PENGARUH INVESTMENT OPPORTUNITY SET,
RETURN ON ASSET, CASH RATIO, DEBT TO
EQUITY RATIO, DAN COLLATERAL ASSET
TERHADAP KEBIJAKAN DIVIDEN
(Studi Empiris Pada Perusahaan Manufaktur yang Terdaftar di
Bursa Efek Indonesia tahun 2014-2017)
SKRIPSI
Diajukan Guna Memenuhi Persyaratan Memperoleh
Gelar Sarjana Ekonomi (S.E.)
GABRIELE LAURENCIA
00000011331
PROGRAM STUDI AKUNTANSI
FAKULTAS BISNIS
UNIVERSITAS MULTIMEDIA NUSANTARA
TANGERANG
2019
“With God,
Everything is Possible”
i
ABSTRAK
Penelitian ini bertujuan untuk mendapatkan bukti empiris mengenai kebijakan
dividen sebagai variabel dependen. Variabel independen penelitian ini terdiri dari
5 yang terdiri dari investment opportunity set, return on asset, cash ratio, debt to
equity ratio, dan collateral asset.
Sampel penelitian ini dipilih dengan menggunakan metode purposive
sampling dan data sekunder dianalisa dengan menggunakan metode regresi linear
berganda. Sampel dalam penelitian ini sebanyak 13 perusahaan pada sektor
manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) secara berturut-turut,
menerbitkan laporan keuangan yang telah diaudit oleh auditor independen secara
berturut-turut dari per 31 Desember dengan mata uang Rupiah, menghasilkan laba
positif secara berturut-turut, tidak melakukan share split atau share reverse,
membagikan dividen tunai secara berturut-turut, tidak melakukan penerbitan saham
tambahan, tidak melakukan buyback saham atau memiliki saham treasuri, serta
melakukan penjaminan aset tetap untuk utang.
Hasil penelitian ini adalah (1) Investment Opportunity Set (MBVE)
berpengaruh positif signifikan terhadap Kebijakan Dividen, (2) Return on Asset
(ROA) tidak berpengaruh positif terhadap Kebijakan Dividen, (3) Cash Ratio (CR)
berpengaruh negatif signifikan terhadap Kebijakan Dividen, (4) Debt to Equity
Ratio (DER) tidak berpengaruh terhadap Kebijakan Dividen, (5) Collateral Asset
(CA) tidak berpengaruh terhadap Kebijakan Dividen, (6) Investment Opportunity
Set, Return on Asset, Cash Ratio, Debt to Equity Ratio, dan Collateral Asset secara
simultan berpengaruh signifikan terhadap Kebijakan Dividen.
Kata kunci: cash ratio, collateral asset, debt to equity ratio, kebijakan dividen,
investment opportunity set, return on asset
ii
ABSTRACT
The purpose of this research was to obtain empirical evidence regarding dividend
policy as a dependent variable. There were 5 independent variables consist of
investment opportunity set, return on assets, cash ratio, debt to equity ratio, and
collateral assets.
The research sample was selected using the purposive sampling method and
secondary data was analyzed using multiple linear regression methods. There were
13 companies used as samples. Sample criteria for this research consists of listed
in Indonesia Stock Exchange (IDX) as manufacturing sectors, published financial
statements audited by independent auditors, had book closure as of December 31st,
used Rupiah as currency report, had positive net income, no share split or share
reverse during 2014-2018, distributed cash dividends consecutively, no issue
additional shares or treasury shares during 2014-2018, and had fixed asset
collateral.
The results of this study are (1) Investment Opportunity Set (MBVE) has a
significant positive effect on Dividend Policy, (2) Return on Assets (ROA) has no
positive effect toward Dividend Policy, (3) Cash Ratio (CR) has a significant
negative effect on Dividend Policy, (4) Debt to Equity Ratio (DER) has no effect
toward Dividend Policy, (5) Collateral Asset (CA) has no effect toward Dividend
Policy, (6) Investment Opportunity Set, Return on Assets, Cash Ratio, Debt to
Equity Ratio, and Collateral Asset simultaneously has a significant effect on
Dividend Policy.
Keywords: cash ratio, collateral asset, debt to equity ratio, dividend policy,
investment opportunity set, return on asset
iii
KATA PENGANTAR
Puji syukur dipanjatkan kepada Tuhan Yang Maha Esa atas berkat dan rahmat-Nya
yang melimpah sehingga penulis dapat menyelesaikan skripsi dengan judul
“PENGARUH INVESTMENT OPPORTUNITY SET, RETURN ON ASSET,
CASH RATIO, DEBT TO EQUITY RATIO, DAN COLLATERAL ASSET
TERHADAP KEBIJAKAN DIVIDEN (Studi Empiris Pada Perusahaan
Manufaktur yang Terdaftar di Bursa Efek Indonesia tahun 2014-2017)” ini
dengan baik hingga batas waktu yang telah ditentukan. Skripsi ini dibuat sebagai
salah satu syarat untuk mendapatkan gelar Sarjana Ekonomi (S.E.).
Penyusunan skripsi ini tidak lepas dari bantuan, bimbingan dan pengarahan
yang diberikan berbagai pihak, sehingga melalui kesempatan ini penulis
menyampaikan ucapan terima kasih kepada:
1. Tuhan Yang Maha Esa atas rahmat dan kasihNya yang begitu besar sehingga
penulis dapat menyelesaikan skripsi ini.
2. Orang tua penulis, yang selalu memberikan dukungan secara moral dan doa
sehingga penulis dapat menyelesaikan skripsi ini.
3. Ibu Chermian Eforis, S.E, M.B.A, CPA. selaku dosen pembimbing skripsi
yang telah memberikan waktu, bimbingan, nasihat, motivasi, kesempatan,
dan kesabaran kepada penulis selama penyusunan skripsi.
4. Stefanus Ariyanto, S.E., M.Ak., CPSAK., CA selaku Ketua Program Studi
Akuntansi Universitas Multimedia Nusantara yang memberikan kesempatan
bagi penulis untuk menyusun skripsi ini.
v
DAFTAR ISI
HALAMAN PENGESAHAN
HALAMAN PERNYATAAN
HALAMAN PERSEMBAHAN
ABSTRAK ............................................................................................................... i
ABSTRACT .............................................................................................................. ii
KATA PENGANTAR ........................................................................................... iii
DAFTAR ISI ........................................................................................................... v
DAFTAR TABEL .................................................................................................. ix
DAFTAR GAMBAR .............................................................................................. x
BAB I PENDAHULUAN ....................................................................................... 1
1.1 Latar Belakang .......................................................................................... 1
1.2 Batasan Masalah ..................................................................................... 13
1.3 Rumusan Masalah ................................................................................... 13
1.4 Tujuan Penelitian .................................................................................... 14
1.5 Manfaat Penelitian .................................................................................. 14
1.6 Sistematika Penulisan ............................................................................. 15
BAB II TELAAH LITERATUR ........................................................................... 17
2.1 Teori Agensi............................................................................................ 17
2.2 Kebijakan Dividen .................................................................................. 19
2.3 Dividend Payout Ratio (DPR) ................................................................ 29
2.4 Investment Opportunity Set ..................................................................... 32
vi
2.5 Market to Book Value Equity (MBVE).................................................... 34
2.6 Pengaruh Market to Book Value Equity (MBVE) terhadap Kebijakan
Dividen (DPR) ........................................................................................ 36
2.7 Return on Asset (ROA) ............................................................................ 38
2.8 Pengaruh Return on Asset (ROA) terhadap Kebijakan Dividen (DPR) .. 43
2.9 Cash Ratio (CR) ...................................................................................... 44
2.10 Pengaruh Cash Ratio (CR) terhadap Kebijakan Dividen ........................ 46
2.11 Debt to Equity Ratio (DER) .................................................................... 47
2.12 Pengaruh Debt to Equity Ratio (DER) terhadap Kebijakan Dividen ...... 52
2.13 Collateral Asset ....................................................................................... 53
2.14 Pengaruh Collateral Asset (CA) terhadap Kebijakan Dividen (DPR) .... 56
2.15 Model Penelitian ..................................................................................... 58
BAB III METODE PENELITIAN........................................................................ 59
3.1 Gambaran Umum Objek Penelitian ........................................................ 59
3.2 Metode Penelitian ................................................................................... 60
3.3 Variabel Penelitian .................................................................................. 60
3.3.1 Variabel Dependen .......................................................................... 61
3.3.2 Variabel Independen ....................................................................... 62
3.4 Teknik Pengumpulan Data ...................................................................... 66
3.5 Teknik Pengambilan Sampel .................................................................. 66
3.6 Teknik Analisis Data............................................................................... 67
3.6.1 Statistik Deskriptif ................................................................................ 68
3.6.2 Uji Normalitas Data .............................................................................. 68
vii
3.6.3 Uji Asumsi Klasik ................................................................................. 69
3.6.3.1 Uji Multikolonieritas ...................................................................... 69
3.6.3.2 Uji Autokorelasi ............................................................................. 69
3.6.3.3 Uji Heteroskedastisitas ................................................................... 71
3.6.4 Uji Hipotesis ......................................................................................... 71
3.6.4.1 Uji Koefisien Korelasi (R) ............................................................. 72
3.6.4.2 Uji Koefisien Determinasi (R2) ...................................................... 73
3.6.4.3 Uji Signifikansi Simultan (Uji Statistik F) ..................................... 74
3.6.4.4 Uji Signifikansi Parameter Individual (Uji Statistik t) ................... 74
BAB IV ANALISIS DATA DAN PEMBAHASAN ............................................ 76
4.1 Objek Penelitian ...................................................................................... 76
4.2 Analisis dan Pembahasan ........................................................................ 78
4.2.1 Statistik Deskriptif ................................................................................ 78
4.2.2 Uji Normalitas ................................................................................. 81
4.2.3 Uji Asumsi Klasik ........................................................................... 82
4.2.3.1 Uji Multikolonieritas ................................................................... 82
4.2.3.2 Uji Autokorelasi .......................................................................... 83
4.2.3.3 Uji Heteroskedastisitas ................................................................ 84
4.2.4 Uji Hipotesis.................................................................................... 85
4.2.4.1 Uji Koefisien Korelasi ................................................................. 85
4.2.4.2 Uji Koefisien Determinasi ( Adjusted R2 ) .................................. 85
4.2.4.3 Uji Signifikansi Simultan (Uji Statistik F) .................................. 86
4.2.4.4 Uji Signifikansi Parameter Individual (Uji Statistik t) ................ 87
viii
BAB V SIMPULAN DAN SARAN ................................................................... 100
5.1 Simpulan ................................................................................................... 100
5.2 Keterbatasan ............................................................................................. 102
5.3 Saran ......................................................................................................... 102
5.4 Implikasi ................................................................................................... 103
DAFTAR PUSTAKA ......................................................................................... 104
DAFTAR LAMPIRAN ...................................................................................... 109
ix
DAFTAR TABEL
Tabel 1.1 Jumlah perusahaan yang Membagikan Dividen Tunai berdasarkan Sektor
di BEI 2015-2018 ................................................................................... 4
Tabel 2.1 Perbedaan Utang dan Ekuitas ............................................................... 52
Tabel 3.1 Pengambilan Keputusan Durbin-Watson .............................................. 70
Tabel 3.2 Kekuatan Hubungan Koefisien Korelasi (R) ........................................ 73
Tabel 4.1 Rincian Sampel Penelitian .................................................................... 76
Tabel 4.2 Hasil Statistik Deskriptif ....................................................................... 79
Tabel 4.3 Hasil Uji Normalitas ............................................................................. 81
Tabel 4.4 Hasil Uji Multikolonieritas .................................................................. 82
Tabel 4.5 Hasil Uji Autokorelasi .......................................................................... 83
Tabel 4.6 Hasil Uji Koefisien Determinasi ........................................................... 85
Tabel 4.7 Hasil Uji Statistik F ............................................................................... 86
Tabel 4.8 Hasil Uji Statistik t ................................................................................ 87
x
DAFTAR GAMBAR
Gambar 2.1 Model Penelitian ............................................................................... 58
Gambar 4.1 Hasil Uji Heteroskedastisitas ............................................................ 84
109
DAFTAR LAMPIRAN
Lampiran 1 : Sampel Perusahaan
Lampiran 2 : Perhitungan Kebijakan Dividen (Dividend Payout Ratio)
Lampiran 3 : Perhitungan Investment Opportunity Set
Lampiran 4 : Perhitungan Return on Asset
Lampiran 5 : Perhitungan Cash Ratio
Lampiran 6 : Perhitungan Debt to Equity Ratio
Lampiran 7 : Perhitungan Collateral Asset
Lampiran 8 : Perhitungan Seluruh Variabel
Lampiran 9 : Hasil Pengujian SPSS
Lampiran 10 : Tabel Durbin Watson α=0.05
Lampiran 11 : Tabel F α=0.05
Lampiran 12 : Formulir Bimbingan Skripsi