PENGARUH DIVIDEND PER SHARE DAN EARNING PER SHARE …

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

Pengaruh Devidend..., Endah, Fakultas Ekonomi 2019



v

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


vi

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


vii

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


viii

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


ix

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


x

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


xi

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


xii

BAB V PENUTUPAN

5.1 Kesimpulan ..................................................................................................... 69

5.2 Saran ................................................................................................................. 70

DAFTAR PUSTAKA

LAMPIRAN


xiii

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


xiv

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


xv

DAFTAR PERSAMAAN

Halaman

2.1 Dividend Per Share ................................................................................... 16

2.2 Earning Per Share ..................................................................................... 22


xvi

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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