move in the opposite directions. These predictions have support from existing empirical literature.

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Wulandari, Vera Pipin, and Kusdhianto Setiawan. "ANALYSIS OF MARKET TIMING TOWARD LEVERAGE OF NON-FINANCIAL COMPANIES IN INDONESIA." Journal of Indonesian Economy and Business 30, no. 1 (September 16, 2015): 42. http://dx.doi.org/10.22146/jieb.7333.

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ABSTRACTThis study aimed to examine the effect of market timing on leverage on non-financial compa-nies in Indonesia. Market timing was tested on the hot and cold market conditions. Hot and cold markets are determined by the monthly market to book ratio. A hot (cold) market occurs when the average market to book ratio of a particular month is above (below) the value of the moving average of the monthly market to book ratio. This study also aimed to test whether non-financial companies in Indonesia persistently applied leverage policies. This study used two research models. The first model was a panel data with a sample size of 77 non-financial companies listed on the Indonesian Stock Exchange from 2002-2013.The second model was a cross section data with a sample size of 157 non-financial companies that conducted their IPO in Indonesia from 2003-2013. The dependent variable in both the research models was leveraget (levt). The independent variables were markett and leveraget-1 (levt–1). The control variables were profitabi-lityt-1 (proft-1); and sizet-1. The results of this study indicated that market timing affected the lev-erage of non-financial companies listed on the Indonesian Stock Exchange. However, market timing did not affect the leverage of non-financial companies that had their IPO in Indonesia. The non-financial companies in Indonesia were not persistently applying a leverage policy. The capital structure of non-financial companies in Indonesia changed because of the influence of variable profitability and size (which supports the pecking order and trade off theory).Keywords: market timing theory, leverage, hot and cold market, market to book ratio

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Meyer, Kenneth R. "Restructuring and the market-to-book ratio." Electricity Journal 10, no. 2 (March 1997): 42–52. http://dx.doi.org/10.1016/s1040-6190(97)80349-1.

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Anugrahani, Acchedya, and Rahmat Setiawan. "Analisis Equity Market Timing dan Struktur Modal." SKETSA BISNIS 7, no. 1 (August 29, 2020): 45–55. http://dx.doi.org/10.35891/jsb.v7i1.2204.

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Abstract This study aims to examine the effect of equity market timing in determining the company's capital structure decisions. The sample used was Indonesian manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2013-2018 period. This study uses independent variables namely market to book ratio and External finance weighted average market to book ratio (EFWAMTB), the dependent variable used is market leverage, and the control variables used are profitability, tangibility, and size. This study uses panel data regression. The results of this study indicate that the MTB ratio and EFWAMTB have a significant negative effect on market leverage. So it can be said that Indonesian manufacturing companies apply the equity market timing theory in determining capital structure decisions. The profitability and firm size control variables give significant negative and the tangibility variable shows significant positive results on the company's market leverage. Keywords: equity market timing, market to book ratio, market to book ratio dan External finance weighted average market to book ratio (EFWAMTB), ROA, tangibility, size and market leverage. Abstrak Penelitian ini bertujuan untuk menguji pengaruh equity market timing dalam menentukan keputusan struktur modal perusahaan.Sampel yang digunakan adalah perusahaan manufaktur Indonesia yang terdaftar di Bursa Efek Indonesia (BEI) periode 2013-2018. Strudi ini menggunakan variabel independen yaitu market to book ratio dan external finance weighted average market to book ratio (EFWAMTB), variabel dependen yang digunakan yaitu market leverage dan variabel kontrol yang digunakan adalah profitabilitas, tangibilitas dan size. Studi ini menggunakan regresi data panel.Hasil penelitian ini menunjukan bahwa MTB dan EFWAMTB berpengaruh negatif signifikan terhadap market leverage.Sehingga dapat dikatakan perusahaan manufaktur Indonesia menerapkan teori equity market timing dalam menentukan keputusan struktur modalnya. Variabel kontrol profitabilitas dan firm size memberikan hasil negatif signifikan dan untuk variabel tangibilitas menunjukan hasil positif signifikan terhadap market leverage prusahaan. Kata Kunci: equity market timing, market to book ratio, market to book ratio dan External finance weighted average market to book ratio (EFWAMTB), ROA, tangibility, size and market leverage

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Zhang, Xiao-Jun. "Book-to-Market Ratio and Skewness of Stock Returns." Accounting Review 88, no. 6 (June 1, 2013): 2213–40. http://dx.doi.org/10.2308/accr-50524.

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ABSTRACT: This study demonstrates that stocks with low book-to-market ratios, also known as glamour stocks, have significantly more positive skewness in their return distributions compared to the return distributions of value stocks with high book-to-market ratios. The premium (discount) investors apply to these glamour (value) stocks also correlates significantly with the difference in return skewness. These findings suggest that the value/glamour-stock puzzle is partially explained by investor preference for positive skewness in stock returns. Such preference for skewness, which is consistent with investors having inverse S-shaped utility functions, is observed in such consumer behaviors as lottery purchases and gambling. This paper further documents significant predictive power of accounting-based measures, such as the book rate of return, with respect to the skewness of stock returns. Data Availability: Data are available from sources identified in the paper.

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Astuti, Astuti, Pinondang Nainggolan, Rosanna Purba, and Jubi Jubi. "PENGARUH DEBT TO EQUITY RATIO (DER) TERHADAP MARKET TO BOOK RATIO (MBR) PADA PERUSAHAAN SUB SEKTOR PERDAGANGAN BESAR BARANG PRODUKSI YANG TERCATAT DI BURSA EFEK INDONESIA." SULTANIST: Jurnal Manajemen dan Keuangan 2, no. 2 (August 15, 2018): 12–17. http://dx.doi.org/10.37403/sultanist.v2i2.30.

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Tujuan dari penelitian ini adalah untuk mengetahui gambaran Debt to Equity Ratio (DER) dan Market to Book Ratio (MBR) serta untuk mengetahui dan menganalisis signifikansi pengaruh Debt to Equity Ratio (DER) terhadap Market to Book Ratio (MBR) pada Perusahaan Sub Sektor Perdagangan Besar Barang Produksi yang tercatat di Bursa Efek Indonesia. Penelitian ini dilakukan dengan menggunakan metode analisis deskriptif kualitatif dan analisis deskriptif kuantitatif. Objek penelitian adalah Perusahaan Sub Sektor Perdagangan Besar Barang Produksi yang tercatat di Bursa Efek Indonesia tahun 2009 sampai dengan tahun 2013 yang telah memenuhi kriteria yaitu sebanyak 24 perusahaan. Pengumpulan data dilakukan dengan metode dokumentasi. Teknik analisis yang digunakan adalah regresi linier sederhana, koefisien korelasi, determinasi dan uji t. Analisis data dilakukan dengan menggunakan bantuan software statistic SPSS 21.Hasil penelitian dapat disimpulkan sebagai berikut: 1) Rata-rata Debt to Equity Ratio (DER) adalah sebesar 1,82. 2) Rata-rata Market to Book Ratio (MBR) adalah sebesar 1,789. 3) Ada pengaruh positif antara Debt to Equity Ratio (DER) terhadap Market to Book Ratio (MBR). 4) Hipotesis penelitian H0 diterima artinya Debt to Equity Ratio (DER) berpengaruh tidak signifikan terhadap Market to Book Ratio (MBR). 5) Terdapat hubungan yang sangat lemah antara Debt to Equity Ratio (DER) terhadap Market to Book Ratio (MBR) sebesar 0,181. 6) Terdapat pengaruh yang tidak signifikan antara Debt to Equity Ratio (DER) terhadap Market to Book Ratio (MBR) pada Perusahaan Sub Sektor Perdagangan Besar Barang Produksi yang tercatat di Bursa Efek Indonesia yaitu sebesar 3,3 persen.

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Justina, Dormauli. "Pengaruh Firm Size dan Market to Book Ratio terhadap Return Portofolio." JURNAL MANAJEMEN DAN BISNIS SRIWIJAYA 15, no. 2 (June 8, 2018): 138–45. http://dx.doi.org/10.29259/jmbs.v15i2.5701.

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Tujuan penelitian – To examine effect of firm size and market to book ratio on portfolio return.Desain/Metodologi/Pendekatan – Research sample consists of manufacture firm stock listed in Indonesian Stock Exchange 2011-2013. Portfolio return measured by excess return of average 5 highest return and 5 lowest return. Portfolio firm size measured by differences of average return of 5 biggest firm size with 5 smallest firm size. Portfolio book to market ratio measured by differences of average return of 5 highest book to market ratio with 5 lowest book to market ratioTemuan – Based on regression analysis, firm size and book to market ratio have negative effect on portfolio return. The result confirms existence of three factor model in return determination. Investor captures the size effect and financial distress indication of book to market ratio in return estimation and stock investment decision making.Keterbatasan penelitian – This research only used manufacture firm as sample, so the result could not be generalized to all firm population at Indonesia Stock Exchange. This research also did not separate between active stock and inactive stock which were traded monthly, so it probably there was bias return calculation because of the inactive stock.Originality/value – the high of book to market ratio showed that the firm had bad performance and tend to financial distress or poor prospect.

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Nalurita, Febria. "IMPACT OF EPS ON MARKET PRICES AND MARKET RATIO." Business and Entrepreneurial Review 15, no. 2 (June 18, 2019): 111. http://dx.doi.org/10.25105/ber.v15i2.4629.

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<p><em>In this paper the researchers have made an attempt to examine the impact of Earnings Per Share on the MarketPrices, Price-Earning-Ratio and Price to Book Value. In the study, the researchers have taken into consideration twenty-four companies which represent Property and Real Estate industry. A reference period of seven years has been taken from 2009 to 2015. In order to achieve the objectives of the study, regression data panel has been employed and the findings put forth by the study affirmed that on the one hand there exists a positive relationship between earnings per share and market price of shares and on the other hand earnings per share does not statistically influence the market ratio. We suggest that investors must consider other factors as well as EPS in order to invest in the security market</em></p>

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Amiputra, Satria, Florentina Kurniasari, and Kristianus Ade Suyono. "Effect of Earnings Per Share (EPS), Price to Earnings Ratio (PER), Market to Book Ratio (MBR), Debt to Equity Ratio (DER), Interest Rate and Market Value Added (MVA) on stock prices at commercial banks registered in 2016-2019 Indonesia Stock Exchange." Conference Series 3, no. 2 (December 16, 2021): 200–216. http://dx.doi.org/10.34306/conferenceseries.v3i2.590.

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This research was conducted by using the object of research, 7 banks listed on the Indonesia Stock Exchange. The independent variable in this study is earnings per share (EPS), price earnings ratio (per), market to book ratio (MBR), debt to equity ratio (DER), interest rate (int) and Market Value Added (MVA). While the dependent variable in this study is the stock price (market price). The results of this study are earnings per share (EPS), price earnings ratio (per), and the Market to Book Ratio (MBR) have a positive effect on stock prices. While the Debt to Equity Ratio (DER), Interest Rate (INT), and Market Value Added (MVA) have a negative effect on stock prices. Earnings Per Share (EPS), Price Earnings Ratio (PER), Market to Book Ratio (MBR), Debt to Equity Ratio (DER), Interest Rate (INT), and Market Value Added (MVA) together influence and significantly against stock prices.

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Beaver, William H., and Stephen G. Ryan. "Accounting Fundamentals of the Book-to-Market Ratio." Financial Analysts Journal 49, no. 6 (November 1993): 50–56. http://dx.doi.org/10.2469/faj.v49.n6.50.

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Cenesizoglu, Tolga. "Size, book-to-market ratio and macroeconomic news." Journal of Empirical Finance 18, no. 2 (March 2011): 248–70. http://dx.doi.org/10.1016/j.jempfin.2010.11.006.

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Donnelly, Ray. "The book-to-market ratio, optimism and valuation." Journal of Behavioral and Experimental Finance 4 (December 2014): 14–24. http://dx.doi.org/10.1016/j.jbef.2014.10.002.

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Sutardi, Acip. "PENGARUH DEBT TO EQUITY RATIO, RETURN ON EQUITY, EARNNG PER SHARE, PRICE EARNING RATIO DAN MARKET TO BOOK RATIO TERHADAP RETURN SAHAM." Jurnal ASET (Akuntansi Riset) 2, no. 1 (November 19, 2017): 257. http://dx.doi.org/10.17509/jaset.v2i1.8915.

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Sari, Noni Ayunda, Sri Rahayu, Zufrizal ., and Lusi Elviani Rangkuti. "PENGARUH DEBT TO EQUITY RATIO, RASIO PASAR DAN TOTAL ASSETS TURN OVER TERHADAP RETURN SAHAM PADA PERUSAHAAN PROPERTY YANG TERDAFTAR DI ISSI." JRAM (Jurnal Riset Akuntansi Multiparadigma) 8, no. 1 (August 2, 2021): 1–8. http://dx.doi.org/10.30743/akutansi.v8i1.4058.

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This study aims to see how much Debt To Equity Ratio (DER), Market Ratio (Price Book Value) and Total Asset Turn Over (TATO) Influence On Property Companies Listed in ISSI. The number of samples in this study as many as 10 samples of the company and research conducted from 2016-2018. The data analysis methods used to test hypotheses are descriptive analysis test, classic Assumption Test, Multiple linear analysis test, and Hypothesis Test which is processed in a statistical manner and using Statistic for product and service solution (SPSS) program version 25.00 year 2020. The results showed that variable Debt To equity Ratio (DER), Market Ratio (Price book value) and Total Asset Turn Over (TATO) simultaneously have a significant influence on Stock Return. While partially the effect varies, Debt To Equity Ratio and Total Asset Turn Over have no significant effect on Stock Return. While the market ratio (Price Book value) has a significant influence and has a negative direction towards Stock Return.

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Tumpal Hutajulu, Alex, and Evita Puspitasari. "ANALISIS PENGARUH CAPM BETA, FIRM SIZE, BOOK TO MARKET RATIO, DAN MOMENTUM TERHADAP RETURN SAHAM." JAF- Journal of Accounting and Finance 3, no. 2 (October 21, 2019): 1. http://dx.doi.org/10.25124/jaf.v3i2.2300.

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This research is performed to examine influence of capm beta, firm size, book to market ratio, and momentum on stock return in companies that listed on the Indonesia Stock Exchange. The population in this research was manufacture companies that listed on the Indonesia Stock Exchange during 2012-2014 with purposive sampling. Variables used in this research are capital gain (return), natural logarithma total asset (firm size), the ratio of book value to market value (book to market ratio), and return t-12 (momentum). The results shows that beta, firm size, book to market ratio and momentum simultaneously have a significant impact toward stock return. The conclusion based on partial test are (1) book to market ratio and momentum have a positive significance influence toward stock return (2) beta has negative insignificance influence toward stock return and firm size has positive insignificance influence toward stock return. Predictive capability of independent variabel in this research to stock return is 34,09% while other 65,91% was influenced by other factors.

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Dian Purwandari. "PENGARUH PRICE EARNING RATIO, DIVIDEND YIELD, MARKET TO BOOK RATIO, RETURN ON EQUITY, DAN EARNING PER SHARE TERHADAP RETURN SAHAM PADA INDUSTRI MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA." Jurnal Buana Akuntansi 3, no. 2 (July 17, 2018): 16–41. http://dx.doi.org/10.36805/akuntansi.v3i2.864.

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Penelitian ini bertujuan untuk menganalisis pengaruh dari price earning ratio, dividend yield, market to book ratio, return on equity, dan earning per share terhadap return saham. Sampel yang digunakan dalam penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) periode 2014-2015. Variabel independen dalam penelitian ini adalah price earning ratio, dividend yield, market to book ratio, return on equity, dan earning per share, dimana variabel dependennya adalah return saham. Dengan menggunakan metode purposive sampling, penulis mendapatkan sampel penelitian sebanyak 30 perusahaan manufaktur dari populasi penelitian sebanyak 142 perusahaan manufaktur. Model analisis data yang digunakan dalam penelitian ini adalah uji statistik deskriptif, uji asumsi klasik, uji regresi linier sederhana, uji regresi linier berganda, dan uji t. Hasil penelitian ini membuktikan bahwa secara parsial, price earning ratio, dividend yield, market to book ratio, dan return on equity memiliki pengaruh yang signifikan terhadap return saham. Namun, earning per share tidak memiliki pengaruh yang signifikan terhadap return saham. Secara simultan, price earning ratio, dividend yield, market to book ratio, return on equity, dan earning per share memiliki pengaruh terhadap return saham. Keywords: price earning ratio; dividend yield; market to book ratio; return on equity; earning per share; stock return

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Jaunanda, Meliana, and Baby Amelia Fransesca. "Analisis Pengaruh Rasio Likuiditas, Rasio Profitabilitas, Rasio Solvabilitas Dan Rasio Pasar Terhadap Return Saham." Jurnal ULTIMA Accounting 7, no. 1 (June 1, 2015): 54–69. http://dx.doi.org/10.31937/akuntansi.v7i1.82.

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The objective of this research is to examine the effect of liquidity ratio, profitability ratio, solvabilitas ratio and market ratio both partially and simultaneously towards stock return. The liquidity ratio is proxied by Current Ratio; the profitability ratio is proxied by Return On Assets; the solvabilitas ratio is proxied by Debt to Equity Ratio and the market ratio is proxied by Price to Book Value. The testing method used in this research is linear regression.The objects of this study are manufacturing companies sub sector chemical which were listed in Bursa Efek Indonesia in the period 2011-2013. The samples are 20 companies determined based on purposive sampling. The data used in this study are secondary data such as financial statements and stock prices.The results of this study are (1) profitability ratio is proxied by Return On Assets partially have a significant effect towards stock return. (2) liquidity ratio proxied by Current Ratio partially, profitability ratio is proxied by Return On Assets; solvabilitas ratio is proxied by Debt to Equity Ratio and market ratio is proxied by Price to Book Value simultaneously have a significant effect towards stock return. Profitability ratio is proxied by Return On Assets partially have a significant effect towards stock return. Keywords: Current Ratio (CR), Debt to Equity Ratio (DER), liquidity ratio, market ratio, Price to Book Value (PBV), profitability ratio, Return On Assets (ROA), solvabilitas ratio, stock return.

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Kumar Singal, Ajay, and Arun Kumar Jain. "Emerging market firms: measuring their success with strategic positioning maps." Journal of Business Strategy 35, no. 1 (January 14, 2014): 20–28. http://dx.doi.org/10.1108/jbs-04-2013-0026.

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Purpose – The purpose of this paper is to understand and map the global competitiveness of firms in emerging markets. The authors refine a framework (called the “strategic control map”, or SCM) that looks at market capitalization – using two parameters of book equity (size) and price to book ratio (performance) – as a key driver of the competitiveness of firms. However, the SCM has limited value in the context of smaller and largely domestic firms, as is the case in emerging markets. To develop a more comprehensive understanding, additional vital metrics such as the degree of internationalization need to be considered. Design/methodology/approach – The authors compare top 100 Indian firms against global firms on four dimensions – i.e. market price to book ratio, book equity, scope and scale of international operations. The authors consider data for the year 2009-2010 to make comparisons. Findings – The SCM, formulated with a developed market focus, is not suitable in the context of emerging markets as it fails to consider internationalization as essential to compete at the global level. Accordingly, the authors propose a new conceptual framework, referred to as the “strategic positioning map” (SPM). Originality/value – In this paper, the authors argue that “international intensity” and “market capitalization” can be two important dimensions to map the relative paths of growth for firms from emerging markets.

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Yunita, Irni, Rina Indiastuti, Ria Ratna Ariawati, and Erie Febrian. "Moderating Impact of Ownership Structure on Relationship of Equity Market Timing with Capital Structure on Companies Listed on Indonesia Stock Exchange." International Journal of Family Business Practices 1, no. 2 (December 31, 2018): 125. http://dx.doi.org/10.33021/ijfbp.v1i2.641.

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<pre>The purpose of this research is to determine the effect of market to book ratio on leverage change with ownership structure as moderating variable. The research sample is 41 companies in Indonesia Stock Exchange which conducted IPO in 2005 - 2010. The analysis period is five years after an IPO. The independent variable is market to book ratio, the dependent variable is leverage change and control variable is tangibility, profit and size. The moderating variables are managerial and institutional ownerships which included as ownership structure. This research is using data panel regression. The results show that companies in Indonesia pursued the equity market timing strategy because there is a positive effect of market to book ratio into equity issue and negative effect of market to book ratio into leverage change. The results also show that institutional ownership structure moderating the equity market timing. However, managerial ownership does not moderating the equity market timing.</pre>

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Garza-Gómez, Xavier. "The Information Content of the Book-to-Market Ratio." Financial Analysts Journal 57, no. 6 (November 2001): 78–95. http://dx.doi.org/10.2469/faj.v57.n6.2495.

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Miller, Daren E. "Stock Returns, Dividend Yield, and Book-to-Market Ratio." CFA Digest 37, no. 3 (August 2007): 36–37. http://dx.doi.org/10.2469/dig.v37.n3.4785.

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Auret, CJ, and RA Sinclaire. "Book-to-market ratio and returns on the JSE." Investment Analysts Journal 35, no. 63 (January 2006): 31–38. http://dx.doi.org/10.1080/10293523.2006.11082476.

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Jiang, Xiaoquan, and Bong-Soo Lee. "Stock returns, dividend yield, and book-to-market ratio." Journal of Banking & Finance 31, no. 2 (February 2007): 455–75. http://dx.doi.org/10.1016/j.jbankfin.2006.07.012.

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Braouezec, Yann. "Financing constraint, over-investment and market-to-book ratio." Finance Research Letters 6, no. 1 (March 2009): 13–22. http://dx.doi.org/10.1016/j.frl.2008.11.003.

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Taher Shammout, Belal Rabah. "The Impact of Stock Characteristics on Its Market Price in Jordanian Commercial Banks." Modern Applied Science 14, no. 3 (February 19, 2020): 45. http://dx.doi.org/10.5539/mas.v14n3p45.

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The study aims at identifying the impact of stock characteristics represented by (Earnings Per Share (EPS), Book Value Ratio (BVR), Dividends Per Share (DPS), Dividends Payout Ratio (DPR), Market to Book Ratio (MBR), Price Earnings Ratio (PER), and Yield Per Share (YPE)) on the market stock price in the 13 commercial banks in Jordan during the period from 2005 to 2018. Multiple Linear Regression has been used to illustrate the impact of the independent variables and the controlling variables on the dependent variable. The study has found that there is a significant impact of stock characteristics on its market price at the Jordanian commercial banks. The study also found a statistically significant impact for each book value ratio, dividends per share, market to book ratio, price-earnings ratio, and yield per share on the market price at the Jordanian commercial banks. However, there was no statistically significant effect for each of the earnings per share and dividend’s payout ratio on the market price at the Jordanian commercial banks. The study recommends that investors, analysts, and decision-makers use the characteristics of stocks when carrying out analyses before making important investment decisions that can affect their wealth in the future through forecasting stock prices.

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Waegenaere, Anja De, Richard C. Sansing, and Jacco L. Wielhouwer. "Valuation of a Firm with a Tax Loss Carryover." Journal of the American Taxation Association 25, s-1 (January 1, 2003): 65–82. http://dx.doi.org/10.2308/jata.2003.25.s-1.65.

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This paper examines the effects of a tax loss carryover on the market and book values of a firm's assets. The loss carryover has a direct effect on market value by sheltering future income from tax, and a direct effect on book value due to the recognition of a deferred tax asset. The failure to discount the deferred tax asset to its present value causes the market-to-book ratio of the deferred tax asset to be less than 1. However, positive skewness in the distribution of future taxable income can cause the market-to-book ratio to exceed 1 because the market value depends on the mean level of future tax benefits, while the book value is based on the median level of future tax benefits. The loss carryover also has an indirect effect on firm value in that it induces the firm to exercise its real option to invest early. This reduces firm value before investment takes place and decreases the market-to-book ratio of physical assets after investment takes place.

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Hatem, Ben Said. "How Can We Increase Shareholder' Wealth? An Empirical Validation from European Countries." Business and Economic Research 7, no. 1 (May 20, 2017): 323. http://dx.doi.org/10.5296/ber.v7i1.9738.

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This paper tests the determinants of shareholder's wealth. Our study examined three countries: Russia, Sweden and the United Kingdom. The samples contains 69 firms for every country observed over a period of 4 years from 2007 to 2010. Firm value is measured by two ratios: Tobin's Q ratio obtained as the sum of market capitalisation, long term debt and short term capital structure divided by total assets, and market to book ratio measured as market value equity over shareholder's equity. The descriptive statistics manipulate that firms in Sweden and the United Kingdom have higher Tobin's Q and market to book ratios, respectively. We found evidence about the hypothesis of tax savings on firm value. Firms with higher values of performance have higher market equity values. We manipulated to a significant relationship between firm value and size when we consider, only Tobin's Q ratio, as dependant variable. More cash means high stocks prices for firms in Sweden and the United Kingdom. In the British and Swedish markets, older firms have less value.

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Istiningrum, Andian Ari, and Suryati Suryati Suryati. "PENGARUH RESIDUAL INCOME DAN MARKET TO BOOK RATIO TERHADAP STOCK RETURN PADA INDUSTRI MANUFAKTUR." JURNAL ILMU MANAJEMEN 11, no. 3 (August 1, 2014): 42–60. http://dx.doi.org/10.21831/jim.v11i3.11782.

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The aims of this research are to determine the influence of residual income and market to book ratio toward stock return in the manufacture companies listed in the Bursa Efek Indomesia (BEI) during 2010-2012. The number of population is 135 manufacture companies and 30 manufacture companies based on the criterions are chosen as the research sample. Historical data from 2010 to 2012 is used in this research. Data is analyzed by multiple regression. The research reveals that residual income and market to book ratio individually has a positive and significant influence toward stock return. Market to book ratio is proven as the factor that provides higher influence as compared to residual income.

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Pangestu, Ardi Tri, and Ade Suryana. "Market Value Ratio Analysis of Stock Returns In Companies With Largest Market Capitalization Period 2014-2018." Neraca : Jurnal Akuntansi Terapan 2, no. 1 (October 31, 2020): 28–47. http://dx.doi.org/10.31334/neraca.v2i1.1101.

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This research aims to analyze how much influence the Market Value Ratio has on Stock Returns (case studies are conducted against companies with the largest market capitalization listed on the Indonesia Stock Exchange). The variables used in the analysis in this study are using Price Earning Ratio, Earning Yield, Dividend Yield, and Market to Book Ratio.The samples selected in this study used purposive sampling methods with a total of 13 stocks and produced 50 sample ratios studied according to the criteria and qualified in the year specified in 2014-2018. The method of analysis used in this study is to use statistical methods of descriptive analysis and linear regression multiplely by using SPSS software.Based on the results of the hypothesis, it is known that the Price Earning Ratio has a significant influence on the return of the stock, The Earning Yield has an effect but is not significant on the return of the stock, the Dividend Yield and the Market to Book Ratio have no effect on the return of the stock, and the Market Value Ratio simultaneously (together) affects the return of the stock.

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Lamichhane, Pitambar. "Corporate Governance and Financial Performance in Nepal." NCC Journal 3, no. 1 (June 14, 2018): 108–20. http://dx.doi.org/10.3126/nccj.v3i1.20253.

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This paper analyzes the factors that affect corporate governance and influence on financial performance of Nepalese firms for theperiod of fiscal year 2009/10 to 2015/16 using descriptive and causal comparative research design. The profit margin and return on assets are dependent variables usedto measure financial performance and corporate governance and firm related variables such as corporate governance index, age of firms, size of assets, debt ratio, market to book ratio and ownership concentration are considered as explanatory variables. The result of this paper reveals thatprofit margin and return on assets of firms are positively related with age, market to book ratio and overall corporate governance index which implies that higher age, market to book ratio and corporate governance increase financial performance of Nepalese firms. Further, the regression result of the study shows that size of assets and debt ratio have negative effect and ownership concentration has no relationship with firms’ financial performance. Finally, result of this paper concludes that corporate governance, market to book value ratio, age, size of assets and debt ratio have strong explaining power of financial performance of Nepalese firms.NCC JournalVol. 3, No. 1, 2018, Page: 108-120

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Sáenz, Josune. "Human capital indicators, business performance and market‐to‐book ratio." Journal of Intellectual Capital 6, no. 3 (September 2005): 374–84. http://dx.doi.org/10.1108/14691930510611111.

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35

Klein, Spencer L. "Is the Book-to-Market Ratio a Measure of Risk?" CFA Digest 36, no. 2 (May 2006): 67–68. http://dx.doi.org/10.2469/dig.v36.n2.4116.

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Peterkort, Robert F., and James F. Nielsen. "IS THE BOOK-TO-MARKET RATIO A MEASURE OF RISK?" Journal of Financial Research 28, no. 4 (December 2005): 487–502. http://dx.doi.org/10.1111/j.1475-6803.2005.00135.x.

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Leong, Kenneth, Marco Pagani, and Janis K. Zaima. "Portfolio strategies using EVA, earnings ratio or book‐to‐market." Review of Accounting and Finance 8, no. 1 (February 20, 2009): 76–86. http://dx.doi.org/10.1108/14757700910934247.

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Chen, Jianguo, Kwong Leong Kan, and Hamish Anderson. "Size, book/market ratio and risk factor returns: evidence from China A‐share market." Managerial Finance 33, no. 8 (July 10, 2007): 574–94. http://dx.doi.org/10.1108/03074350710760304.

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39

Chen, Long, and Xinlei Zhao. "On the relation between the market-to-book ratio, growth opportunity, and leverage ratio." Finance Research Letters 3, no. 4 (December 2006): 253–66. http://dx.doi.org/10.1016/j.frl.2006.06.003.

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40

Kurniawandi, Kevin Adhiya. "ANALYSIS OF FINANCIAL PERFORMANCE OF CERAMIC, PORCELAIN, AND GLASS SUB-SECTOR INDUSTRIES." JOURNAL OF ACCOUNTING, ENTREPRENEURSHIP AND FINANCIAL TECHNOLOGY (JAEF) 3, no. 1 (October 11, 2021): 73–86. http://dx.doi.org/10.37715/jaef.v3i1.2231.

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One of basic industrial and chemical companies listed on the Indonesia Stock Exchange (IDX is the ceramic, porcelain and glass sub-sector industry. The large number of imported ceramics from China and India has resulted in intense competition between local and imported products. This is also marked by the existence of a government regulation to reduce the number of imported products in Indonesia by increasing 10% tax on imported ceramics. The intense competition can result local products being unable to compete with imported products. The purpose of this study was to determine the direct effect of the liquidity ratio, solvency ratio, dan activity ratio on Return On Assets (ROA) and Market to Book Value (MBV). The samples used in this study were 48 companies form the ceramic, glass, and porcelain sub-sector cluster listed on the Indonesia Stock Exchange (IDX). Data Collection uses secondary data from the company’s financial statements. Data analysis used multiple linear regression using SPSS 22. The results of this study indicate that the current ratio and total asset turnover have positive effect on Return On Assets (ROA). Meanwhile the debt to equity ratio, cash turnover, account receivable turnover, and inventory turnover had no effect on Return On Assets (ROA). Total asset turnover and cash turnover have positive effect on Market to Book Value (MBV). Meanwhile, current ratio, debt to equity ratio, account receivable turnover and inventory turnover have no effect on Market to Book Value (MBV).

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Rydzewski, Rafał. "Market-to-Book Ratio and Creative Industries– Example of Polish Video Games Developers." Economics and Culture 16, no. 1 (June 1, 2019): 137–47. http://dx.doi.org/10.2478/jec-2019-0015.

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Abstract Research purpose. There are many reasons for which a growing interest in research and analysis of video game developers is observed. First, it results from attractive high rates of return on investment in this sector. Second, video games developers, in the author’s opinion, constitute a good combination of business and culture which is a ground for development of creative industry. A capital-intensive process of production and the intangibility of video games cause a problem in valuation of developers. Market participants who value future cash flows are in conflict with a historical cost approach used in accounting. This leads to a question of whether the confrontation of these two extreme ways of valuation could be a valuable measure of unrecognised assets for the analysis of video games sector and, as a consequence, of creative industry. The aim of the study is to explore a possible role and use of market-to-book ratio for analysis of this sector. Design/Methodology/Approach. The study starts with a literature review on market-to-book ratio applied to knowledge-based industries. The second part of the research is a comparison of results obtained for 19 biggest listed representatives of the video games sector in Poland to other sectors of Warsaw Stock Exchange. Further analysis juxtaposes the selected Polish representatives with world’s biggest ones in this sector. This will allow to draw conclusions about the usefulness of the examined ratio. Findings. The research shows that the video games sector represents noticeably higher level of market-to book ratio than other industries in Poland and is comparable to the world’s representatives. It can be stated that the market’s valuation takes into account unrecognised assets (intellectual capital), which are greatly related to possible future cash flows. What is interesting is that, for some of the selected Polish companies, market-to-book ratio keeps decreasing compared to the levels at IPO. This refers to market efficiency in relation to possible speculative bubbles which companies of this sector are often accused of. Originality/Value/Practical implications. The obtained results are applicable to the investors, analysts and managers of this sector. The research conducted enables a better understanding of the market-to-book ratio as an indicator of economic standing of creative industry companies and its earnings’ prediction.

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Tumpal Manik. "FAKTOR-FAKTOR YANG MEMPENGARUHI INVESTMENT OPPORTUNITY SET TERHADAP KEBIJAKAN HUTANG DAN FREE CASH FLOW." Jurnal Ilmiah Akuntansi dan Finansial Indonesia 1, no. 2 (April 30, 2018): 1–14. http://dx.doi.org/10.31629/jiafi.v1i2.1227.

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Penelitian ini bertujuan untuk menganalisis faktor-faktor yang mempengaruhi investment opportunity set terhadap kebijakan hutang dan free cash flow pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2016 – 2017. Pengambilan sampel dilakukan dengan metode purposive sampling. Jumlah populasi 168 yang memenuhi kriteria sebanyak 40 perusahaan, maka data penelitian 40 x 2 tahun yaitu 80 data. Pengolahan data penelitian untuk menguji hipotesis penelitian secara simultan dan parsial. Hasil penelitian bahawa faktor-faktor yang mempengaruhi investment opportunity set terhadap kebijakan hutang berpengaruh singnifikan, antara lain proksi ios berdasarkan Market to Book Value of Assets Ratio sebesar 16,1%, Market to Book Value Equity Ratio sebesar 18,2%, Earning per Share Price Ratio (sebesar 19,1%, Capital Expenditure to Book Value Asset Ratio sebesar 17,6%, Capital Expenditure to Market Value of Assets Ratio sebesar 15%. Sedangkan investment opportunity set terhadap free cash flow berpengaruh signifikan

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43

Martati, Indah. "ASOSIASI ANTARA PERUBAHAN HARGA SAHAM DAN INVESTMENT OPPORTUNITY SET PERUSAHAAN MANUFAKTUR YANG LISTING DI BURSA EFEK INDONESIA." EKUITAS (Jurnal Ekonomi dan Keuangan) 15, no. 1 (February 8, 2017): 40. http://dx.doi.org/10.24034/j25485024.y2011.v15.i1.2275.

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This research is aimed at examining the relationship between the actual Stock return toward the investment opportunity set (IOS) as the growth proxy of manufacturing companies which listing at Indonesian Stock Market. The IOS proxies used are market to book value of equity (MBVE), market to book value of assets (MBVA), price earning ratio (PER), Firm Value to book value of property, plant and equipment (VPPE), ratio capital expenditures to book value of asset (CEBVA), and ratio capital expenditures to market value of asset (CEMVA).The value of each indicators analysed by using common factor analysis. The normality data is tested by using one sample kolmogorov smirnov test continued with correlation test non parametric correlation model Kendall’s tau b. The purposive sampling is used in this research for ten years observation (1998 – 2007) with pool data method. The number of sample used is 240 manufacturing companies that listing at Indonesian Stock Market. The result of the research show that the direct and indirect correlation only occurs partially toward market to book value of assets (MBVA) proxy. It indicates that there is direct and indirect positive relation through firm realized growth and financing policy intervening variable but it does not occur to the composite IOS proxies.

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44

Alexandri, Mohammad Benny, and Raeny Dwisanti. "GLOBAL FINANCIAL CRISIS: THE BUBBLE EFFECT IN INDONESIA." EUrASEANs: journal on global socio-economic dynamics, no. 6(13) (November 30, 2018): 27–33. http://dx.doi.org/10.35678/2539-5645.6(13).2018.27-33.

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US and Indonesia stock markets are entering record heights without being offset by economic growthand profitability growth of their traded companies. There are several indicators for the stock marketbubble: (1) Price Ratio (Ear Ratio); (2) Price Ratio / Book (PB Ratio), the latter comparing thenominal price of one share at a market with the book value (the value of company's assets). Thecurrent PB ratio of the composite stock price index being 3.3 means that for each shares the assetvalue of which is 1 IDR, the stock would be worth 3.3 IDR. This is one of the most expensive price in the world today. Based on the above, for Indonesian stock market sharp decline is just a matter of time and waiting. This decline will be much sharper if triggered by the US financial crisis. We can also also see a bubble emerging from increasingly irrational investment attitudes. Currently, in addition to high prices for stocks and bonds, investors have started looking at investment opportunities in digital currencies. This research tries to know the potential of financial crisis and itseffect for the financial market in Indonesia.

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Seputro, Fellicia Hadi, Werner Ria Murhadi, and Arif Herlambang. "Faktor–faktor yang Mempengaruhi Dividend Perusahaan Sektor Manufaktur yang Terdaftar di Bursa Efek Indonesia dan Bursa Malaysia." Journal of Entrepreneurship & Business 1, no. 1 (March 17, 2020): 43–55. http://dx.doi.org/10.24123/jerb.v1i1.2823.

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This study aims to investigate the determinants of firms dividend payout ratio, such as life cycle stage, independent non-executive director, risk, firm size, market-to-book ratio, cash to total asset, and leverage of manufacturing sector companies listed in the Indonesia Stock Exchange and Malaysia Stock Exchange in 2014-2018. This study uses the quantitative approach and multiple linear regression to analyze the data. The object of this research are 295 year observations in Indonesia Stock Exchange and 600 year observations in Malaysia Stock Exchange. The Independent variables used in this study are life cycle stage and independent non-executive directors. While the control variables are risk, firm size, market-to-book ratio, cash to total asset and leverage. The study finds that in manufacturing sector companies listed in the Indonesia Stock Exchange, life cycle stage, independent non-executive director, firm size and market-to-book ratio affect dividend payout ratio positively. On the other hand, leverage affect dividend payout ratio negatively. While risk and cash to total asset has no significant effect on dividend payout ratio. Meanwhile in manufacturing sector companies listed in the Malaysia Stock Exchange, the study finds that life cycle stage, independent non-executive director, firm size, market-to-book ratio and cash to asset affect dividend payout ratio positively. While risk and leverage affect dividend payout ratio negatively. Keywords: dividend policy, life cycle stage, independent non-executive director

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46

Satryo, Abhimada Gatuth, Nur Aini Rokhmania, and Pepie Diptyana. "The influence of profitability ratio, market ratio, and solvency ratio on the share prices of companies listed on LQ 45 Index." Indonesian Accounting Review 6, no. 1 (February 6, 2017): 55. http://dx.doi.org/10.14414/tiar.v6i1.853.

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This research aims to analyze the influence of profitability ratio, market ratio, and solvency ratio on the share price of companies listed on LQ 45 Index. The independent variables used in this research is Return on Assets (ROA), Return on Equity (ROE), Earning per Share (EPS), Price to Book Value (PBV), Debt to Equity Ratio (DER), and Debt to Assets Ratio (DAR), while the dependent variable used is share price. The samples of this study are companies listed on LQ 45 Index in Indonesia Stock Ex-change from 2010 to 2014. The samples are selected by using purposive sampling method and obtained 15 companies that fulfill the criteria specified. Data are processed using Multiple Regression Analysis and statistical test. The results of this study show that Return on Assets (ROA), Return on Equity (ROE), Debt to Equity Ratio (DER), and Debt to Assets Ratio (DAR) have no effect on share price, while Earning per Share (EPS) and Price to Book Value (PBV) have an effect on share price.

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Susilawati, Cicilia Erna, Rita Soehartono, and Cyrillius Martono. "Analisis Stock Split Berdasarkan Ukuran Perusahaan dan Market to Book Ratio Saham di Bursa Efek Indonesia." J-MAS (Jurnal Manajemen dan Sains) 7, no. 2 (October 26, 2022): 1147. http://dx.doi.org/10.33087/jmas.v7i2.753.

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A stock split is a corporate action aimed at increasing trading liquidity. Where is carried out when the stock price is overvalued and reduces the ability of investors to buy the stock. The announcement of the stock split contains information that will be responded positively by investors. Company size and market to book ratio are company characteristics that can have an impact on investor response. Therefore, this study aims to analyze the difference in abnormal returns before and after the stock split by considering the size of the company and the market to book ratio. The research sample is a company that did a stock split in 2005-2019 with a total sample of 117 stocks. The results show that there is no difference in abnormal returns before and after the announcement of the stock split in companies with large and small sizes. However, there are differences in abnormal returns in medium-sized companies. Meanwhile, based on the market to book ratio, both companies with high and low market to book ratios have differences in abnormal returns before and after the announcement of the stock split.

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Usman, Sitty Shandragies, Idham Masri Ishak, and Selvi Selvi. "Do profitability ratio and market ratio contribute to explain the movement of stock prices of transport companies?" Jambura Science of Management 2, no. 2 (July 2, 2020): 46–50. http://dx.doi.org/10.37479/jsm.v2i2.4574.

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This study aims to determine the effect of profitability ratios and market ratios on stock prices on transportation companies listed on the Indonesia Stock Exchange with the study period of 2013-2017. Profitability ratios used in this study are Return On Assets (ROA) and Return On Investment (ROI) and Market Ratios used in this study are Price Earning Ratio (PER) and Market to Book Value (MBV) to stock prices. The sample in this study were 24 transportation companies listed on the IDX. The data analysis method in this research is multiple linear regression which aims to obtain a comprehensive picture of the effect of the Profitability Ratio and Market Ratio variables on stock prices using the SPSS program. The results showed that only partially market ratio variables had an effect on stock prices both measured by PER and MBV while profitability ratio variables measured by ROA and ROI simultaneously had no effect on stock prices. Simultaneously shows that all variables namely profitability ratios and market ratios together have an influence on the stock prices of transport companies listed on the Indonesia Stock Exchange in 2013-2017.

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Wardani, Laila, Muhammad Ahyar, and Iwan Kusuma Negara. "Pengaruh Investment Opportunity Set Dan Biaya Agency Terhadap Kebijakan Dividen Dengan Posisi Kas Sebagai Varibel Pemoderasi (Studi Pada Perusahaan Manufaktur Di Bursa Efek Indonesia)." JURNAL SOSIAL EKONOMI DAN HUMANIORA 8, no. 3 (September 30, 2022): 410–19. http://dx.doi.org/10.29303/jseh.v8i3.124.

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The research aims is to acknowledge the influence of opportunity set which is represented by market to book value of equity ratio (MVE) ratio of property plant and equipment to firm value (PPE) and price earning ratio (PER) and agency cost which represented by the ownership of institutional on dividend policy with the cash position as moderating variable, this is a quantitative research data collecting method use sample survey while data collecting technique done by documentation, number of sample is taken from ten manufacture companies which listed at BEI and analysis device is conducted trough multiple regression. Research result shows that market to book value of equity ratio (MVE) and ratio of property plant and equipment to firm value (PPE) have significant influence on dividend payout ratio while price earnings ratio and the ownership of institutional have no significant influence on dividend payout ratio, later the cash position could moderate the influence of ratio of property plant and equipment to firm value (PPE) and price earning ratio (PER) on dividend payout ratio, the cash position could not moderate the influence of market to book value of equity ratio (MVE) and the ownership of institutional on dividend payout ratio

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Singgih, Marmono, Veryantika Putri Pricilia, and Eka Lavista. "MARKET TO BOOK VALUE, FIRM SIZE, AND THE UNDERPRICING OF INDONESIAN INITIAL PUBLIC OFFERINGS." Review of Management and Entrepreneurship 2, no. 2 (September 25, 2019): 75–90. http://dx.doi.org/10.37715/rme.v2i2.964.

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The focus of this study is to analyse whether market to book value ratio and firm size determine the extent of initial returnrate of firms making initial public offering (IPO). The subject of the study is all IPO from the period of 2007-2016. There are 173 IPOs used as sample. It uses two measurements of initial retuns, the raw return and the market adjusted return. As documented in many studies, there is evidence that on average the Indonesian IPO experience underpricing. Results using regression analysis show that market to bookvalue ratio and firm size have negative and significant effect on both of the measures for initial return. This finding asserts the importance of understanding the market to book value ratio in the valuation of Indonesia IPOs.

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Journal articles on the topic 'Market to book ratio'

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