LABA PER SAHAM DAN UKURAN : KARAKTERISTIK PEMBAYAR DIVIDEN ?

Authors

  • Winston Pontoh Fakultas Ekonomi dan Bisnis Universitas Sam Ratulangi Manado

DOI:

https://doi.org/10.32400/ja.4944.3.1.2014.86-94

Abstract

ABSTRAK

 

Dividen merupakan salah satu komponen pengembalian yang sangat diharapkan oleh setiap investor selain keuntungan dari kelebihan atas harga saham. Selain itu, ukuran perusahaan dapat merupakan variabel yang berkontribusi dalam menentukan besarnya pembayaran dividen. Penelitian ini dilakukan pada 378 perusahaan yang terdaftar pada Bursa Efek Indonesia dalam periode 2009 sampai dengan tahun 2011 dengan menggunakan metode analisis regresi logistik dan metode uji beda rata-rata. Hasil penelitian ini menunjukkan bahwa laba per saham (EPS) berpengaruh signifikan terhadap jumlah pembayaran dividen, sedangkan ukuran perusahaan tidak berpengaruh signifikan. Kontroversi atas ukuran perusahaan, diuraikan lebih lanjut berdasarkan jenis perusahaan pembayar dividen, dan ditemukan bahwa ukuran perusahaan merupakan salah satu karakteristik perusahaan pembayar dividen. Dengan menelaah lebih jauh variabel laba per saham, maka karakteristik yang muncul adalah bahwa perusahaan yang membayar dividen secara penuh memiliki nilai laba bersih yang tinggi dan memiliki jumlah saham beredar yang lebih sedikit. Dalam konfirmasi akhir, dapat diketahui bahwa, perusahaan-perusahaan yang membayar dividen bukan merupakan jenis perusahaan sapi perah.

 

Kata Kunci : laba per saham, ukuran perusahaan, jumlah saham, laba bersih, dividen

 

ABSTRACT

 

Dividend is the main component of return that is very expected by investors, beside of capital gain. Also, the size of company could become as contribute variable to determine the amount of dividend payment. This study had samples for 378 companies listed in Indonesia Stock Exchange for period of 2009 till 2011, conducting logistic regression analysis and paired samples t test. The result of study shows that, earnings per share had significant relationship with the amount of dividend payent, while size of company had not. The controversy of size’s result is analyzed further based on companies who had paid the dividend, and found that, size of company is one of characteristics of companies who paid dividend. More analysis conducted to earnings per share, it is found that, companies who paid dividend have characteristics such as higher net income and less outstanding shares. In the last confirmation, this study found that, companies who always paid dividend were not a type of cash cow companies.

 

Keywords : earnings per share, company size, shares amout, net income, dividend

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Published

2014-06-23

Issue

Vol. 3 No. 1 (2014): Accountability

Section

Articles

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