pengaruh dividend per share dan earning per share …
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PENGARUH DIVIDEND PER SHARE DAN EARNING
PER SHARE TERHADAP HARGA SAHAM PADA
PT. RAMAYANA LESTARI SENTOSA, Tbk
PERIODE 2010-2017
SKRIPSI
Oleh :
ENDAH RIYANI PUTRININGSIH
201410325022
PROGRAM STUDI MANAJEMEN
FAKULTAS EKONOMI
UNIVERSITAS BHAYANGKARA JAKARTA RAYA
2019
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ABSTRAK
Endah Riyani Putriningsih, 201410325022. Pengaruh Dividend Per Share
Dan Earning Per Share Terhadap Harga Saham Pada PT. Ramayana Lestari
Sentosa, Tbk Periode 2010-2017.
Tujuan dari penelitian ini adalah untuk menguji pengaruh Dividend Per
Share (DPS) dan Earning Per Share (EPS) terhadap harga saham pada
perusahaan PT. Ramayana Lestari Sentosa, Tbk. Penelitian ini dilakukan pada
perusahaan dengan periode pengamatan selama tahun 2013-2017.
Penelitian ini adalah penelitian kuantitatif. Data diambil dari laporan
keuangan perusahaan dari tahun 2013 sampai dengan 2017. Metode analisis data
yang digunakan dalam penelitian ini adalah analisis regresi linier berganda. Dan
pengujian hipotesis mengunakan uji F untuk menguji pengaruh variabel simultan
dan uji T untuk menguji koefisien secara parsial dengan tingkat signifikan 5%.
Selain itu digunakan juga uji normalitas data, uji asumsi klasik yang meliputi uji
autokorelasi, uji multikolinearitas, dan uji heterokedastisitas.
Berdasarkan hasil penelitian dan pembahasan diperoleh kesimpulan bahwa
secara parsial, Dividend Per Share (DPS) secara parsial tidak berpengaruh
terhadap harga saham dan Earning Per Share (EPS) secara parsial berpengaruh
terhadap harga saham. Secara simultan menunjukkan Dividend Per Share (DPS)
dan Earning Per Share (EPS) berpengaruh terhadap harga saham.
Kata Kunci : Dividend Per Share (DPS), Earning Per Share (EPS), dan
Harga Saham
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ABSTRACT
Endah Riyani Putriningsih, 201410325022. Effect of Dividend Per
Share (DPS) and Earning Per Share (EPS) on Stock Prices at PT. Ramayana
Lestari Sentosa, Tbk Period 2010-2017.
The purpose of this study is to examine the effect of Dividend Per Share
(DPS) and Earning Per Share (EPS) on stock prices in the company PT.
Ramayana Lestari Sentosa, Tbk. This research was conducted on companies with
observation periods during 2013-2017.
This research is quantitative research. Data is taken from the company's
financial statements from 2013 to 2017. The data analysis method used in this
study is multiple linear regression analysis. And hypothesis testing using the F test
to test the effect of simultaneous variables and T test to test the coefficient
partially with a significant level of 5%. Besides that, it also used data normality
test, classic assumption test which included autocorrelation test, multicollinearity
test, and heterocedasticity test.
Based on the results of the research and discussion, it was concluded that
partially, the Dividend Per Share (DPS) partially had no effect on stock prices and
Earning Per Share (EPS) partially had an effect on stock prices. Simultaneously
shows the Dividend Per Share (DPS) and Earning Per Share (EPS) affect the stock
price.
Keywords : Dividend Per Share (DPS), Earning Per Share (EPS), and
Stock Price
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KATA PENGANTAR
Penulis mengucapkan Alhamdulillahhirobbil’alamiin sebagai ucapan puji
syukur kehadirat Allah SWT yang telah melimpahkan rahmat dan hidayah-Nya
atas terselesaikannya penyususan skripsi ini yang diajukan guna melengkapi satu
diantara syarat dalam menyelesaikan program pendidikan sarjana strata satu di
Fakultas Ekonomi Universitas Bhayangkara Jakarta Raya. Dengan penuh rasa
hormat, pada kesempatan ini penulis ucapkan terima kasih kepada:
1. Irjen Pol. (Purn) Dr. Drs. Bambang Karsono, S.H., M.M. selaku Rektor
Universitas Bhayangkara Jakarta Raya.
2. Bapak Dr. Sugeng Suroso, S.E., M.M., selaku Dekan Fakultas Ekonomi
Universitas Bhayangkara Jakarta Raya.
3. Bapak M. Fadhli Nursal, S.E., M.M., selaku Ketua Program Studi
Manajemen Fakultas Ekonomi.
4. Bapak Indra Lubis, S.H., M.M. selaku Dosen Pembimbing Akademik.
5. Bapak Supriyanto, S.E, M.M. selaku Dosen Pembimbing I yang selalu
memberikan materi-materi yang sangat membantu dalam penulisan skripsi
kepada penulis.
6. Bapak Budi Supri Handoko, S.E., M.Ak. selaku Dosen Pembimbing II yang
selalu memberikan arahan dalam penulisan kepada penulis.
7. Orang Tua yang telah memberikan perhatian, semangat, dukungan secara
moril maupun materil, serta doa yang terus dipanjatkan kepada Allah SWT.
8. Tim Dongo (Ariyanto, Eka Rahayu, dan Khoirum Bariyah) atas semangat,
bantuan dan pencerahannya.
9. Vlanetap yang telah memberikan doa, motivasi dan dukungannya.
10. Seluruh teman dari Fakultas Ekonomi Program Studi Manajemen angkatan
2014 khususnya kelas Manajemen 8-B1
Bekasi, 28 Januari 2019
Endah Riyani Putriningsih
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DAFTAR ISI
Halaman
HALAMAN JUDUL ........................................................................................... i
LEMBAR PERSETUJUAN PEMBIMBING .................................................. ii
LEMBAR PENGESAHAN .............................................................................. iii
LEMBAR PERNYATAAN .............................................................................. iv
ABSTRAK ........................................................................................................... v
ABSTRACT ....................................................................................................... vi
KATA PENGANTAR ...................................................................................... vii
DAFTAR ISI .................................................................................................... viii
DAFTAR TABEL ............................................................................................ xii
DAFTAR GAMBAR ....................................................................................... xiii
DAFTAR PERSAMAAN ................................................................................ xiv
DAFTAR LAMPIRAN ..................................................................................... xv
BAB I PENDAHULUAN
1.1 Latar Belakang ................................................................................................ 1
1.2 Rumusan Masalah ........................................................................................... 3
1.3 Tujuan Penelitian ............................................................................................ 3
1,4 Manfaat Penelitian .......................................................................................... 4
1.5 Batasan Masalah ............................................................................................. 4
1.6 Sistematika Penulisan ...................................................................................... 5
BAB II TINJAUAN PUSTAKA
2.1 Laporan Keuangan .......................................................................................... 6
2.1.1 Definisi Laporan Keuangan .................................................................... 6
2.1.2 Tujuan Laporan Keuangan ..................................................................... 9
2.1.3 Jenis Laporan Keuangan ......................................................................... 10
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2.2 Analisis Rasio Keuangan ................................................................................. 11
2.2.1 Definisi Analisis Rasio Keuangan .......................................................... 11
2.2.2 Tujuan Analisis Rasio Keuangan ............................................................ 12
2.2.3 Jenis-Jenis Rasio Keuangan ................................................................... 13
2.3 Dividen ............................................................................................................ 14
2.3.1 Definisi Dividen ...................................................................................... 14
2.3.2 Definisi Dividen Per Saham (Dividend Per Share) ................................ 15
2.3.3 Jenis - Jenis Dividen ............................................................................... 16
2.3.4 Kebijakan Dividen .................................................................................. 17
2.3.5 Faktor Yang Mempengaruhi Kebijakan Dividen ................................... 18
2.3.6 Teori Kebijakan Dividen ........................................................................ 19
2.4 Pendapatan Per Lembar Saham ........................................................................ 20
2.4.1 Faktor Yang Mempengaruhi EPS ........................................................... 22
2.5 Saham ............................................................................................................... 23
2.5.1 Definisi Saham ........................................................................................ 23
2.5.2 Jenis-Jenis Saham ................................................................................... 23
2.5.3 Faktor Penyebab Kenaikan dan Penurunan Saham ................................ 25
2.6 Harga Saham .................................................................................................... 25
2.6.1 Definisi Harga Saham ............................................................................. 25
2.6.2 Faktor Yang Mempengaruhi Harga Saham ............................................ 26
2.6.3 Pendekatan Penilaian Harga Saham ....................................................... 28
2.7 Penelitian Terdahulu ........................................................................................ 28
2.8 Kerangka Berpikir ............................................................................................ 31
2.9 Hipotesis ........................................................................................................... 32
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BAB III METODOLOGI PENELITIAN
3.1 Desain Penelitian ............................................................................................. 33
3.2 Tempat dan Waktu Penelitian .......................................................................... 33
3.2.1 Tempat Penelitian ................................................................................... 33
3.2.2 Waktu Penelitian ..................................................................................... 33
3.3 Subjek dan Objek Penelitian ........................................................................... 34
3.3.1 Subjek Penelitian .................................................................................... 34
3.3.2 Objek Penelitian ...................................................................................... 34
3.4 Sumber dan Jenis Data Penelitian .................................................................... 34
3.4.1 Sumber Data Penelitian .......................................................................... 34
3.4.2 Jenis Data Penelitian ............................................................................... 34
3.4.3 Waktu Data Penelitian ............................................................................ 35
3.5 Variabel Penelitian ................................................................................... 35
3.5.1 Definisi Operasional Variabel ................................................................ 34
3.6 Metode Pengumpuan Data .............................................................................. 37
3.7 Matode Analsis Data ....................................................................................... 37
3.7.1 Analisis Statistik Deskriptif .................................................................... 37
3.7.2 Uji Asumsi Klasik .................................................................................. 37
3.7.3 Uji Normalitas ........................................................................................ 38
3.7.4 Uji Multikolinearitas ............................................................................... 38
3.7.5 Uji Heteroskedastisitas ........................................................................... 39
3.7.6 Uji Autokorelasi ...................................................................................... 39
3.7.7 Uji Analisis Regresi ................................................................................ 40
3.8 Pengujian Hipotesis ......................................................................................... 41
3.8.1 Uji Parsial (Uji T) ................................................................................... 41
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3.8.2 Uji Simultan (Uji F) ................................................................................ 42
3.9 Koefisien Determinasi (R2) ............................................................................. 43
3.10 Koefisien Korelasi ........................................................................................... 43
BAB IV ANALISIS DAN PEMBAHASAN
4.1 Sejarah Perusahaan .......................................................................................... 45
4.1.1 Prinsip, Visi dan Misi ............................................................................. 46
4.1.2 Kantor dan Perwalian ............................................................................ 47
4.1.3 Struktur Organisasi ................................................................................. 50
4.2 Pengukuran Variabel Penelitian ...................................................................... 50
4.2.1 Deskripsi Data Penelitian ....................................................................... 51
4.3 Analisis Data ................................................................................................... 54
4.3.1 Hasil Analisis Statistik Deskriptif .......................................................... 54
4.3.2 Hasil Uji Asumsi Klasik ......................................................................... 54
4.3.2.1 Hasil Uji Normalitas ................................................................... 55
4.3.2.2 Hasil Uji Multikolinearitas ......................................................... 57
4.3.2.3 Hasil Uji Heteroskedastisitas ..................................................... 58
4.3.2.4 Hasil Uji Autokorelasi ................................................................ 60
4.3.2.5 Hasil Uji Analisis Regresi .......................................................... 60
4.4 Hipotesis .......................................................................................................... 61
4.4.1 Hasil Uji Parsial (Uji T) .......................................................................... 61
4.4.2 Hasil Uji Simultan (Uji F) ...................................................................... 64
4.5 Koefisien Determinasi (R2) ............................................................................. 65
4.6 Koefisien Korelasi ........................................................................................... 67
4.7 Pembahasan Hasil Penelitian .......................................................................... 68
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BAB V PENUTUPAN
5.1 Kesimpulan ..................................................................................................... 69
5.2 Saran ................................................................................................................. 70
DAFTAR PUSTAKA
LAMPIRAN
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DAFTAR TABEL
Halaman
Tabel 2.1 Penelitian Terdahulu ...................................................................... 29
Tabel 3.1 Operasional Variabel ........................................................................ 38
Tabel 4.1 Jajaran Gerai PT. Ramayana Lestari Sentosa, Tbk ........................ 45
Tabel 4.2 Ringkasan Perhitungan PT. Ramayana Lestari Sentosa, Tbk ........ 49
Tabel 4.3 Uji Statistik Deskriptif ................................................................... 53
Tabel 4.4 Uji Normalitas ................................................................................ 56
Tabel 4.5 Uji Multikolinearitas ...................................................................... 57
Tabel 4.6 Uji Non Parametric Correlation ................................................... 59
Tabel 4.7 Uji Auto Korelasi ........................................................................... 59
Tabel 4.8 Uji Regresi Berganda ..................................................................... 60
Tabel 4.9 Uji T Parsial ................................................................................... 62
Tabel 4.10 Uji F Simultan ................................................................................ 65
Tabel 4.11 Uji Koefisien Determinasi (R2) ...................................................... 65
Tabel 4.12 Uji Koefisien Korelasi .................................................................. 65
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DAFTAR GAMBAR
Halaman
Gambar 2.1 Kerangka Berpikir .......................................................................... 31
Gambar 4.1 Logo PT. Ramayana Lestari Sentosa, Tbk .................................... 43
Gambar 4.2 Struktur Organisasi PT. Ramayana Lestari Sentosa, Tbk .............. 48
Gambar 4.3 Grafik Uji Normalitas .................................................................... 54
Gambar 4.4 Grafik Uji Histogram ..................................................................... 55
Gambar 4.5 Scatter Plot ..................................................................................... 58
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DAFTAR PERSAMAAN
Halaman
2.1 Dividend Per Share ................................................................................... 16
2.2 Earning Per Share ..................................................................................... 22
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DAFTAR LAMPIRAN
1. Hasil Perhitungan Dividen Per Share
2. Hasil Perhitungan Earning Per Share
3. Hasil Uji SPSS 22
- Hasil Uji Statistik Deskriptif
- Hasil Uji Normalitas Metode Grafik P-Plot
- Hasil Uji Normalitas Metode Histogram
- Hasil Uji Normalitas One Sample Kolmogorov Smirnov
- Hasil Uji Multikolinearitas
- Hasil Uji Hasil Uji Heterokedastisitas
- Hasil Uji Nonparametric Correlations
- Hasil Uji Autokorelasi
- Hasil Uji Regresi Berganda
- Hasil Uji T Parsial
- Hasil Uji f Simultan
- Hasil Uji Koefisien Determinasi
- Hasil Uji Koefisien Korelasi
4. Tabel T
5. Tabel F
6. Tabel R
7. Laporan Keuangan PT. Ramayani Lestari Sentosa, Tbk
Tahun 2010 - 2017
8. Kartu Bimbingan Skripsi
9. Uji Referensi Skripsi
10. Daftar Riwayat Hidup
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