Analisis pengaruh profitabilitas, leverage dan harga saham terhadap cash dividend (Studi kasus pada perusahaan manufaktur yang terdaftar di Bursa Efek Jakarta Periode 2005-2007 )

Oleh :
Candra Vionela Merdiana - F0205059 - Fak. Ekonomi dan Bisnis

ABSTRACT In this research, the problem we are trying to search the answer is whether the profitability (ROE), leverage (DER), and stock prices (stock prices) have partial effect on the cash dividend of manufacturing companies on the Jakarta Stock Exchange? is whether the profitability (ROE), leverage (DER), and stock prices (stock prices) have simultaneously effect on the cash dividend of manufacturing companies on the Jakarta Stock Exchange? Which free variables have the most dominant effect on the cash dividend manufacturing companies on the Jakarta Stock Exchange? Data collection method in this research was done with the dokumentation. Data which used in this research is secondary data obtained from ICMD (Indonesian Capital Market Directory). Population in this research are the manufacturing companies listed on the Jakarta Stock Exchange during 2005 until 2007 as many as 192 manufacturing companies. Sampling method is done using the sampling purposively method, that is 25 manufacturing companies with the criteria has been determined . This research shows that this data does not normal distributed . For that reason, data transformation is required in form of Ln (natural logaritm) so data can be normal distributed. All data are processedusing SPSS for windows 12 program. Data analysis method using normality test and classical assumption test. While the method for testing using double regression analysis techniques include F test, t test, determination coefficient test. To determine the most dominant variables that influence dividend payout ratio using beta coefficient. Normality test results that after data is transformed to Ln form, data can distributed normally because significance for all variables greater than 0,05 while the test result for classical assumption state that variables of Profitability (ROE), Leverage (DER), and stock prices does not occur multicolinierity, there is no heteroscedesity and does not occur autocorrelation. Partial regression coefficient using t test obtaining t calculate for profitability variable (ROE) is 0,550. Leverage (DER) variable of 1,005 is smaller than t table of 1,671 while the stock price (CP) of 2,918 is greater than the t table. F test result that variable of profitability (ROE), leverage (DER), and stock price have significant effect on the variable of dividend payout ratio, where F calculate is 4,976 with significance value is 0,004. Determination coefficient result R square value of 0,161, so the variables of Profitability (ROE), Leverage (DER), and stock price have effect on the dividend payout ratio of 16,1%. The most dominant variables that affect to dividend payout ratio is stock prices, seen the results of coefficient beta analysis is 0,436. Conclusion of this research is Profitability (ROE) and Leverage (DER) does not affect significantly to dividend payout ratio partially, while the stock price have significant effect on dividend payout ratio. F test result that variables of Profitability (ROE), Leverage (DER), and stock price have significant effect on the dividend payout ratio variables. Determination coefficient obtaining R square value of 0,161, so the variables of Profitability (ROE), Leverage (DER), and stock price have effect on the dividend payout ratio of 16,1%. The most dominant variables that affects to dividend payout ratio is stock price seen the results of coefficient beta analysis is 0,436. Keyword : Profitability (Return of Equity), Leverage (Debt Equity Ratio), Stock Price (Closing Price), Cash Dividend