KEBIJAKAN DIVIDEN DAN STRUKTUR KEPEMILIKAN TERHADAP KEBIJAKAN HUTANG PADA PERUSAHAAN PERBANKAN YANG TERDAFTAR DI BEI

  i

  KEBIJAKAN DIVIDEN DAN STRUKTUR KEPEMILIKAN TERHADAP KEBIJAKAN HUTANG PADA PERUSAHAAN PERBANKAN YANG TERDAFTAR DI BEI SKRIPSI Diajukan Untuk Memenuhi Sebagian Syarat Mencapai Derajat Sarjana S1 Oleh : Yoga Aditya 0502010016 PROGRAM STUDI MANAJEMEN SI FAKULTAS EKONOMI UNIVERSITAS MUHAMMADIYAH PURWOKERTO 2013

Kupersembahkan buat:

  v

  Bapak-Ibu, ungkapan rasa terimakasih, sayang, bakti, dan hormatku Istri dan anaku tercinta, Kalian memberikan motivasi dan harapan.

  

MOTTO

harta kalian, namun Allah memandang pada hati dan amalan

kalian.” (Riwayat Muslim dalam kitab Al Birr wa Shahilah wal Adab)

  vi

  ABSTRAK

  Penelitian ini bertujuan untuk mengetahui apakah kebijakan deviden, kepemilikan manajerial. Kepemilikan institusional, profitabilitas, ukuran baik secara parsial maupun simultan. Metode yang digunakan dalam pengambilan sampel adalah purposive sampling. Metode yang digunakan adalah uji regresi linier berganda dengan tingkat signifikan (α)0,05.

  Hasil penelitian ini menyimpulkan bahaw kebijakan deviden secara parsial berpengaruh positif tidak signifikan terhadap kebijakan hutang. Kepemilikan manajerial secara parsial berpenaruh negatif tidak signifikan terhadap kebijakan hutang. Kepemilikan institusional secara parsial berpengaruh negatif tida signifika terhadap kebijakan hutang. Profitabilitas sebagai variabel kontrol secara parsial berpengaruh negatif signifikan terhadap kebijakan hutang. Ukuran perusahaan sebagai variabel kontrol secara parsial berpengaruh positif signifikan terhadap kebijakan hutang. Struktur aktiva sebagai variabel kontrol secara parsial berpengaruh positif tidak signifikan terhadap kebijakan hutang. Kebijakan deviden, kepemilikan manajerial, kepemilikan institusional, profitabilitas, ukuran perusahaan, dan struktur aktiva secara simultan berpengaruh signifikan terhadap kebijakan hutang.

  Kata Kunci : Kebijakan Deviden, Kepemilikan Manajerial, Kepemilikan Institusional, Profitabilitas, Ukuran Perusahaan, Struktur Aktiva, Dan Kebijakan Hutang vii

  

ABSTRACT

This study aimed to determine whether the dividend policy, managerial

ownership, institutional ownership, profitability, firm size and asset structure

significantly influence the debt policy, either partially or simultaneously. The

method used in the sampling was purposive sampling. The analysis method used

is multiple linear regression with the significant level (α) 0.05.

  The results of this study concluded that the dividend policy partially not

significant positive effect on debt policy. Managerial ownership partially not

significant negative effect on debt policy. Institutional ownership is partially not

significant negative effect on debt policy. Profitability as control variables

partially negative and significant impact on debt policy. Firm size as a control

variable in partial positive and significant impact on debt policy. Assets structure

as a control variable partially not significant positive effect on debt policy.

Dividend policy, managerial ownership, institutional ownership, profitability,

firm size and asset structure simultaneously significant effect on debt policy.

  

Keywords: Dividend Policy, Managerial Ownership, Institutional Ownership,

Profitability, Company Size, Structure Assets and Debt Policy .

  viii Alhamdulillah, segala puji dan syukur penulis panjatkan kehadirat Allah S.W.T atas segala rahmat dan karunia-Nya, sehingga penulis dapat menyelesaikan skripsi yang berjudul “KEBIJAKAN DIVIDEN DAN STRUKTUR KEPEMILIKAN

  

TERHADAP KEBIJAKAN HUTANG PADA PERUSAHAAN

PERBANKAN YANG TERDAFTAR DI BEI”. Penulis menyadari bahwa

  skripsi ini tidak mungkin diselesaikan tanpa bantuan, dorongan, semangat dan doa dari berbagai pihak.

  Oleh karena itu, pada kesempatan ini penulis ingin menyampaikan rasa terima kasih yang setulus-tulusnya kepada Wida Purwidianti, SE, M.Si dan Hengky Widhiandono, SE, M.Si yang telah berkenan membimbing dan mengarahkan dalam menyelesaikan skripsi ini. Penulis juga menyampaikan terima kasih kepada Tim Penguji yang telah menyediakan waktu menguji dan memberikan masukan untuk penyempurnaan skripsi ini.

  Ucapan terima kasih dan penghargaan juga penulis sampaikan kepada :

  1. Dr. H. Syamsuhadi Irsyad, S.H, M.H, Rektor Universitas Muhammadiyah Purwokerto.

  2. Iwan Fakhruddin, SE, M. Si, selaku Dekan Fakultas Ekonomi Universitas Muhammadiyah Purwokerto.

  3. Hermin Endratno, SE. M.Si selaku ketua program studi Manajemen S1 Fakultas Ekonomi Universitas Muhammadiyah Purwokerto

  4. Wida Purwidianti, SE, M.Sc, selaku pembinbing I yang telah membimbing dan memberi masukan dalam penyusunan skripsi ini.

  5. Hengky Widhiandono, SE, M.Si, selaku pembinbing II yang telah membimbing dan memberi masukan dalam penyusunan skripsi ini. ix

  6. Akhmad Darmawan, SE, M.Si, selaku penguji yang telah memberikan masukan untuk skripsi ini. insya Alloh bermanfaat.

  8. Seluruh staf karyawan dan Tata Usaha Fakultas Ekonomi Universitas Muhammadiyah Purwokerto yang telah membantu urusan administrasi selama ini.

  9. Bapak Heri Muyono dan ibuku Margiyati ungkapan terima kasih, sayang, bakti, dan hormat atas semua yang telah engkau berikan.

  10. _{Bapak H. Mukmin dan Ibu Hj. Umartini ungkapan terima kasih, sayang,} bakti dan hormat.

  11. _{Istriku Ety Sulistiyowati S.Pd dan Anaku Erlangga Abdiel Khaliq yang} telah memberikan motivasi sehingga skripsi ini selesai.

  12. _{Semua pihak yang namanya tidak dapat saya sebutkan satu persatu, yang} telah membantu saya dalam menyelesaikan skripsi ini, terimakasih yang tak terhingga atas bantuannya. Sesungguhnya saya menyadari bahwa skripsi ini masih jauh dari sempurna, oleh sebab itu saya mohon kritik dan saran untuk lebih sempurnanya skripsi ini.

  Dan akhirnya semoga tugas ini bermanfaat bagi kita semua.

  Purwokerto, 13 Februari 2013 Penyusun x

  

DAFTAR ISI

  HALAMAN PERSETUJUAN ..................................................................... ii HALAMAN PENGESAHAN ...................................................................... iii SURAT PERNYATAAN ............................................................................. iv HALAMAN PERSEMBAHAN ............................................................... .... v HALAMAN MOTTO ......................................................................... ......... vi ABSTRAK .................................................................................................. vii ABSTRACT ............................................................................................ .... viii KATA PENGANTAR ................................................................................. ix DAFTAR ISI ............................................................................................... xi DAFTAR TABEL ........................................................................................ xv DAFTAR GAMBAR ................................................................................... xvi DAFTAR LAMPIRAN ................................................................................ xvii BAB I PENDAHULUAN ...........................................................................

  1

  1.1 _{................................................................................................... Latar} Belakang ........................................................................................

  1

  1.2 _{................................................................................................... Rum} usan Masalah ..................................................................................

  4

  1.3 _{................................................................................................... Pemb} atasan Masalah ...............................................................................

  5 xi

  xii

  12

  2.8 _{................................................................................................... Kera} ngka Pemikiran ...............................................................................

  18

  2.7 _{................................................................................................... Struk} tur Aktiva ........................................................................................

  17

  2.6 _{................................................................................................... Ukur} an Perusahaan..................................................................................

  14

  2.5 _{................................................................................................... Profit} abilitas.............................................................................................

  13

  2.4.2 _{......................................................................................... Kepe} milikan Institusional.............................................................

  2.4.1 _{......................................................................................... Kepe} milikan Manajerial ...............................................................

  1.4 _{................................................................................................... Tujua} n Penelitian dan Manfaat Penelitian .................................................

  12

  2.4 _{................................................................................................... Struk} tur Kepemilikan...............................................................................

  11

  2.3 _{................................................................................................... Kebij} akan Deviden ..................................................................................

  9

  2.2 _{................................................................................................... Theo} ry Kebijakan Hutang .......................................................................

  8

  2.1 _{................................................................................................... Kebij} akan Hutang ....................................................................................

  5

  20

  2.9 _{................................................................................................... Hipot} esis Penelitian..................................................................................

  22

  3.1 _{................................................................................................... Meto} de Penelitian ...................................................................................

  23

  3.1.1 _{......................................................................................... Jenis} Penelitian .............................................................................

  23

  3.1.2 _{......................................................................................... Popul} asi dan Sampel Penelitian .....................................................

  23

  3.1.3 _{......................................................................................... Tekni} k Pengambilan Sampel .........................................................

  23

  3.2 _{................................................................................................... Defin} isi Operasional dan Pengukuran Variabel ........................................ 24 3.2.1 _{......................................................................................... Varia} bel Dependen .......................................................................

  24

  3.2.2 _{......................................................................................... Varia} bel Independen .....................................................................

  25 1. _{................................................................................... Kebij} akan Deviden .................................................................

  25 2. _{................................................................................... Kepe} milikan Manajerial .........................................................

  25 3. _{................................................................................... Kepe} milikan Institusonal ........................................................

  25 xiii

  xiv

  27 1. _{................................................................................... Uji} Normalitas .....................................................................

  29 1. _{................................................................................... Uji F}

  3.3.2 _{......................................................................................... Uji} Regresi Berganda .................................................................

  28

  28 4. _{................................................................................... Uji} Heteroskedastisitas .........................................................

  27 3. _{................................................................................... Auto} kolerasi ..........................................................................

  27 2. _{................................................................................... Multi} kolinieritas .....................................................................

  3.3.1 _{......................................................................................... Uji} Asumsi Klasik .....................................................................

  3.2.3 _{......................................................................................... Varia} bel Kontrol ...........................................................................

  27

  3.3 _{................................................................................................... Meto} de Analisis Data ..............................................................................

  26

  26 3. _{................................................................................... Struk} tur Aktiva .......................................................................

  26 2. _{................................................................................... Ukur} an Perusahaan ................................................................

  26 _{................................................................................... Profit} abilitas ...........................................................................

  30

  xv 2. _{................................................................................... Uji t}

  4.2.1 _{......................................................................................... Anali} sis Regresi Linier Berganda .................................................

  4.2.2.3 _{............................................................................ Heter} oskedastisitas ............................................................

  41

  4.2.2.2 _{............................................................................ Multi} kolinieritas ................................................................

  40

  4.2.2.1 _{............................................................................ Uji} Normalitas ................................................................

  40

  4.2.2 _{......................................................................................... Uji} Asumsi Klasik .....................................................................

  38

  38

  32 3. _{................................................................................... Uji} BAB IV HASIL DAN PEMBAHASAN ....................................................

  4.2 _{................................................................................................... Peng} ujian Hipotesis ................................................................................

  36

  4.1.2 _{......................................................................................... Anali} sis Deskriptif Variabel .........................................................

  35

  4.1.1 _{......................................................................................... Popul} asi dan Sampel .....................................................................

  35

  4.1 _{................................................................................................... Desk} ripsi Data ........................................................................................

  35

  42

  xvi

  47 3. _{............................................................................................. Kepe} milikan Institusional ..................................................................

  51 BAB V SIMPULAN, SARAN DAN KETERBATASAN ..........................

  4.5 _{................................................................................................... Pemb} ahasan .............................................................................................

  50

  49 6. _{............................................................................................. Struk} tur Aktiva ..................................................................................

  48 5. _{............................................................................................. Ukur} an Perusahaan ............................................................................

  48 4. _{............................................................................................. Profit} abilitas .......................................................................................

  46 2. _{............................................................................................. Kepe} milikan Manajerial ....................................................................

  4.2.2.4 _{............................................................................ Auto} korelasi .....................................................................

  45 1. _{............................................................................................. Kebij} akan Deviden .............................................................................

  4.4 _{................................................................................................... Uji} Hipotesis .........................................................................................

  44

  2 .....................................................................................

  4.3 _{................................................................................................... Uji} Adjusted R

  43

  59

  5.1 _{................................................................................................... Simp ................................................................................................... Saran} ulan ...................................................................................................

  59

  5.3 _{................................................................................................... Keter} batasan ..............................................................................................

  60 DAFTAR PUSTAKA ..................................................................................

  61 LAMPIRAN ................................................................................................

  63

  xvii

  xviii

  

DAFTAR TABEL

Tabel 4.1 Deskripsi Pengambilan Sampel ....................................................

  35 Tabel 4.2 Jumlah Data Penelitian .................................................................

  35 Tabel 4.3 Sampel Penelitian .........................................................................

  36 Tabel 4.4 Hasil Uji Statistik Deskriptif .........................................................

  36 Tabel 4.5 Hasil Analisis Regresi Linier Berganda ........................................

  38 Tabel 4.6 Hasil Pengujian Normalitas ..........................................................

  41 Tabel 4.7 Hasil Pengujian Multikolinieritas .................................................

  42 Tabel 4.8 Hasil Uji Glejser ...........................................................................

  43 Tabel 4.9 Ketentuan Uji Autokorelasi ..........................................................

  44 Tabel 4.10 Hasil Pengujian Autokolerasi......................................................

  44 Tabel 4.11 Hasil Uji Adjusted R

  2 ..................................................................

  45 Tabel 4.12 Hasil Uji t ...................................................................................

  46 Tabel 4.13 Hasil Uji F ..................................................................................

  50

  xix

  

DAFTAR GAMBAR

Gambar 2.1 Kerangka Pemikiran .................................................................

  22 Gambar 3.1 Kurva Uji F...............................................................................

  31 Gambar 3.2 Kurva Uji t Positif .....................................................................

  33 Gambar 3.3 Kurva Uji t Negatif ...................................................................

  33 Gambar 4.1 Kurva Penolakan Hipotesis Pertama .........................................

  47 Gambar 4.2 Kurva Penolakan Hipotesis Kedua ............................................

  47 Gambar 4.3 Kurva Penolakan Hipotesis Ketiga ............................................

  48 Gambar 4.4 Kurva Variabel Kontrol Pertama ...............................................

  49 Gambar 4.4 Kurva Variabel Kontrol Kedua .................................................

  49 Gambar 4.6 Kurva Variabel Kontrol Ketiga .................................................

  50 Gambar 4.7 Kurva Penerimaan Hipotesis Keempat ......................................

  51

  xx

  Lampiran 1. Data Penelitian

  2. Deskriptif Data

  3. Uji Asumsi Klasik

  4. Uji Hipotesis

  5. Tabel Distribusi t

  6. Tabel Distribusi F