PENGARUH KINERJA KEUANGAN DAN KEBIJAKAN DIVIDEN TERHADAP HARGA SAHAM PERUSAHAAN ROKOK

Abstract

This research is aimed to examine the influence of financial performance and dividend policy to the stock price of cigarette companies which are listed in Indonesia Stock Exchange. To find out the financial performance by using Current Ratio (CR), Return On Equity (ROE), Debt to Equity Ratio (DER) and Price Earnings Ratio (PER). Meanwhile dividend policy is examined by using Dividend Payout Ratio (DPR).
The sample collection technique has been done by using saturated sampling method at 3 cigarette companies which are listed in Indonesia Stock Exchange from 2012 to 2016. The result of data analysis technique shows that multiple linear regressions give negative correlation between CR variable, ROE and DER with stock price whereas the PER variable and dividend policy give positive correlation with the stock price; the result of classic assumption test shows that the regression models have met the predetermined criteria; the model feasibility test shows that these models are feasible for the research; the result of t-test shows that the variables of CR, ROE and DER do not give influence to the stock price, meanwhile the PER and dividend policy gives influence to the stock price. The variable which gives dominant influence among other independent variables to the stock prices is the PER. It is suggested to investors and potential investors who want to invest their capital, should notice the financial ratio of a company, specifically the PER. The next researcher can add another variable, so the result of research becomes more optimal.

Keywords: Current ratio, return on equity, debt to equity ratio, price earning ratio, dividend policy