PENGARUH RASIO KEUANGAN TERHADAP RETURN SAHAM DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL
MODERATING PADA PERUSAHAAN PROPERTY DAN REAL ESTATEYANG TERDAFTAR
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, fixed assets turn over, dan cash flow to debt) secara simultan dan parsial terhadap return saham pada perusahaan property dan real estate 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, fixed assets turn over, dan cash flow to debt)) terhadap return saham pada perusahaan property dan real estate yang terdaftar di Bursa Efek Indonesia. Populasi penelitian ini yaitu sebanyak 46 perusahaan yang merupakan perusahaan property dan real estate yang terdaftar di Bursa Efek Indonesia sejak tahun 2011-2013.Sampel yang dipilih dengan menggunakan metode purposive sampling berjumlah 18 perusahaan, Data diolah dengan menggunakan 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 assets, size, fixed assets turn over, dan cash flow to debt berpengaruh terhadap return saham . Variabel current ratio, debt to equity ratio, return on assets, size, fixed assets turn over, dan cash flow to debtberpengaruh secara simultan terhadap return saham sedangkan secara parsial hanya variabel current assets, debt to equity ratio, dan return on assets 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 assets, size, fixed assets turn over, dan cash flow to debt) dengan return saham.
Kata Kunci :current ratio, debt to equity ratio, return on assets, size, fixed assets turn over, cash flow to debt, kebijakan dividen dan return saham.
EFFECT OF FINANCIAL RATIO INFLUENCING RETURN SHARES WITH DIVIDEND POLICY AS MODERATING VARIABLE AT PROPERTY
AND REAL ESTATE 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, fixed assets turn over, andcash flow to debt) simultaneously and partially to the stock return in property and real estate 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, fixed assets turn over, andcash flow to debt to return shares. Population of this research amount to 46 companies which were property and real estate company listed on the Indonesia Stock Exchange the year 2011-2013. Sample selected by using method of purposive sampling amount to 18 companies. Data was processed using the 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, fixed assets turn over, andcash flow to debt after test factor and simultaneously affect the return shares and partially current assets, debt to equity ratio, and return on asset, 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 assets, size, fixed assets turn over, cash flow to debt, dividend policy and stock return.
