S PEM 1100265 Table of content
DAFTAR ISI
ABSTRAK ........................................................................................................................... i
ABSTRACT.......................................................................................................................... ii
KATA PENGANTAR ....................................................................................................... iii
UCAPAN TERIMA KASIH .............................................................................................. iv
DAFTAR ISI ...................................................................................................................... vi
DAFTAR TABEL .............................................................................................................. ix
DAFTAR GRAFIK ............................................................................................................. x
DAFTAR GAMBAR ......................................................................................................... xi
BAB I PENDAHULUAN ................................................................................................... 1
1.1 Latar Belakang Penelitian .......................................................................................... 1
1.2 Identifikasi Masalah ................................................................................................. 12
1.3 Rumusan Masalah .................................................................................................... 14
1.4 Tujuan Penelitian ..................................................................................................... 14
1.5 Kegunaan Penelitian ................................................................................................ 15
BAB II KAJIAN PUSTAKA, KERANGKA PEMIKIRAN DAN HIPOTESIS ............. 16
2.1 Kajian Pustaka ......................................................................................................... 16
2.1.1 Kinerja Keuangan Perusahaan ........................................................................ 16
2.1.2 Analisis Kinerja Keuangan ............................................................................. 18
2.1.3 Profitabilitas .................................................................................................... 21
2.1.4 Likuiditas ........................................................................................................ 23
2.1.5 Pasar Modal .................................................................................................... 26
2.1.6 Return Saham .................................................................................................. 36
2.1.7 Teori Pesinyalan (Signalling Theory) ............................................................. 38
2.2 Hubungan Profitabilitas dan Likuiditas Terhadap Return Saham ........................... 40
2.2.1 Pengaruh Profitabilitas Terhadap Return Saham ............................................ 40
vi
Talitha Rahma Almira, 2015
PENGARUH PROFITABILITAS DAN LIKUIDITAS TERHADAP RETURN SAHAM PADA SUBSEKTOR
PERKEBUNAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PADA TAHUN 2009-2013
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
2.2.2 Pengaruh Likuiditas Tehadap Return Saham .................................................. 40
2.3 Penelitian Terdahulu ................................................................................................ 40
2.4 Kerangka Pemikiran ................................................................................................. 42
2.5 Paradigma Penelitian ............................................................................................... 44
2.6 Hipotesis .................................................................................................................. 45
BAB III OBJEK DAN METODE PENELITIAN ............................................................ 46
3.1 Objek Penelitian ....................................................................................................... 46
3.2 Metode dan Desain Penelitian.................................................................................. 46
3.2.1 Metode Penelitian ........................................................................................... 46
3.2.2 Desain Penelitian ............................................................................................ 47
3.3 Operasionalisasi Variabel ........................................................................................ 48
3.4 Jenis, Sumber dan Teknik Pengumpulan Data ........................................................ 50
3.4.1 Jenis dan Sumber Data .................................................................................... 50
3.4.2 Teknik Pengumpulan Data .............................................................................. 51
3.5 Populasi, Sampel dan Teknik Penarikan Sampel ..................................................... 52
3.5.1 Populasi ........................................................................................................... 52
3.5.2 Sampel dan Penarikan Sampel ........................................................................ 52
3.6 Rancangan Ananlisis Data dan Uji Hipotesis .......................................................... 53
3.6.1 Pengolahan Data dan Analisis Data ................................................................ 53
3.6.2 Analisis Deskriptif .......................................................................................... 54
3.6.3 Analisis Statistik ............................................................................................. 56
3.6.4 Uji Hipotesis ................................................................................................... 59
BAB IV TEMUAN DAN PEMBAHASAN ..................................................................... 62
4.1 Temuan .................................................................................................................... 62
4.1.1 Gambaran Umum ............................................................................................ 62
4.1.2 Deskripsi Variabel .......................................................................................... 67
4.1.3 Analisis Hasil Statistika .................................................................................. 79
vii
Talitha Rahma Almira, 2015
PENGARUH PROFITABILITAS DAN LIKUIDITAS TERHADAP RETURN SAHAM PADA SUBSEKTOR
PERKEBUNAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PADA TAHUN 2009-2013
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
4.2 Pembahasan .............................................................................................................. 89
BAB V SIMPULAN, IMPLIKASI DAN REKOMENDASI ........................................... 94
5.1 Simpulan .................................................................................................................. 94
5.2 Implikasi dan Rekomendasi ..................................................................................... 95
DAFTAR PUSTAKA ....................................................................................................... 97
LAMPIRAN
viii
Talitha Rahma Almira, 2015
PENGARUH PROFITABILITAS DAN LIKUIDITAS TERHADAP RETURN SAHAM PADA SUBSEKTOR
PERKEBUNAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PADA TAHUN 2009-2013
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
DAFTAR TABEL
Tabel 1.1 Rata-Rata Return Saham Seluruh Sektor di BEI Periode 2009-2013 ................. 3
Tabel 1.2 Return Saham pada Sektor Agriculture di BEI Periode 2009-2013 ................... 5
Tabel 1.3 Return Saham pada Perusahaan Subsektor Perkebunan Periode 2009-2013 ...... 7
Tabel 1.4 Profitabilitas pada Subsektor Perkebunan di BEI Periode 2009-2013 ............... 9
Tabel 1.5 Likuiditas pada Subsektor Perkebunan di BEI Periode 2009-2013 .................. 11
Tabel 2.1 Penelitian Terdahulu ......................................................................................... 41
Tabel 3.1 Operasionalisasi Variabel ................................................................................. 49
Tabel 3.2 Jenis dan Sumber Data...................................................................................... 51
Tabel 3.3 Sampel Penelitian ............................................................................................. 53
Tabel 4.1 Profitabilitas (NPM) Perusahaan Subsektor Perkebunan Periode 2009-2013 .. 68
Tabel 4.2 Likuiditas (CR) Perusahaan Subsektor Perkebunan Periode 2009-2013 .......... 73
Tabel 4.3 Rata-Rata Return Saham Perusahaan Subsektor Perkebunan Periode 2009-2013
.......................................................................................................................................... 77
Tabel 4.4 Statistik Deskriptif ............................................................................................ 80
Tabel 4.5 Regresi Linier Berganda ................................................................................... 81
Tabel 4.6 Uji Asumsi Autokorelasi .................................................................................. 84
Tabel 4.7 Uji Asumsi Multikolineritas ............................................................................. 84
Tabel 4.8 Uji Keberartian Regresi .................................................................................... 87
Tabel 4.9 Uji Keberartian Koefisien Regresi .................................................................... 88
ix
Talitha Rahma Almira, 2015
PENGARUH PROFITABILITAS DAN LIKUIDITAS TERHADAP RETURN SAHAM PADA SUBSEKTOR
PERKEBUNAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PADA TAHUN 2009-2013
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
DAFTAR GRAFIK
Grafik 1.1 Rata-Rata Return Saham Subsektor Perkebunan di BEI Periode 2009-2013.... 6
Grafik 1.2 Rata-Rata Profitabilitas Perusahaan Subsektor Perkebunan di BEI Periode 20092013 .................................................................................................................................. 10
Grafik 1.3 Rata-Rata Likuiditas Perusahaan Subsektor Perkebunan di BEI Periode 2009-2013
.......................................................................................................................................... 12
Grafik 4.1 Rata-Rata Profitabilitas (NPM) Perusahaan Subsektor Perkebunan di BEI Periode
2009-2013 ......................................................................................................................... 72
Grafik 4.2 Rata-Rata Likuiditas (CR) Perusahaan Subsektor Perkebunan di BEI Periode
2009-2013 ......................................................................................................................... 76
Grafik 4.3 Rata-Rata Return Saham Perusahaan Subsektor Perkebunan di BEI Periode 20092013 .................................................................................................................................. 79
x
Talitha Rahma Almira, 2015
PENGARUH PROFITABILITAS DAN LIKUIDITAS TERHADAP RETURN SAHAM PADA SUBSEKTOR
PERKEBUNAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PADA TAHUN 2009-2013
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
DAFTAR GAMBAR
Gambar 2.1 Kerangka Pemikiran .......................................................................... 44
Gambar 2.2 Paradigma Penelitian ......................................................................... 45
Gambar 4.1 Uji Asumsi Normalitas...................................................................... 83
Gambar 4.2 Uji Asumsi Heterokedastisitas .......................................................... 85
xi
Talitha Rahma Almira, 2015
PENGARUH PROFITABILITAS DAN LIKUIDITAS TERHADAP RETURN SAHAM PADA SUBSEKTOR
PERKEBUNAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PADA TAHUN 2009-2013
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
ABSTRAK ........................................................................................................................... i
ABSTRACT.......................................................................................................................... ii
KATA PENGANTAR ....................................................................................................... iii
UCAPAN TERIMA KASIH .............................................................................................. iv
DAFTAR ISI ...................................................................................................................... vi
DAFTAR TABEL .............................................................................................................. ix
DAFTAR GRAFIK ............................................................................................................. x
DAFTAR GAMBAR ......................................................................................................... xi
BAB I PENDAHULUAN ................................................................................................... 1
1.1 Latar Belakang Penelitian .......................................................................................... 1
1.2 Identifikasi Masalah ................................................................................................. 12
1.3 Rumusan Masalah .................................................................................................... 14
1.4 Tujuan Penelitian ..................................................................................................... 14
1.5 Kegunaan Penelitian ................................................................................................ 15
BAB II KAJIAN PUSTAKA, KERANGKA PEMIKIRAN DAN HIPOTESIS ............. 16
2.1 Kajian Pustaka ......................................................................................................... 16
2.1.1 Kinerja Keuangan Perusahaan ........................................................................ 16
2.1.2 Analisis Kinerja Keuangan ............................................................................. 18
2.1.3 Profitabilitas .................................................................................................... 21
2.1.4 Likuiditas ........................................................................................................ 23
2.1.5 Pasar Modal .................................................................................................... 26
2.1.6 Return Saham .................................................................................................. 36
2.1.7 Teori Pesinyalan (Signalling Theory) ............................................................. 38
2.2 Hubungan Profitabilitas dan Likuiditas Terhadap Return Saham ........................... 40
2.2.1 Pengaruh Profitabilitas Terhadap Return Saham ............................................ 40
vi
Talitha Rahma Almira, 2015
PENGARUH PROFITABILITAS DAN LIKUIDITAS TERHADAP RETURN SAHAM PADA SUBSEKTOR
PERKEBUNAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PADA TAHUN 2009-2013
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
2.2.2 Pengaruh Likuiditas Tehadap Return Saham .................................................. 40
2.3 Penelitian Terdahulu ................................................................................................ 40
2.4 Kerangka Pemikiran ................................................................................................. 42
2.5 Paradigma Penelitian ............................................................................................... 44
2.6 Hipotesis .................................................................................................................. 45
BAB III OBJEK DAN METODE PENELITIAN ............................................................ 46
3.1 Objek Penelitian ....................................................................................................... 46
3.2 Metode dan Desain Penelitian.................................................................................. 46
3.2.1 Metode Penelitian ........................................................................................... 46
3.2.2 Desain Penelitian ............................................................................................ 47
3.3 Operasionalisasi Variabel ........................................................................................ 48
3.4 Jenis, Sumber dan Teknik Pengumpulan Data ........................................................ 50
3.4.1 Jenis dan Sumber Data .................................................................................... 50
3.4.2 Teknik Pengumpulan Data .............................................................................. 51
3.5 Populasi, Sampel dan Teknik Penarikan Sampel ..................................................... 52
3.5.1 Populasi ........................................................................................................... 52
3.5.2 Sampel dan Penarikan Sampel ........................................................................ 52
3.6 Rancangan Ananlisis Data dan Uji Hipotesis .......................................................... 53
3.6.1 Pengolahan Data dan Analisis Data ................................................................ 53
3.6.2 Analisis Deskriptif .......................................................................................... 54
3.6.3 Analisis Statistik ............................................................................................. 56
3.6.4 Uji Hipotesis ................................................................................................... 59
BAB IV TEMUAN DAN PEMBAHASAN ..................................................................... 62
4.1 Temuan .................................................................................................................... 62
4.1.1 Gambaran Umum ............................................................................................ 62
4.1.2 Deskripsi Variabel .......................................................................................... 67
4.1.3 Analisis Hasil Statistika .................................................................................. 79
vii
Talitha Rahma Almira, 2015
PENGARUH PROFITABILITAS DAN LIKUIDITAS TERHADAP RETURN SAHAM PADA SUBSEKTOR
PERKEBUNAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PADA TAHUN 2009-2013
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
4.2 Pembahasan .............................................................................................................. 89
BAB V SIMPULAN, IMPLIKASI DAN REKOMENDASI ........................................... 94
5.1 Simpulan .................................................................................................................. 94
5.2 Implikasi dan Rekomendasi ..................................................................................... 95
DAFTAR PUSTAKA ....................................................................................................... 97
LAMPIRAN
viii
Talitha Rahma Almira, 2015
PENGARUH PROFITABILITAS DAN LIKUIDITAS TERHADAP RETURN SAHAM PADA SUBSEKTOR
PERKEBUNAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PADA TAHUN 2009-2013
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
DAFTAR TABEL
Tabel 1.1 Rata-Rata Return Saham Seluruh Sektor di BEI Periode 2009-2013 ................. 3
Tabel 1.2 Return Saham pada Sektor Agriculture di BEI Periode 2009-2013 ................... 5
Tabel 1.3 Return Saham pada Perusahaan Subsektor Perkebunan Periode 2009-2013 ...... 7
Tabel 1.4 Profitabilitas pada Subsektor Perkebunan di BEI Periode 2009-2013 ............... 9
Tabel 1.5 Likuiditas pada Subsektor Perkebunan di BEI Periode 2009-2013 .................. 11
Tabel 2.1 Penelitian Terdahulu ......................................................................................... 41
Tabel 3.1 Operasionalisasi Variabel ................................................................................. 49
Tabel 3.2 Jenis dan Sumber Data...................................................................................... 51
Tabel 3.3 Sampel Penelitian ............................................................................................. 53
Tabel 4.1 Profitabilitas (NPM) Perusahaan Subsektor Perkebunan Periode 2009-2013 .. 68
Tabel 4.2 Likuiditas (CR) Perusahaan Subsektor Perkebunan Periode 2009-2013 .......... 73
Tabel 4.3 Rata-Rata Return Saham Perusahaan Subsektor Perkebunan Periode 2009-2013
.......................................................................................................................................... 77
Tabel 4.4 Statistik Deskriptif ............................................................................................ 80
Tabel 4.5 Regresi Linier Berganda ................................................................................... 81
Tabel 4.6 Uji Asumsi Autokorelasi .................................................................................. 84
Tabel 4.7 Uji Asumsi Multikolineritas ............................................................................. 84
Tabel 4.8 Uji Keberartian Regresi .................................................................................... 87
Tabel 4.9 Uji Keberartian Koefisien Regresi .................................................................... 88
ix
Talitha Rahma Almira, 2015
PENGARUH PROFITABILITAS DAN LIKUIDITAS TERHADAP RETURN SAHAM PADA SUBSEKTOR
PERKEBUNAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PADA TAHUN 2009-2013
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
DAFTAR GRAFIK
Grafik 1.1 Rata-Rata Return Saham Subsektor Perkebunan di BEI Periode 2009-2013.... 6
Grafik 1.2 Rata-Rata Profitabilitas Perusahaan Subsektor Perkebunan di BEI Periode 20092013 .................................................................................................................................. 10
Grafik 1.3 Rata-Rata Likuiditas Perusahaan Subsektor Perkebunan di BEI Periode 2009-2013
.......................................................................................................................................... 12
Grafik 4.1 Rata-Rata Profitabilitas (NPM) Perusahaan Subsektor Perkebunan di BEI Periode
2009-2013 ......................................................................................................................... 72
Grafik 4.2 Rata-Rata Likuiditas (CR) Perusahaan Subsektor Perkebunan di BEI Periode
2009-2013 ......................................................................................................................... 76
Grafik 4.3 Rata-Rata Return Saham Perusahaan Subsektor Perkebunan di BEI Periode 20092013 .................................................................................................................................. 79
x
Talitha Rahma Almira, 2015
PENGARUH PROFITABILITAS DAN LIKUIDITAS TERHADAP RETURN SAHAM PADA SUBSEKTOR
PERKEBUNAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PADA TAHUN 2009-2013
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
DAFTAR GAMBAR
Gambar 2.1 Kerangka Pemikiran .......................................................................... 44
Gambar 2.2 Paradigma Penelitian ......................................................................... 45
Gambar 4.1 Uji Asumsi Normalitas...................................................................... 83
Gambar 4.2 Uji Asumsi Heterokedastisitas .......................................................... 85
xi
Talitha Rahma Almira, 2015
PENGARUH PROFITABILITAS DAN LIKUIDITAS TERHADAP RETURN SAHAM PADA SUBSEKTOR
PERKEBUNAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PADA TAHUN 2009-2013
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu