PENGARUH RASIO KEUANGAN TERHADAP RETURN SAHAM DENGAN KEBIJAKAN DIVIDEN SEBAGAI MODERATING
VARIABEL PADA PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA
ABSTRAK
Tujuan penelitian ini adalah untuk mengetahui dan menganalisis pengaruh rasio keuangan (current ratio, debt to equity ratio, return on assets, size, cash flow to debt, dan cash flow) secara simultan dan parsial terhadap return saham pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia, serta untuk mengetahui dan menganalisis pengaruh kebijakan dividen pada hubungan pengaruh rasio keuangan (current ratio, debt to equity ratio, return on assets, size, cash flow to debt, dan cash flow) terhadap return saham pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Populasi penelitian ini yaitu sebanyak 131 perusahaan yang merupakan perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia sejak tahun 2008-2011. Sampel yang dipilih dengan menggunakan metode purposive sampling berjumlah 27 perusahaan, Data diolah dengan menggunakan metode uji Kaiser-Meyer-Olkin (KMO) dan metode uji statistik regresi linier berganda untuk hipotesis pertama. Untuk hipotesis kedua menggunakan uji residual dengan menggunakan software SPSS. Hasil penelitian ini membuktikan pada hipotesis pertama bahwa current ratio, debt to equity ratio, return on asset, size, cash flow to debt dan cash flow berpengaruh terhadap return saham melalui uji faktor. Variabel current ratio, debt to equity ratio, return on asset, size, cash flow to debt dan cash flow berpengaruh secara simultan terhadap return saham sedangkan secara parsial hanya variabel current ratio berpengaruh terhadap return saham. Pada hasil penelitian untuk hipotesis kedua, kebijakan dividen tidak mampu secara signifikan memoderasi hubungn rasio keuangan (current ratio, debt to equity ratio, return on asset, size, cash flow to debt dan cash flow) dengan return saham.
Kata Kunci : current ratio, debt to equity ratio, return on assets, size, cash flow to debt, cash flow, kebijakan dividend dan return saham.
EFFECT OF FINANCIAL RATIO INFLUENCING RETURN SHARES WITH DIVIDEND POLICY AS MODERATING VARIABLE AT
MANUFACTURING COMPANY IN THE INDONESIA STOCK EXCHANGE
ABSTRACT
The purpose of this research is to investigate and analyze the effect of financial ratio (current ratio, debt to equity ratio, return on assets, size, cash flow to debt, and cash flow) simultaneously and partially to the stock return in manufacturing companies listed on the Stock Exchange Indonesia, as well as to indentify and analyze whether the dividend policy as a moderating variable affect correlation variable of current ratio, debt to equity ratio, return on assets, size, cash flow to debt, and cash flow to return shares. Population of this research amount to 131 companies which were manufacturing company listed on the Indonesia Stock Exchange the year 2008-2011. Sample selected by using method of purposive sampling amount to 27 companies. Data was processed using the method of test KMO (Kaiser-Meyer-Olkin) for the first hypothesis and method of multiple linear regression statistical test. For the second hypothesis was processed by using residual test and using SPSS software. The result of this research proves the first hypothesis that the current ratio, debt to equity ratio, return on assets, size, cash flow to debt, and cash flow after test factor and simultaneously affect the return shares and partially just current ratio affect the return shares. When dividend policy is used as a moderating variable in the second hypothesis, dividend policy is not able to significantly moderate the effect of financial ratio on stock return. It means not support the independent variable with stock return.
Keywords : Current ratio, debt to equity ratio, return on asset, size, cash flow to debt, cash flow, dividend policy and stock return.
