Analisis simultinitas kebijakan dividen, hutang dan price earning ratio pada perusahaan-perusahaan yg listed di Bursa Efek jakarta
Pudjiastuti, Sri Seventi (adv. Prof. Dr. Marwan Asri, MBA), Prof. Dr. Marwan Asri, MBA
Penelitian ini menguji prediksi mengenai simultanitas antara kebijakan dividen, hutang dan price earning ratio pada perusahan manufaktur yang listed di Bursa Efek Jakarta. Penelitian ini bertujuan untuk mengetahui simultanitas atau saling interdependensi an tara dividen payout ratio, financial leverage dan price earning ratio.
Variabel-variabel yang digunakan dalam penelitian ini adalah dividend payout ratio (YI), financial leverage (Y2 ), price earning ratio (Y3), growth (Xl), profitabilitas (X2), business risk (X3)dan Return on equity (x4). Berdasarkan pada variabel-variabel tersebut maka dalam penelitian ini terdapat tiga persamaan yang bersifat simultan. Persamaan pertama merupakan persamaan dividend payout ratio,dengan variabel yang mempengaruhi adalah growth, dan profitabilitas. Persamaan kedua financial leverage, dengan variabel yang mempengaruhi adalah profitabilitas dan business risk. Persamaan ketiga price earning ratio, dengan variabel yang mempengaruhi business risk dan Return on equity.
Periode tabun penelitian yang digunakan adalah tahun 1995 sampai tabun 1997, dengan 100 perusahaan yang terdaftar di Bursa Efek Jakarta sebagai sampel. Metode pengumpulan data dilakukan dengan menggunakan metode pooling data sedangkan untuk metode pengambilan sampel digunakan metode purposive sampling Alat analisis yang digunakan untuk menguji ketiga model persamaan diatas menggunakan Two Stage I,east Squares (2-SLS ).
Dalam penelitian ini ditemukan bahwa dividend payuot ratio memberikan pengaruh positif dan signifikan terhadap financial leveraged dan memberikan pengaruh positif dan signiflkan terhadap price earning ratio. Financial leverage memberikan pengaruh positif tetapi tidak signifikan terhadap dividend payout ratio dan memberikan pengaruh negatif dan signiflkan terhadap price earning ratio. Price earning ratio memberikan pengaruh positif dan signifikan terhadap dividend payout ratio dan memberikan pengaruh negatif daD. signifikan terhadap financial leverage.
This research examined the prediction of simultaneity among dividend policy, loan and price earning ratio in the manufacture company listed in Jakarta Stock Exchange. This study is intended to identify the simultaneity or interdependence among dividend payout ratio, financial leverage and price earning ratio
The variables used in this research are dividend payout ratio (Yd, financial leverage (y:J, price earning ratio LY3), growth (Xt), profitability (X2), business risk (X3) and return on equity (:>4). Based on those variables, there are three simultaneous equations. The first is the equation of dividend payout ratio, with growth and profitability as determinants. The second equation is financial leverage with profitability and business risk as the determinants. The third equation is price-earning ratio with business risk and return on equity as the determinants.
The period of the research is from 1995 up to 1997, with 100 companies listed in Jakarta Stock Exchange as the sample. The data collected by using pooling while the sample is taken by purposive sampling. Those three equations are analyzed by
Two Stage Least Squares (2-SLS). .
This research finds that dividend payout ratio gives positive impact and is significant toward the financial leverage, and also gives positive impact and is significant toward the price-earning ratio. Financial leverage gives positive impact but has no significance toward dividend payout ratio, and give negative impact and is significant to price earning ratio. Price earning ratio gives positive impact and is significant toward dividend payout ratio and gives negative impact and is significant toward financial leverage.
Kata Kunci : Dividend Payout Ratio, Financial Leverage, Price Earning Ratio, Simultaneity, Two Stage Least Square (2SLS), Dividend payout ratio, Financial leverage, Price earning ratio, simultanitas, two stage least squares (2 SLS )
