PENGARUH DER, EPS, RESIKO SISTEMATIS DAN KEBIJAKAN DEVIDEN TERHADAP HARGA SAHAM PERUSAHAAN YANG TERDAFTAR DI BEI (Studi pada Perusahaan yang masuk dalam Indeks Saham LQ45 Periode 2010-2012)
Abstract
The purpose of this research is to know the influence of variable Debt Equity Ratio(DER), Earning Per Share (EPS), a systematic Risk (β), and the Dividend Poyout Ratio
(DPR) against stock prices on companies listed on the Indonesia Stock Exchange (BEI).
In this study the population is the successive LQ45 company has been listed on the
BEI in the period of 2010-2012 as many as 45 companies. The techniques used in this
research is the saturated sample or census whereby all members of the population used as
samples. So the sample in this research is all Jsx LQ45 as much as 23 companies. Test the
hypothesis in this study using multiple linear regression analysis. The test statistic t is used to
find out the magnitude of the effect of each independent variable on an individual basis
(partial) of the dependent variable. Statistical tests are used to determine the influence of F
are jointly the dependent variable to the independent variable.
The results of this research show that simultaneously, using Test-F, variable DER,
EPS, Systematic Risk (β), and the Dividend Payout Ratio (DPR) have an effect on the price
of shares in companies listed on the BEI. While based on Test-t only variable EPS influence
partially against stock prices on companies listed on the BEI. The dominant influence of EPS
variables to stock price. This research resulted in coefficients of determination adjusted
(Adjusted R2
) of 0,424. Those results show variations in share prices that are described by
variables DER, Systematic Risk, EPS, Dividend Policy and the regression equations in only
amounted to 42.4%, whereas the rest of 57.6% explained by variables other than the equation
model.
Keywords: DER, EPS, Systematic Risk, and policy Dividends, stock price, Multiple Linear
Regression.
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