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