ABSTRAK. Kata Kunci: Profitabilitas (ROA), Likuiditas (CR), Hutang (DER), Kebijakan Deviden (DPR)

ABSTRAK

Kebijakan Deviden merupakan pembagian laba kepada para pemegang saham atas saham yang dimiliki oleh para investor, kebijakan deviden sering dianggap sebagai signal baik buruknya suatu perusahaan karena jika perusahaan bisa membayar deviden, investor menganggap perusahaan tersebut baik. Tujuan penelitian ini untuk mengetahui apakah terdapat pengaruh Profitabilitas, Likuiditas, Hutang terhadap kebijakan deviden perusahaan manufaktur sektor industri farmasi periode 2010-2014.Populasi dalam penelitian ini adalah perusahaan manufaktur sektor industri farmasi periode 2010-2014. Dengan jumlah sampel sebanyak 8 perusahaan sektor industri farmasi. Kriteria penentuan sampelnya yaitu perusahaan yang menerbitkan laporan keuangan yang lengkap dan perusahaan yang terdaftar di Bursa Efek Indonesia. Hasil penelitian ini menunjukkan terdapat pengaruh Return On Asset terhadap Dividend Payout Ratio, dan tidak terdapat pengaruh Current Ratio, Debt to Equity ratio terhadap Dividend Payout Ratio.

Kata Kunci: Profitabilitas (ROA), Likuiditas (CR), Hutang (DER), Kebijakan Deviden (DPR).

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Universitas Kristen Maranatha

ABSTRACT

Dividend policy is the distribution of profit to shareholders for the shares owned by the investors. The dividend policy is often regarded as a good or bad signal of a company because if the company can pay dividends, investors consider the company good. The purpose of this study is to determine whether there is influences of Profitability, Liquidity, and Debt to Dividend Policy of manufacturing company in pharmaceutical industry sector during the 2010-2014 period. The population in this study is a manufacturing company of pharmaceutical industry sector in 2010-2014 with a total sample of 8 companies in pharmaceutical industry sector. Criteria for the determination of the sample is a company that publishes full financial statements and are listed in Indonesia Stock Exchange. The results indicate that there is a significant influence of Return On Asset on Dividend Payout Ratio, and there is no influence of Current Ratio, Debt to Equity Ratio on Dividend Payout Ratio.

Keywords: profitability (ROA), liquidity (CR), Accounts Payable (DER), Dividend Policy (DPR).

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DAFTAR ISI

HALAMAN JUDUL............................................................................................... i TITLE PAGE ........................................................................................................ ii HALAMAN PERSETUJUAN ............................................................................ iii PERNYATAAN KEASLIAN KARYA TULIS SKRIPSI .................................. iv KATA PENGANTAR .......................................................................................... v ABSTRAK ........................................................................................................... vi ABSTRACT ........................................................................................................ vii DAFTAR ISI ......................................................................................................viii DAFTAR GAMBAR ........................................................................................... ix DAFTAR TABEL ................................................................................................. x BAB I PENDAHULUAN ...................................................................................... 1.1 Latar Belakang Masalah ........................................................... 1.2 Identifikasi Masalah .................................................................. 1.3 Tujuan Penelitian ...................................................................... 1.4 Kegunaan Penelitian ..................................................................

1 1 7 7 8

BAB II LANDASAN TEORI ................................................................................. 2.1 Kajian Pustaka ........................................................................... 2.1.1 Kebijakan Deviden ..................................................... 2.1.2 Profitabilitas ............................................................... 2.1.3 Likuiditas .................................................................... 2.1.4 Hutang ........................................................................ 2.1.5 Penelitian Terdahulu .................................................. 2.2 Rerangka Pemikiran .................................................................. 2.2.1 Rerangka Teoritis ....................................................... 2.3 Pengembangan Hipotesis ........................................................... 2.3.1 Hipotesis ..................................................................... 2.3.2 Model Penelitian .........................................................

10 10 10 12 14 16 18 23 25 29 32 34

BAB III METODE PENELITIAN .......................................................................... 3.1 Jenis Penelitian .......................................................................... 3.2 Populasi dan Sampel ................................................................. 3.3 Definisi Operasional Variabel ................................................... 3.4 Teknik Pengumpulan Data ........................................................

35 35 35 37 40

BAB IV HASIL PENELITIAN DAN PEMBAHASAN ........................................ 4.1 Profitabilitas .............................................................................. 4.1.1 PT. Darya Varia Laboratory ....................................... 4.1.2 PT. Indofarma (persero) Tbk....................................... 4.1.3 PT. Kimia Farma (persero) Tbk. ................................ 4.1.4 PT. Kalbe Farma ........................................................ 4.1.5 PT. PT. Merck Tbk. .................................................... 4.1.6 PT. Pyridam Farma Tbk. ............................................

45 45 45 46 47 48 48 49

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4.1.7 PT. Schering Plough Indonesia Tbk. .......................... 4.1.8 PT. Tempo Scan Pasific Tbk. ..................................... 4.2 Likuiditas ................................................................................... 4.2.1 PT. Darya Varia Laboratory ....................................... 4.2.2 PT. Indofarma (persero) Tbk....................................... 4.2.3 PT. Kimia Farma (persero) Tbk. ................................ 4.2.4 PT. Kalbe Farma ........................................................ 4.2.5 PT. PT. Merck Tbk. .................................................... 4.2.6 PT. Pyridam Farma Tbk. ............................................ 4.2.7 PT. Schering Plough Indonesia Tbk. .......................... 4.2.8 PT. Tempo Scan Pasific Tbk. ..................................... 4.3 Hutang ....................................................................................... 4.3.1 PT. Darya Varia Laboratory ....................................... 4.3.2 PT. Indofarma (persero) Tbk....................................... 4.3.3 PT. Kimia Farma (persero) Tbk. ................................ 4.3.4 PT. Kalbe Farma ........................................................ 4.3.5 PT. PT. Merck Tbk. .................................................... 4.3.6 PT. Pyridam Farma Tbk. ............................................ 4.3.7 PT. Schering Plough Indonesia Tbk. .......................... 4.3.8 PT. Tempo Scan Pasific Tbk. ..................................... 4.4 Kebijakan Deviden .................................................................... 4.4.1 PT. Darya Varia Laboratory ....................................... 4.4.2 PT. Indofarma (persero) Tbk....................................... 4.4.3 PT. Kimia Farma (persero) Tbk. ................................ 4.4.4 PT. Kalbe Farma ........................................................ 4.4.5 PT. PT. Merck Tbk. .................................................... 4.4.6 PT. Pyridam Farma Tbk. ............................................ 4.4.7 PT. Schering Plough Indonesia Tbk. .......................... 4.4.8 PT. Tempo Scan Pasific Tbk. ..................................... 4.5 Pembahasan ............................................................................... 4.5.1 Uji Normalitas ............................................................ 4.5.2 Uji Asumsi Klasik Multikoliniearitas ........................ 4.5.3 Uji Asumsi Klasik Heteroskedastisitas ...................... 4.5.4 Uji Asumsi Klasik Autokorelasi ................................ 4.6 Uji Regresi dan Korelasi ........................................................... 4.6.1 Hasil Pengujian Simultan (ANOVA) ......................... 4.6.2 Hasil Pengujian Parsial .............................................. 4.6.3 Persamaan Regresi ..................................................... 4.6.4 Korelasi ...................................................................... 4.6.5 Besar Pengaruh Secara Simultan ...............................

50 50 51 52 52 53 54 55 55 56 57 58 58 59 59 60 61 61 62 63 63 64 65 65 66 67 68 68 69 69 71 72 72 73 74 74 75 76 77 78

BAB V PENUTUP .................................................................................................. 5.1 Simpulan .................................................................................. 5.2 Keterbatasan Penelitian ............................................................. 5.3 Implikasi Penelitian ................................................................... 5.4 Saran .......................................................................................... DAFTAR PUSTAKA ............................................................................................. CURRICULUM VITAE .........................................................................................

79 79 80 80 81 82 86

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DAFTAR GAMBAR

Gambar 2.1 Rerangka Pemikiran ............................................................................ 24 Gambar 2.2 Rerangka Teoritis ................................................................................ 28 Gambar 2.3 Model Penelitian ................................................................................. 34

x


DAFTAR TABEL

Tabel 2.1 Tabel 3.1 Tabel 3.2 Tabel 3.3 Tabel 4.1 Tabel 4.2 Tabel 4.3 Tabel 4.4 Tabel 4.5 Tabel 4.6 Tabel 4.7 Tabel 4.8 Tabel 4.9 Tabel 4.10 Tabel 4.11 Tabel 4.12 Tabel 4.13 Tabel 4.14 Tabel 4.15 Tabel 4.16 Tabel 4.17 Tabel 4.18 Tabel 4.19 Tabel 4.20 Tabel 4.21 Tabel 4.22 Tabel 4.23 Tabel 4.24 Tabel 4.25 Tabel 4.26 Tabel 4.27 Tabel 4.28 Tabel 4.29 Tabel 4.30 Tabel 4.31 Tabel 4.32 Tabel 4.33 Tabel 4.34 Tabel 4.35 Tabel 4.36 Tabel 4.37

Penelitian Terdahulu ........................................................................... Perusahaan Farmasi Di Bursa Efek Indonesia .................................... Perusahaan yang menjadi Sampel ....................................................... Definisi Operasional Variabel.............................................................. ROA PT. Darya Varia Laboratory ...................................................... ROA PT. Indofarma (persero) Tbk. ..................................................... ROA PT. Kimia Farma ....................................................................... ROA PT. Kalbe Farma ........................................................................ ROA PT. Merck Tbk. .......................................................................... ROA PT. Pyridam Farma .................................................................... ROA PT. Schering Plough Indonesia Tbk. ......................................... ROA PT. Tempo Scan Pasific ............................................................. CR PT. Darya Varia Laboratory ......................................................... CR PT. Indofarma (persero) Tbk. ........................................................ CR PT. Kimia Farma .......................................................................... CR PT. Kalbe Farma ........................................................................... CR PT. Merck Tbk............................................................................... CR PT. Pyridam Farma ....................................................................... CR PT. Schering Plough Indonesia Tbk. ............................................ CR PT. Tempo Scan Pasific ................................................................ DER PT. Darya Varia Laboratory ...................................................... DER PT. Indofarma (persero) Tbk. ..................................................... DER PT. Kimia Farma ........................................................................ DER PT. Kalbe Farma ........................................................................ DER PT. Merck Tbk. ........................................................................... DER PT. Pyridam Farma .................................................................... DER PT. Schering Plough Indonesia Tbk. ......................................... DER PT. Tempo Scan Pasific .............................................................. DPR PT. Darya Varia Laboratory ....................................................... DPR PT. Indofarma (persero) Tbk. ..................................................... DPR PT. Kimia Farma ........................................................................ DPR PT. Kalbe Farma ........................................................................ DPR PT. Merck Tbk. ........................................................................... DPR PT. Pyridam Farma .................................................................... DPR PT. Schering Plough Indonesia Tbk. ......................................... DPR PT. Tempo Scan Pasific ............................................................. Daftar Perusahaan Sampel DPR, ROA, CR dan DER ........................ Uji Normalitas ..................................................................................... Uji Multikoliniearitas .......................................................................... Uji Heterokedastisitas ......................................................................... Uji Autokorelasi ..................................................................................

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18 36 37 38 45 46 47 48 49 49 50 51 52 53 53 54 55 56 56 57 58 59 60 60 61 62 62 63 64 65 66 66 67 68 68 69 70 71 72 73 74

Tabel 4.38 Tabel 4.39 Tabel 4.40 Tabel 4.41 Tabel 4.42

Hasil Pengujian Simultan ................................................................... Hasil Pengujian Parsial ...................................................................... Persamaan Regresi ............................................................................. Korelasi .............................................................................................. Besar Pengaruh Secara Simultan .......................................................

xii


75 75 76 77 78

ABSTRAK. Kata Kunci: Profitabilitas (ROA), Likuiditas (CR), Hutang (DER), Kebijakan Deviden (DPR)

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