ANALISIS DEBT TO EQUITY RATIO (DER) DAN RETURN ON INVESTMENT (ROI) TERHADAP PRICE BOOK VALUE (PBV) PADA PT.GUDANG GARAM, Tbk
ANALISIS DEBT TO EQUITY RATIO (DER) DAN RETURN
ON INVESTMENT (ROI) TERHADAP PRICE BOOK VALUE
(PBV) PADA PT.GUDANG GARAM, Tbk
SETTI DAMAYANTI
201210325031
FAKULTAS EKONOMI
PROGRAM STUDI MANAJEMEN
JAKARTA
2016
i
UNIVERSITAS BHAYANGKARA JAKARTA RAYA
PENGARUH KOMPENSASI DAN DISIPLIN KERJA
TERHADAP PRODUKTIVITAS KERJA KARYAWAN PADA
PT FUJISEI METAL INDONESIA BEKASI
SKRIPSI
ABDUL HADI
201210325041
FAKULTAS EKONOMI
PROGRAM STUDI MANAJEMEN
JAKARTA
2016
i
UNIVERSITAS BHAYANGKARA JAKARTA RAYA
PENGARUH KOMPENSASI DAN DISIPLIN KERJA
TERHADAP PRODUKTIVITAS KERJA KARYAWAN PADA
PT FUJISEI METAL INDONESIA BEKASI
SKRIPSI
Diajukan sebagai salah satu syarat untuk memperoleh gelar sarjana
ABDUL HADI
201210325041
FAKULTAS EKONOMI
PROGRAM STUDI MANAJEMEN
JAKARTA
2016
ABSTRAK
Nama : Setti Damayanti Program Studi : Manajemen Judul : ANALISIS DER DAN ROI TERHADAP PBV PADA
PT.GUDANG GARAM, Tbk PERIODE 2005-2015 Penelitian ini bertujuan untuk mengetahui besarnya pengaruh Debt to Equity Ratio dan Return On Investment terhadap Price Book Value. Tempat penelitian dilakukan di Gedung Bursa Efek Indonesia, Lt.1 Jl.Jenderal Sudirman Kav.52-53 Jakarta Selatan 12190. Sampel penelitian yang digunakan dalam penelitian ini adalah PT. Gudang Garam,Tbk. Data yang digunakan dalam penelitian ini adalah data sekunder yang diperoleh dari PT.Gudang Garam,Tbk, di Bursa Efek Indonesia. Sumber data tersebut berdasarkan dari laporan keuangan PT.Gudang Garam,Tbk yang terdaftar di Bursa Efek Indonesia dan ICMD (International Capital Market Directory). Data tersebut berupa laporan keuangan tahunan perusahaan tahun 2005-2015. Data penelitian ini di uji dengan menggunakan uji statistik, analisis regresi berganda dan uji hipotesis. Hasil penelitian secara simultan diperoleh hasil bahwa dalam pengujian F diperoleh nilai Sig sebesar 0,031 ini artinya bahwa H ditolak karena Sig<0,05 maka DER dan ROI berpengaruh secara signifikan terhadap PBV. Hasil penelitian berdasarkan pengujian t diperoleh DER tidak berpengaruh secara signifikan terhadap PBV karena Sig>0,05 yaitu 0,145>0,05. ROI berpengaruh secara signifikan terhadap PBV karena Sig>0,05 yaitu 0,011<0,05. Secara parsial variabel berpengaruh secara signifikan yaitu DER dan ROI terhadap PBV.
Kata Kunci: Debt to Equity Ratio, Return On Investment, Price Book Value (PBV).
ABSTRACT
Nama : Setti Damayanti Program Studi : Manajemen Judul : ANALISIS DER DAN ROI TERHADAP PBV PADA
PT.GUDANG GARAM, Tbk PERIODE 2005-2015
This study aims to determine the influence of Current Ratio and Debt to Equity
Ratio Return On Equity. Place of research conducted at the Indonesia Stock
Exchange Building, 1st Floor Kav.52-53 Jl.Jenderal Sudirman, South Jakarta
12190.The sample used in this research is PT. Gudang Garam Tbk. The data used in this
research is secondary data obtained from PT.Gudang Garam Tbk, the Indonesian
Stock Exchange. Source data is based on the financial statements PT.Gudang
Garam,Tbk listed on the Indonesia Stock Exchange and ICMD (International
Capital Market Directory). The data in the form of the quarterly financial
statements of companies 2005-2015. The research data was tested using multiple
regression analysis and hypothesis testing.Simultaneous research results showed that the values obtained in testing F Sig of
0.145 this means that H0 is rejected because of Sig <0.05, DER and ROI
significantly affect PBV.The results based on the DER obtained by t test did not significantly affect the
PBV for Sig> 0.05 is 0.145> 0.05. ROI significantly affect PBV for Sig> 0.05 is
0.011< 0.05. Partially variables that influence significantly the DER and ROI on
PBV.Keywords : Debt to Equity Ratio, Return On Investment, Price Book Value (PBV).
DAFTAR ISI
HalamanHALAMAN JUDUL ........................................................................................... i
HALAMAN PERNYATAAN ORISINALITAS .............................................. ii
HALAMAN PERSETUJUAN .......................................................................... iii
HALAMAN PENGESAHAN ........................................................................... iv
KATA PENGANTAR ........................................................................................ v
HALAMAN PERNYATAAN PERSETUJUAN PUBLIKASI ...................... vii
ABSTRAK ...................................................................................................... viii
DAFTAR ISI ...................................................................................................... x
DAFTAR TABEL ........................................................................................... xiv
DAFTAR GAMBAR ........................................................................................ xv
DAFTAR LAMPIRAN ................................................................................... xvi
BAB 1. PENDAHULUAN 1.1. Latar Belakang.............................................................................. 1 1.2. Rumusan Masalah ....................................................................... 10 1.3. Tujuan Penelitian ....................................................................... 10 1.4. Manfaat Penelitian ..................................................................... 11 1.5. Batasan Masalah ........................................................................ 11 1.6. Sistematika Penulisan ................................................................ 11 BAB 2. TINJAUAN PUSTAKA 2.1. Landasan Teori ........................................................................... 13 2.1.1. Manajemen Keuangan .................................................... 13 2.1.2. Laporan Keuangan ......................................................... 14
2.1.2.1 Tujuan Laporan Keuangan ........................................ 16 2.1.3.
Rasio Keuangan ............................................................. 16
2.1.3.1 Jenis-jenis analisis Rasio Keuangan ......................... 18
2.1.3.2 Keunggulan Analisis Rasio Keuangan...................... 18
2.1.3.3 Kelemahan Analisis Rasio Keuangan ....................... 19
2.1.3.4 Manfaat dan Penggunaan Analisis Rasio Keuangan . 19
2.1.3.5 Jenis-jenis Rasio Keuangan ...................................... 20 2.1.4.
Debt to Equity Ratio (DER) ............................................ 28
2.1.4.1 Pengertian Debt to Equity Ratio (DER) .................... 28
2.1.4.2 Tujuan dan Manfaat Rasio Profitabilitas .................. 31
2.1.4.3 Jenis-jenis Rasio Solvabilitas ................................... 32
2.1.5. Return On Investment (ROI) ............................................. 33
2.1.5.1 Pengertian Return On Investment (ROI) .................. 33
2.1.5.2 Tujuan dan Manfaat Rasio Profitabilitas .................. 34
2.1.5.3 Jenis-jenis Rasio Profitabilitas ................................. 35
2.1.6. Price Book Value (PBV) ................................................... 36
2.1.6.1 Pengertian Price Book Value (PBV) ........................ 36
2.1.6.2 Keunggulan Price Book Value (PBV) ...................... 38
2.1.6.3 Aspek-aspek yang Memaksimalkan PBV ................. 38
2.1.6.4 Fungsi utama dari Price Book Value ........................ 39 2.2. Penelitian Terdahulu ................................................................... 40 2.3. Penelitian Sebelumnya................................................................ 42 2.4. Kerangka Teoritikal .................................................................... 42 2.4.1.
Pengaruh Debt to Equity Ratio dan Price Book Value ..... 43 2.4.2. Pengaruh Return On Investment dan Price Book Value ... 44 2.5. Hipotesis ..................................................................................... 44
BAB 3. METODOLOGI PENELITIAN 3.1. Desain Penelitian ........................................................................ 45 3.2. Tempat dan Waktu Penelitian ..................................................... 45 3.3. Jenis dan Sumber Data ................................................................ 45 3.4. Populasi dan Sampel ................................................................... 46 3.4.1. Populasi ......................................................................... 46 3.4.2. Sampel ........................................................................... 46 3.5. Definisi Operasional Variabel ..................................................... 47
3.5.1. Debt to Equity Ratio (DER) ............................................. 47
3.5.2. Return On Investment (ROI) ............................................ 47
3.5.3. Price Book Value (PBV) .................................................. 48 3.6. Metode Pengumpulan Data ........................................................ 48
3.7. Analisis Data . ............................................................................ 49
4.2. Hasil Penelitian .......................................................................... 58
4.5.1. Hasil Secara Simultan (Uji F) ........................................... 65
4.5. Uji Hipotesis .............................................................................. 65
4.5.2. Koefisien Determinasi (R2) .............................................. 65
4.4.1. Analisis Regresi Berganda ................................................ 63
4.4. Uji Statistik ................................................................................ 63
4.3.1.4. Uji Autokorelasi ..................................................... 62
4.3.1.3. Uji Heteroskedastisitas ............................................ 61
4.3.1.2. Uji Multikolinearitas ............................................... 60
4.3.1.1. Uji Normalitas ......................................................... 58
4.3.1. Uji Asumsi Klasik ............................................................ 58
4.3. Analisis Data .............................................................................. 58
4.1. Deskripsi Data ............................................................................ 55
3.7.1. Uji Asumsi Klasik ............................................................ 49
BAB 4. PEMBAHASAN
3.8.3. Uji Koefisien Determinasi (R2) ........................................ 54
3.8.2. Uji F (Uji Simultan) .......................................................... 53
3.8.1. Uji T (Uji Parsial) ............................................................. 53
3.8. Uji Hipotesis .............................................................................. 53
3.7.2.2. Analisis Regresi Linear Berganda ........................... 52
3.7.2.1. Analisis Regresi Linear Berganda ........................... 52
3.7.2. Model Analisis Regresi ..................................................... 52
3.7.1.4. Uji Heteroskedastisitas ............................................ 51
3.7.1.3. Uji Autokorelasi ..................................................... 50
3.7.1.2. Uji Multikolinearitas ............................................... 50
3.7.1.1. Uji Normalitas ........................................................ 49
4.5.2. Hasil Secara Parsial (Uji T) .............................................. 67
4.6. Pembahasan Hipotesis ................................................................ 68
4.6.1. Pengaruh DER terhadap PBV ........................................... 68
4.6.2. Pengaruh ROI terhadap PBV ............................................ 69
4.6.3. Pengaruh DER dan ROI terhadap PBV ............................. 70
BAB 5. KESIMPULAN DAN SARAN
5.1. Kesimpulan ................................................................................ 71
5.2. Saran .......................................................................................... 72
DAFTAR PUSTAKA LAMPIRAN LAMPIRAN
DAFTAR TABEL
Halaman
Tabel 1.1 Ringkasan Fenomena DER,ROI, dan PBV .......................................... 6Tabel 2.1 Tinjauan Penelitian Terdahulu ........................................................... 40Tabel 2.2 State Of TheArt ................................................................................. 42Tabel 4.1 Pertumbuhan DER PT.Gudang Garam, Tbk 2005-2015 .................... 56Tabel 4.2 Pertumbuhan ROI PT.Gudang Garam, Tbk 2005-2015 ...................... 56Tabel 4.3 Pertumbuhan BV PT.Gudang Garam, Tbk 2005-2015 ....................... 57Tabel 4.4 Pertumbuhan PBV PT.Gudang Garam, Tbk 2005-2015 ..................... 57Tabel 4.5 Statistik Deskriptif Data .................................................................... 58Tabel 4.6 Uji Normalitas Data ........................................................................... 59Tabel 4.7 Uji Multikolinieritas .......................................................................... 61Tabel 4.8 Uji Autokorelasi ................................................................................ 63Tabel 4.9 Hasil Regresi Berganda ..................................................................... 64Tabel 4.10 Koefisien Determinasi ...................................................................... 65Tabel 4.11 Hasil Uji Anova (Uji F) .................................................................... 66Tabel 4.12 Hasil Uji T....................................................................................... 67
DAFTAR GAMBAR
Halaman