Analisis Faktor - Faktor yang Mempengaruhi Harga Saham

Abstract

This study aims to examine the effect of the ratio of Return on Assets (ROA), Return on Equity (ROE), Earning per Share (EPS), Price to Earning Ratio (PER) on Stock Prices with the ratio of Dividend per Share (DPS) as an intervening variable. The object of this research is 45 companies on the LQ 45 Index of the Indonesia Stock Exchange in 2015 - 2018. The sample was selected using the purposive sampling method, namely 22 companies that are listed consecutively on the LQ 45 index and routinely distribute dividends in 2015-2018. This research is multiple linear regression analysis and path analysis. The results of this study indicate that the variables Return on Equity (ROE), Earning per Share (EPS), Price to Earning Ratio (PER) and Dividend per Share (DPS) have a positive and significant effect on stock prices. Meanwhile, the variable Return on Assets (ROA) has a negative effect on stock prices. Earning per share ratio (EPS), price to earning ratio (PER) have a positive and significant effect on dividend per share (DPS). Meanwhile, the variables Return on Asset (ROA) and Return on Equity (ROE) have no effect on the Dividend per Share (DPS) variable. The Dividend per Share (DPS) variable can only mediate the effect of the Return on Assets (ROA) variable on stock prices.

Penelitian ini bertujuan untuk menguji pengaruh rasio Return on Asset (ROA), Return on Equity (ROE), Earning per Share (EPS), Price to Earning Ratio (PER) terhadap Harga Saham dengan rasio Dividend per Share (DPS) sebagai variabel intervening. Objek Penelitian ini ialah 45 perusahaan di Indeks LQ 45 Bursa Efek Indonesia pada tahun 2015 – 2018. Sampel dipilih menggunakan metode purposive sampling yaitu 22 perusahaan yang terdaftar berturut di indeks LQ 45 dan rutin membagikan dividen pada tahun 2015 – 2018. Metode analisis yang digunakan dalam penelitian ini adalah analisis regresi linier berganda dan analisis jalur. Hasil penelitian ini menunjukkan bahwa variabel Return on Equity (ROE), Earning per Share (EPS), Price to Earning Ratio (PER) dan Dividend per Share (DPS) berpengaruh positif dan signifikan terhadap Harga Saham. Sedangkan variabel Return on Asset (ROA) berpengaruh negatif terhadap Harga Saham. Rasio Earning per Share (EPS), Price to Earning Ratio (PER) berpengaruh positif dan signifikan terhadap Dividend per Share (DPS). Sedangkan variabel Return on Asset (ROA) dan Return on Equity (ROE) tidak berpengaruh terhadap variabel Dividend per Share (DPS). Variabel Dividend per Share (DPS) hanya dapat memediasi pengaruh variabel Return on Asset (ROA) terhadap Harga Saham