ANALISIS PENGARUH RASIO-RASIO KEUANGAN, PERTUMBUHAN ASSET DAN UKURAN PERUSAHAAN TERHADAP DIVIDEN PER SHARE (Studi Empiris: di Bursa Efek Jakarta Periode Tahun 2002-2004)

Abstract

This study is performed to examine the effect of Return on Investment (ROI), Cash ratio, Current ratio, Debt to Total Asset (DTA), Earning per Share (EPS), Asset Growth and Size toward Dividend per Share (DPS) in companies that is listed in BEJ. The objective of this study is to scale and analyze the effect of the company financial ratios performance (Return on Investment (ROI), Cash ratio, Current ratio, Debt to Total Asset (DTA), and Earning per Share (EPS)), Asset Growth and Size toward DPS in companies that is listed in BEJ over period 2002-2004. Sampling technique used here is purposive sampling on criterion (1) the company that trade their stocks in Bursa Efek Jakarta; (2) the company that represents their financial report per December 2002-2004; and (3) the company that continually share their dividend per December 2002-2004. The data is obtained based on Indonesian Capital Market Directory (ICMD 2005) publication. It is gained sample amount of 41 companies from 330 companies those are listed in BEJ. The analysis technique used here is multiple regression with the least square difference and hypothesis test using t-statistic to examine partial regression coefficient and f-statistic to examine the mean of mutual effect with level of significance 0,05 or 5%. In addition, classical assumption is also performed including normality test, multicolinearity test, heteroscedasticity test and autocorrelation test. From the analysis result, it indicates that ROI, DTA, EPS and Asset Growth variable partially significant toward DPS of the company in BEJ on 2002-2004 period on the level of significance less than 5%, while it indicates that Cash Ratio and size partially not significant toward DPS. While simultaneously (Return on Investment (ROI), Cash ratio, Current ratio, Debt to Total Asset (DTA), Earning per Share (EPS), Asset Growth and Size) proof significantly influent DPS in BEJ in the level less than 5%. Predictable of the seven variables toward DPS is 43,8% as indicated by adjusted R square that is 43,8% while the rest 56,2% is affected by other factors is not included into the study model. Penelitian ini dilakukan untuk menguji pengaruh variabel Return on Investment (ROI), Cash ratio, Current ratio, Debt to Total Asset (DTA), Earning per Share (EPS), Pertumbuhan Asset (Asset Growth) dan Ukuran Perusahaan (Size) terhadap Dividend per Share (DPS) pada perusahaan yang listed di BEJ periode 2002-2004. Teknik sampling yang digunakan adalah purposive sampling dengan kriteria (1) perusahaan yang sahamnya aktif diperdagangkan di Bursa Efek Jakarta; (2) perusahaan yang selalu menyajikan laporan keuangan per desember 2002-2004 dan (3) perusahaan yang secara kontinyu membagikan dividen per desember 2002-2004. Data diperoleh berdasarkan publikasi Indonesian Capital Market Directory (ICMD 2005). Diperoleh jumlah sampel sebanyak 41 perusahaan dari 330 perusahaan yang terdaftar di BEJ. 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%. Selain itu juga dilakukan uji asumsi klasik yang meliputi uji normalitas, uji multikolinieritas, uji heteroskedastisitas dan uji autokorelasi. Dari hasil analisis menunjukkan bahwa variabel ROI, DTA, EPS, dan Pertumbuhan Asset secara parsial signifikan terhadap DPS perusahaan di BEJ periode 2002-2004 pada level of significance kurang dari 0,05 atau 5%, sementara variabel Cash Ratio, dan Ukuran Perusahaan tidak signifikan terhadap DPS. Sedangkan secara bersama-sama (Return on Investment (ROI), Cash ratio, Current ratio, Debt to Total Asset (DTA), Earning per Share (EPS), Pertumbuhan Asset (Asset Growth) dan Ukuran Perusahaan (Size)) terbukti signifikan berpengaruh terhadap DPS perusahaan di BEJ pada level kurang dari 0,05 atau 5%. Kemampuan prediksi dari keenam variabel tersebut terhadap DPS sebesar 43,8% sebagaimana ditunjukkan oleh besarnya adjusted R square sebesar 43,8% sedangkan sisanya 56,2% dipengaruhi oleh faktor lain yang tidak dimasukkan ke dalam model penelitian.