Pengaruh Rasio Keuangan, Inflasi dan Suku Bunga Bank Indonesia Terhadap Return Saham dengan Kebijakan Dividen sebagai Variabel Moderating pada Perusahaan Consumer Goods yang Terdaftar di Bursa Efek Indonesia

Abstract

The objective of the research was to find out and to analyze the influence of financial ratio (current ratio, return on equity, earnings per share, net profit margin, cash flow from operation to debt), inflation, and interest rate of Bank Indonesia simultaneously and partially on stock return in connumer goods companies listed in the Indonesia Stock Exchange and the influence of dividend policy on the correlation of financial ratio (current ratio, return on equity, earnings per share, net profit margin, cash flow from operation to debt), inflation and interest rate of Bank Indonesia with stock return in consumer goods companies listed in the Indonesia Stock Exchange. The population was 153 consumer goods companies listed in the Indonesia Stock Exchange in the period of 2010-2015, and 31 of them were used as the samples, using saturated sampling technique. The data were processed by using statistical multiple linear regression analysis for the first hypothesis and residual test with an SPSS software program for the second hypothesis. The result of the research for the first hypothesis test showed that the variables of current ratio, return on equity, earnings per share, net profit margin, cash flow from operation to debt, inflation, and interest rate of Bank Indonesia simultaneously had the influence on stock return Partially, the variables of inflation and interest rate of Bank Indonesia had the influence on stock return, while the variables of current ratio, return on equity, earnings per share, net profit margin and cash flow from operation to debt did not have any influence on stock return. The result of the second hypothesis test showed that dividend policy was not able to moderate the correlation of financial ratio (current ratio, return on equity, earnings per share, net profit margin cash flow from operation to debt), inflation, and interest rate of Bank Indonesia with stock return