Pengaruh Debt to Equity Ratio, Dividend Per Share dan Dividend Payout Ratio Menggunakan Keputusan Dividend Initiations dengan yang akan Menggunakan Keputusan Dividend Omissions terhadap Price to Book Value

Abstract

Abstract. Stock selection by an investor must go through many considerations, one of which is the consideration of company performance that can be measured from Debt to Equity Ratio, Dividend Per Share, Dividend Payout Ratio and Price to Book Value. This can be calculated by investors so that they do not experience losses in the future. But there are some company decisions that might greatly affect these calculations, and will affect the investment decision. This study aims to determine whether there is an influence of Debt to Equity Ratio, Dividend Per Share, and Dividend Payout Ratio using the decision of Dividend Initiations with those who will use the decision of Dividend Omissions on Price to Book Value on companies listed on the Indonesia Stock Exchange in the 2014- period 2017 with secondary data analysis using quantitative methods. The analytical tool used is multiple linear regression analysis with the help of the SPSS 16.0 program. The results of this study indicate that in companies that use Dividend Initiations decisions, Debt to Equity Ratio has a significant effect on Price to Book Value. Dividend Per Share has no significant effect on Price to Book Value, and Dividend Payout Ratio has no significant effect on Price to Book Value. Simultaneously the Debt to Equity Ratio, Dividend Per Share, and Dividend Payout Ratio variables by using the Dividend Initiations decision significantly influence Price to Book Value with an R square value of 24.3% and 75.7% influenced by other variables. The results of subsequent studies indicate that in companies that will use Dividend Omissions decisions, Debt to Equity Ratio does not have a significant effect on Price to Book Value. Dividend Per Share does not have a significant effect on Price to Book Value, and Dividend Payout Ratio has a significant effect on Price to Book Value. Simultaneously Debt to Equity Ratio, Dividend Per Share, and Dividend Payout Ratio variables in companies that will use Dividend Omissions decisions significantly influence Price to Book Value with R square value of 26% and 74% influenced by other variables.

Keywords: Debt to Equity Ratio, Dividend Per Share, Dividend Payout Ratio, Price to Book Value, Dividend Initiations, Dividend Omissions

Abstrak. Pemilihan saham yang dilakukan seorang investor harus melalui banyak pertimbangan, salah satunya pertimbangan tentang kinerja perusahaan yang dapat diukur dari Debt to Equity Ratio, Dividend Per Share, Dividend Payout Ratio dan Price to Book Value. Ini bisa diperhitungkan oleh investor agar tidak mengalami kerugian di kemudian hari. Tetapi ada beberapa keputusan perusahaan yang mungkin sangat mempengaruhi terhadap perhitungan-perhitungan tersebut, dan akan berpengaruh kepada keputusan investasi tersebut. Penelitian ini bertujuan untuk mengetahui apakah terdapat Pengaruh Debt to Equity Ratio, Dividend Per Share, dan Dividend Payout Ratio menggunakan keputusan Dividend Initiations dengan yang akan menggunakan keputusan Dividend Omissions terhadap Price to Book Value pada perusahaan-perusahaan yang terdaftar di Bursa Efek Indonesia periode 2014-2017 dengan analisis data sekunder menggunakan metode kuantitatif. Alat analisis yang digunakan adalah analisis regresi linear berganda dengan bantuan program SPSS 16.0. Hasil penelitian ini menunjukkan bahwa pada perusahaan yang menggunakan keputusan Dividend Initiations, Debt to Equity Ratio mempunyai pengaruh signifikan terhadap Price to Book Value. Dividend Per Share tidak mempunyai pengaruh signifikan terhadap Price to Book Value, dan Dividend Payout Ratio tidak mempunyai pengaruh signifikan terhadap Price to Book Value. Secara simultan variabel Debt to Equity Ratio, Dividend Per Share, dan Dividend Payout Ratio dengan menggunakan keputusan Dividend Initiations berpengaruh secara signifikan terhadap Price to Book Value dengan nilai R square sebesar 24,3% dan 75,7% dipengaruhi oleh variabel lainnya. Hasil penelitian selanjutnya menunjukkan bahwa pada perusahaan yang akan menggunakan keputusan Dividend Omissions, Debt to Equity Ratio tidak mempunyai pengaruh signifikan terhadap Price to Book Value. Dividend Per Share tidak mempunyai pengaruh signifikan terhadap Price to Book Value, dan Dividend Payout Ratio mempunyai pengaruh signifikan terhadap Price to Book Value. Secara simultan variabel Debt to Equity Ratio, Dividend Per Share, dan Dividend Payout Ratio pada perusahaan yang akan menggunakan keputusan Dividend Omissions berpengaruh secara signifikan terhadap Price to Book Value dengan nilai R square sebesar 26% dan 74% dipengaruhi oleh variabel lainnya.

Kata kunci: Debt to Equity Ratio, Dividend Per Share, Dividend Payout Ratio, Price to Book Value, Dividend Initiations, Dividend Omissions