Pengaruh Loan To Deposit Ratio, Capital Adequacy Ratio, Earning Per Share, Debt To Equity Ratio, Dan Firm Size Terhadap Dividend Payout Ratiopada Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia

  SKRIPSI PENGARUH LOAN TO DEPOSIT RATIO, CAPITAL ADEQUACY RATIO,

  EARNING PER SHARE , DEBT TO EQUITY RATIO, DAN FIRM SIZE

  TERHADAP DIVIDEND PAYOUT RATIOPADA PERUSAHAAN PERBANKAN YANG TERDAFTAR DI BURSA EFEK INDONESIA OLEH GELORIA TERULIN LIMBONG 110503158

  PROGRAM STUDI S1-AKUNTANSI DEPARTEMEN AKUNTANSI FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS SUMATERA UTARA MEDAN

  2015

  

ABSTRAK

  PENGARUHLOAN TO DEPOSIT RATIO, CAPITAL ADEQUACY RATIO,

  

EARNING PER SHARE , DEBT TO EQUITY RATIO, DAN FIRM SIZE

  TERHADAP DIVIDEND PAYOUT RATIOPADA PERUSAHAAN PERBANKAN YANG TERDAFTAR DI BURSA EFEK INDONESIA Penelitian ini dilakukan untuk menguji pengaruh variabel loan to deposit

  

ratio , capital adequacy ratio, earning per share, debt to equity ratio, dan firm size

  terhadap dividend payout ratio pada perusahaan perbankan yang terdaftar di Bursa Efek Indonesia periode 2009-2013.Penelitian ini juga bertujuan membuktikan teori agensi bahwa adanya masalah agensi dalam pembayaran dividen.

  Populasi dalam penelitian ini sejumlah 36 perusahaan perbankan yang terdaftar di Bursa Efek Indonesia periode 2009-2013. Teknik sampling yang digunakan adalah purposive sampling dengan kriteria: (1) perusahaan yang terdaftar di Bursa Efek Indonesia periode 2009-2013, dan (2) perusahaan yang selalu membagikan dividen selama periode 2009-2013. Data diperoleh dari publikasi melalui website resmi Bursa Efek Indonesia yaitu www.idx.co.id dan Indonesia Capital Market Directory (ICMD 2010 dan 2013). Diperoleh jumlah sampel sebanyak 11 perusahaan. Teknik analisis yang digunakan adalah regresi linear berganda dengan persamaan kuadrat terkecil dan uji hipotesis menggunakan F-statistik untuk menguji pengaruh secara bersama-sama serta t-statistik untuk menguji koefisien regresi parsial dengan tingkat kepercayaan 5%.

  Hasil pengujian hipotesis menunjukkan bahwa secara simultanloan to

  deposit ratio , capital adequacy ratio, earning per share, debt to equity ratio dan firm size berpengaruh terhadap dividend payout ratio. Selain itu, pengujian secara

  parsial (t-test) menunjukkan hanya capital adequacy ratio, earning per share, dan yang berpengaruh signifikan terhadap dividend payout ratio.

  firm size

  Kata Kunci : Loan To Deposit Ratio(LDR), Capital Adequacy Ratio (CAR),

  Earning Per Share (EPS), Debt To Equity Ratio(DER), dan Firm Size (FS), Dividend Payout Ratio (DPR)

  ABSTRACT

  THE IMPACT OF LOAN TO DEPOSIT RATIO, CAPITAL ADEQUACY RATIO,

  ONDIVIDEND PAYOUT RATIO AT BANKING COMPANY

  IN INDONESIA STOCK EXCHANGE

  This study is performed to examine the impact of loan to deposit ratio,

capital adequacy ratio, earning per share, debt to equity ratio, and firm size

toward Dividend Payout ratio in banking companies that are listed in Indonesia

Stock Exchange over period 2009-2013. This study is also performed to prove the

agency theory thatagency problem is occured in dividend payout.

  The population of this research is 36 banking company listed in Indonesia

Stock Exchange over period 2009-2013. Sampling technique used here is

purposive sampling on criterion: (1) the company that is listed in Indonesia Stock

Exchange per 2009-2013, and (2) the company that continually share their

dividend period 2009-2013. The data is obtained based on publication of

Indonesia Stock Exchange from its legal website www.idx.co.id and Indonesian

Capital Market Directory (ICMD 2010 and 2013). It is gained sample amount of

11 companies. The analysis technique used here is multiple regression with the

least square difference and F-statistic to examine the mean of mutual effect and hypothesis test using t-statistic to examine partial regression coefficient with level of significance 5%.

  This test of hypotesis results that loan to deposit ratio, capital adequacy ratio, earning per share, debt to equity ratio and firm size simultaneously give significantly effect on dividend payout ratio. Moreover, the partial test (t-test)

showed that capital adequacy ratio, earning per share, and firm size have

significantly effect on dividend payout ratio.

  Keywords : Loan To Deposit Ratio(LDR), Capital Adequacy Ratio (CAR),

  Earning Per Share (EPS), Debt To Equity Ratio(DER), and Firm Size (FS), Dividend Payout Ratio (DPR)

  DAFTAR ISI Halaman DAFTAR ISI ……………………………………………………………….. i DAFTAR TABEL …………………………………………………………... iv DAFTAR GAMBAR ……………………………………………………….. v BAB I PENDAHULUAN ...............................................................................

  1 1.1Latar Belakang ..............................................................................

  1 1.2 Rumusan Masalah..........................................................................

  11

  1.3 Tujuan dan Manfaat Penelitian....................................................... 12 1.3.1 Tujuan Penelitian....................................................................

  12 1.3.2 Manfaat Penelitian.................................................................

  13 BAB II TINJAUAN PUSTAKA.....................................................................

  14 2.1 Tinjauan Pustaka ……….............................................................

  14 2.1.1 Dividen………………………...........................................

  14 2.1.2 Jenis – Jenis Dividen………………..................................

  17 2.1.3 Kebijaksanaan Pembayaran Dividen...................................

  18 2.1.4 Prosedur Pembayaran Dividen………………....................

  20

  2.1.5 Faktor – Faktor Yang Mempengaruhi Kebijakan Dividen ……………………………………....

  21 2.1.6Teori Keagenan (Agency Theory) ......................................

  22 2.1.6.1 Masalah Agensi (Agency Problem) .......................

  22

  2.1.6.2 Hubungan Teori Agensi Dengan Kebijakan Dividen....................................

  24 2.2 Tinjauan Penelitian Terdahulu ....................................................

  25 2.3 Kerangka Konseptual dan Perumusan Hipotesis…….................

  28 2.3.2 Kerangka Penelitian ..........................................................

  29 2.3.2 Perumusan Hipotesis …......................................................

  30

  2.3.2.1 Pengaruh Loan to Deposit Ratio Terhadap Dividend Payout Ratio ...........................................

  30

  2.3.2.2 Pengaruh Capital Adequacy Ratio Terhadap Dividend Payout Ratio ……………………............

  30

  2.3.2.3 Pengaruh Earning Per Share Terhadap Dividend Payout Ratio ...........................................

  31

  2.3.2.4 Pengaruh Debt to Equity Ratio Terhadap Dividend Payout Ratio .......................

  32

  2.3.2.5 Pengaruh Firm Size Terhadap Dividend Payout Ratio ..........

  32 2.4 Hipotesis Penelitian ………...……………………......................

  33

  BAB III METODE PENELITIAN................................................................

  34 3.1 Jenis Penelitian..........................................................................

  34 3.2 Tempat dan Waktu Penelitian ………………..........................

  34 3.3 Batasan Operasional .................................................................

  35 3.4 Defenisi Operasional ………....................................................

  35 3.5 Skala Pengukuran .....................................................................

  39 3.6 Populasi dan Sampel ................................................................

  39 3.7 Metode Pengumpulan Data ......................................................

  41 3.8 Jenis Data ...…...……………………………………………...

  41 3.9 Teknik Analisa Data ……...………………………………….

  42 3.9.1 Metode Analisis Statistik Deskriptif ….........................

  43 3.9.2 Pengujian Asumsi Klasik ...…........................................

  43 3.9.2.1 Uji Normalitas ……….......................................

  43 3.9.2.2 Uji Multikolinearitas .........................................

  44 3.9.2.1 Uji Heteroskedastisitas.......................................

  44 3.9.2.2 Uji Autokorelasi …............................................

  45 3.9.3 Analisis Regresi Linear Berganda .................................

  46 3.9.3.1 Uji Koefisien Determinasi (R²) .........................

  46 3.9.3.2 Pengujian Hipotesis ...........................................

  47 3.9.3.2.1 Uji Statistik F (Uji Simultan) ………..

  47 3.9.3.2.2 Uji Statistik t (Uji Parsial) …………...

  48 BAB IV HASIL PENELITIAN DAN PEMBAHASAN.............................

  50 4.1 Gambaran Umum Perusahaan ….................................................

  50

  4.2 Deskripsi Faktor – Faktor Yang Mempengaruhi Dividend Payout Ratio …...……...…………...………...…........

  52 4.3 Evaluasi Model Statistik ….........................................................

  53 4.4 Analisis Data …...........................................................................

  55 4.4.1 Analisis Statistik Deskriptif …............................................

  55 4.4.2 Uji Asumsi Klasik................................................................

  56 4.4.2.1 Uji Normalitas..........................................................

  56 4.4.2.1.1 Analisis Grafik …......................................

  56 4.4.2.1.2 Analisis Statistik …...................................

  58 4.4.2.2 Uji Multikolinearitas….............................................

  59 4.4.2.3 Uji Heteroskedastisitas.............................................

  60 4.4.2.3.1 Pendekatan Grafik …................................

  61 4.4.2.3.2 Pendekatan Statistik ….............................

  61 4.4.2.4 Uji Autokorelasi.......................................................

  62 4.4.3 Regresi Linear Berganda ....................................................

  64 4.4.3.1 Uji Koefisien Determinasi(R²) ..............................

  64

  4.4.3.2 Pengujian Hipotesis.................................................

  64 4.4.3.2.1 Uji secara simultan (Uji F)........................

  65 4.4.3.2.2 Uji secara parsial (Uji t)............................

  66 4.5 Pembahasan Hasil Penelitian........................................................

  70

  4.5.1 Pengaruh Loan to Deposit Ratio terhadap Dividend Payout Ratio ........................................................

  70

  4.5.2 Pengaruh Capital Adequacy Ratio terhadap Dividend Payout Ratio ........................................................

  71

  4.5.3 Pengaruh Earning Per Share terhadap Dividend Payout Ratio ........................................................

  71

  4.5.4 Pengaruh Debt to Equity Ratio terhadap Dividend Payout Ratio ........................................................

  72

  4.5.3 Pengaruh Firm Size terhadap Dividend Payout Ratio ........................................................

  73 BAB V KESIMPULAN DAN SARAN..........................................................

  74 5.1 Kesimpulan...................................................................................

  74 5.3 Saran..............................................................................................

  78 DAFTAR PUSTAKA......................................................................................

  79

  

DAFTAR TABEL

Halaman

  2.1 Prediksi Model Agency Cost Megginson………………………….……..

  24 2.2 Penelitian Terdahulu …………………………………...………………...

  27 3.1 Defenisi Operasional Variabel …………………………………………..

  38

  3.2 Jumlah Sampel Berdasarkan Karakteristik Penarikan Sampel Perusahaan …………………………………………..

  40

  3.3 Populasi dan Sampel Penelitian Perusahaan Perbankan ..............................……………………………...

  40 4.1 Sampel Penelitian .......................................................................................

  51

  4.2 Rata- Rata Loan to Deposit Ratio, Capital Adequacy Ratio, Earning Per Share, Debt to Equity Ratio, dan Firm Size, dan Dividend Payout Ratio pada Sampel Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia ……………………………………………………. 52 4.3 Normalitas Setelah Transformasi Data ......................................................

  54

  4.4 Hasil Analisis Deskriptif Data .................................................................... 55 4.5 Uji Normalitas ………………...................................................................

  58

  4.6 Uji Multikolinearitas…………………………………...……………….... 59 4.7 Uji Glejser Pada Perusahaan Perbankan.....................................................

  62 4.8 Kriteria Pengambilan Keputusan Uji Autokorelasi....................................

  63 4.9 Uji AutokorelasiDurbin Watson………………........................................

  63 4.10 Koefisien Determinasi pada Perusahaan Perbankan……........................

  64 4.11 Uji Statistik F …………………………………...………………...........

  66 4.12 Uji Statistik t …………………………………...………………............

  68

  

DAFTAR GAMBAR

Halaman

  2.1 Kerangka Konseptual................................................................................

  29 4.1 Histogram Dependent Variable................................................................

  57

  4.2 Normal p-p plot of Regression Standardized Residual Dependent Variable...................................................................................

  57 4.3 Scatterplot Dependent Variable (Dividend Payout Ratio).........................

  61