PENGARUH KINERJA KEUANGAN DAN KEBIJAKAN DIVIDEN TERHADAP REAKSI PASAR

Abstract

This research is aimed to examine the influence of financial performance and dividend policy which consists of
current ratio, debt to equity ratio, return on assets, total assets turn over and dividend payout ratio to the
market reaction. The sample in this research consists of 35 types of observations from food and beverages
companies which are listed in Indonesia Stock Exchange in 2011-2015 periods. The sample collection technique
has been done by using purposive sampling. The method analysis has been done by using the regression analysis
techniques. The results of this research indicate that partial total assets turn over give positive influence to the
market reaction. It is shown by the results of the t test with its significance is 2.416 0.023 < 0.05. Debt to equity
ratio and dividend payout ratio give negative influence the market reaction. This is indicated by the result of the
t test of debt to equity ratio is -3.127 with its significance of 0.004 < 0.05 whereas the dividend payout ratio
gains -3.629 with its significance value is 0.001 < 0.05. While, current ratio and return on assets does not give
any infuence to the market reaction. This is shown by the current ratio and the result of the t test results is
0.056 with its significance of 0.956 whereas the return on assets gain value -0.128 with its significance of 0.899.
Keywords: financial performance, dividend policy, stock return, stock price.