The purpose of the study is: (1) to tempt and prove empirically Investor strategy on Operating Cash Flow Ratioof company before and after right issue; (2) on Debt to Equity Ratio ; (3) on Return on Asset ; (4) on Net Profit Margin ; (5) on Asset Turnover; (6) to tempt and prove empirically Investor strategy about Price Earning Ratio . This study method implemented purposive sampling. The results showed : (a) there is no difference on Operating Cash Flow Ratio between before and after right issueto performance improvement of Cash Flow Ratio is insignificant; (b) there is no diference onDebt Equity Ratio between before and after right issue to decreasing Debt Equity Ratio performance is insignificant; (c) there is no difference onReturn on Asset between before and after right issue to improvement of Return on Asset performance is insignificant; (d) there is no difference onNet Profit Margin between before and after right issue toinsignificant improved performance; (e) there is a difference onAsset Turnover between before and after right issue to significant decrease. Keywords: Investor Decision, Pecking Order, Right Issue, Operating cash flow ratio, debt to equity, Return on Assets, Net Profit Margin, Assets turnover, Price earnings ratio.