PENGARUH LIKUIDITAS DAN LEVERAGE TERHADAP RETURN SAHAM PADA PERUSAHAAN YANG TERDAFTAR DI INDEKS LQ45 PERIODE 2011-2015 - Oktaviani, Irma (2017)
Penelitian ini dilatarbelakangi dengan fenomena menurunnya return saham pada perusahaan yang terdaftar di indeks LQ45 periode 2011-2015. Tujuan dari penelitian ini ialah untuk mengetahui gambaran likuiditas dengan indikator current ratio, leverage dengan indikator total debt to equity ratio, dan return saham. Selain itu, untuk mengetahui pengaruh likuiditas terhadap return saham dan pengaruh leverage terhadap return saham pada perusahaan yang terdaftar di indeks LQ45 periode 2011-2015. Metode penelitian yang digunakan ialah metode deskriptif dan verifikatif. Adapun dalam penelitian ini dari 45 perusahaan yang terdaftar di indeks LQ45, diambil 18 perusahaan dengan menggunakan teknik purposive sampling. Data yang digunakan adalah data sekunder current ratio (CR), total debt to equity ratio (DER), dan return saham pada perusahaan yang terdaftar di indeks LQ45 periode 2011-2015. Hasil penelitian ini menunjukkan perkembangan likuiditas berfluktuatif cenderung menurun, perkembangan leverage terus meningkat dan perkembangan return saham berfluktuatif cenderung menurun. Teknik analisis yang digunakan ialah regresi linier multipel, uji asumsi klasik dan uji hipotesis dengan menggunakan uji keberartian regresi (uji F) dan uji keberartian koefisien arah regresi (uji t). Berdasarkan uji keberartian regresi (uji F) diperoleh hasil penelitian bahwa likuiditas dan leverage memiliki tingkat keberartian terhadap return saham. Berdasarkan uji keberartian koefisien arah regresi (uji t) diperoleh likuiditas tidak berpengaruh terhadap return saham. Sementara itu, leverage berpengaruh positif terhadap return saham.----------The background of this research was the phenomena of declining stock return at company listed in LQ45 index during period of 2011-2015. This research aimed to describe the liquidity by using the indicator of current ratio, the leverage by using the indicator of total debt to equity ratio, and stock return. Meanwhile to discover the influence of liquidity to stock return and the influence of leverage to stock return at company listed in LQ45 index period of 2011-2015. The research method implemented in this research is descriptive and verificative methods. In this research out of 45 companies listed in LQ45 Index, 18 companies were taken by using purposive sampling technique. This research used secondary data of current ratio (CR), total debt to equity ratio (DER), and stock return at company listed in LQ45 index period of 2011-2015. The results of this research shows that current ratio growth fluctuated tended to decrease, total debt to equity ratio growth continue to increase and stock return growth fluctuated tended to decrease. The analysis technique used the multiple linear regression analysis, the classic assumption test, and the hypothesis test was done using significance of regression test (F test) and significance of coefficient test (t test). Based on significance of regression test (F test), the result of this research indicated that liquidity and leverage were significants to stock return. Based on significance of coefficient test (t test), liquidity did not had influence to stock return. Meanwhile, leverage had positive influence to stock return.