Pengaruh Rasio Keuangan Terhadap Return Saham Dengan Kebijakan Dividen Sebagai Variabel Moderating pada Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia
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.
Universitas Sumatera Utara
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 20112013. 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.
Universitas Sumatera Utara
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.
Universitas Sumatera Utara
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 20112013. 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.
Universitas Sumatera Utara