ANALISIS PENGARUH DEBT TO EQUITY RATIO, NET PROFIT MARGIN, TOTAL ASSET TURNOVER DAN INSTITUTIONAL OWNERSHIP TERHADAP RETURN ON EQUITY (Perbandingan Pada Perusahaan PMA maupun PMDN Non Keuangan Yang Listed di BEJ Periode 2001-2003)

Abstract

This research is performed in order to test the influence of the variable, Debt to Equity Ratio (DER), Net Profit Margin (NPM), Total Asset Turnover, and Institutional Ownership toward Return on Equity (ROE). Methodology research as the sample used purposive sampling with criteria as (1) Non finance company who provide financial report during period 2001 through 2003; (2) Non finance who receive profit during period 2001 through 2003. The Data is based on publicity Indonesian Capital Market Directory (ICMD) since 2001 to 2003. Sample was acquired 132 of 272 non finance company Data analysis with multi linier regression of ordinary least square and hypotheses test used t-statistic and f-statistic at level of significance 5%. While to examine the difference determining DER, NPM, Total Asset Turnover and Institutional Ownership toward ROE in PMA and PMDN companies those are listed in BEJ using Chow Test regression analysis. Empirical evidence show as DER, NPM, and Total Asset Turnover to have positive influence toward ROE of non finance company listed in JSX over period 2001-2003 at level of significance less than 5% (as 0,001% each), but Institutional Ownership not influence toward ROE at level of significance more than 5% as 34%. While, four independent variable DER, NPM, Total Asset Turnover and Institutional Ownership to have influence toward ROE at level of significance less than 5% as 0,001%. Predictable of the four variables toward ROE is 85,4% as indicated by adjusted R square that is 85,4% while the rest 14,6% is affected by other factors is not included into the study model. While Chow Test result indicates no difference in determining DER, NPM, Total Asset Turnover and Institutional Ownership toward ROE between PMA and PMDN company. ABSTRAK Penelitian ini dilakukan untuk menguji pengaruh variabel Debt to Equity Ratio (DER), Net Profit Margin (NPM), Total Asset Turnover, dan Institutional Ownership terhadap Return on Equity (ROE). Teknik sampling yang digunakan adalah purposive sampling dengan kriteria (1) Perusahaan industri non keuangan yang selalu menyajikan laporan keuangan selama periode pengamatan (2001-2003); (2) Perusahaan industri non keuangan yang memperoleh laba selama periode pengamatan (2001-2003). Diperoleh jumlah sampel sebanyak 132 perusahaan dari 272 perusahaan non keuangan Teknik analisis yang digunakan adalah regresi berganda dengan persamaan kuadrat terkecil dan uji hipotesis menggunakan t-statistik untuk menguji koefisien regresi parsial serta f-statistik untuk menguji keberartian pengaruh secara bersama-sama dengan level of significance 5%. Sedangkan untuk menguji perbedaan pengaruh DER, NPM, Total Asset Turnover dan Institutional Ownership terhadap ROE pa.da perusahaan PMA dan PMDN yang listed di BEJ digunakan uji analisis regressi Chow Test Dari hasil analisis menunjukkan bahwa data DER, NPM, Total Asset Turnover secara parsial signifikan berpengaruh positif terhadap ROE perusahaan non keuangan di BEJ periode 2001-2003 pada level of significance kurang dari 5% (masing-masing sebesar 0,001%), namun Institutional ownership tidak berpengaruh signifikan terhadap ROE dengan signifikansi lebih besardari 5% yaitu sebesar 34%. Sementara secara bersama-sama (DER, NPM, Total Asset Turnover dan Institutional Ownership) terbukti signifikan berpengaruh terhadap ROE perusahaan di BEJ pada level kurang dari 5% yaitu sebesar 0,001%. Kemampuan prediksi dari keempat variabel tersebut terhadap ROE sebesar 85,4% sebagaimana ditunjukkan oleh besarnya adjusted 12 square sebesar 85,4% sedangkan sisanya 14,6% dipengaruhi oleh faktor lain yang tidak dimasukkan ke dalam model penelitian. Sedangkan hasil uji Chow Test menunjukkan tidak terdapat perbedaan DER, Net Profit Margin, Total Assets Turnover dan Institutional Ownership dalam mempengaruhi return on equity (ROE) antara perusahaan PMA dan perusahaan PMDN.