Pengaruh Laba Per Lembar Saham, Dividen Per Lembar Saham Dan Pengungkit Keuangan Terhadap Harga Saham Perusahaan Otomotif Yang Terdaftar di Bursa Efek Indonesia Periode 2006-2010
DOI:
https://doi.org/10.31334/trans.v6i2.40Keywords:
EPS, DPS, FL, Stock PricesAbstract
This study aimed to determine the effect of Earnings Per Share, Dividend Per Share and the Financial Leverage of the company's stock price on auto listed in Indonesia Stock Exchange 2006-2010 period either simultaneously or partially. The method used is the method of documentation, the data processing techniques using the Software Package for Social Sciences (SPSS) version 19.0 for windows evaluation. In conducting this study the authors using multiple linear regression analysis. The results either simultaneously or partially indicates that a significant difference between earnings per share, dividend per share and financial leverage on stock prices. This is evident from the calculated F and t is greater than F table (2.975) and t table (1,706). In addition, 69.3 % stock price able to be explained by the variable earnings per share, dividend per share and financial leverage. The remaining 30.7 % can be explained by other variables, such as Return On Assets (ROA), SBI Interest Rate, Price Earning Ratio (PER). The result is expected to be useful for the researchers themselves, the automotive company's management, as well as potential investors for further research. For automotive company's management should pay attention to earnings per share, dividend per share and the financial leverage that can be used to predict the rise or fall of stock prices is then to take the decision to invest.
References
Achim, Monica, et al. “The Use of Earning per Share in the Analysis of a Company’s Market Valueâ€. The Journal of American Academy of Business. (Online), Vol.14, No.2, diakses 17 September 2011.
Al-Malkawi, Husam-Aldin Nizar. 2008. “Factors Influencing Corporate Dividend Decision: Evidence from Jordanian Panel Dataâ€. International Journal of Business. Vol.13, No. 2, 2008, diakses 20 Juni 2014.
AlTroudi Wasfi. 2013. “Cash Dividends, Retained Earnings and Stock Prices: Evidence from Jordanâ€. Interdisciplinary Journal of Contemporary Research in Business. Vol. 4, No. 12
Al-Twaijry, Abdulrahman Ali. 2007. “Dividend Policy and Payout Ratio: Evidence from The Kuala Lumpur Stock Exchangeâ€. The Journal of Risk Finance. (Online). Vol.8, No.4, diakses 27 Juni 2011.
Ali, Mohammad. 2010. “Effect of Dividend on Stock Price in Emerging Stock Market: A Study on the Listed Private Commercial Banks in DSEâ€. International Journal of Economics and Finance. (Online), Vol.2, No.4, diakses 25 November 2011.
Bhayani, Sanjay J. 2009. “Impact of Financial Leverage on Cost of Capital and Valuation of Firm: A Study of Indian Cement Industryâ€. Paradigm. (Online). Vol.XIII, No.2, diakses 18 September 2011.
Darmadji, Tjiptono & Fakhruddin Hendy M. 2006. Pasar Modal di Indonesia: Pendekatan Tanya Jawab. Edisi Pertama. Jakarta: Salemba Empat.
Jong, Abe. 2002. “The Disciplining Role of Leverage in Dutch Firmsâ€. Reviews of Finance. (Online). Vol.6, No.1, diakses 13 November 2011.
Hadianto, Ronny Bram. 2007. “Pengaruh Volume Perdagangan, EPS dan PER terhadap Harga Saham Sektor Pertambangan pada Periode 2000-2005 di Bursa Efek Jakartaâ€. Jurnal Manajemen Maranatha Christian University, (Online), Vol.7, No.1, diakses 06 Mei 2011.
Halim, Abdul. 2003. Analisis Investasi. Jakarta: Salemba Empat.
Herlianto, Didit. 2010. Seluk Beluk Investasi di Pasar Modal Indonesia. Yogyakarta: Gosyen Publishing.
Horne, James C. Van & Wachowicz Jr. John M. 1997. Prinsip-Prinsip Manajemen Keuangan. Edisi Kesembilan. Jilid 2. Jakarta
: Salemba Empat.
Husnan, Suad. 2001. Dasar-Dasar Teori Portofolio dan Analisis Sekuritas. Edisi Kedua. Yogyakarta: UPP AMP YKPN Yogyakarta.
Husnan, Suad & Pudjiastuti Enny. 2004. Dasar-Dasar Manajemen Keuangan. Edisi Keempat. Yogyakarta: UPP AMP YKPN Yogyakarta.
Kapoor. et al. (2010). “Dividend Policy Determinants Of Indian Services Sector: A Factorial Analysisâ€. Paradigm. Vol. XIV, No. 1, January-June 2010, diakses 21 Juni 2014.
Keown, Arthur J. et al. 2000. Dasar-Dasar Manajemen Keuangan. Jakarta: Salemba Empat.
Khan. et al. 2011. “Can Dividend Decisions Affect the Stock Prices: A Case of Dividend Paying Companies of KSEâ€. International Research Journal of Finance & Economics. No. 76, p67, diakses 10 Agustus 2013.
Khan, S. H. 2009. “Determinants of Share Price Movements in Bangladesh: Dividends and Retained Earningsâ€. Thesis for MSc. In Business Administration, School of Management, Blekinge Institute of Technology, Bangladesh, diakses 25 November 2011.
Kharisma, Erina & Maski. Ghozali. 2003. “Analisis Pengaruh Fundamental dan Teknikal Terhadap Harga Saham (Studi di Bursa Efek Indonesia)â€. Lintasan Ekonomi. Vol.XX, No.2.
Kusumawardani, Angrawit. 2010. Analisis Pengaruh EPS, PER, ROE, FL, DER, CR, ROA Pada Harga Saham dan Dampaknya terhadap Kinerja Perusahaan LQ45 yang Terdaftar di BEI Periode 2005-2009. Disertasi tidak diterbitkan. Jakarta: Universitas Gunadarma.
Modigliani & Miller. 1958. “The Cost of Capital, Corporation Finance and The Theory of Investmentâ€. The American Economic Review. Vol. XLVIII, No.3, diakses 16 November 2011.
Nazir, M.S. et al. 2010. “Determinants of Stock Price Volatility in Karachi Stock Exchange: The Mediating Role of Corporate Dividend Policyâ€. International Research Journal of Finance and Economics, ISSN 1450-2887, No. 55, diakses 27 Juni 2011.
Ojo, Akinmulegun Sunday 2012. “The Effect of Financial Leverage on Corporate Performance of Some Selected Companies in Nigeriaâ€. Canadian Social Science. Vol. 8, No. 1, 2012, pp. 85-91, diakses 17 Juni 2014.
Purnomo, Yoga. 1998. “Keterkaitan Kinerja Keuangan dengan Harga Saham (Studi Kasus 5 Rasio Keuangan 30 Emiten di BEJ Pengamatan 1992-1996)â€. Manajemen Usahawan. Vol.XXII, No.12.
Rodoni, Ahmad & Ali, Herni. 2010. Manajemen Keuangan. Jakarta: Mitra Wacana Media.
Ross et.al (1998). Fundamentals of Corporate Finance. USA: Irwin/ McGraw-hill Coy.
Suratman, Adji & Sinaga Dajim. 2004. “Kebijakan Dividend dan Pengaruhnya Terhadap Nilai Saham Perusahaanâ€. Jurnal Ekonomi Teleskop STIE YAI. Vol.3, No.6.
Weston, J. Fred & Brigham, Eugene F. 2001. Dasar-Dasar Manajemen Keuangan. Edisi Kesembilan. Jilid 1. Jakarta: Erlangga.
Wiguna, Robin & Mendari, Anastasia Sri. 2008. Pengaruh Earning Per Share dan Tingkat Suku Bunga SBI terhadap Harga Saham pada Perusahaan yang Terdaftar di LQ45 BEI. Jurnal Keuangan dan Bisnis. (Online). Vol.6, No.2, diakses 18 Juni 2011.
Published
Issue
Section
License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License
Please find the rights and licenses in Transparansi : Jurnal Ilmiah Ilmu Administrasi By submitting the article/manuscript of the article, the author(s) agree with this policy. No specific document sign-off is required.
- License
The commercial use of the article will be governed by the Creative Commons Attribution license as currently displayed on Creative Commons Attribution-ShareAlike 4.0 International License.
2. Author(s)' Warranties
The author warrants that the article is original, written by stated author(s), has not been published before, contains no unlawful statements, does not infringe the rights of others, is subject to copyright that is vested exclusively in the author and free of any third party rights, and that any necessary written permissions to quote from other sources have been obtained by the author(s).
3. User Rights
Transparansi : Jurnal Ilmiah Ilmu Administrasi spirit is to disseminate articles published are as free as possible. Under the Creative Commons license, Transparansi : Jurnal Ilmiah Ilmu Administrasi permits users to copy, distribute, display, and perform the work for non-commercial purposes only. Users will also need to attribute authors and Transparansi : Jurnal Ilmiah Ilmu Administrasi on distributing works in the journal and other media of publications.
4. Co-Authorship
If the article was jointly prepared by more than one author, any authors submitting the manuscript warrants that he/she has been authorized by all co-authors to be agreed on this copyright and license notice (agreement) on their behalf, and agrees to inform his/her co-authors of the terms of this policy. Transparansi : Jurnal Ilmiah Ilmu Administrasi will not be held liable for anything that may arise due to the author(s) internal dispute. Transparansi : Jurnal Ilmiah Ilmu Administrasi will only communicate with the corresponding author.
5. Miscellaneous
Transparansi : Jurnal Ilmiah Ilmu Administrasi will publish the article (or have it published) in the journal if the article’s editorial process is successfully completed. Transparansi : Jurnal Ilmiah Ilmu Administrasi editors may modify the article to a style of punctuation, spelling, capitalization, referencing and usage that deems appropriate. The author acknowledges that the article may be published so that it will be publicly accessible and such access will be free of charge for the readers as mentioned in point 3.
Every accepted manuscript should be accompanied by "Copyright Transfer Agreement"prior to the article publication.
