PENGARUH PROFITABILITAS, KEBIJAKAN DIVIDEN, LEVERAGE, DAN UKURAN PERUSAHAAN TERHADAP REAKSI PASAR

Abstract

This research aims to examine the influence of profitability (ROE), dividend policy (DPR), leverage (DER), and company size to market reaction that proxied with the stock return through the annual financial statements prepared by property and real estate company which is listed in the Stock Exchange Indonesia. The population in this research is obtained by using purposive sampling method in property and real estate company which is listed in Indonesia Stock Exchange (IDX) during period of 2012 until 2016. Based on predetermined criteria, obtained the sample of 13 property and real estate companies. The analysis method used is multiple linear regression analysis with using SPSS (Statistical Product and Service Solutions) application tool. The results of this research using the model feasibility test (f test) indicating that it is feasible to be used for further research. While in test of hypothesis (t test) show that profitability (ROE) have positive and significant influence to market reaction with t value counted 5,491 and level of significance 0,000. The dividend policy (DPR) has a positive and significant influence on market reaction with t value of 2,826 and significance level 0,008. While leverage (DER) and company size have no significant influence on market reaction.
Keywords: profitability, dividend policy, leverage, company size, market reaction