S PEM 0707473 Table of content
DAFTAR ISI
ABSTRAK ............................................................................................................ i
ABSTRACT .......................................................................................................... ii
KATA PENGANTAR .......................................................................................... iii
UCAPAN TERIMA KASIH ................................................................................ iv
DAFTAR ISI ......................................................................................................... vii
BAB I PENDAHULUAN
1.1 Latar Belakang ................................................................................................ 1
1.2 Identifikasi dan Rumusan Masalah ............................................................... 14
1.2.1 Identifikasi Masalah ............................................................................ 14
1.2.2 Rumusan Masalah ............................................................................... 17
1.3 Tujuan Penelitian .......................................................................................... 17
1.4 Kegunaan Penelitian ..................................................................................... 18
BAB II KAJIAN PUSTAKA, KERANGKA PEMIKIRAN DAN HIPOTESIS
2.1 Kajian Pustaka .............................................................................................. 20
2.1.1 Kinerja Keuangan ................................................................................ 20
2.1.2 Rasio Keuangan ................................................................................... 21
2.1.3 Likuiditas ............................................................................................. 25
2.1.3.1 Pengertian Likuiditas .................................................................... 25
2.1.3.2 Current Ratio ................................................................................ 27
2.1.4 Profitabilitas ........................................................................................ 28
Muhammad Shidiq, 2014
Pengaruh Likuiditas Dan Profitabilitas Terhadap Kebijakan Dividen Pada Pt Astra Otoparts
Tbk
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
2.1.4.1 Pengertian Profitabilitas ............................................................... 28
2.1.4.2 Earning Per Share ......................................................................... 32
2.1.5 Kebijakan Dividen ............................................................................... 33
2.1.5.1 Pengertian Kebijakan Dividen ...................................................... 33
2.1.5.2 Teori Kebijakan Dividen .............................................................. 34
2.1.5.3 Faktor-Faktor yang Mempengaruhi Kebijakan Dividen .............. 39
2.1.5.4 Jenis-Jenis Kebijakan Dividen ..................................................... 41
2.1.5.5 Indikator Kebijakan Dividen ........................................................ 43
2.1.5.6 Dividend Per Share ...................................................................... 44
2.1.6 Pengaruh Likuiditas dan Profitabilitas Terhadap Kebijakan Dividen . 45
2.2 Penelitian Terdahulu ..................................................................................... 47
2.3 Kerangka Pemikiran ...................................................................................... 50
2.4 Paradigma Penelitian .................................................................................... 56
2.5 Hipotesis ....................................................................................................... 56
BAB III OBJEK DAN METODE PENELITIAN
3.1 Objek Penelitian ............................................................................................ 57
3.2 Metode dan Desain Penelitian ...................................................................... 57
3.2.1 Metode Penelitian ................................................................................ 57
3.2.2 Desain Penelitian ................................................................................. 58
3.3 Operasionalisasi Variabel ............................................................................. 59
3.4 Sumber dan Teknik Pengumpulan Data ....................................................... 61
3.4.1 Sumber Data ........................................................................................ 61
3.4.2 Teknik Pengumpulan Data .................................................................. 62
Muhammad Shidiq, 2014
Pengaruh Likuiditas Dan Profitabilitas Terhadap Kebijakan Dividen Pada Pt Astra Otoparts
Tbk
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
3.5 Populasi, Sampel dan Teknik Penarikan Sampel .......................................... 63
3.5.1 Populasi ............................................................................................... 63
3.5.2 Sampel ................................................................................................. 63
3.6 Rancangan Analisis Data dan Uji Hipotesis ................................................. 64
3.6.1 Rancangan Analisis Data dan Analisis Deskriptif ............................... 64
3.6.2 Alat Analisis Statistik .......................................................................... 65
3.6.2.1 Uji Asumsi Klasik ........................................................................ 65
3.6.2.2 Analisis Regresi Berganda ........................................................... 67
3.6.2.3 Analisis Korelasi .......................................................................... 68
3.6.2.4 Koefisien Determinasi .................................................................. 69
3.6.3 Uji Hipotesis ........................................................................................ 70
3.6.3.1 Uji Statistik F (Uji Signifikansi Simultan) ................................... 71
3.6.3.2 Uji Statistik t (Uji Signifikansi Parsial) ........................................ 72
BAB IV HASIL PENELITIAN DAN PEMBAHASAN
4.1 Hasil penelitian .............................................................................................. 73
4.1.1 Gambaran PT Astra Otoparts Tbk ....................................................... 73
4.1.1.1 Sejarah perusahaan ....................................................................... 73
4.1.1.2 Visi dan Misi ................................................................................ 75
4.1.2 Data Variabel yang Diteliti .................................................................. 75
4.1.2.1 Gambaran Likuiditas PT Astra Otoparts Tbk ............................... 76
4.1.2.2 Gambaran Profitabilitas PT Astra Otoparts Tbk .......................... 79
4.1.2.3 Gambaran Kebijakan Dividen PT Astra Otoparts Tbk ................. 83
4.1.3 Statistik Deskriptif ............................................................................... 87
Muhammad Shidiq, 2014
Pengaruh Likuiditas Dan Profitabilitas Terhadap Kebijakan Dividen Pada Pt Astra Otoparts
Tbk
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
4.1.4 Analisis Statistik .................................................................................. 89
4.1.4.1 Uji Asumsi Klasik ........................................................................ 89
4.1.4.2 Analisis Regresi Linier Berganda ................................................. 94
4.1.4.3 Analisis Korelasi .......................................................................... 96
4.1.4.3.1 Koefisien Korelasi Parsial ..................................................... 96
4.1.4.3.2 Koefisien Determinasi ........................................................... 96
4.1.4.4 Uji Hipotesis ................................................................................. 99
4.1.4.4.1 Uji Statistik t (Uji Signifikansi Parsial) ................................. 99
4.1.4.4.2 Uji Statistik F (Uji Signifikansi Simultan) ..........................100
4.2 Pembahasan .................................................................................................101
4.2.1 Gambaran Likuiditas PT Astra Otoparts Tbk ....................................101
4.2.2 Gambaran Profitabilitas PT Astra Otoparts Tbk ...............................102
4.2.3 Gambaran Kebijakan Dividen PT Astra Otoparts Tbk ......................103
4.2.4 Pengaruh Current Ratio Terhadap Dividend Per Share ....................104
4.2.5 Pengaruh Earning Per Share Terhadap Dividend Per Share ............105
4.2.6 Pengaruh Current Ratio dan Earning Per Share Terhadap Dividend Per
Share ..................................................................................................107
BAB V KESIMPULAN DAN SARAN
5.1 Kesimpulan .................................................................................................110
5.2 Saran ...........................................................................................................111
DAFTAR PUSTAKA
LAMPIRAN
Muhammad Shidiq, 2014
Pengaruh Likuiditas Dan Profitabilitas Terhadap Kebijakan Dividen Pada Pt Astra Otoparts
Tbk
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
DAFTAR TABEL
Tabel 1.1 Dividend Per Share Industri Komponen Otomotif ................................. 5
Tabel 1.2 Current Ratio PT Astra Otoparts Tbk Tahun 2008-2012 ....................... 9
Tabel 1.3 Earning Per Share PT Astra Otoparts Tbk Tahun 2008-2012 ............. 12
Tabel 2.1 Penelitian Terdahulu ............................................................................. 47
Tabel 3.1 Operasional Variabel............................................................................. 60
Tabel 3.2 Pedoman Interpretasi Koefisien Korelasi ............................................. 69
Tabel 4.1 Current Ratio PT Astra Otoparts Tbk Tahun 2000-2012 ..................... 76
Tabel 4.2 Earning Per Share PT Astra Otoparts Tbk Tahun 2000-2012 ............. 80
Tabel 4.3 Dividend Per Share PT Astra Otoparts Tbk Tahun 2000-2012 ............ 84
Tabel 4.4 Statistik Deskriptif ................................................................................ 88
Tabel 4.5 Uji Multikolinearitas ............................................................................. 90
Tabel 4.6 Uji Autokorelasi .................................................................................... 93
Tabel 4.7 Regresi Linier Berganda ....................................................................... 94
Tabel 4.8 Koefisien Korelasi................................................................................. 96
Tabel 4.9 Koefisien Determinasi........................................................................... 98
Tabel 4.10 Uji Statistik F (Uji Signifikansi Simultan).......................................... 99
Tabel 4.11 Uji Statistik t (Uji Signifikansi Parsial) ............................................100
Muhammad Shidiq, 2014
Pengaruh Likuiditas Dan Profitabilitas Terhadap Kebijakan Dividen Pada Pt Astra Otoparts
Tbk
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
DAFTAR GAMBAR
Gambar 1.1 Dividend Per Share Industri Komponen Otomotif ............................. 7
Gambar 1.2 Current Ratio PT Astra Otoparts Tbk Tahun 2000-2012 ................. 10
Gambar 1.3 Earning Per Share PT. Astra Otoparts, Tbk. Periode 2008-2012..... 13
Gambar 2.1 Kerangka Pemikiran .......................................................................... 55
Gambar 2.2 Paradigma Penelitian ......................................................................... 56
Gambar 4.1 Current Ratio PT Astra Otoparts Tbk pada Tahun 2000-2012 ......... 79
Gambar 4.2 Earning Per Share PT Astra Otoparts Tbk Tahun 2000-2012.......... 82
Gambar 4.3 Dividend Per Share PT Astra Otoparts Tbk Tahun 2000-2012 ........ 87
Gambar 4.5 Uji Normalitas Data .......................................................................... 89
Gambar 4.6 Uji Heteroskedastisitas ...................................................................... 92
Muhammad Shidiq, 2014
Pengaruh Likuiditas Dan Profitabilitas Terhadap Kebijakan Dividen Pada Pt Astra Otoparts
Tbk
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
DAFTAR LAMPIRAN
Lampiran 1 SK Pembimbing dan Catatan Bimbingan
Lampiran 2 Tabel Perhitungan Current Ratio, Earning Per Share dan Dividend
Per Share pada PT Astra Otoparts Tbk
Lampiran 3 Hasil Output Perhitungan SPSS
Lampiran 4 Financial Data dan Rasio Keuangan Perusahaan Penelitian
Lampiran 5 Curicullum Vitae
Muhammad Shidiq, 2014
Pengaruh Likuiditas Dan Profitabilitas Terhadap Kebijakan Dividen Pada Pt Astra Otoparts
Tbk
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
ABSTRAK ............................................................................................................ i
ABSTRACT .......................................................................................................... ii
KATA PENGANTAR .......................................................................................... iii
UCAPAN TERIMA KASIH ................................................................................ iv
DAFTAR ISI ......................................................................................................... vii
BAB I PENDAHULUAN
1.1 Latar Belakang ................................................................................................ 1
1.2 Identifikasi dan Rumusan Masalah ............................................................... 14
1.2.1 Identifikasi Masalah ............................................................................ 14
1.2.2 Rumusan Masalah ............................................................................... 17
1.3 Tujuan Penelitian .......................................................................................... 17
1.4 Kegunaan Penelitian ..................................................................................... 18
BAB II KAJIAN PUSTAKA, KERANGKA PEMIKIRAN DAN HIPOTESIS
2.1 Kajian Pustaka .............................................................................................. 20
2.1.1 Kinerja Keuangan ................................................................................ 20
2.1.2 Rasio Keuangan ................................................................................... 21
2.1.3 Likuiditas ............................................................................................. 25
2.1.3.1 Pengertian Likuiditas .................................................................... 25
2.1.3.2 Current Ratio ................................................................................ 27
2.1.4 Profitabilitas ........................................................................................ 28
Muhammad Shidiq, 2014
Pengaruh Likuiditas Dan Profitabilitas Terhadap Kebijakan Dividen Pada Pt Astra Otoparts
Tbk
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
2.1.4.1 Pengertian Profitabilitas ............................................................... 28
2.1.4.2 Earning Per Share ......................................................................... 32
2.1.5 Kebijakan Dividen ............................................................................... 33
2.1.5.1 Pengertian Kebijakan Dividen ...................................................... 33
2.1.5.2 Teori Kebijakan Dividen .............................................................. 34
2.1.5.3 Faktor-Faktor yang Mempengaruhi Kebijakan Dividen .............. 39
2.1.5.4 Jenis-Jenis Kebijakan Dividen ..................................................... 41
2.1.5.5 Indikator Kebijakan Dividen ........................................................ 43
2.1.5.6 Dividend Per Share ...................................................................... 44
2.1.6 Pengaruh Likuiditas dan Profitabilitas Terhadap Kebijakan Dividen . 45
2.2 Penelitian Terdahulu ..................................................................................... 47
2.3 Kerangka Pemikiran ...................................................................................... 50
2.4 Paradigma Penelitian .................................................................................... 56
2.5 Hipotesis ....................................................................................................... 56
BAB III OBJEK DAN METODE PENELITIAN
3.1 Objek Penelitian ............................................................................................ 57
3.2 Metode dan Desain Penelitian ...................................................................... 57
3.2.1 Metode Penelitian ................................................................................ 57
3.2.2 Desain Penelitian ................................................................................. 58
3.3 Operasionalisasi Variabel ............................................................................. 59
3.4 Sumber dan Teknik Pengumpulan Data ....................................................... 61
3.4.1 Sumber Data ........................................................................................ 61
3.4.2 Teknik Pengumpulan Data .................................................................. 62
Muhammad Shidiq, 2014
Pengaruh Likuiditas Dan Profitabilitas Terhadap Kebijakan Dividen Pada Pt Astra Otoparts
Tbk
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
3.5 Populasi, Sampel dan Teknik Penarikan Sampel .......................................... 63
3.5.1 Populasi ............................................................................................... 63
3.5.2 Sampel ................................................................................................. 63
3.6 Rancangan Analisis Data dan Uji Hipotesis ................................................. 64
3.6.1 Rancangan Analisis Data dan Analisis Deskriptif ............................... 64
3.6.2 Alat Analisis Statistik .......................................................................... 65
3.6.2.1 Uji Asumsi Klasik ........................................................................ 65
3.6.2.2 Analisis Regresi Berganda ........................................................... 67
3.6.2.3 Analisis Korelasi .......................................................................... 68
3.6.2.4 Koefisien Determinasi .................................................................. 69
3.6.3 Uji Hipotesis ........................................................................................ 70
3.6.3.1 Uji Statistik F (Uji Signifikansi Simultan) ................................... 71
3.6.3.2 Uji Statistik t (Uji Signifikansi Parsial) ........................................ 72
BAB IV HASIL PENELITIAN DAN PEMBAHASAN
4.1 Hasil penelitian .............................................................................................. 73
4.1.1 Gambaran PT Astra Otoparts Tbk ....................................................... 73
4.1.1.1 Sejarah perusahaan ....................................................................... 73
4.1.1.2 Visi dan Misi ................................................................................ 75
4.1.2 Data Variabel yang Diteliti .................................................................. 75
4.1.2.1 Gambaran Likuiditas PT Astra Otoparts Tbk ............................... 76
4.1.2.2 Gambaran Profitabilitas PT Astra Otoparts Tbk .......................... 79
4.1.2.3 Gambaran Kebijakan Dividen PT Astra Otoparts Tbk ................. 83
4.1.3 Statistik Deskriptif ............................................................................... 87
Muhammad Shidiq, 2014
Pengaruh Likuiditas Dan Profitabilitas Terhadap Kebijakan Dividen Pada Pt Astra Otoparts
Tbk
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
4.1.4 Analisis Statistik .................................................................................. 89
4.1.4.1 Uji Asumsi Klasik ........................................................................ 89
4.1.4.2 Analisis Regresi Linier Berganda ................................................. 94
4.1.4.3 Analisis Korelasi .......................................................................... 96
4.1.4.3.1 Koefisien Korelasi Parsial ..................................................... 96
4.1.4.3.2 Koefisien Determinasi ........................................................... 96
4.1.4.4 Uji Hipotesis ................................................................................. 99
4.1.4.4.1 Uji Statistik t (Uji Signifikansi Parsial) ................................. 99
4.1.4.4.2 Uji Statistik F (Uji Signifikansi Simultan) ..........................100
4.2 Pembahasan .................................................................................................101
4.2.1 Gambaran Likuiditas PT Astra Otoparts Tbk ....................................101
4.2.2 Gambaran Profitabilitas PT Astra Otoparts Tbk ...............................102
4.2.3 Gambaran Kebijakan Dividen PT Astra Otoparts Tbk ......................103
4.2.4 Pengaruh Current Ratio Terhadap Dividend Per Share ....................104
4.2.5 Pengaruh Earning Per Share Terhadap Dividend Per Share ............105
4.2.6 Pengaruh Current Ratio dan Earning Per Share Terhadap Dividend Per
Share ..................................................................................................107
BAB V KESIMPULAN DAN SARAN
5.1 Kesimpulan .................................................................................................110
5.2 Saran ...........................................................................................................111
DAFTAR PUSTAKA
LAMPIRAN
Muhammad Shidiq, 2014
Pengaruh Likuiditas Dan Profitabilitas Terhadap Kebijakan Dividen Pada Pt Astra Otoparts
Tbk
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
DAFTAR TABEL
Tabel 1.1 Dividend Per Share Industri Komponen Otomotif ................................. 5
Tabel 1.2 Current Ratio PT Astra Otoparts Tbk Tahun 2008-2012 ....................... 9
Tabel 1.3 Earning Per Share PT Astra Otoparts Tbk Tahun 2008-2012 ............. 12
Tabel 2.1 Penelitian Terdahulu ............................................................................. 47
Tabel 3.1 Operasional Variabel............................................................................. 60
Tabel 3.2 Pedoman Interpretasi Koefisien Korelasi ............................................. 69
Tabel 4.1 Current Ratio PT Astra Otoparts Tbk Tahun 2000-2012 ..................... 76
Tabel 4.2 Earning Per Share PT Astra Otoparts Tbk Tahun 2000-2012 ............. 80
Tabel 4.3 Dividend Per Share PT Astra Otoparts Tbk Tahun 2000-2012 ............ 84
Tabel 4.4 Statistik Deskriptif ................................................................................ 88
Tabel 4.5 Uji Multikolinearitas ............................................................................. 90
Tabel 4.6 Uji Autokorelasi .................................................................................... 93
Tabel 4.7 Regresi Linier Berganda ....................................................................... 94
Tabel 4.8 Koefisien Korelasi................................................................................. 96
Tabel 4.9 Koefisien Determinasi........................................................................... 98
Tabel 4.10 Uji Statistik F (Uji Signifikansi Simultan).......................................... 99
Tabel 4.11 Uji Statistik t (Uji Signifikansi Parsial) ............................................100
Muhammad Shidiq, 2014
Pengaruh Likuiditas Dan Profitabilitas Terhadap Kebijakan Dividen Pada Pt Astra Otoparts
Tbk
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
DAFTAR GAMBAR
Gambar 1.1 Dividend Per Share Industri Komponen Otomotif ............................. 7
Gambar 1.2 Current Ratio PT Astra Otoparts Tbk Tahun 2000-2012 ................. 10
Gambar 1.3 Earning Per Share PT. Astra Otoparts, Tbk. Periode 2008-2012..... 13
Gambar 2.1 Kerangka Pemikiran .......................................................................... 55
Gambar 2.2 Paradigma Penelitian ......................................................................... 56
Gambar 4.1 Current Ratio PT Astra Otoparts Tbk pada Tahun 2000-2012 ......... 79
Gambar 4.2 Earning Per Share PT Astra Otoparts Tbk Tahun 2000-2012.......... 82
Gambar 4.3 Dividend Per Share PT Astra Otoparts Tbk Tahun 2000-2012 ........ 87
Gambar 4.5 Uji Normalitas Data .......................................................................... 89
Gambar 4.6 Uji Heteroskedastisitas ...................................................................... 92
Muhammad Shidiq, 2014
Pengaruh Likuiditas Dan Profitabilitas Terhadap Kebijakan Dividen Pada Pt Astra Otoparts
Tbk
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
DAFTAR LAMPIRAN
Lampiran 1 SK Pembimbing dan Catatan Bimbingan
Lampiran 2 Tabel Perhitungan Current Ratio, Earning Per Share dan Dividend
Per Share pada PT Astra Otoparts Tbk
Lampiran 3 Hasil Output Perhitungan SPSS
Lampiran 4 Financial Data dan Rasio Keuangan Perusahaan Penelitian
Lampiran 5 Curicullum Vitae
Muhammad Shidiq, 2014
Pengaruh Likuiditas Dan Profitabilitas Terhadap Kebijakan Dividen Pada Pt Astra Otoparts
Tbk
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu