ABSTRAK 1

ABSTRACT

The objective of this research is to analysis of liquidity, profitability, activity and

solvency ratios on investment opportunity set (IOS) in the stages of life cycle of

manufacturing firms that are listed on the Jakarta Stock Exchange. The sample of the study

are manufacture firms listed on the Jakarta Stock Exchange that distributed dividend

successively in 2001 – 2005. Sample size consists of total is 135 firms.

This study indicates that on the start-up stage, activity and solvency ratios have effect

on IOS. On the initial expansion stage, activity ratio has effect on IOS and on the final

expansion no ratio has effect on IOS. For mature and decline stages, also no ratio has effect

on IOS. Therefore, financial ratios can be used manufacture firm analysis tools at start-up

and initial expansion stages, but not at final expansion, mature and decline stages.

Keyword: liquidity, profitability, activity, solvency, investment opportunity set,

manufacturing firms

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