S PEA 110558 Table of content
vi
DAFTAR ISI
ABSTRAK .................................................................................................................... i
KATA PENGANTAR ................................................................................................ iii
UCAPAN TERIMAKASIH ....................................................................................... iv
DAFTAR ISI............................................................................................................... vi
DAFTAR TABEL..................................................................................................... viii
DAFTAR GAMBAR .................................................................................................. ix
DAFTAR LAMPIRAN................................................................................................ x
BAB I PENDAHULUAN ............................................................................................ 1
A. Latar Belakang Penelitian ...................................................................................... 1
B. Identifikasi Masalah ............................................................................................... 9
C. Rumusan Masalah Penelitian ............................................................................... 12
D. Maksud dan Tujuan Penelitian............................................................................. 13
E. Kegunaan Penelitian ............................................................................................. 13
BAB II LANDASAN TEORI ............................................................................................ 14
A. Konsep dan Teori Dividen ................................................................................... 14
1. Kebijakan Dividen ..................................................................................... 14
1.1 Pengertian Kebijakan Dividen ........................................................... 14
1.2 Faktor-faktor yang mempengaruhi Kebijakan Dividen .................... 15
1.3 Jenis-jenis Kebijakan Dividen ............................................................ 18
1.4 Arti Penting Kebijakan Dividen .......................................................... 19
1.5 Teori Kebijakan Deviden .................................................................... 21
1.6 Indikator Kebijakan Deviden .............................................................. 25
2. Dividen ...................................................................................................... 26
2.1 Pengertian Dividen ............................................................................. 26
2.2 Jenis-jenis Dividen ............................................................................. 27
2.3 Prosedur Pembayaran Dividen ........................................................... 28
3. Rasio Keuangan ........................................................................................ 29
3.1 Pengertian Rasio Keuangan ............................................................... 29
3.2 Pengertian Likuiditas.......................................................................... 30
3.3 Pengukuran Rasio Likuiditas ............................................................. 30
B. Hasil Penelitian Terdahulu ................................................................................... 33
C. Kerangka Pemikiran .........................................................................................34
D. Hipotesis ............................................................................................................. 36
BAB III METODE PENELITIAN .............................................................................38
A. Metode Penelitian............................................................................................ 38
Maya Sopia Hidayat, 2016
PENGARUH LIKUIDITAS TERHADAP KEBIJAKAN DIVIDEN
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
vii
B.
C.
D.
E.
1. Desain Penelitian....................................................................................... 38
Operasional Penelitian ..................................................................................... 39
1. Operasional Variabel................................................................................. 39
Populasi dan Sampel ....................................................................................... 40
1. Populasi ..................................................................................................... 40
2. Sampel ....................................................................................................... 41
Teknik Pengumpulan Data .............................................................................. 42
Teknik Analisis Data dan Pengujian Hipotesis ............................................... 43
1. Analisis Data ............................................................................................. 43
2. Pengujian Hipotesis................................................................................... 43
2.1 Pengujian Asumsi Klasik ................................................................... 43
a) Uji Normalitas Data......................................................................... 44
b) Uji Linearitas ................................................................................... 45
2.2 Analisis Regresi Sederhana ................................................................ 47
2.3 Uji Hipotesis ....................................................................................... 52
BAB IV PEMBAHASAN ..........................................................................................55
A. Gambaran Objek Penelitian .............................................................................55
1. Perusahaan Industri Manufaktur Indonesia................................................55
2. Profil Perusahaan .......................................................................................56
B. Deskripsi Hasil Penelitian ................................................................................62
1. Deskripsi Likuiditas ...................................................................................62
2. Deskripsi Kebijakan Dividen .....................................................................70
C. Analisis Data dan Pengujian Hipotesis ............................................................78
1. Pengujian Asumsi Klasik ...........................................................................78
2. Pengujian Hipotesis ...................................................................................80
D. Pembahasan Hasil Penelitian ...........................................................................89
BAB V SIMPULAN DAN SARAN .............................................................................92
A. Simpulan ...........................................................................................................92
B. Saran ..................................................................................................................92
DAFTAR PUSTAKA ................................................................................................ 94
Maya Sopia Hidayat, 2016
PENGARUH LIKUIDITAS TERHADAP KEBIJAKAN DIVIDEN
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
viii
DAFTAR TABEL
Tabel 1.1 Dividen Perusahaan Manufaktur Sektor Barang Konsumsi Sub Sektor
Makanan dan Minuman yang Terdaftar Di BEI Periode 2010 - 2014 .......4
Tabel 2.1 Interpretasi Tingkat Likuiditas .................................................................33
Tabel 3.1 Operasionalisasi Variabel Penelitian……………...…………………….40
Tabel 3.2 Perusahaan Manufaktur Sektor Barang Konsumsi Sub Sektor
Makanan dan Minuman yang Terdaftar Di BEI ......................................40
Tabel 3.3 Sampel Penelitian ..................................................................................42
Tabel 4.1 Sampel Penelitian (Perusahaan Manufaktur Sektor Barang Konsumsi
Sub Sektor Makanan dan Minuman yang Terdaftar Di BEI Periode
2010 – 2014) ...........................................................................................55
Tabel 4.2 Statistik Deskriptif Current Ratio (Perusahaan Manufaktur Sektor
Barang Konsumsi Sub Sektor Makanan dan Minuman yang Terdaftar
Di BEI Periode 2010 – 2014)...................................................................63
Tabel 4.3 Statistik Deskriptif Dividend Payout Ratio (Perusahaan Manufaktur
Sektor Barang Konsumsi Sub Sektor Makanan dan Minuman yang
Terdaftar Di BEI Periode 2010 – 2014) ...................................................70
Tabel 4.4 Hasil Pengujian Linearitas .......................................................................79
Tabel 4.5 Uji Regresi Data Panel dengan Pendekatan Pooled Least Square ..........80
Tabel 4.6 Uji Regresi Data Panel dengan Pendekatan Fixed Effect ........................81
Tabel 4.7 Uji Regresi Data Panel dengan Pendekatan Random Effect ....................82
Tabel 4.8 Pemilihan Model Regresi Data Panel dengan Uji Chow .........................83
Tabel 4.9 Pemilihan Model Regresi Data Panel dengan Uji Hausman ...................84
Tabel 4.10 Hasil Analisis Regresi Data Panel dengan Fixed Effect ............................ 85
Tabel 4.11 Uji Keberartian Regresi (Uji F) .............................................................. 87
Tabel 4.12 Keputusan Pengujian Uji t .......................................................................89
Tabel 4.13 CR dan DPR Perusahan Manufaktur Sektor Barang Konsumsi Sub
Sektor Makanan dan Minuman yang Terdaftar Di BEI Periode 2010 –
2014..........................................................................................................91
Maya Sopia Hidayat, 2016
PENGARUH LIKUIDITAS TERHADAP KEBIJAKAN DIVIDEN
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
ix
DAFTAR GAMBAR
Gambar 1.1
Gambar 2.1
Gambar 3.1
Gambar 4.1
Gambar 4.2
Gambar 4.3
Gambar 4.4
Gambar 4.5
Gambar 4.6
Rata-rata Dividen yang dibagikan Perusahaan Manufaktur Sektor
Barang Konsumsi Sub Sektor Makanan dan Minuman yang
Terdaftar Di BEI Periode 2010 - 2014 .............................................5
Hubungan Variabel .........................................................................36
Hubungan antara Uji Chow dengan Uji Hausman ..........................51
Grafik Rata-rata Likuiditas Perusahaan Manufaktur Sektor
Barang Konsumsi Sub Sektor Makanan dan Minuman yang
Terdaftar Di BEI Periode 2010 - 2014 ..........................................68
Grafik Rata-rata Tingkat Likuiditas yang Mampu Dicapai Setiap
Periode oleh Perusahaan Manufaktur Sektor Barang Konsumsi
Sub Sektor Makanan dan Minuman yang Terdaftar Di BEI
Periode 2010 - 2014........................................................................69
Grafik Rata-rata Dividend Payout Ratio Perusahaan Manufaktur
Sektor Barang Konsumsi Sub Sektor Makanan dan Minuman
yang Terdaftar Di BEI Periode 2010 - 2014 ..................................74
Grafik Fluktuasi Rata-rata Dividend Payout Ratio Perusahaan
Manufaktur Sektor Barang Konsumsi Sub Sektor Makanan dan
Minuman yang Terdaftar Di BEI Periode 2010 - 2014 ..................76
Diagram Uji Normalitas ..................................................................78
Kriteria Pengujain Keberartian Koefisien Regresi ..........................89
Maya Sopia Hidayat, 2016
PENGARUH LIKUIDITAS TERHADAP KEBIJAKAN DIVIDEN
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
x
DAFTAR LAMPIRAN
I
II
III
IV
V
VI
VII
Daftar Populasi Penelitian
Proses Purpossive Sampling untuk Sampel Penelitian
Tabulasi Data Variabel X dan Variabel Y
Ringkasan Laporan Keuangan perusahaan periode 2010 – 2014
Tabel Pengujian Statistik
Surat-surat pendukung Skripsi
Daftar Riwayat Hidup
Maya Sopia Hidayat, 2016
PENGARUH LIKUIDITAS TERHADAP KEBIJAKAN DIVIDEN
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
DAFTAR ISI
ABSTRAK .................................................................................................................... i
KATA PENGANTAR ................................................................................................ iii
UCAPAN TERIMAKASIH ....................................................................................... iv
DAFTAR ISI............................................................................................................... vi
DAFTAR TABEL..................................................................................................... viii
DAFTAR GAMBAR .................................................................................................. ix
DAFTAR LAMPIRAN................................................................................................ x
BAB I PENDAHULUAN ............................................................................................ 1
A. Latar Belakang Penelitian ...................................................................................... 1
B. Identifikasi Masalah ............................................................................................... 9
C. Rumusan Masalah Penelitian ............................................................................... 12
D. Maksud dan Tujuan Penelitian............................................................................. 13
E. Kegunaan Penelitian ............................................................................................. 13
BAB II LANDASAN TEORI ............................................................................................ 14
A. Konsep dan Teori Dividen ................................................................................... 14
1. Kebijakan Dividen ..................................................................................... 14
1.1 Pengertian Kebijakan Dividen ........................................................... 14
1.2 Faktor-faktor yang mempengaruhi Kebijakan Dividen .................... 15
1.3 Jenis-jenis Kebijakan Dividen ............................................................ 18
1.4 Arti Penting Kebijakan Dividen .......................................................... 19
1.5 Teori Kebijakan Deviden .................................................................... 21
1.6 Indikator Kebijakan Deviden .............................................................. 25
2. Dividen ...................................................................................................... 26
2.1 Pengertian Dividen ............................................................................. 26
2.2 Jenis-jenis Dividen ............................................................................. 27
2.3 Prosedur Pembayaran Dividen ........................................................... 28
3. Rasio Keuangan ........................................................................................ 29
3.1 Pengertian Rasio Keuangan ............................................................... 29
3.2 Pengertian Likuiditas.......................................................................... 30
3.3 Pengukuran Rasio Likuiditas ............................................................. 30
B. Hasil Penelitian Terdahulu ................................................................................... 33
C. Kerangka Pemikiran .........................................................................................34
D. Hipotesis ............................................................................................................. 36
BAB III METODE PENELITIAN .............................................................................38
A. Metode Penelitian............................................................................................ 38
Maya Sopia Hidayat, 2016
PENGARUH LIKUIDITAS TERHADAP KEBIJAKAN DIVIDEN
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
vii
B.
C.
D.
E.
1. Desain Penelitian....................................................................................... 38
Operasional Penelitian ..................................................................................... 39
1. Operasional Variabel................................................................................. 39
Populasi dan Sampel ....................................................................................... 40
1. Populasi ..................................................................................................... 40
2. Sampel ....................................................................................................... 41
Teknik Pengumpulan Data .............................................................................. 42
Teknik Analisis Data dan Pengujian Hipotesis ............................................... 43
1. Analisis Data ............................................................................................. 43
2. Pengujian Hipotesis................................................................................... 43
2.1 Pengujian Asumsi Klasik ................................................................... 43
a) Uji Normalitas Data......................................................................... 44
b) Uji Linearitas ................................................................................... 45
2.2 Analisis Regresi Sederhana ................................................................ 47
2.3 Uji Hipotesis ....................................................................................... 52
BAB IV PEMBAHASAN ..........................................................................................55
A. Gambaran Objek Penelitian .............................................................................55
1. Perusahaan Industri Manufaktur Indonesia................................................55
2. Profil Perusahaan .......................................................................................56
B. Deskripsi Hasil Penelitian ................................................................................62
1. Deskripsi Likuiditas ...................................................................................62
2. Deskripsi Kebijakan Dividen .....................................................................70
C. Analisis Data dan Pengujian Hipotesis ............................................................78
1. Pengujian Asumsi Klasik ...........................................................................78
2. Pengujian Hipotesis ...................................................................................80
D. Pembahasan Hasil Penelitian ...........................................................................89
BAB V SIMPULAN DAN SARAN .............................................................................92
A. Simpulan ...........................................................................................................92
B. Saran ..................................................................................................................92
DAFTAR PUSTAKA ................................................................................................ 94
Maya Sopia Hidayat, 2016
PENGARUH LIKUIDITAS TERHADAP KEBIJAKAN DIVIDEN
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
viii
DAFTAR TABEL
Tabel 1.1 Dividen Perusahaan Manufaktur Sektor Barang Konsumsi Sub Sektor
Makanan dan Minuman yang Terdaftar Di BEI Periode 2010 - 2014 .......4
Tabel 2.1 Interpretasi Tingkat Likuiditas .................................................................33
Tabel 3.1 Operasionalisasi Variabel Penelitian……………...…………………….40
Tabel 3.2 Perusahaan Manufaktur Sektor Barang Konsumsi Sub Sektor
Makanan dan Minuman yang Terdaftar Di BEI ......................................40
Tabel 3.3 Sampel Penelitian ..................................................................................42
Tabel 4.1 Sampel Penelitian (Perusahaan Manufaktur Sektor Barang Konsumsi
Sub Sektor Makanan dan Minuman yang Terdaftar Di BEI Periode
2010 – 2014) ...........................................................................................55
Tabel 4.2 Statistik Deskriptif Current Ratio (Perusahaan Manufaktur Sektor
Barang Konsumsi Sub Sektor Makanan dan Minuman yang Terdaftar
Di BEI Periode 2010 – 2014)...................................................................63
Tabel 4.3 Statistik Deskriptif Dividend Payout Ratio (Perusahaan Manufaktur
Sektor Barang Konsumsi Sub Sektor Makanan dan Minuman yang
Terdaftar Di BEI Periode 2010 – 2014) ...................................................70
Tabel 4.4 Hasil Pengujian Linearitas .......................................................................79
Tabel 4.5 Uji Regresi Data Panel dengan Pendekatan Pooled Least Square ..........80
Tabel 4.6 Uji Regresi Data Panel dengan Pendekatan Fixed Effect ........................81
Tabel 4.7 Uji Regresi Data Panel dengan Pendekatan Random Effect ....................82
Tabel 4.8 Pemilihan Model Regresi Data Panel dengan Uji Chow .........................83
Tabel 4.9 Pemilihan Model Regresi Data Panel dengan Uji Hausman ...................84
Tabel 4.10 Hasil Analisis Regresi Data Panel dengan Fixed Effect ............................ 85
Tabel 4.11 Uji Keberartian Regresi (Uji F) .............................................................. 87
Tabel 4.12 Keputusan Pengujian Uji t .......................................................................89
Tabel 4.13 CR dan DPR Perusahan Manufaktur Sektor Barang Konsumsi Sub
Sektor Makanan dan Minuman yang Terdaftar Di BEI Periode 2010 –
2014..........................................................................................................91
Maya Sopia Hidayat, 2016
PENGARUH LIKUIDITAS TERHADAP KEBIJAKAN DIVIDEN
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
ix
DAFTAR GAMBAR
Gambar 1.1
Gambar 2.1
Gambar 3.1
Gambar 4.1
Gambar 4.2
Gambar 4.3
Gambar 4.4
Gambar 4.5
Gambar 4.6
Rata-rata Dividen yang dibagikan Perusahaan Manufaktur Sektor
Barang Konsumsi Sub Sektor Makanan dan Minuman yang
Terdaftar Di BEI Periode 2010 - 2014 .............................................5
Hubungan Variabel .........................................................................36
Hubungan antara Uji Chow dengan Uji Hausman ..........................51
Grafik Rata-rata Likuiditas Perusahaan Manufaktur Sektor
Barang Konsumsi Sub Sektor Makanan dan Minuman yang
Terdaftar Di BEI Periode 2010 - 2014 ..........................................68
Grafik Rata-rata Tingkat Likuiditas yang Mampu Dicapai Setiap
Periode oleh Perusahaan Manufaktur Sektor Barang Konsumsi
Sub Sektor Makanan dan Minuman yang Terdaftar Di BEI
Periode 2010 - 2014........................................................................69
Grafik Rata-rata Dividend Payout Ratio Perusahaan Manufaktur
Sektor Barang Konsumsi Sub Sektor Makanan dan Minuman
yang Terdaftar Di BEI Periode 2010 - 2014 ..................................74
Grafik Fluktuasi Rata-rata Dividend Payout Ratio Perusahaan
Manufaktur Sektor Barang Konsumsi Sub Sektor Makanan dan
Minuman yang Terdaftar Di BEI Periode 2010 - 2014 ..................76
Diagram Uji Normalitas ..................................................................78
Kriteria Pengujain Keberartian Koefisien Regresi ..........................89
Maya Sopia Hidayat, 2016
PENGARUH LIKUIDITAS TERHADAP KEBIJAKAN DIVIDEN
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
x
DAFTAR LAMPIRAN
I
II
III
IV
V
VI
VII
Daftar Populasi Penelitian
Proses Purpossive Sampling untuk Sampel Penelitian
Tabulasi Data Variabel X dan Variabel Y
Ringkasan Laporan Keuangan perusahaan periode 2010 – 2014
Tabel Pengujian Statistik
Surat-surat pendukung Skripsi
Daftar Riwayat Hidup
Maya Sopia Hidayat, 2016
PENGARUH LIKUIDITAS TERHADAP KEBIJAKAN DIVIDEN
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu