S PEM 0807131 Table Of Content
DAFTAR ISI
ABSTRAK................................................................................................................i
ABSTRACT............................................................................................................. ii
KATA PENGANTAR ........................................................................................... iii
DAFTAR ISI .......................................................................................................... vi
DAFTAR TABEL .................................................................................................. ix
DAFTAR GAMBAR ............................................................................................... x
DAFTAR LAMPIRAN .......................................................................................... xi
BAB I_PENDAHULUAN
1.1 Latar Belakang Penelitian .................................................................................. 1
1.2 Identifikasi dan Rumusan Masalah ..................................................................... 9
1.3 Tujuan Penelitian dan Kegunaan Hasil Penelitian ............................................. 11
1.3.1 Tujuan Penelitian ......................................................................................... 11
1.3.2 Kegunaan Hasil Penelitian ........................................................................... 11
BAB II_KAJIAN PUSTAKA, KERANGKA PEMIKIRAN, DAN HIPOTESIS
2.1 Kajian Pustaka ................................................................................................. 13
2.1.1 Kinerja Keuangan ........................................................................................ 13
2.1.1.1 Komponen Kinerja Keuangan ............................................................... 14
2.1.1.2 Manfaat Penilaian Kinerja Keuangan .................................................... 17
2.1.2 Likuiditas .................................................................................................... 19
2.1.2.2 Rasio Likuiditas .................................................................................... 20
2.1.3 Current Ratio .............................................................................................. 21
2.1.4 Pertumbuhan Perusahaan ............................................................................. 23
2.1.4.2 Rasio Pertumbuhan Perusahaan ............................................................ 23
2.1.5 Assets Growth .............................................................................................. 25
2.1.6 Kebijakan Dividen ....................................................................................... 25
2.1.6.2 Pengertian Kebijakan Dividen............................................................... 26
2.1.6.3 Teori-Teori Kebijakan Dividen.............................................................. 28
2.1.6.4 Jenis-Jenis Kebijakan Dividen .............................................................. 31
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2.1.6.5 Faktor-Faktor yang Mempengaruhi Dividen.......................................... 33
2.1.7 Dividend Payout Ratio................................................................................. 35
2.2 Pengaruh Likuiditas terhadap Kebijakan Dividen ............................................. 36
2.3 Pengaruh Pertumbuhan Perusahaan terhadap Kebijakan Dividen ...................... 37
2.4 Penelitian Terdahulu ........................................................................................ 38
2.5 Kerangka Pemikiran ......................................................................................... 43
2.6 Paradigma Penelitian........................................................................................ 44
2.7 Hipotesis .......................................................................................................... 44
BAB III_OBJEK DAN METODOLOGI PENELITIAN
3.1 Objek Penelitian............................................................................................... 45
3.2 Metodologi dan Desain Penelitian .................................................................... 45
3.2.1 Metode Penelitian ........................................................................................ 45
3.2.2 Desain Penelitian ......................................................................................... 46
3.3 Operasionalisasi Variabel ................................................................................. 47
3.4 Jenis, Sumber, dan Teknik Pengumpulan Data ................................................. 48
3.4.1 Jenis dan Sumber Data ................................................................................ 48
3.4.2 Teknik Pengumpulan Data........................................................................... 49
3.5 Populasi, Sampel, dan Teknik Penarikan Sampel.............................................. 50
3.5.1 Populasi....................................................................................................... 50
3.5.2 Sampel ........................................................................................................ 50
3.5.3 Teknik Penarikan Sampel ............................................................................ 51
3.6 Rancangan Analisis Data dan Uji Hipotesis ...................................................... 52
3.6.1 Rancangan Analisis Data ............................................................................. 52
3.6.1.1 Analisis Deskriptif ................................................................................ 52
3.6.1.2 Analisis Statistik ................................................................................... 54
3.6.1.2.1 Uji Asumsi Klasik ........................................................................... 54
3.6.1.2.2 Analisis Regresi Multipel ................................................................... 57
3.6.2 Uji Hipotesis ............................................................................................... 58
3.6.2.1 Uji Keberartian Regresi ........................................................................ 58
3.6.2.2 Uji Keberartian Koefisien Regresi ........................................................ 59
No. Daftar FPEB: 314/UN40.7.D1/LT/2014
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BAB IV_HASIL PENELITIAN DAN PEMBAHASAN
4.1 Hasil Penelitian ................................................................................................ 61
4.1.1 Gambaran Umum Sub Sektor Otomotif dan Komponennya ......................... 61
4.1.2 Deskripsi Variabel yang Diteliti ................................................................... 66
4.1.2.1 Perkembangan Likuiditas pada Sub Sektor Otomotif dan
Komponennya ...................................................................................... 66
4.1.2.2 Perkembangan Pertumbuhan Perusahaan pada Sub Sektor Otomotif
dan Komponennya ................................................................................ 71
4.1.2.3 Perkembangan Kebijakan Dividen pada Sub Sektor Otomotif dan
Komponennya ...................................................................................... 75
4.1.3 Analisis Deskriptif ....................................................................................... 79
4.1.4 Analisis Statistik .......................................................................................... 80
4.1.4.1 Uji Asumsi Klasik ................................................................................. 80
4.1.4.2 Analisis Regresi Multipel...................................................................... 86
4.1.5 Uji Hipotesis ............................................................................................... 87
4.1.5.1 Uji Keberartian Regresi ........................................................................ 87
4.1.5.2 Uji Keberartian Koefisien Regresi ........................................................ 88
4.2 Pembahasan ..................................................................................................... 91
BAB V_KESIMPULAN DAN SARAN
5.1 Kesimpulan ...................................................................................................... 96
5.2 Saran................................................................................................................ 97
DAFTAR PUSTAKA ............................................................................................ 98
LAMPIRAN ........................................................................................................ 101
No. Daftar FPEB: 314/UN40.7.D1/LT/2014
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DAFTAR TABEL
Tabel1.1
Perbandingan Rata-RataDividend Payout RatioPerusahaan pada Sub
SektorOtomotifdanKomponennya,
Alas
Kaki,danKabelyangMembagikanDividenPeriode 2011-2012................... 4
Tabel1.2
Rata-RataCurrent RatioPerusahaan pada Sub SektorOtomotifdan
KomponennyaPeriode 2010-2012 ........................................................... 7
Tabel1.3
Rata-RataAsset Growth Perusahaan pada Sub SektorOtomotifdan
KomponennyaPeriode 2010-2012 ........................................................... 8
Tabel 2.1
Penelitian Terdahulu ............................................................................. 38
Tabel3.1
Operasionalisasi Variabel ...................................................................... 47
Tabel3.2
Jenis dan Sumber Data Penelitian ......................................................... 49
Tabel3.3
Sampel Penelitian ................................................................................. 52
Tabel 4.1
Current
Ratio
Perusahaan
pada
Sub
SektorOtomotifdanKomponennyaPeriode 2010-2012 (dalamKali) ........ 67
Tabel 4.2
Assets
Growth
Perusahaan
pada
Sub
SektorOtomotifdanKomponennyaPeriode 2010-2012 (dalamPersen) .... 72
Tabel 4.3
Dividend
PayoutRatio
Perusahaan
pada
Sub
SektorOtomotifdanKomponennyaPeriode 2010-2012 (dalamPersen) .... 76
Tabel 4.4
Descriptive Statistics............................................................................. 79
Tabel 4.5
HasilUjiAutokorelasi ............................................................................ 82
Tabel 4.6
HasilUjiMultikoleniaritas...................................................................... 83
Tabel 4.7
HasilUji Linieritas Likuiditas terhadap Kebijakan Dividen ................... 85
Tabel 4.8
HasilUji LinieritasPertumbuhan Perusahaan terhadap Kebijakan
Dividen ................................................................................................. 85
Tabel 4.9
Nilai Model Regresi .............................................................................. 86
Tabel 4.10 HasilUjiF .............................................................................................. 88
Tabel 4.11 HasilUjit ............................................................................................... 89
Tabel 4.12 InterpretasiUjit ...................................................................................... 90
No. Daftar FPEB: 314/UN40.7.D1/LT/2014
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DAFTAR GAMBAR
Gambar 2.1 KerangkaPemikiranPengaruh
Likuiditas
dan
Pertumbuhan
Perusahaan terhadap Kebijakan Dividen ............................................. 43
Gambar 2.2 ParadigmaPenelitian Pengaruh Likuiditas dan Pertumbuhan
Perusahaan terhadap Kebijakan Dividen ............................................. 44
Gambar 3.1 Pedoman Interpretasi Uji Durbin-Watson (dw) ................................... 55
Gambar 4.1 Rata-RataCurrent
Ratio
Perusahaan
pada
Sub
SektorOtomotifdanKomponennyaPeriode 2009-2012 (dalamKali)...... 70
Gambar 4.2 Rata-RataAsset
Growth
Perusahaan
pada
Sub
SektorOtomotifdanKomponennyaPeriode 2009-2012 (dalamPersen) .. 75
Gambar 4.3 Rata-RataDividend Payout Ratio Perusahaan pada Sub
SektorOtomotifdanKomponennyaPeriode 2009-2012 (dalamPersen) .. 78
Gambar 4.4 HasilUjiNormalitas ............................................................................. 81
Gambar 4.5 Interpretasi HasilUji Durbin-Watson (dw) .......................................... 82
Gambar 4.6 HasilUjiHeteroskedastisitas ................................................................ 84
No. Daftar FPEB: 314/UN40.7.D1/LT/2014
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DAFTAR LAMPIRAN
Lampiran 1 Administratif ...................................................................................... 102
Lampiran 2 Data Penelitian (Input SPSS) .............................................................. 108
Lampiran 3 Hasil Uji Analisis Stratistik ( Output SPSS)......................................... 112
Lampiran 4 Data Finansial dan Rasio Keuangan Perusahaan ................................. 119
Lampiran 5 Riwayat Hidup ................................................................................... 125
No. Daftar FPEB: 314/UN40.7.D1/LT/2014
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Dadang Kurnia, 2014
PENGARUHLIKUIDITAS DAN PERTUMBUHAN PERUSAHAAN TERHADAPKEBIJAKAN DIVIDEN
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ABSTRAK................................................................................................................i
ABSTRACT............................................................................................................. ii
KATA PENGANTAR ........................................................................................... iii
DAFTAR ISI .......................................................................................................... vi
DAFTAR TABEL .................................................................................................. ix
DAFTAR GAMBAR ............................................................................................... x
DAFTAR LAMPIRAN .......................................................................................... xi
BAB I_PENDAHULUAN
1.1 Latar Belakang Penelitian .................................................................................. 1
1.2 Identifikasi dan Rumusan Masalah ..................................................................... 9
1.3 Tujuan Penelitian dan Kegunaan Hasil Penelitian ............................................. 11
1.3.1 Tujuan Penelitian ......................................................................................... 11
1.3.2 Kegunaan Hasil Penelitian ........................................................................... 11
BAB II_KAJIAN PUSTAKA, KERANGKA PEMIKIRAN, DAN HIPOTESIS
2.1 Kajian Pustaka ................................................................................................. 13
2.1.1 Kinerja Keuangan ........................................................................................ 13
2.1.1.1 Komponen Kinerja Keuangan ............................................................... 14
2.1.1.2 Manfaat Penilaian Kinerja Keuangan .................................................... 17
2.1.2 Likuiditas .................................................................................................... 19
2.1.2.2 Rasio Likuiditas .................................................................................... 20
2.1.3 Current Ratio .............................................................................................. 21
2.1.4 Pertumbuhan Perusahaan ............................................................................. 23
2.1.4.2 Rasio Pertumbuhan Perusahaan ............................................................ 23
2.1.5 Assets Growth .............................................................................................. 25
2.1.6 Kebijakan Dividen ....................................................................................... 25
2.1.6.2 Pengertian Kebijakan Dividen............................................................... 26
2.1.6.3 Teori-Teori Kebijakan Dividen.............................................................. 28
2.1.6.4 Jenis-Jenis Kebijakan Dividen .............................................................. 31
No. Daftar FPEB: 314/UN40.7.D1/LT/2014
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2.1.6.5 Faktor-Faktor yang Mempengaruhi Dividen.......................................... 33
2.1.7 Dividend Payout Ratio................................................................................. 35
2.2 Pengaruh Likuiditas terhadap Kebijakan Dividen ............................................. 36
2.3 Pengaruh Pertumbuhan Perusahaan terhadap Kebijakan Dividen ...................... 37
2.4 Penelitian Terdahulu ........................................................................................ 38
2.5 Kerangka Pemikiran ......................................................................................... 43
2.6 Paradigma Penelitian........................................................................................ 44
2.7 Hipotesis .......................................................................................................... 44
BAB III_OBJEK DAN METODOLOGI PENELITIAN
3.1 Objek Penelitian............................................................................................... 45
3.2 Metodologi dan Desain Penelitian .................................................................... 45
3.2.1 Metode Penelitian ........................................................................................ 45
3.2.2 Desain Penelitian ......................................................................................... 46
3.3 Operasionalisasi Variabel ................................................................................. 47
3.4 Jenis, Sumber, dan Teknik Pengumpulan Data ................................................. 48
3.4.1 Jenis dan Sumber Data ................................................................................ 48
3.4.2 Teknik Pengumpulan Data........................................................................... 49
3.5 Populasi, Sampel, dan Teknik Penarikan Sampel.............................................. 50
3.5.1 Populasi....................................................................................................... 50
3.5.2 Sampel ........................................................................................................ 50
3.5.3 Teknik Penarikan Sampel ............................................................................ 51
3.6 Rancangan Analisis Data dan Uji Hipotesis ...................................................... 52
3.6.1 Rancangan Analisis Data ............................................................................. 52
3.6.1.1 Analisis Deskriptif ................................................................................ 52
3.6.1.2 Analisis Statistik ................................................................................... 54
3.6.1.2.1 Uji Asumsi Klasik ........................................................................... 54
3.6.1.2.2 Analisis Regresi Multipel ................................................................... 57
3.6.2 Uji Hipotesis ............................................................................................... 58
3.6.2.1 Uji Keberartian Regresi ........................................................................ 58
3.6.2.2 Uji Keberartian Koefisien Regresi ........................................................ 59
No. Daftar FPEB: 314/UN40.7.D1/LT/2014
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Dadang Kurnia, 2014
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BAB IV_HASIL PENELITIAN DAN PEMBAHASAN
4.1 Hasil Penelitian ................................................................................................ 61
4.1.1 Gambaran Umum Sub Sektor Otomotif dan Komponennya ......................... 61
4.1.2 Deskripsi Variabel yang Diteliti ................................................................... 66
4.1.2.1 Perkembangan Likuiditas pada Sub Sektor Otomotif dan
Komponennya ...................................................................................... 66
4.1.2.2 Perkembangan Pertumbuhan Perusahaan pada Sub Sektor Otomotif
dan Komponennya ................................................................................ 71
4.1.2.3 Perkembangan Kebijakan Dividen pada Sub Sektor Otomotif dan
Komponennya ...................................................................................... 75
4.1.3 Analisis Deskriptif ....................................................................................... 79
4.1.4 Analisis Statistik .......................................................................................... 80
4.1.4.1 Uji Asumsi Klasik ................................................................................. 80
4.1.4.2 Analisis Regresi Multipel...................................................................... 86
4.1.5 Uji Hipotesis ............................................................................................... 87
4.1.5.1 Uji Keberartian Regresi ........................................................................ 87
4.1.5.2 Uji Keberartian Koefisien Regresi ........................................................ 88
4.2 Pembahasan ..................................................................................................... 91
BAB V_KESIMPULAN DAN SARAN
5.1 Kesimpulan ...................................................................................................... 96
5.2 Saran................................................................................................................ 97
DAFTAR PUSTAKA ............................................................................................ 98
LAMPIRAN ........................................................................................................ 101
No. Daftar FPEB: 314/UN40.7.D1/LT/2014
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Dadang Kurnia, 2014
PENGARUHLIKUIDITAS DAN PERTUMBUHAN PERUSAHAAN TERHADAPKEBIJAKAN DIVIDEN
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
DAFTAR TABEL
Tabel1.1
Perbandingan Rata-RataDividend Payout RatioPerusahaan pada Sub
SektorOtomotifdanKomponennya,
Alas
Kaki,danKabelyangMembagikanDividenPeriode 2011-2012................... 4
Tabel1.2
Rata-RataCurrent RatioPerusahaan pada Sub SektorOtomotifdan
KomponennyaPeriode 2010-2012 ........................................................... 7
Tabel1.3
Rata-RataAsset Growth Perusahaan pada Sub SektorOtomotifdan
KomponennyaPeriode 2010-2012 ........................................................... 8
Tabel 2.1
Penelitian Terdahulu ............................................................................. 38
Tabel3.1
Operasionalisasi Variabel ...................................................................... 47
Tabel3.2
Jenis dan Sumber Data Penelitian ......................................................... 49
Tabel3.3
Sampel Penelitian ................................................................................. 52
Tabel 4.1
Current
Ratio
Perusahaan
pada
Sub
SektorOtomotifdanKomponennyaPeriode 2010-2012 (dalamKali) ........ 67
Tabel 4.2
Assets
Growth
Perusahaan
pada
Sub
SektorOtomotifdanKomponennyaPeriode 2010-2012 (dalamPersen) .... 72
Tabel 4.3
Dividend
PayoutRatio
Perusahaan
pada
Sub
SektorOtomotifdanKomponennyaPeriode 2010-2012 (dalamPersen) .... 76
Tabel 4.4
Descriptive Statistics............................................................................. 79
Tabel 4.5
HasilUjiAutokorelasi ............................................................................ 82
Tabel 4.6
HasilUjiMultikoleniaritas...................................................................... 83
Tabel 4.7
HasilUji Linieritas Likuiditas terhadap Kebijakan Dividen ................... 85
Tabel 4.8
HasilUji LinieritasPertumbuhan Perusahaan terhadap Kebijakan
Dividen ................................................................................................. 85
Tabel 4.9
Nilai Model Regresi .............................................................................. 86
Tabel 4.10 HasilUjiF .............................................................................................. 88
Tabel 4.11 HasilUjit ............................................................................................... 89
Tabel 4.12 InterpretasiUjit ...................................................................................... 90
No. Daftar FPEB: 314/UN40.7.D1/LT/2014
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Dadang Kurnia, 2014
PENGARUHLIKUIDITAS DAN PERTUMBUHAN PERUSAHAAN TERHADAPKEBIJAKAN DIVIDEN
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
DAFTAR GAMBAR
Gambar 2.1 KerangkaPemikiranPengaruh
Likuiditas
dan
Pertumbuhan
Perusahaan terhadap Kebijakan Dividen ............................................. 43
Gambar 2.2 ParadigmaPenelitian Pengaruh Likuiditas dan Pertumbuhan
Perusahaan terhadap Kebijakan Dividen ............................................. 44
Gambar 3.1 Pedoman Interpretasi Uji Durbin-Watson (dw) ................................... 55
Gambar 4.1 Rata-RataCurrent
Ratio
Perusahaan
pada
Sub
SektorOtomotifdanKomponennyaPeriode 2009-2012 (dalamKali)...... 70
Gambar 4.2 Rata-RataAsset
Growth
Perusahaan
pada
Sub
SektorOtomotifdanKomponennyaPeriode 2009-2012 (dalamPersen) .. 75
Gambar 4.3 Rata-RataDividend Payout Ratio Perusahaan pada Sub
SektorOtomotifdanKomponennyaPeriode 2009-2012 (dalamPersen) .. 78
Gambar 4.4 HasilUjiNormalitas ............................................................................. 81
Gambar 4.5 Interpretasi HasilUji Durbin-Watson (dw) .......................................... 82
Gambar 4.6 HasilUjiHeteroskedastisitas ................................................................ 84
No. Daftar FPEB: 314/UN40.7.D1/LT/2014
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Dadang Kurnia, 2014
PENGARUHLIKUIDITAS DAN PERTUMBUHAN PERUSAHAAN TERHADAPKEBIJAKAN DIVIDEN
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
DAFTAR LAMPIRAN
Lampiran 1 Administratif ...................................................................................... 102
Lampiran 2 Data Penelitian (Input SPSS) .............................................................. 108
Lampiran 3 Hasil Uji Analisis Stratistik ( Output SPSS)......................................... 112
Lampiran 4 Data Finansial dan Rasio Keuangan Perusahaan ................................. 119
Lampiran 5 Riwayat Hidup ................................................................................... 125
No. Daftar FPEB: 314/UN40.7.D1/LT/2014
xi
Dadang Kurnia, 2014
PENGARUHLIKUIDITAS DAN PERTUMBUHAN PERUSAHAAN TERHADAPKEBIJAKAN DIVIDEN
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu