PENGARUH PROFITABILITAS TERHADAP EARNINGS PER SHARE DENGAN LEVERAGE SEBAGAI VARIABEL MODERATING PADA
PERUSAHAAN PROPERTY DAN REAL ESTATE YANG TERDAFTAR DI BURSA EFEK INDONESIA
ABSTRAK
Tujuan penelitian ini adalah untuk mengetahui dan menguji pengaruh profitabilitas yang menggunakan indikator ROI, OPM, dan ROE terhadap EPS secara parsial dan simultan serta untuk mengetahui dan menguji apakah leverage yang menggunakan indikator DER memoderasi pengaruh ROI, OPM, dan ROE terhadap EPS pada perusahaan property & real estate yang terdaftar di Bursa Efek Indonesia. Penelitian ini merupakan penelitian kausal dengan menggunakan data sekunder. Populasi dalam penelitian berjumlah 46 perusahaan property & real estate yang terdaftar di BEI periode tahun 2010-2012. Teknik pengambilan sampel yang digunakan adalah purposive sampling methode diperoleh sebanyak 29 perusahaan yang menjadi sampel penelitian. Alat analisis yang digunakan dalam penelitian ini terdiri dari uji asumsi klasik, analisis regresi linear berganda, dan uji interaksi. Hasil analisis penelitian secara simultan ROI, OPM, dan ROE berpengaruh signifikan terhadap EPS. Secara parsial ROI, OPM, dan ROE berpengaruh positif signifikan terhadap EPS. Hasil uji interaksi menunjukkan interaksi leverage dengan ROI dan OPM memiliki pengaruh negatif tidak signifikan terhadap EPS. Interaksi DER dengan ROE memiliki pengaruh positif tidak signifikan terhadap EPS. Variabel leverage tidak memoderasi pengaruh profitabilitas dengan EPS.
Kata kunci : Earnings per Share, Profitabilitas, Return on Investment, Operating Profit Margin, Return on Equity, Leverage, Debt to Equity Ratio
THE ANALYSIS INFLUENCE OF PROFITABILITY ON EARNINGS PER
SHARE WITH LEVERAGE AS A MODERATING VARIABLE
IN PROPERTY & REAL ESTATE COMPANIES LISTED IN
INDONESIA STOCK EXCHANGE
ABSTRACT
The objective of the research was to examine and to analyze the influence of profitability measured by return on investment, operating profit margin, and return on equity on earnings per share which were moderated by leverage measured by debt to equity ratio on property & real estate companies listed in the Indonesia Stock Exchange. This research utilizes secondary data. The population of this research were 46 property & real estate companies listed in Indonesia Stock Exchange within the period of 2010-2012. 29 of the companies were selected to be the samples for this research through purposive sampling technique. Analysis tools used in this research consisted of testing the classical assumption with multiple regression analysis and Moderated Regression Analysis.
The analysis results of this research were profitability which measured by return on investment, operating profit margin, and return on equity simultaneously and
partially have a positive significant influence on earnings per share. Leverage is used as moderating variable has a negatif insignificant influence on relationship between return on investment and operating profit margin to earnings per share and leverage has a positive but insignificant influence on relationship between return on equity to earnins per share.
Keywords : Earnings per Share, Profitability, Return on Investment, Operating
Profit Margin, Return on Equity, Leverage, Debt to Equity Ratio
