ABSTRAK
ANALISIS PENGARUH KEBIJAKAN DIVIDEN DAN STRUKTUR MODAL TERHADAP HARGA SAHAM DAN BETA SAHAM
DI PERUSAHAAN YANG TERDAFTAR PADA JAKARTA ISLAMIC INDEX
PERIODE 2011-2014
Penelitian ini bertujuan untuk mengetahui dan menganalisis pengaruh Dividend Payout Ratio dan Debt to Equity Ratio terhadap harga saham dan beta saham pada perusahaan yang terdaftar di Jakarta Islamic Index Bursa Efek Indonesia periode 2011-2014. Jenis data yang digunakan adalah data sekunder yang bersumber dari laporan keuangan perusahaan perusahaan di Jakarta Islamic Index Bursa Efek Indonesia (BEI). Metode penentuan sampel menggunakan sampel sasaran sebanyak 14 perusahaan di Jakarta Islamic Index. Penelitian ini menggunakan tehnik analisis deskriptif dan two step regression dengan metode Common Effect Model pada first step dan Fixed Effect Model pada second step. Hasil penelitian menunjukkan bahwa secara simultan Dividend Payout Ratio dan Debt to Equity Ratio berpengaruh positif dan signifikan terhadap harga saham. Secara parsial Dividend Payout Ratio berpengaruh positif dan signifikan sedangkan Debt to Equity Ratio berpengaruh negatif tidak signifikan terhadap harga saham dengan nilai koefisien determinasi sebesar 26,41% sedangkan sisanya sebesar 73,59 dijelaskan faktor-faktor lainnya. Selanjutnya harga saham ramalan berpengaruh negatif dan signifikan terhadap beta saham dengan nilai koefisien determinasi sebesar 23,46% dan sisanya sebesar 76,54 dijelaskan faktor-faktor lain yang tidak disertakan pada penelitian ini.
Kata Kunci : Dividend Payout Ratio, Debt to Equity Ratio, Harga Saham, dan Beta Saham
ANALYSIS OF EFFECT OF CAPITAL STRUCTURE AND DIVIDEND POLICY ON STOCK PRICE AND STOCK BETA IN COMPANIES
LISTED ON JAKARTA ISLAMIC INDEX PERIOD 2011-2014
This study aims to identify and analyze the influence Dividend Payout Ratio and Debt to Equity Ratio on stock prices and stock beta in companies listed in the Jakarta Islamic Index Indonesia Stock Exchange 2011-2014 period. The data used is secondary data obtained from the company's financial statements in Jakarta Islamic Index Indonesia Stock Exchange (BEI). The sampling method using a target sample as many as 14 companies in jakarta islamic index. This research uses descriptive analysis techniques and two step regression with Common Effect Model method in the first step and the Fixed Effects Model in the second step. The results showed that simultaneously Dividend Payout Ratio and Debt to Equity Ratio positive and significant effect on stock prices. Partially Dividend Payout Ratio positive and significant effect while the Debt to Equity Ratio significant negative effect on stock prices with the value of determination coefficient of 26.41%, while the remaining amount of 73.59 explain by other factors. Furthermore, the share price forecast significant negative effect on the stock with a beta value of determination coefficient of 23.46% and remaining of 76.54 explain by other factors that are not included in this research.
Keywords: Dividend Payout Ratio, Debt to Equity Ratio, Stock Price and Stock Beta
