Untuk Memenuhi G c U r Salah Satu Persyaratan Memperoleh Gelar Sarjana Ekonomi
NAMA : M. Ari Kurniawan
NIM : 21 2013 149
U N I V E R S I T A S MUHAMMADIYAH P A L E M B A N G F A K U L T A S E K O N O M I DAN BISNIS
P E R N Y A T A A N B E B A S P L A G I A T
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N I M : 2 1 2 0 1 3 1 4 9
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M e n y a t a k a n b a h w a s k r i p s i i n i t e l a h d i t u l i s s e n d i r i d e n g a n s u n g g u h - s u n g g u h d a n t i d a k a d a b a g i a n y a n g m e r u p a k a n p e n j i p l a k a n k a r y a o r a n g l a i n .
A p a b i l a d i k e m u d i a n h a r i t e r b u k t i b a h w a p e m y a t a a n i n i t i d a k b e n a r , m a k a s a y a s a n g g u p m e n e r i m a s a n k s i a p a p u n s e s u a i p e r a t u r a n y a n g b e r l a k u .
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P u j a d a n p u j i s y u k u r k e h a d i r a t A l l a h S W T k a r e n a b e r k a t r a h m a t , ridho d a n k a r u n i a - N y a d a l a m p e n y u s u n a n s k r i p s i y a n g b e r j u d u l PENGARUH L I K U I D I T A S , P R O F I T A B I L I T A S , DAN L E V E R A G E T E R H A D A P HARGA SAHAM PADA PERUSAHAAN LQ45 DI B E I P E R I O D E 2011-2015 d a p a t t e r s e l e s a i k a n . U c a p a n t e r i m a k a s i h s a y a s a m p a i k a n k e p a d a k e d u a o r a n g t u a k u A y a h a n d a Arifin d a n I b u n d a Darwanti t e r c i n t a , y a n g t e l a h m e n d i d i k , m e m b i a y a i , m e n d o a k a n , d a n m e m b e r i d o r o n g a n s e m a n g a t . S a y a j u g a m e n g u c a p k a n t e r i m a k a s i h k e p a d a i b u . S e l a i n i t u d i s a m p a i k a n j u g a t e r i m a k a s i h k e p a d a p i h a k - p i h a k y a n g t e l a h m e n g i z i n k a n , m e m b a n t u s a y a d a l a m p e n y e l e s a i a n s t u d i i n i , d a n t a k l u p a j u g a s a y a m e n y a m p a i k a n u c a p a n b a n y a k t e r i m a k a s i h k e p a d a :
1 . B a p a k D R . A b i d D j a z u l i , S . E . , M . M . s e l a k u R e k t o r U n i v e r s i t a s M u h a m m a d i y a h P a l e m b a n g .
2 . B a p a k D r s . H . F a u z i R i d w a n , M . M . s e l a k u D e k a n F a k u l t a s E k o n o m i d a n B i s n i s U n i v e r s i t a s M u h a m m a d i y a h P a l e m b a n g .
3 . I b u H j . M a f t u h a h N u r r a h m i , S . E . , M . S i . s e l a k u K e t u a P r o g r a m S t u d i M a n a j e m e n F a k u l t a s E k o n o m i d a n B i s n i s U n i v e r s i t a s M u h a m m a d i y a h P a l e m b a n g .
5 . S e l u r u h p i m p i n a n , d o s e n d a n k a r y a w a n F a k u l t a s F k o n o m i d a n B i s n i s U n i v e r s i t a s M u h a m m a d i y a h P a l e m b a n g a t a s b a n t u a n d a n p e r h a t i a n n y a k e p a d a s a y a d a l a m m e n y e i e s a i k a n s k r i p s i i n i .
6 . R e k a n - r e k a n s e a n g k a t a n , s e p o s k o K K N , r e k a n - r e k a n s a t u p e m b i m b i n g d a n t e m a n - t e m a n y a n g t i d a k b i s a d i s e b u t k a n s a t u - p e r s a t u , t e r i m a k a s i h a t a s m o t i v a s i d a n k e b e r s a m a a n n y a .
7 . T e m a n - t e m a n s e p e r j u a n g a n k u A g u n g A l i M u s t o f a , R a b b a n N u r h a r i t r i k a , E n v i n s y a h , A b d u l I n d r a P u t r a , A g u n g P e r d a n a H a d i , A r i e O k t a m a , M , D i k i I r w a n s y a h , S a r i S a r t i k a , J u m i a t i , S u c i M a r t i n a , N o v i t a S a r i t e r i m a k a s i h c a n d a t a w a n y a s e l a m a i n i , t e r i m a k a s i h j u g a t e l a h m e n j a d i s a h a b a t t e r b a i k b a g i p e n u l i s .
8. S e m u a p i h a k y a n g t e l a h i k u t m e m b a n t u d a l a m p e n y u s u n a n s k r i p s i i n i y a n g t i d a k d a p a t d i s e b u t k a n s a t u - p e r s a t u .
A k h i r k a t a s a y a m o h o n m a a f a p a b i l a t e r d a p a t k e s a l a h a n b m k d i s e n g a j a m a u p u n t i d a k s e n g a j a , k e s e m p u m a a n h a n y a m i i i k A l l a h S W T . H a r a p a n s a y a s e m o g a s k r i p s i i n i d a p a t b e r m a n f a a t b a g i p e m b a c a .
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H A L A M A N P R A K A T A vi H A L A M A N D A F T A R I S I viii H A L A M A N D A F T A R T A B E L x H A L A M A N D A F T A R G A M B A R xi H A L A M A N D A F T A R L A M P I R A N xii
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A . J e n i s p e n e l i t i c i n 2 3 B . L o k a s i P e n e l i t i a n 2 4 C . O p e r a s i o n a l i s a s i V a r i a b e l 2 5
D . P o p u l a s i d a n S a m p e l 2 5 E . D a t a y a n g d i g u n a k a n 2 8 F . T e k n i k P e n g u m p u l a n D a t a 2 9 G . A n a l i s i s D a t a d a n T e k n i k A n a l i s i s 3 0
H . U j i H i p o t e s i s 3 3 B A B I V . H A S I L P E N E I L I T I A N D A N P E M B A H A S A N
A H a s i l P e n e l i t i a n 3 6 B . P e m b a h a s a n H a s i l P e n e l i t i a n 8 7
C . P e r b e d a a n d a n P e r s a m a a n P e n e l i t i a n 9 2
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A . S i m p u l a n 9 9 B . S a r a n 1 0 0 D A F T A R P U S T A K A 1 0 2
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T a b e l 1.1 R a t a - r a t a H a r g a S a h a m , L i k u i d i t a s , P r o f l t a b i l i t a s , d a n
Leverage L Q 4 5 s e l a m a t a h u n 2 0 1 1 2 0 1 5 3
T a b e l I I I . l O p e r a s i o n a l V a r i a b e l 2 5
T a b e i m . 2 P o p u l a s i 2 6 T a b e i I I I . 3 S a m p e l 2 8 T a b e l I V . 1 D e s k r i p s i D a t a H a r g a S a h a m 6 6
T a b e l I V . 2 D e s k r i p s i D a t a I n d i k a t o r L i k u i d i t a s ( C R ) 6 9 T a b e l I V . 3 D e s k r i p i s D a t a I n d i k a t o r P r o f i t a b i l i t a s ( R O A ) 7 2
T a b e l I V . 4 D e s k r i p s i D a t a I n d i k a t o r Leverage ( D E R ) 7 6
T a b e l I V . 5 U j i M u l t i l i n i e a r i t a s 8 1 T a b e l I V . 6 U j i A u t o k o r e l a s i 8 2 T a b e l I V . 7 U j i H a s i l U j i R e g r e s i L i n i e r B e r g a n d a 8 3
D A F T A R G A M B A R
G a m b a r I V . 1 U j i N o r m a l i t a s ( P P l o t s e b e l u m L N ) 7 9 G a m b a r I V . 2 U j i N o r m a l i t a s ( P P l o t s e t e l a h L N ) 8 0
L a m p i r a n 2 L i k u i d i t a s {current ratio) p a d a P e r u s a h a a n I n d e k s L Q 4 5 L a m p i r a n 3 P r o f i t a b i t a s {return on asset) p a d a P e r u s a h a a n I n d e k s L Q 4 5 L a m p i r a n 4 Leverage {debt to equity ratio) p a d a P e r u s a h a a n I n d e k s L Q 4 5 L a m p i r a n 5 U j i A s u m s i K l a s i k , U j i F d a n U j i T
L a m p i r a n 6 U j i N o r m a l i t a s
L a m p i r a n 7 D a t a T i t i k P e r s e n t a s e D i s t r i b u s i F L a m p i r a n 8 D a t a T i t i k P e r s e n t a s e D i s t r i b u s i T
L a m p i r a n 9 D a f t a r p o p u l a s i p e r u s a h a a n i n d e k s L Q 4 5 d a l a m p e n e l i t i a n L a m p i r a n 9 D a t a K e u a n g a n P e r u s a h a a n S a m p e l
L a m p i r a n 1 0 B i o d a t a P e n u l i s
L a m p i r a n 1 1 A k t i v i t a s B i m b i n g a n S k r i p s i L a m p i r a n 1 2 J a d w a l P e n e l i t i a n
L a m p i r a n 1 2 S u r a t K e t e r a n g a n S e l e s a i R i s e t
L a m p i r a n 13 S e r t i f i k a t H a f a l a n S u r a t - S u r a t P e n d e k A I - Q u r ' a n L a m p i r a n 1 4 S e r t i f i k a t T o e f l
Abstrak
M. Ari Kurniawan/212013149/2017/Pengaruh Likuiditas, Profitabilitas dan
Leverage Terhadap Harga Saham Pada Perusahaan LQ45/Manajemen
Keuangan
P e n e l i t i a n i n i b e r t u j u a n u n t u k m e n g e t a h u i a d a k a h p e n g a r u h y a n g s i g n i f i k a n l i k u i d i t a s , p r o f i t a b i l i t a s d a n leverage t e r h a d a p h a r g a s a h a m . P o p u l a s i d a l a m p e n e l i t i a n i n i a d a l a h P e r u s a h a a n i n d e k s L Q 4 5 y a n g t e r d a f t a r d i B u r s a E f e k I n d o n e s i a . S e m p e l p a d a p e n e l i t i a n i n i s e b a n y a k 17 P e r u s a h a a n . M e t o d e p e n e l i t i a n y a n g d i g u n a k a n i a l a h p e n e l i t i a n a s o s i a t i f d e n g a n m e t o d e a n a l i s a y a n g d i g u n a k a n a d a l a h u j i l i n i e r b e r g a n d a .
H a s i l p e n e l i t i a n B e r d a s a r k a n u j i F d e n g a n , m a k a Fhnuog 1 2 , 9 3 3 > Ftabei 2 , 7 1 7 a t a u s i g n i f i k a n F 0 , 0 0 0 < a 0,05 y a n g b e r a r t i a d a p e n g a r u h y a n g s i g n i f i k a n a n t a r a l i k u i d i t a s , p r o f i t a b i l i t a s d a n leverage t e r h a d a p h a r g a s a h a m p a d a p e r u s a h a a n i n d e k s L Q 4 5 y a n g t e r d a f t a r d i B u r s a E f e k I n d o n e s i a y a n g b e r a r t i Ho d i t o l a k d a n Ha d i t e r i m a . S e d a n g k a n p a d a h a s i l u j i t p a d a l i k u i d i t a s d e n g a n thitung - 4 , 8 0 8 > ttabei - 1 , 9 8 9 d a n s i g n i f i k a n L i k u i d i t a s 0 , 0 0 0 < a 0 , 0 5 m e n u n j u k k a n a d a p e n g a r u h L i k u i d i t a s s e c a r a p a r s i a l t e r h a d a p h a r g a s a h a m y a n g b e r a r t i b a h w a Ho d i t o l a k d a n H a d i t e r i m a , p a d a P r o f l t a b i l i t a s d e n g a n thitung 2 , 9 3 2 > ttabei L 9 8 9 d a n s i g n i f i k a n p r o f i t a b i l i t a s 0 , 0 0 4 < a 0 , 0 5 b e r a r t i H o d i t o l a k d a n H a d i t e r i m a h a l i n i m e n u n j u k k a n b a h w a a d a p e n g a r u h P r o f i t a b i l i t a s s e c a r a p a r s i a l t e r h a d a p h a r g a s a h a m . S e d a n g k a n Leverage d e n g a n thitung - 1 , 1 6 8 < ttabei 1 , 9 8 9 d a n s i g n i f i k a n Leverage 0 , 2 4 6 > a 0 , 0 5 b e r a r t i Ho d i t e r i m a d a n H a d i t o l a k h a l i n i m e n u n j u k k a n b a h w a t i d a k a d a p e n g a r u h Leverage s e c a r a p a r s i a l t e r h a d a p h a r g a s a h a m p a d a p e r u s a h a a n I n d e k s L Q 4 5 y a n g t e r d a f t a r d i B u r s a E f e k I n d o n e s i a .
Abstract
M. Ari Kurniawan/212013149/2017///i/7w^/ice of Liquidity, Profttability and
Leverage Against the stock price on the company's LQ45/Financial Management
Objective of the study was whether or not the influence of liquidity, profitability and leverage on stock price at LQ45 company. The population of the study was LQ45 company which listed in Indonesia Stock Exchange. Samples in this study were 17 companies. The method was associative with analysis method was multiple linies test.
The results of the study based on F~test for Fottamed 12.933 > Ftabie 2.717 or significant F 0,000 < a 0.05 meaning that there is significant influence of liquidity, profitability and leverage on stock price index LQ45 company which listed on Indonesia Stock Exchange. It meant that Ho was rejected and Ha was accepted. T test for liquidity at tobtained was -4.808 > ttabie was -1.989 and Sig. Liquidity 0.000 < a 0.05 showed that there was partially the influence of liquidity on stock price. It meant that HoWas rejected and Ha is accepted. Profitability for was tobtainedwas 2.932 > ttabie L989 and Sig. Profitability 0.004 < a 0.05 meaning HoWas rejected and HaWas accepted. It showed that there was partially the influence profitability on stock price and leverage for count tobtained was -1.1681 < ttahieWas 1.989 and Sig. leverage 0.246 > a 0.05 meaning HoWas accepted and Hg was refected. It meant that there was not partially the influence of leverage on stock price at LQ45 company which listed in Indonesia Stock Exchange.
A. Latar Belakang Masalah
M e m a s u k i e r a g l o b a l i s a s i d e n g a n p e r k e m b a n g a n p e r e k o n o m i a n y a n g s e m a k i n p e s a t , t i d a k s e d i k i t p e r u s a h a a n b e r m u n c u l a n d e n g a n b e r b a g a i b i d a n g u s a h a . K o n d i s i s e p e r t i i n i m e n y e b a b k a n p e r u s a h a a n h a r u s m e n g a l a m i p e r s a i n g a n y a n g s e m a k i n k e t a t a k a n u p a y a d a l a m m e n e r o b o s p a n g s a p a s a r d o m e t i k m a u p u n i n t e m a s i o n a l a g a r m e n c a p a i t a r g e t p e n j u a l a n y a n g d i t e t a p k a n o l e h m a n a j e m e n . H a l i n i m e n y e b a b k a n b a n y a k k e n d a l a y a n g d i h a d a p i m a n a j e m e n , s a l a h s a t u n y a a d a l a h m a s a l a h p e n d a n a a n . S a i a h s a t u a l t e m a t i f y a n g b i a s a d i g u n a k a n s e b a g i a n b e s a r p e r u s a h a a n u n t u k m e n d a p a t k a n d a n a a t a u t a m b a h a n d a n a y a i t u m e l a l u i p a s a r m o d a l .
P e r k e m b a n g a n p a s a r m o d a l d i I n d o n e s i a m e r u p a k a n i n d i k a t o r b a h w a p a s a r m o d a l m e m p a k a n a l t e m a t i f i n v e s t a s i d i s a m p i n g p e r b a n k a n d a n j u g a m e n u n j u k a n b a h w a k e p e r c a y a a n p e m o d a l a k a n i n v e s t a s i d i p a s a r m o d a l I n d o n e s i a c u k u p b a i k , h a l t e r s e b u t t e r b u k t i d e n g a n m e n i n g k a t n y a j u m l a h s a h a m y a n g d i t r a n s a k s i k a n d a n k i a n t i n g g i n y a v o l u m e p e r d a g a n g a n s a h a m . D e n g a n a d a n y a p a s a r m o d a l (capital market), i n v e s t o r y a n g k e l e b i h a n d a n a d a p a t m e n g i n v e s t a s i k a n d a n a n y a p a d a b e r b a g a i s e k u r i t a s d e n g a n h a r a p a n m e m p e r o l e h i m b a l a n (return). S e d a n g k a n p e r u s a h a a n s e b a g a i p i h a k y a n g m e m e r l u k a n d a n a d a p a t m e m a n f a a t k a n d a n a t e r s e b u t u n t u k m e n g e m b a n g k a n p r o y e k - p r o y e k n y a , ( E d u a r d u s T a n d e l i l i n , 2 0 1 0 : 6 1 ) .
H a r g a s a h a m y a n g m e n i n g k a t m e n g g a m b a r k a n b a h w a n i l a i p e r u s a h a a n m e n i n g k a t a t a u p r e s t a s i m a n a j e m e n d a l a m r a n g k a m e n g e l o l a u s a h a n y a s a n g a t l a h b a i k . S e l a i n i t u , s a l a h s a t u h a l y a n g s e l a l u m e n j a d i p e r t i m b a n g a n s e o r a n g i n v e s t o r a d a l a h h a r g a s a h a m . H a r g a s a h a m y a n g d i h a r a p k a n o l e h i n v e s t o r a d a l a h h a r g a s a h a m y a n g s t a b i l d a n m e m p u n y a i p o l a p e r g e r a k a n y a n g c e n d e r u n g n a i k d a r i w a k t u k e w a k t u , a k a n t e t a p i k e n y a t a a n n y a h a r g a s a h a m c e n d e r u n g b e r f l u k t u a s i . P a d a p e n e l i t i a n i n i m e n g g u n a k a n r a s i o k e u a n g a n s e b a g a i i n d i k a t o r u n t u k m e n g u k u r t i n g k a t k e m a p u a n p e r u s a h a a n d a l a m m e n g h a s i l k a n k e u n t u n g a a n , u n t u k m e n g u k u r s e b e r a p a l i k u i d n y a p e r u s a h a a n , u n t u k m e n g u k u r s e j a u h m a n a p e r u s a h a a n d i b i a y a i o l e h u t a n g d a n m e n g u k u r t i n g k a t p e r t u m b u h a n p e n j u a l a n y a n g d i l a k u k a n . R a s i o y a n g d i g u n a k a n a n t a r a l a i n , l i k u i d i t a s , p r o f i t a b i l i t a s , leverage
R a s i o L i k u i d i t a s m e r u p a k a n r a s i o y a n g d i g u n a k a n u n t u k m e n g u k u r s e b e r a p a l i k u i d n y a s u a t u p e r u s a h a a n . C a r a n y a a d a l a h d e n g a n m e m b a n d i n g k a n k o m p o n e n y a n g a d a d i n e r a c a , y a i t u t o t a l a k t i v a l a n c a r d e n g a n t o t a l p a s s i v a l a n c a r ( u t a n g j a n g k a p e n d e k ) . L i k u i d i t a s p e r u s a h a a n d a p a t d i u k u r d e n g a n r a s i o l a n c a r (Current Ratio).Rasio l a n c a r m e n u n j u k k a n k e m a m p u a n p e r u s a h a a n u n t u k m e m b a y a r u t a n g l a n c a r d e n g a n m e n g g u n a k a n a k t i v a l a n c a r y a n g d i m i l i k i .
p e r u s a h a a n . D a l a m p e n e l i t i a n i n i p r o f i t a b i l i t a s d a p a t d i u k u r d e n g a n Return on AssetiROA).
R a s i o Leverage m e r u p a k a n r a s i o y a n g d i g u n a k a n u n t u k m e n g u k u r s e j a u h m a n a a k t i v a p e r u s a h a a n d i b i a y a i utang.Debt to Equity Ratio ( D E R ) y a i t u R a s i o t o t a l h u t a n g d e n g a n m o d a l s e n d i r i m e r u p a k a n p e r b a n d i n g a n t o t a l h u t a n g y a n g d i m i l i k i p e r u s a h a a n d e n g a n m o d a l s e n d i r i a t a u e k u i t a s . D a l a m p e n e l i t i a n i n i Leveragedapai d i u k u r d e n g a n m e n g g u n a k a n Debt to Equity Ratio ( D E R ) .
R a s i o k e u a n g a n s u a t u p e r u s a h a a n d a p a t b e r u b a h - u b a h d a r i w a k t u k e w a k t u . D e m i k i a n p u l a y a n g t e r j a d i p a d a p e r u s a h a a n L Q 4 5 . B e r i k u t i n i a d a l a h t a b e l y a n g m e n u n j u k k a n p e r u b a h a n b e b e r a p a k i n e r j a k e u a n g a n p a d a p e r u s a h a a n L Q 4 5 :
Tabel I . l
Rata-rata Harga Saham, Likuiditas, Profitabilitas,dan
LeveragehQ45se\amsi tahun 2011-2015
K e t e r a n g a n 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5
H a r g a S a h a m ( R p ) 1 7 5 2 0 , 8 8 2 3 5 1 3 6 9 4 , 1 1 7 6 5 1 1 3 0 9 , 1 1 7 6 5 1 2 4 1 3 , 2 3 5 2 9 9 4 5 9 , 7 0 5 8 8 2
L i k u i d i t a s C R ( % ) 2 9 5 , 1 5 6 6 9 5 2 2 5 2 , 9 8 3 8 5 4 2 3 6 4 , 4 0 2 3 9 9 1 2 0 2 , 8 5 3 7 9 6 2 6 8 , 1 4 5 8 2 6 9
P r o f i t a b i l i t a s R O A
( % )
2 3 , 1 7 3 5 3 1 5 , 6 3 8 8 2 1 2 , 0 8 9 4 1 1 1 , 0 8 7 0 6 7 , 7 4 4 7 0 6
Leverage
D E R
( X )
0 , 6 0 3 5 2 9 4 0 , 6 5 1 7 6 4 7 1 0 , 6 8 9 4 1 1 7 6 0 , 7 4 3 5 2 9 4 1 2 0 , 7 7 7 6 4 7 0 6
Sumber: www.idx.coJd (data diolah)
2 5 2 , 9 8 3 . P a d a t a h u n 2 0 1 3 C R m e n g a l a m i p e n i n g k a t a n m e n j a d i 3 6 4 , 4 0 2 . P a d a t a h u n 2 0 1 4 C R m e n g a l a m i p e n u r u n a n , s e b e s a r 2 0 2 , 8 5 4 d a n p a d a t a h u n 2 0 1 5 m e n g a l a m i k e n a i k a n y a i t u m e n j a d i s e b e s a r 2 6 8 , 1 4 5 . H a l i n i m e n u n j u k k a n b a h w a k e m a m p u a n m e m b a y a r k e w a j i b a n a t a u h u t a n g y a n g h a r u s d i p e n u h i d e n g a n a k t i v a l a n c a r l e b i h t i n g g i p a d a t a h u n 2 0 1 1 d i b a n d i n g k a n p a d a t a h u n 2 0 1 5 y a n g l e b i h r e n d a h .
R a t a - r a t a R O A d i t a h u n 2 0 1 1 s e b e s a r 2 3 , 1 7 . P a d a t a h u n 2 0 1 2 R O A m e n g a l a m i p e n u r u n a n 1 5 , 6 4 . P a d a t a h u n 2 0 1 3 m e n g a l a m i p e n u r u n a n k e m b a l i s e b e s a r 1 3 , 1 0 . P a d a t a h u n 2 0 1 4 R O A m e n g a l a m i p e n u r u n a n k e m b a l i s e b e s a r 1 1 , 0 8 d a n p a d a t a h u n 2 0 1 5 m e n g a l a m i p e n u r u n a n k e m b a l i y a i t u m e n j a d i s e b e s a r 7 , 7 4 . H a l i n i m e n u n j u k k a n b a h w a k e m a m p u a n p e r u s a h a a n d a l a m m e n g h a s i l k a n k e u n t u n g a n p a d a t a h u n 2 0 1 1 l e b i h b e s a r d i b a n d i n g k a n p a d a t a h u n 2 0 1 5 .
B e r d a s a r k a n d a t a d a n p e m y a t a a n - p e m y a t a a n y a n g t e l a h d i u r a i k a n d i a t a s m a k a p e n e l i t i a n i n i m e n g a m b i l j u d u l Pengaruh Likuiditas,
Profitabilitas, dan LeverageTerhadap Harga Saham Perusahaan LQ45
Terdaftar di Bursa Efek Indonesia Periode 2011-2015
B. Perumusan Masalah
B e r d a s a r k a n p a d a l a t a r b e l a k a n g y a n g k e m u k a k a n d i a t a s , m a k a y a n g m e n j a d i r u m u s a n m a s a l a h d i d a l a m p e n e l i t i a n i n i a d a l a h s e b a g a i b e r i k u t : 1 , A p a k a h L i k u i d i t a s , P r o f l t a b i l i t a s d a n i e v e r a ^ e b e r p e n g a r u h s i g n i f i k a n
s e c a r a b e r s a m a - s a m a t e r h a d a p h a r g a s a h a m P e r u s a h a a n L Q 4 5 T e r d a f t a r d i B u r s a E f e k I n d o n e s i a P e r i o d e 2 0 1 1 - 2 0 1 5 ?
2. A p a k a h L i k u i d i t a s , P r o f i t a b i l i t a s d a n Leverage b e r p e n g a r u h s i g n i f i k a n s e c a r a p a r s i a l t e r h a d a p h a r g a s a h a m P e r u s a h a a n L Q 4 5 T e r d a f t a r d i B u r s a E f e k I n d o n e s i a P e r i o d e 2 0 1 1 - 2 0 1 5 ?
C. Tujuan Penelitian
1 . U n t u k m e n g e t a h u i p e n g a r u h L i k u i d i t a s , P r o f i t a b i l i t a s d a n l e v e r a g e s e c a r a b e r s a m a - s a m a t e r h a d a p h a r g a s a h a m P e r u s a h a a n L Q 4 5 T e r d a f t a r d i B u r s a E f e k I n d o n e s i a P e r i o d e 2 0 1 1 - 2 0 1 5
D. Manfaat Penelitian
A d a p u n M a n f a a t P e n e l i t i a n i n i a d a l a h s e b a g a i b e r i k u t :
1 . B a g i p e n u l i s , P e n e l i t i a n d a p a t m e m b e r i k a n w a w a s a n p e n u l i s t e n t a n g L i k u i d i t a s , P r o f i t a b i l i t a s d a n Leverage d a l a m p r a k t e k d i l a p a n g a n .
2 . B a g i A l m a m a t e r , H a s i l p e n e l i t i a n m e m b e r i k a n m a s u k a n d a n s e b a g a i b a h a n p e r b a n d i n g a n b a g i p e n e l i t i a n l a i n y a n g b e r k a i t a n d e n g a n p e n g a r u h L i k u i d i t a s , P r o f i t a b i l i t a s d a n Z e v e r a g e t e r h a d a p h a r g a s a h a m . 3 . B a g i m a n a j e m e n , h a s i l p e n e l i t i a n i n i d i h a r a p k a n d a p a t m e n g h a s i l k a n
k o n s e p m e n g e n a i p e n g e l o l a a n L i k u i d i t a s , P r o f i t a b i l i t a s d a n Leverage. 4 . B a g i I n v e s t o r , H a s i l p e n e l i t i a n d a p a t m e n j a d i b a h a n p e r t i m b a n g a n y a n g
A. Penelitian Sebelumnya
P e n e l i t i a n s e l a n j u t n y a d i l a k u k a n o l e h L a i l a t u l F i t r i y a h ( 2 0 1 2 ) d e n g a n j u d u l P e n g a r u h L i k u i d i t a s d a n P r o f i t a b i l i t a s t e r h a d a p h a r g a s a h a m P a d a P T . A s t r a I n t e m a s i o n a l , T b k y a n g t e r d a f t a r D i B u r s a E f e k I n d o n e s i a . R u m u s a n m a s a l a h d a l a m p e n e l i t i a n t e r s e b u t a d a l a h a d a k a h p e n g a r u h L i k u i d i t a s d a n P r o f i t a b i l i t a s t e r h a d a p h a r g a s a h a m s e c a r a S i m u l t a n p a d a P T . A s t r a I n t e m a s i o n a l , T b k . d a n a d a k a h p e n g a r u h L i k u i d i t a s d a n p r o f i t a b i l i t a s t e r h a d a p h a r g a s a h a m s e c a r a p a r s i a l p a d a P T . A s t r a I n t e m a s i o n a l , T b k . T u j u a n p e n e l i t i a n t e r s e b u t a d a l a h u n t u k m e n g e t a h u i p e n g a m h L i k u i d i t a s d a n P r o f i t a b i l i t a s t e r h a d a p h a r g a s a h a m s e c a r a S i m u l t a n p a d a P T . A s t r a I n t e m a s i o n a l , T b k . d a n m e n g e t a h u i p e n g a r u h L i k u i d i t a s d a n p r o f i t a b i l i t a s t e r h a d a p h a r g a s a h a m s e c a r a p a r s i a l p a d a P T . A s t r a I n t e m a s i o n a l , T b k . J e n i s p e n e l i t i a n y a n g d i g u n a k a n a d a l a h a s o s i a t i f . D a t a y a n g d i p e r o l e h d r i s i t u s r e s m i B E I ( w w w . i d x . c o . i d ) . D a t a y a n g d i g u n a k a n d a l a m p e n e l i t i a n t e r s e b u t a d a l a h D o k u m e n t a s i . A n a l i s i s d a t a y a n g d i g u n a k a n d a l a m p e n e l i t i a n t e r s e b u t a d a l a h a n a l i s i s k u a n t i t a t i f . A l a t a l a n i s i s y a n g d i g u n a k a n a d a l a h a n a l i s i s l i n i e r b e r g a n d a , s e d a n g k a n p e n g u j i a n h i p o t e s i s u j i F ( s e c a r a b e r s a m a - s a m a ) d a n u j i t ( s e c a r a p a r s i a l ) d e n g a n t i n g k a t s i g n i f i k a n 5%. H a s i l p e n e l i t i a n d i p e r o l e h r e g r e s i b e r g a n d a
Y= - 0 , 1 3 8 + 0 , 8 0 1 X i + 0 , 2 7 4 X 2+ e d a n h a s i l p e n g u j i a n h i p o t e s i s u j i F ( s e c a r a
b e r s a m a - s a m a ) d a n u j i t ( s e c a r a p a r s i a l ) m e n u n j u k a n b a h w a a d a P e n g a r u h y a n g S i g n i f i k a n a n t r a L i k u i d i t a s d a n P r o f i t a b i l i t a s t e r h a d a p h a r g a s a h a m .
P e n e l i t i a n y a n g d i l a k u k a n o l e h D a n i a r t o R a h a r j o d a n D u l M u i d ( 2 0 1 3 ) , b e r j u d u l A n a l i s i s P e n g a r u h F a k t o r - F a k t o r F u n d a m e n t a l R a s i o K e u a n g a n t e r h a d a p P e r u b a h a n H a r g a S a h a m . V a r i a b e l d e p e n d e n y a n g d i j a d i k a n o b j e k d a l a m p e n e l i t i a n i n i a d a l a h h a r g a s a h a m p e r u s a h a a n n o n k e u a n g a n y a n g t e r g a b u n g d a l a m i n d e k s L Q 4 5 d i B E I p e r i o d e 2 0 0 7 - 2 0 1 1 . V a r i a b e l i n d e p e n d e n y a n g d i g u n a k a n d a l a m p e n e l i t i a n i n i t e r d i r i d a r i 6 v a r i a b e l y a i t u return on equity ( R O E ) , return on asset ( R O A ) , debt to equity ratio ( D E R ) , current ratio ( C R ) , earning per share ( E P S ) d a n book value per share ( B V S ) . P o p u l a s i y a n g d i g i m a k a n d a l a m p e n e l i t i a n i n i , m e n c a k u p s e m u a p e r u s a h a a n n o n k e u a n g a n y a n g m a s u k d a l a m i n d e k s L Q 4 5 y a n g t e r d a f t a r d i B u r s a E f e k I n d o n e s i a t a h u n 2 0 0 7 -2 0 1 1 . P e n g a m b i l a n s a m p e l d i l a k u k a n d e n g a n m e n g g u n a k a n m e t o d e purposive sampling.?ene\it\an i n i m e n g g i m a k a n a n a l i s i s r e g r e s i l i n e a r
s e c a r a p a r s i a l t i d a k m e m i l i k i p e n g a r u h s i g n i f i k a n t e r h a d a p p e r u b a h a n h a r g a s a h a m . H a l i n i d i k a r e n a k a n n i l a i S i g t u n t u k v a r i a b e l R O E , R O A , D E R , E P S d a n B V S l e b i h b e s a r d a r i t i n g k a t s i g n i f i k a n s i s e b e s a r 0 , 0 5 . V a r i a b e l y a n g m e m i l i k i p e n g a r u h p a l i n g d o m i n a n t e r h a d a p p e r u b a h a n h a r g a s a h a m a d a l a h C R , y a n g t e r l i h a t p a d a n i l a i b e t a C R s e b e s a r 0 , 3 6 9 p a l i n g t i n g g i d i b a n d i n g n i l a i b e t a v a r i a b e l l a i n . H a s i l p e n g u j i a n d a t a s e c a r a s i m u l t a n d e n g a n m e n g g u n a k a n s e m u a v a r i a b e l i n d e p e n d e n y a i t u R O E , R O A , D E R C R E P S d a n B V S m e n u n j u k k a n p e n g a r u h p o s i t i f d a n s i g n i f i k a n t e r h a d a p p e r u b a h a n h a r g a s a h a m . H a s i l p e n g u j i a n d a t a s e c a r a p a r s i a l d e n g a n u j i s t a t i s t i k t , m e n i m j u k k a n b a h w a v a r i a b e l C R b e r p e n g a r u h p o s i t i f d a n s i g n i f i k a n t e r h a d a p p e r u b a h a n h a r g a s a h a m , s e d a n g k a n v a r i a b e l R O E , R O A , D E R E P S d a n B V S t i d a k b e r p e n g a r u h s i g n i f i k a n t e r h a d a p p e r u b a h a n h a r g a s a h a m . R a s i o k e u a n g a n C R a d a l a h v a r i a b e l i n d e p e n d e n y a n g p a l i n g d o m i n a n m e m p e n g a r u h i p e r u b a h a n h a r g a s a h a m . D a r i h a s i l a n a l i s i s m o d e l r e g r e s i , d i p e r o l e h n i l a i k o e f i s i e n d e t e r m i n a n (adjusted R 2 ) s e b e s a r 0 , 1 1 8 . H a l i n i m e n a n d a k a n b a h w a
1 1 , 8 % v a r i a s i d a r i h a r g a s a h a m d a p a t d i j e l a s k a n o l e h v a r i a s i d a r i v a r i a b e l i n d e p e n d e n ( R O A , R O E , D E R C R E P S d a n B V S ) , s e d a n g k a n 8 8 , 2 % d i j e l a s k a n o l e h v a r i a b e l I a i n a t a u s e b a b - s e b a b d i l u a r m o d e l r e g r e s i .
m a s i n g - m a s i n g p e r u s a h a a n h a r u s b e m i l a i p o s i t i f , d a t a y a n g d i g u n a k a n h a r u s m e m e n u h i U j i A s u m s i K l a s i k . B e r d a s a r k a n p o p u l a s i p e n e l i t i a n y a n g t e r d i r i d a r i 9 p e r u s a h a a n , y a n g m e m e n u h i s e l u r u h k r i t e r i a d a l a m p e n e l i t i a n i n i t e r d a p a t 2 p e r u s a h a a n y a n g d a p a t d i a m b i l s e b a g a i s a m p e l . B e r d a s a r k a n h a s i l a n a l i s i s d a t a d a n p e m b a h a s a n t e n t a n g Return On Asset d a n Debt to Equity Ratio t e r h a d a p H a r g a S a h a m p a d a p e r u s a h a a n y a n g b e r g e r a k d i b i d a n g f i n a n s i a l y a n g t e r d a f t a r d i B u r s a E f e k I n d o n e s i a ( B E I ) s e l a m a p e r i o d e p e n e l i t i a n t u j u h t a h u n ( 2 0 0 4 - 2 0 1 0 ) , m a k a d a p a t d i a m b i l b e b e r a p a s i m p u l a n s e b a g a i b e r i k u t . P e r t a m a , Return on Asset t i d a k m e m i l i k i p e n g a r u h y a n g s i g n i f i k a n t e r h a d a p H a r g a S a h a m . B e r d a s a r k a n h a s i l p e r h i t u n g a n t - t e s t d i p e r o l e h thitung ( - 0 , 3 7 1 ) < ttabei ( - 2 , 1 7 9 ) . K e d u a , Debt to Equity Ratio t i d a k m e m i l i k i p e n g a r u h s i g n i f i k a n t e r h a d a p H a r g a S a h a m . B e r d a s a r k a n h a s i l p e n g u j i a n t t e s t d i p e r o l e h t h i t u n g ( 0 , 8 1 6 ) < ttabei ( -2 , 1 7 9 ) . K e d u a , d a r i p e n g u j i a n r e g r e s i d e n g a n m e l i h a t t a b e l A n o v a , j i k a d i u j i s e c a r a s i m u l t a n , Return on Asset d a n Debt to Equity Ratio s e c a r a b e r s a m a - s a m a b e r p e n g a r u h t e r h a d a p H a r g a S a h a m .
B. Landasan Teori 1 , H a r g a S a h a m
M e n u r u t H a l i m ( 2 0 0 5 ) d a l a m W e n d i C a h y o n o d a n S u t r i s n o ( 2 0 1 3 ) h a r g a p a d a s u a t u s a h a m d i b e d a k a n m e n j a d i 3 y a i t u :
a. H a r g a N o m i n a l , a d a l a h h a r g a y a n g t e r c a n t u m d a l a m s e r t i f i k a t s a h a m y a n g d i t e t a p k a n o l e h e m i t e n u n t u k m e n i l a i s e t i a p l e m b a r s a h a m y a n g d i k e l u a r k a n . B e s a m y a h a r g a n o m i n a l m e m b e r i k a n a r t ! p e n t i n g s a h a m k a r e n a d i v i d e n m i n i m a l b i a s a n y a d i t e t a p k a n b e d a s a r k a n n i l a i n o m i n a l . b . H a r g a P e r d a n a , a d a l a h h a r g a p a d a w a k t u h a r g a s a h a m t e r s e b u t d i c a t a t
d i B u r s a E f e k . H a r g a s a h a m p a d a p a s a r p e r d a n a b i a s a n y a d i t e t a p k a n o l e h p e n j a m i n e m i s i d a n e m i t e n . D e n g a n d e m i k i a n a k a n d i k e t a h u i b e r a p a h a r g a s a h a m e m i t e n a k a n d i j u a l k e p a d a m a s y a r a k a t d a n b i a s a n y a d i g u n a k a n u n t u k m e n e n t u k a n h a r g a p e r d a n a ,
M e n u r u t s u n a r i y a h , n i l a i s a h a m t e r b a g i m e n j a d i 3 ( t i g a ) , y a i t u :
a. N i l a i N o m i n a l {Par Value), a d a l a h h a r g a s a h a m p e r t a m a y a n g t e r c a n t u m p a d a s e r t i f i k a t b a d a n u s a h a . H a r g a s a h a m t e r s e b u t m e r u p a k a n h a r g a y a n g s u d a h d i o t o r i s a s i o l e h r a p a t u m u m p e m e g a n g s a h a m ( s h a r e h o l d e r s ) . H a r g a i n i t i d a k b e r u b a h - u b a h d a r i y a n g t e l a h d i t e t a p k a n o l e h r a p a t u m u m p e m e g a n g s a h a m .
b . N i l a i B u k u {Book Value), n i l a i d a s a r a k a n b e r m a c a m - m a c a m d a r i w a k t u p e r u s a h a a n d i d i r i k a n , n i l a i s a h a m t e r s e b u t b e r u b a h k a r e n a a d a n y a k e n a i k a n a t a u p e n u r u n a n h a r g a s a h a m d a n a d a n y a l a b a d i t a h a n . J u m l a h l a b a d i t a h a n p e r v a l u e s a h a m , d a n m o d a l s e l a i n per value a d a l a h n i l a i b u k u . N i l a i b u k u u n t u k s e t i a p l e m b a r s a h a m d i h i t u n g d a r i p e m b a g i a n j u m l a h n i l a i b u k u d e n g a n j u m l a h l e m b a r s a h a m .
c. N i l a i D a s a r {Base Price), n i l a i d a s a r s u a t u s a h a m s a n g a t b e r k a i t a n d e n g a n h a r g a p a s a r s a h a m y a n g b e r s a n g k u t a n s e t e l a h d i l a k u k a n p e n y e s u a i a n k a r e n a corporate action ( a k s i e m i t e n ) . N i l a i d a s a r i n i m e r u p a k a n h a r g a p e r d a n a s a h a m t e r s e b u t .
2 . F a k t o r - f a k t o r y a n g m e m p e n g a r u h i h a r g a s a h a m
M e n u r u t I r h a m F a h m i ( 2 0 1 6 : 2 7 6 - 2 7 7 ) a d a b e b e r a p a k o n d i s i d a n s i t u a s i y a n g m e n e n t u k a n s u a t u s a h a m i t u a k a n m e n g a l a m i f l u k t u a s i , y a i t u : a. K o n d i s i m i k r o d a n m a k r o e k o n o m i .
b . K e b i j a k a n p e r u s a h a a n d a l a m m e m u t u s k a n u n t u k e k s p a n s i ( p e r l u a s a n u s a h a ) , s e p e r t i m e m b u k a k a n t o r c a b a n g {brand office), k a n t o r c a b a n g p e m b a n t u {sub brand office) b a i k y a n g d i b u k a d i d o m e s t i k m a u p u n l u a r n e g e r i .
c. P e r g a n t i a n d i r e k s i s e c a r a t i b a - t i b a .
d . A d a n y a d i r e k s i a t a u p i h a k k o m i s a r i s p e r u s a h a a n y a n g t e r l i b a t t i n d a k p i d a n a d a n k a s u s n y a s u d a h m a s u k k e p e n g a d i l a n .
e. K i n e r j a p e r u s a h a a n y a n g t e r u s m e n g a l a m i p e n u r u n a n d a l a m s e t i a p w a k t u n y a .
f. R i s i k o s i s t e m a t i s , y a i t u s u a t u b e n t u k risiko y a n g t e r j a d i s e c a r a m e n y e l u r u h d a n t e l a h i k u t m e n y e b a b k a n p e r u s a h a a n i k u t t e r l i b a t .
g . E f e k d a r i p s i k o l o g i p a s a r y a n g t e m y a t a m a m p u m e n e k a n k o n d i s i t e k n i k a l j u a l b e l i s a h a m .
D a l a m p e r g e r a k a n h a r g a s a h a m d i k e n a l d e n g a n d u a f a k t o r y a n g m u d a h d i p a h a m i d a n d a p a t m e m p e n g a m h i h a r g a s a h a m y a i t u f a k t o r f u n d a m e n t a l a t a u f a k t o r m i k r o d a n f a k t o r m a k r o .
e f i s i e n d a n e f e k t i f , s e h i n g g a a k a n m e n i n g k a t k a n . A n a l i s i s f u n d a m e n t a l a k a n b e r g e r a k d a r i k e a d a a n m i n i m u m k e k e a d a a n l e b i h s p e s i f i k . A n a l i s i s i n i d i m u l a i d e n g a n m e m a h a m i s i k l u s u s a h a s e c a r a u m u m . I n d u s t r i d a n a k h i m y a m e n g e v a l u a s i k i n e r j a e m i t e n d a r i s a h a m y a n g d i t e r b i t k a n n y a .
U m u m n y a f a k t o r - f a k t o r f u n d a m e n t a l y a n g d i t e l i t i a d a l a h n i l a i i n t r i n s i k , n i l a i p a s a r . Return On Total Assets (ROA), Return On Investment (ROI), Return On Equity (ROE), Book Value (BV), Debt Equity Ratio (DER), Deviden Earning, Price Earning Ratio (PER),
Dividen Payout Ratio (DPR), Dividen Yield d a n Likuiditas S a h a m .
D a l a m m e l a k u k a n a n a l i s i s p e r u s a h a a n , i n v e s t o r h a r u s m e n d a s a r k a n k e r a n g k a p i k i m y a p a d a d u a k o m p o n e n u t a m a d a l a m a n a l i s i s f u n d a m e n t a l y a i t u Earning Per Share(EPS) dan Price Earning Ratio (PER) p e r u s a h a a n . A l a s a n y a n g m e n d a s a r i p e n g g u n a a n d u a k o m p o n e n t e r s e b u t a d a l a h k e d u a k o m p o n e n t e r s e b u t b i s a d i p a k a i u n t u k m e n g e s t i m a s i n i l a i i n t r i n s i k s u a t u s a h a m ( T a n d e l i l m , 2 0 1 0 ; 3 6 4 ) .
R a s i o K e u a n g a n
m e r u p a k a n k e g i a t a n m e m b a n d i n g k a n a n g k a - a n g k a y a n g a d a d a l a l a p o r a n k e u a n g a n d e n g a n c a r a m e m b a g i s a t u a n g k a d e n g a n a n g k a l a i n n y a . B e r i k u t i n i a d a l a h b e n t u k - b e n t u k r a s i o k e u a n g a n d i b a g i m e n j a d i s e b a g a i b e r i k u t :
a. R a s i o L i k u i d i t a s
M e n u r u t K a s m i r ( 2 0 1 2 : 1 1 0 ) , R a s i o l i k u d i t a s m e r u p a k a n r a s i o y a n g m e n g g a m b a r k a n k e m a m p u a n p e r u s a h a a n d a l a m m e m e n u h i k e w a j i b a n j a n g k a p e n d e k . F u n g s i l a i n r a s i o l i k u i d i t a s a d a l a h u n t u k m e n u n j u k k a n a t a u m e n g u k u r k e m a m p u a n p e r u s a h a a n d a l a m m e m e n u h i k e w a j i b a n n y a y a n g j a t u h t e m p o . M e n u r u t S u t r i s n o ( 2 0 1 3 : 2 2 2 ) , R a s i o L i k u i d i t a s a d a l a h k e m a m p u a n p e r u s a h a a n u n t u k m e m b a y a r k e w a j i b a n - k e w a j i b a n n y a y a n g s e g e r a h a r u s d i p e n u h i . K e w a j i b a n y a n g s e g a r a h a r u s d i p e n u h i a d a l a h h u t a n g j a n g k a p e n d e k , o l e h k a r e n a i t u r a s i o i n i b i s a d i g i m a k a n u n t u k m e n g u k u r t i n g k a t k e a m a n a n k r e d i t o r j a n g k a p e n d e k , s e r t a m e n g u k u r a p a k a h o p e r a s i p e r u s a h a a n t i d a k a k a n t e r g a n g g u b i l a k e w a j i b a n j a n g k a p e n d e k i n i s e g e r a d i t a g i h . A d a b e b e r a p a i n d i k a t o r d a l a m r a s i o l i k u i d i t a s u n t u k m e n g u k u r k e m a m p u a n p e r u s a h a a n ( K a s m i r , 2 0 1 2 : 1 3 4 - 1 4 2 ) :
1 ) Current ratio
Aktiva lancar C u r r e n t R a t i o =
Hutang lancar
2) Quick Ratio
R a s i o c e p a t a t a u Quick Ratio m e r u p a k a n r a s i o y a n g m e n u n j u k k a n k e m a m p u a n p e r u s a h a a n d a l a m m e m e n u h i a t a u m e m b a y a r k e w a j i b a n a t a u u t a n g l a n c a r ( u t a n g j a n g k a p e n d e k ) d e n g a n a k t i v a l a n c a r t a n p a m e m p e r h i t u n g k a n n i l a i s e d i a a n {Inventory).
Aktiva Lancar-Persediaan Q u i c k R a t i o =
Hutang Lancar
3) Cash Ratio
R a s i o k a s a t a u Cash Ratio m e r u p a k a n a l a t y a n g d i g u n a k a n u n t u k m e n g u k u r s e b e r a p a b e s a r u a n g k a s y a n g t e r s e d i a u n t u k m e m b a y a r u t a n g . K e t e r s e d i a a n u a n g k a s d a p a t d i t u n j u k k a n d a r i t e r s e d i a n y a d a n a k a s a t a u y a n g s e t a r a d e n g a n k a s s e p e r t i r e k e n i n g g i r o a t a u t a b u n g a n d i b a n k ( y a n g d a p a t d i t a r i k s e t i a p s a a t ) .
_ Kas Cash Ratio
Hutang Lancar
k e m a m p u a n p e r u s a h a a n u n t u k m e l u n a s i k e w a j i b a n j a n g k a p e n d e k n y a d e n g a n a k t i v a l a n c a r d e n g a n h u t a n g l a n c a r .
L i k u d i t a s s a h a m p e r u s a h a a n L Q 4 5 y a n g m e n u r u n m e n u j u k k a n b a h w a k e m a m p u a n a k t i v a l a n c a r p e r u s a h a a n d a l a m m e n j a m i n h u t a n g l a n c a m y a s e b a g a i p e n u r u n a n . H a l i n i m e m p e n g a r u h i k e u n t u n g a n i n v e s t a s i p a d a s a h a m - s a h a m y a n g m a s u k d a l a m i n d e k s L Q 4 5 , k a r e n a s a h a m L Q 4 5 d i a n g g a p t i d a k m a m p u b e r t a h a n d a l a m k o n d i s i b i s n i s y a n g t i d a k p a s t i . D e n g a n d e m i k i a n , current rasio b e r p e n g a r u h p o s i t i f d e n g a n h a r g a s a h a m L Q 4 5 . M e n u r u t K a s m i r m e n y a t a k a n r u m u s a t a u f o r m u l a s i u n t u k m e n c a r i r a s i o l a n c a r {current rasio) y a n g d a p a t d i g u n a k a n s e b a g a i b e r i k u t .
C j ; = ^ ' " " " ' ^ ' ' " " ' " x i o o %
U t a n g L a n c a r
h. R a s i o p r o f i t a b i l i t a s
p e r u s a h a a n . D a l a m p r a k t i k n y a , j e n i s - j e n i s r a s i o p r o f i t a b i l i t a s y a n g d a p a t d i g u n a k a n ( K a s m i r , 2 0 I 2 : 1 9 9 - 2 0 7 ) :
1 ) P r o f i t m a r g i n {profit margin on sales)
Profit Margin On Sales m e r u p a k a n s a l a h s a t u r a s i o y a n g d i g u n a k a n u n t u k m e n g u k u r m a r g i n l a b a a t a u p e n j u a l a n . C a r a p e n g u k u r a n r a s i o i n i a d a l a h d e n g a n m e m b a n d i n g k a n l a b a b e r s i h s e t e l a h p a j a k d e n g a n p e n j u a l a n b e r s i h . R u m u s y a n g b i a s a d i g u n a k a n u n t u k m e n g h i t u n g m a r g i n l a b a k o t o r d a n l a b a b e r s i h .
, . - 1 1 1 . P e n i u a l a n B e r s i h - H a r g a Pokok P e n u a l a n
M a r g m l a b a k o t o r = = —
P e n j u a l a n
EAlT
M a r g i n L a b a B e r s i h = P e n j u a l a n (sales)
2 ) Return on asset (ROA)
Return on Investment atau d i s e b u t j u g a Return on Asset ( R O A ) m e r u p a k a n r a s i o y a n g m e n u n j u k k a n h a s i l {return) a t a s j u m l a h a k t i v a y a n g d i g u n a k a n d a l a m p e r u s a h a a n . R u m u s u n t u k
m e n c a r i Return on Assets d a p a t d i g i m a k a n s e b a g a i b e r i k u t :
Return On Asset = ^"'"^"^""•""^'"^ X 1 0 0 %
T o t a l A k i v a
3 ) Return on equity ( R O E )
Return on equity m e r u p a k a n r a s i o u n t u k m e n g u k u r l a b a b e r s i h s e s u d a h p a j a k d e n g a n m o d a l s e n d i r i . R u m u s u n t u k m e n c a r i Return on Equity d a p a t d i g u n a k a n s e b a g a i b e r i k u t :
Return On Equity = '-"'^^"^""""'''"^ x 1 0 0 %
4 ) L a b a p e r l e m b a r s a h a m (Earningper share)
R a s i o l a b a p e r l e m b a r s a h a m m e r u p a k a n r a s i o u n t u k m e n g u k u r k e b e r h a s i l a n m a n a j e m e n d a l a m m e n c a p a i k e u n t u n g a n b a g i p e m e g a n g s a h a m . R u m u s i m t u k m e n c a r i L a b a p e r l e m b a r s a h a m d a p a t d i g u n a k a n s e b a g a i b e r i k u t :
Earning per Share = r a b a saham biasa ^ J
S a h a m biasa yang berdar
D a l a m p e n e l i t i a n i n i , r a s i o p r o f i t a b i l i t a s y a n g d i g u n a k a n u n t u k p e n g u k u r a n k i n e r j a p e r u s a h a a n d a l a m m e m p e r o l e h l a b a a t a s p e n g e l o l a a n k e s e l u r u h a n a k t i v a p e r u s a h a a n . Return on asset ( R O A ) d i y a k i n i p e n e l i t i m e m i l i k i p e n g a r u h y a n g p o s i t i f t e r h a d a p h a r g a s a h a m d a n u n t u k m e n g u k u r k e m a m p u a n s a h a m - s a h a m L Q 4 5 d a l a m m e n g h a s i l k a n l a b a d e n g a n m e n g g u n a k a n t o t a l a k t i v a y a n g a d a . A p a b i l a R O A m e m i l i k i n i l a i y a n g t i n g g i a t a s s u a t u p e r u s a h a a n , m a k a h a l t e r s e b u t a k a n m e m p e r k u a t k e i n g i n a n i n v e s t o r u n t u k b e r i n v e s t a s i p a d a s a h a m y a n g d i t e r b i t k a n p e r u s a h a a n t e r s e b u t . M e n u r u t K a s m i r m e n y a t a k a n b a h w a r u m u s a t a u f o r m u l a s i u n t u k m e n c a r i Return on asset ( R O A ) y a n g d a p a t d i g u n a k a n s e b a g a i b e r i k u t :
nr\ A Lababersihsetelahpajak . ^ ^ ^ z
R O A = — 7 ——— X 1 0 0 %
T o t a l a k t i v a
R a s i o Leverage
R a s i o Leverage
R a s i o Leverage m e r u p a k a n r a s i o y a n g d i g u n a k a n u n t u k m e n g u k u r s e j a u h m a n a a k t i v a p e r u s a h a a n d i b i a y a i d e n g a n u t a n g . A r t i n y a b e r a p a b e s a r b e b a n u t a n g y a n g d i t a n g g u n g p e r u s a h a a n d i b a n d i n g k a n d e n g a n a k t i v a n y a . D a l a m a r t i l u a s d i k a t a k a n b a h w a r a s i o Leveragedigunakan u n t k m e n g u k u r k e m a m p u a n p e r u s a h a a n u n t u k m e m b a y a r s e l u r u h k e w a j i b a n n y a , b a i k j a n g k a p e n d e k m a u p u n j a n g k a p a n j a n g a p a b i l a p e r u s a h a a n d i b u b a r k a n ( K a s m i r , 2 0 1 2 : 1 5 1 ) .
M e n u r u t S u t r i s n o ( 2 0 1 3 : 2 2 4 ) , R a s i o Leverage m e n u n j u k k a n s e b e r a p a b e s a r k e b u t u h a n d a n a p e r u s a h a a n d i b e l a n j a i d e n g a n h u t a n g . S e m a k i n r e n d a h f a k t o r leverage, p e r u s a h a a n m e m p u n y a i r i s i k o y a n g k e c i l b i l a k o n d i s i e k o n o m i m e r o s o t . S e m a k i n b e s a r t i n g k a t leverage p e r u s a h a a n , a k a n s e m a k i n b e s a r j u m l a h u t a n g y a n g d i g u n a k a n , d a n s e m a k i n b e s a r r i s i k o b i s n i s y a n g d i h a d a p i t e r u t a m a a p a b i l a k o n d i s i p e r e k o n o m i a n m e m b u r u k . D a l a m p r a k t i k n y a , t e r d a p a t b e b e r a p a j e n i s r a s i o leverage y a n g s e r i n g d i g u n a k a n p e r u s a h a a n . A d a b e b e r a p a
i n d i k a t o r d a l a m r a s i o leverage u n t u k m e n g u k u r k e m a m p u a n p e r u s a h a a n ( K a s m i r , 2 0 1 2 : 1 5 6 - 1 6 2 ) :
1 ) Debt to Asset Ratio (DAR)
2) Debt io Equity Ratio (DER)
Debt to Equity Ratio m e r u p a k a n r a s i o y a n g d i g u n a k a n u n t u k m e n i l a i d e n g a n e k u i t a s . R a s i o i n i d i c a r i d e n g a n c a r a m e m b a n d i n g k a n a n t a r a s e l u r u h u t a n g , t e r m a s u k u t a n g l a n c a r d e n g a n s e l u r u h e k u i t a s . R a s i o i n i b e r g u n a u n t u k m e n g e t a h u i j u m l a h d a n a y a n g d i s e d i a k a n p e m i n j a m a n ( k r e d i t o r ) d e n g a n p e m i l i k p e r u s a h a a n . D e n g a n k a t a l a i n , r a s i o i n i b e r f u n g s i u n t u n k m e n g e t a h u i s e t i a p r u p i a h m o d a l s e n d i r i y a n g d i j a d i k a n u n t u k j a m i n a n u t a n g .
r» -Q. T o t a W t a n g ( D e b t )
Debt to equity ratio = —
E k u i t a s ( E q u i t y )
3 ) Long Term Debt to Equity Ratio (LTDtER)
Long Term Debt to Equity Ratio m e r u p a k a n r a s i o a n t a r a u t a n g j a n g k a p a n j a n g d e n g a n m o d a l s e n d i r i . T u j u a n n y a a d a l a h i m t u k m e n g u k u r b e b e r a p a b a g i a n d a r i s e t i a p r u p i a h m o d a l s e n d i r i y a n g d i j a d i k a n j a m i n a n u t a n g j a n g k a p a n j a n g d e n g a n c a r a m e m b a n d i n g k a n a n t a r a u t a n g j a n g k a p a n j a n g d e n g a n c a r a m e m b a n d i n g k a n a n t a r a u t a n g j a n g k a p a n j a n g d e n g a n m o d a l s e n d i r i y a n g d i s e d i a k a n o l e h p e r u s a h a a n .
Longtermdebt
Long Term Debt to Equity Ratio
4 ) Times Interest Earned
Times Interest Earned m e r u p a k a n r a s i o u n t u k m e n c a r i j u m l a h k a l i p e r o l e h a n b u n g a . R a s i o i n i d i a r t i k a n j u g a s e b a g a i k e m a m p u a n p e r u s a h a a n u n t u k m e m b a y a r b i a y a b u n g a , s a m a s e p e r t i coverage ratio.
Times Interest Earned ^^'^
B i a y a B u n g a (interesf)
5 ) Fixed Charge Coverage (FCC)
Fixed Charge Coverage (FCC) a t a u l i n g k u p b i a y a t e t a p m e r u p a k a n r a s i o y a n g m e n y e r u p a i Times Interest Earned Ratio.Hmya s a y a p e r b e d a a n n y a a d a l a h r a s i o i n i d i l a k u k a n a p a b i l a p e r u s a h a a n m e m p e r o l e h u t a n g j a n g k a p a n j a n g a t a u m e n y e w a a k t i v a b e r d a s a r k a n k o n t r a k s e w a . B i a y a t e t a p m e r u p a k a n b i a y a b u n g a d i t a m b a h k e w a j i b a n s e w a t a h u n a n a t a u j a n g k a p a n j a n g .
sewa.
EBIT+Biaya bunga+Kewajiban-^^^
FCC= ~ : ~ sewa
Biaya bunga+Kewajiban lease
D a l a m p e n e l i t i a n i n i , p e n e l i t i m e n g g u n a k a n r a s i o Debt equity Ratio. M e n u r u t k a s m i r m e n y a t a k a n b a h w a r u m u s u n t u k Debt to Equity /?<3//oadalah s e b a g a i b e r i k u t :
C. Hipotesis
1 . A d a p e n g a r u h y a n g s i g n i f i k a n L i k u i d i t a s , P r o f i t a b i l i t a s d a n Leverage s e c a r a s i m u l t a n t e r h a d a p h a r g a s a h a m P e r u s a h a a n L Q 4 5 T e r d a f t a r d i B u r s a E f e k I n d o n e s i a P e r i o d e 2 0 1 1 - 2 0 1 5 .
. Jenis Penelitian
M e n u r u t S u g i y o n o ( 2 0 1 5 : 1 7 5 ) . J e n i s - j e n i s p e n e l i t i a n d i b a g i m e n j a d i b e b e r a p a b a g i a n b e r d a s a r k a n t i n g k a t e k s p a l a s i n y a y a i t u :
1 . P e n e l i t i a n d e s k r i p t i f
S u a t u r u m u s a n m a s a l a h y a n g b e r k e n a n d e n g a n p e r t a n y a a n t e r h a d a p k e b e r a d a a n v a r i a b e l m a n d i r i , b a i k h a n y a p a d a s a t u v a r i a b e l a t a u l e b i h V a r i a b e l m a n d i r i a d a l a h v a r i a b e l y a n g t e r d i r i s e n d i r i b u k a n v a r i a b e l i n d e p e n d e n k a r e n a k a l a u v a r i a b e l i n d e p e n d e n s e l a l u d i p a s a n g k a n d e n g a n v a r i a b e l d e p e n d e n .
2 . P e n e l i t i a n K o m p a r a t i f
K o m p a r a t i f a d a l a h s u a t u p e n e l i t i a n y a n g b e r s i f a t m e m b a n d i n g k a n , a t a u b e r u p a h u b u n g a n s e b a b - a k i b a t k e b e r a d a a n s a t u v a r i a b e l a t a u l e b i h p a d a d u a a t a u l e b i h s a m p e l y a n g b e r b e d a .
3 . P e n e l i t i a n A s o s i a t i f
S u a t u p e r t a n y a a n y a n g b e r s i f a t m e n a n y a k a n h u b u n g a n a n t a r a d u a v a r i a b e l a t a u l e b i h . S e p e r t i y a n g t e l a h d i k e m u k a k a n t e r d a p a t t i g a b e n t u k h u b u n g a n y a i t u :
a. H u b u n g a n s i m e t r i s a d a l a h s u a t u h u b u n g a n a n t a r a d u a v a r i a b e l a t a u l e b i h k e b e t u l a n m u n c u l n y a b e r s a m a a n .
c. H u b u n g a n i n t e r a k t i f / r e c i p r o c a l / t i m b a l e b a l i k a d a l a h h u b u n g a n y a n g s a l i n m e m p e n g a r u h i , d i s i n i t i d a k d i k e t a h u i m a n a v a r i a b e l i n d e p e n d e n d a n d e p e n d e n .
D a l a m p e n e l i t i a n i n i , p e n u l i s m e n g g u n a k a n j e n i s p e n e l i t i a n a s o s i a t i f y a i t u p e n e l i t i a n y a n g b e r t u j u a n u n t u k m e n g e t a h u i h u b u n g a n a n t a r a d u a v a r i a b e l a t a u l e b i h .
Lokasi Penelitian
C. Operasionalisasi Variabel
Tabel I I L l
Definisi Variabel dan Indikator Variabel
Variabel Definisi Variabel Indikator Skala
Harga Saham
(Y)
Harga suatu saham yang terjadi di pasar bursa pada saat tertentu yang ditentukan oleh permintaan dan penawaran saham perusahaan yang bersangkutan.
Closing P r i c e Ratio
Likuiditas (XI)
Mengukur kemampuan suatu perusahaan untuk memenuhi kewajiban jangka pendeknya dengan aktiva lancamya.
C u r r e n t R a t i o Ratio
Profltabilitas (X2)
Rasio yang menunjukkan hasil ( r e t u r n )
a t a s jumlah aktiva yang digunakan dalam perusahaan.
R e t u r n O n Assets Ratio
Leverage (X3)
Rasio yang digunakan untuk menilai utang dengan ekuitas
Debt to Equity
R a t i o Ratio
S u m b e r : D a t a y a n g b e r d a s a r k a n b e r b a g a i t e o r i .
D. Populasi dan Sampel 1 . P o p u l a s i
Tabel III.2
Daftar Perusahaan dalam Indeks L Q 45
N o N a m a P e r u s a h a a n R o d e
S a h a m N o N a m a P e r u s a h a a n
K o d e S a h a m 1 A s t r a A g r o L e s t a r i T b k A A L I 2 4 G u d a n g G a r a m T b k G G R M 2 A d a r o E n e r g i T b k A D R O 2 5 G a j a h T u n g g a l T b k G J T L 3 A n e k a T a m b a n g ( p e r s e r o ) T b k A N T M 2 6 I n t e m a s i o n a l N i c k e l I n d o n e s i a I N C O 4 A s t r a I n t e m a s i o n a l T b k A S I I 2 7 I n d o f o o d S u k s e s M a k m u r T b k INDF 5 B a n k C e n t a l A s i a T b k B B C A 2 8 I n d i k a E n e r g y T b k I N D Y 6 B a n k B u k o p i n T b k B B K P 2 9 I n d u c e m e n t T u n g g a l P r a k a r s a T b k INTP 7 B a n k N e g a r a I n d o n e s i a ( p e r s e r o ) T b k B B N I 3 0 I n d o s a t T b k I S A T 8 B a n k R a k y a t I n d o n e s i a ( p e r s e r o ) T b k B B R I 3 1 I n d o T a m b a n g r a y a M e g a h T b k m v i G 9 B a n k T a b u n g a n N e g a r a ( p e r s e r o ) T b k B B T N 3 2 J a s a M a r g a T b k J S M R
1 0 B a n k D a n a m o n I n d o n e s i a T b k B D M N 3 3 K a l b e F a r m a T b k K L B F 11 B a n k J a w a B a r a t T b k B J B R 3 4 L i p p o K a r a w a c i t b k L P K R 1 2 B a n k M a n d i r i ( p e r s e r o ) T b k B M R I 3 5 P P L o n d o n S u m a t e r a I n d o n e s i a T b k LSIP 13 B a k r i e & b r o t h e r T b k B N B R 3 6 M e d c o E n e r g i I n t e m a s i o n a l T b k M E D C
11 4 A B o r n e o L u m b u n g E n e r g i & M e t a l T b k B U R N 3 7
P e r u s a h a a n G a s N e g a r a ( p e r s e r o ) 1 b k WX * A f-1 PGAS
1 c
B r a u C o l d E n e r g y T b k D T T A I T
B R A U 3 8 B a t u b a r a B u k i t A s a m ( p e r s e r o ) T b k PTBA
1 r.
1 0 B u m i S e r p o n g D a m a i T b k D OB b D t , r v c •JO
3 V H o i c i m I n d o n e s i a T b k
O A l / - < D
S M C B 1 7 B a k r i e T e l e c o m T b k B T E L 4 0 S e m e n G r e s i k ( p e r s e r o ) T b k SMGR
1 5 B u m i R e c o u r c e s T b k D T I K J I I
B U M !
A 1 T i m a h ( p e r s e r o ) T b k
1 i N a
1 9 C h a r o e n P o k p h a n d I n d o n e s i a T b k C P I N 4 2 T e l e k o m u n i k a s i I n d o n e s i a ( p e r s e r o ) T b k
T L K M
2 0 D e l t a D u n i a M a k m u r T b k D O I D 4 3 B a k r i e S u m a t e r a p l a n t a t i o n s T b k U N S P
2 1 E l n u s a T b k E L S E 4 4 U n i t e d T r a c t o r s T b k UNTR
2 2 B a k r i e l a n D e v e l o p m e n t T b k E L T Y 4 5 U n i l i v e r I n d o n e s i a T b k U N V R 2 3 E n e r g y M e g a P e r s a d a T b k E N R G
S a m p e l
M e n u r u t S u g i y o n o ( 2 0 1 5 : 8 1 ) s a m p e l a d a l a h b a g i a n d a r i j u m l a h d a n k a r a k t e r i s t i k y a n g d i m i l i k i o l e h p o p u l a s i t e r s e b u t . T e k n i k p e n g a m b i l a n s a m p e l d a l a m p e n e l i t i a n i n i a d a l a h purposive sampling.Purposive sampling y a i t u t e k n i k p e n g a m b i l a n s a m p e l m e n g g u n a k a n p e r t i m b a n g a n d a n k r i t e r i a t e r t e n t u . K r i t e r i a p e n g a m b i l a n s a m p e l d a l a m p e n e l i t i a n i n i a d a l a h s e b a g a i b e r i k u t :
a. P e r u s a h a a n L Q 4 5 y a n g t e r d a f t a r d i B u r s a E f e k I n d o n e s i a p e r i o d e 2 0 1 1 - 2 0 1 5 .
b . P e r u s a h a a n m e n e r b i t k a n l a p o r a n k e u a n g a n p e r t a h u n s e l a m a p e r i o d e 2 0 1 1 - 2 0 1 5 .
Tabel I I I . 3
Daftar nama sampel perusahaan Index LQ45
N o lx.vJvl& 1 Lld<IJ_lC4^111 i N u J l i u L J u l l d J I l 1
J A A I I A<;lTft A DTP 1 pQ(!iri X F l f
9 A D R O AHarn Pnprov Thlf
"X
J A S I I /x^Ud IIILCI lldllUlldJ I UEv
4 C P I N f^harppn PpL'pHiinrl TnHpnpcin T ' h t
s V J U U a l l g V J t U C L l l l 1 U n .
A
\j I N D F InHpfppH ^iiFc^c K^ntmiiT* TTxF
lllUUiUUU i3UK3C3 JVlaKIIIlll 1 UK 7 I N T P I n d o c e m e n t T u n o p a l P r a k a s a T h k
8 I T M G I n d o T a m b a n g r a y a M e g a h T b k
9 J S M R J a s a M a r g a ( P e r s e r o ) T b k
1 0 K L B F K a l b e F a r m a T b k
1 1 L P K R L i p p o K a r a w a c i T b k
1 2 L S I P P P L o n d o n S u m a t r a I n d o n e s i a T b k
13 P G A S P e r u s a h a a n G a s N e g a r a ( P e r s C T o ) T b k
1 4 P T B A T a m b a n g B a t u b a r a B u k i t A s a m ( P e r s e r o ) T b k
1 5 S M G R S e m e n I n d o n e s i a ( P e r s e r o ) T b k
1 6 T L K M T e l e k o m u n i k a s i I n d o n e s i a ( P e r s e r o ) T b k
1 7 U N T R U n i t e d T r a c t o r s T b k
Data yang digunakan
D a t a a d a l a h c a t a t a n a t a s k u m p u l a n f a k t a . B e r d a s a r k a n s u m b e m y a , m e n u r u t S u g i y o n o ( 2 0 1 5 : 1 3 7 ) d a t a d a p a t t e r b a g i m e n j a d i 2 ( d u a ) j e n i s , y a i t u :
1 . D a t a P r i m e r
2 . D a t a S e k u n d e r
D a t a s e k u n d e r a d a l a h d a t a y a n g d i p e r o l e h a t a u d i k u m p u l k a n t i d a k s e c a r a l a n g s u n g d i p e r o l e h p e n e l i t i d a r i b e r b a g a i s u m b e r y a n g t e l a h a d a ( p e n e l i t i s e b a g a i t a n g a n k e d u a ) .
D a t a y a n g d i g u n a k a n d a l a m p e n e l i t i a n i n i a d a l a h d a t a s e k u n d e r . B e r u p a d a t a l a p o r a n k e u a n g a n y a n g d i a m b i l d a r i n e r a c a d a n l a p o r a n k e u a n g a n p e r u s a h a a n L Q 4 5 y a n g t e r d a f t a r d i B u r s a E f e k I n d o n e s i a t a h u n 2 0 1 1 - 2 0 1 5 .
F. Metode pengumpulan data
M e n u r u t S u g i y o n o ( 2 0 1 5 : 2 2 6 ) t e k n i k p e n g u m p u l a n d a t a d i b a g i m e n j a d i 4 a n t a r a l a i n :
1. M e t o d e O b s e r v a s i a d a l a h k e g i a t a n k e s e h a r i a n m a n u s i a d e n g a n m e n g g u n a k a n p a n c a i n d r a d e n g a n a l a t b a n t u m a n u s i a u t a m a n y a s e l a i n p a n e a i n d e r a l a i n n y a , s e p e r t i t e l i n g , p e n c i u m a n , m u l u t d a n k u l i t o l e h k a r e n a i t u o b s e r v a s i a d a l a h k e m a m p u a n s e s e o r a n g u n t u k m e n g g u n a k a n p e n g a m a t a n n y a m e l a l u i h a s i l k e r j a p a n c a i n d e r a d i b a n t u d e n g a n p a n c a i n d e r a l a i n .
3 . M e t o d e d o k u m e n t a s i m e r u p a k a n m e t o d e y a n g d i l a k u k a n d e n g a n m e n g g u n a k a n c a t a t a n p e r i s t i w a p e r i s t i w a y a n g l a l u , s e p e r t i t u l i s a n -t u l i s a n , g a m b a r m a u p u n k a r y a s e n i .
4 . M e t o d e g a b u n g a n a d a l a h m e t o d e t e k n i k p e n g u m p u l a n d a t a y a n g b e r s i f a t m e n g g a b u n g k a n d a r i b e r b a g a i t e k n i k p e n g u m p u l a n d a t a d a n d a r i s u m b e r d a t a y a n g t e l a h a d a .
B e r d a s a r k a n t e k n i k p e n g u m p u l a n d a t a p e n e l i t i m e n g g u n a k a n p e n g u m p u l a n d a t a s e c a r a d o k u m e n t a s i . M e t o d e i n i d i l a k u k a n d e n g a n m e n c a t a t d a n m e n g u m p u l k a n d a t a - d a t a y a n g t e r c a n t u m , y a n g b e r u p a d a t a l a p o r a n k e u a n g a n p a d a p e n i s a h a a n L Q 4 5 y a n g t e r d a f t a r d i B u r s a E f e k I n d o n e s i a t a h u n 2 0 1 1 - 2 0 1 5 .
. Analisis data dan Teknik Analisis 1. A n a l i s i s d a t a
M e n u r u t M u d r a j a d K u n c o r o ( 2 0 0 9 : 1 2 5 ) a n a l i s i s d a t a d a l a m p e n e l i t i a n d a p a t d i k l a s i f i k a s i k a n m e n j a d i :
a. A n a l i s i s K u a l i t a t i f
A n a l i s i s k u a l i t a t i f a d a l a h s u a t u m e t o d e a n a l i s i s y a n g t i d a k d a p a t d i u k u r d a l a m s k a l a a n g k a .
b . A n a l i s i s k u a n t a t i f
A n a l i s i s d a t a y a n g d i g u n a k a n d a l a m p e n e l i t i a n i n i a d a l a h g a b u n g a n d a r i a n a l i s i s k u a n t i t a t i f d a n a n a l i s i s k u a l i t a t i f y a i t u a n a l i s i s d e n g a n m e l a k u k a n p e n g u j i a n s t a t i s t i k t e r l e b i h d a h u l u k e m u d i a n h a s i l p e n g u j i a n t e r s e b u t a k a n d i r u m u s k a n d a l a m b e n t u k k a l i m a t .
2 . T e k n i k A n a l i s i s a. A n l i s i s K e u a n g a n
1 ) L i k u i d i t a s
R a s i o y a n g d a p a t d i g u n a k a n u n t u k m e n g u k u r l i k u i d i t a s a d a l a h current ratio. R a s i o i n i b e r t u j u a n u n t u k m e n g u k u r k e m a m p u a n s u a t u p e r u s a h a a n u n t u k m e m e n u h i k e w a j i b a n j a n g k a p e n d e k n y a d e n g a n a k t i v a l a n c a m y a . A d a p u n f o r m u l a s i d a r i Current Ratio(CR) s e b a g a i b e r i k u t :
Current ratio = ^ " " " ^ X 1 0 0 % Utang Lancar
2 ) P r o f l t a b i l i t a s
R a s i o y a n g d a p a t d i g u n a k a n u n t u k m e n g u k u r P r o f i t a b i l i t a s a d a l a h Return On asset (ROI) dan d i g u n a k a n r u m u s :
Return OnAsset= i-'""^^^'''-'"''''-'' x 1 0 0 %
T o t a l A k i v a
3 ) Leverage
s e b e r a p a b e s a r p e r b a n d i n g a n t o t a l h u t a n g d e n g a n t o t a l e k u i t a s , d i g u n a k a n r u m u s :
3 . A n a l i s i s S t a t i s t i k
a. A n a l i s i s r e g r e s i l i n i e r b e r g a n d a
L i n i e r b e r g a n d a d i g u n a k a n o l e h p e n e l i t i , b e r m a k s u d u n t u k m e r a m a l k a n b a g a i m a n a m e n g e t a h u i p e n g a r u h ( n a i k t u n m n y a ) v a r i a b e l d e p e n d e n y a i t u H a r g a S a h a m ( Y ) , d e n g a n p e n g a r u h i n d e p e n d e n L i k u i d i t a s ( X i ) , P r o f i t a b i l i t a s (X2), d a n Leverage (X3),
d e n g a n r u m u s s e b a g a i b e r i k u t ( S u g i o n o , 2 0 0 9 : 2 7 7 ) : Debt to Equity Ratio = T o t a l H u t a n g
T o t a l E q u i t a s X 1 0 0 %
Y - a + b i X i + b2X2 + (33X3+ e
K e t e r a n g a n :
Y = H a r g a S a h a m
a = K o n s t a n t a
bi,b2,b3= K o e f i s i e n R e g r e s i = L i k u i d i t a s X 2 = P r o f i t a b i l i t a s
X 3 = Leverage
b . U j i H i p o t e s i s
1 ) U j i F ( U j i B e r s a m a - s a m a )
U j i F a d a l a h u j i r e g r e s i s e c a r a b e r s a m a - s a m a u n t u k m e n g u j i p e n g a r u h X s e c a r a b e r s a m a - s a m a t e r h a d a p Y . L a n g k a h - l a n g k a h u j i F s e b a g a i b e r i k u t ( M i s b a h u d d i n , 2 0 1 3 : 1 5 9 ) :
a ) M e n e n t u k a n H i p o t e s i s
Ho = t i d a k a d a p e n g a r u h s i g n i f i k a n L i k u i d i t a s ( X i ) Vrofiiahi\itas(X2)yLpverage(X3), s e c a r a b e r s a m a - s a m a t e r h a d a p h a r g a s a h a m .
H a = a d a p e n g a r u h s i g n i f i k a n L i k u i d i t a s ( X i ) P r o f i t a b i l i t a s( X 2 ) , Leverage ( X 3 ) , s e c a r a b e r s a m a -s a m a t e r h a d a p h a r g a -s a h a m .
b ) M e n e n t u k a n T a r a f N y a t a ( a ) d a n N i l a i Ftabci
T m g k a t s i g n i f i k a n s e b e s a r 5 % t a r a f n y a t a d a r i ttabei d i t e n t u k a n d a r i d e r a j a t b e b a s d b = ( n - k - 1 ) . T a r a f n y a t a ( a ) d a n n i l a i ttabei, d a l a m h a
