Pengaruh operating leverage dan fiancial leverage terhadap harga saham dengan Earning Per Share (EPS) sebagai variabel intervening pada perusahaan properti & real estate yang terdaftar di bursa efek indonesia periode 2011-2015
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Institusion
Universitas Islam Negeri Maulana Malik Ibrahim Malang
Author
Itmami, Nur Zidni
Subject
Datestamp
2018-07-26 02:40:43
Abstract :
INDONESIA: Seiring dengan perkembangan zaman yang diikuti dengan siklus perkembangan teknologi dan juga perkembangan ekonomi di dalam badan usaha yang terus menerus semakin meningkat. Peningkatan daya saing setiap perusahaan, sehingga para investor akan semakin berlomba-lomba untuk berinvestasi pada perusahaan yang dipilihnya. Investor akan berminat dan memilih perusahaan untuk berinvetasi ketika sebuah perusahaan memiliki nilai earning per share tinggi sehingga akan diperolehnya laba yang cukup tinggi pula. Tujuan penelitian ini adalah 1) untuk menguji pegaruh operating leverage dan financial leverage secara parsial terhadap harga saham; 2) untuk menguji pengaruh operating leverage dan financial leverage secara parsial terhadap Earning Per Share (EPS); 3) untuk menguji pengaruh Earning Per Share (EPS) secara parsial terhadap harga saham; dan 4) untuk menguji pengaruh operating leverage dan financial leverage secara tidak langsung terhadap harga saham dengan Earning Per Share (EPS) sebagai variabel intervening. Jenis penelitian ini adalah penelitian kuantitatif. Adapun populasi pada penelitian ini adalah semua Perusahaan Properti & Real Estate yang terdaftar di Bursa Efek Indonesia periode 2011-2015, teknik pengambilan sampel menggunakan metode purposive sampling dan berdasarkan kriteria terpilih 21 sampel penelitian pada Perusahaan Properti & Real Estate periode 2011-2015. Pengujian pada hipotesis penelitian digunakan teknik analisis jalur (Path Analysis). Hasil penelitian menunjukkan bahwa 1) operating leverage dan financial leverage tidak berpengaruh secara parsial terhadap harga saham; 2) operating leverage tidak berpengaruh secara parsial terhadap Earning Per Share sedangkan financial leverage berpengaruh secara parsial terhadap Earning Per Share (EPS); 3) Earning Per Share (EPS) berpengaruh secara parsial terhadap harga saham; dan 4) operating leverage dan Financial Leverage berpengaruh secara tidak langsung terhadap harga saham dengan earning per share (EPS) sebagai variabel intervening pada perusahaan properti & real estate. ENGLISH: Along with the development of the era that is followed by cycles of technological development and also economic development within the business that is continuously increasing. The increases of the competitiveness of each company, so investors will be increasingly vying to invest in the company. Investors will be interested and choose a company to invest when a company has a high earning per share so that it will get high profit as well. The purpose of this research was 1) to test the effect of operating leverage and financial leverage partially to share price; 2) to test the effect of operating leverage and financial leverage partially to Earning Per Share (EPS); 3) to test the effect of Earning Per Share (EPS) partially to stock price; And 4) to test the effect of operating leverage and financial leverage indirectly on stock price with Earning Per Share (EPS) as intervening variable. This type of research was quantitative research. The population in this study were all Property & Real Estate Companies listed in Indonesia Stock Exchange period of 2011-2015, sampling technique used purposive sampling method and based on criteria that was selected 21 samples research on Property & Real Estate Companies period of 2011-2015. Testing on research hypothesis used path analysis technique (Path Analysis). The results showed that 1) operating leverage and financial leverage did not affect partially to the stock price; 2) operating leverage had no effect partially on Earning Per Share while financial leverage partially influenced to Earning Per Share (EPS); 3) Earning Per Share (EPS) partially influenced on stock prices; And 4) operating leverage and Financial Leverage indirectly influenced on stock price with earnings per share (EPS) as intervening variable in property & real estate companies.
INDONESIA: Seiring dengan perkembangan zaman yang diikuti dengan siklus perkembangan teknologi dan juga perkembangan ekonomi di dalam badan usaha yang terus menerus semakin meningkat. Peningkatan daya saing setiap perusahaan, sehingga para investor akan semakin berlomba-lomba untuk berinvestasi pada perusahaan yang dipilihnya. Investor akan berminat dan memilih perusahaan untuk berinvetasi ketika sebuah perusahaan memiliki nilai earning per share tinggi sehingga akan diperolehnya laba yang cukup tinggi pula. Tujuan penelitian ini adalah 1) untuk menguji pegaruh operating leverage dan financial leverage secara parsial terhadap harga saham; 2) untuk menguji pengaruh operating leverage dan financial leverage secara parsial terhadap Earning Per Share (EPS); 3) untuk menguji pengaruh Earning Per Share (EPS) secara parsial terhadap harga saham; dan 4) untuk menguji pengaruh operating leverage dan financial leverage secara tidak langsung terhadap harga saham dengan Earning Per Share (EPS) sebagai variabel intervening. Jenis penelitian ini adalah penelitian kuantitatif. Adapun populasi pada penelitian ini adalah semua Perusahaan Properti & Real Estate yang terdaftar di Bursa Efek Indonesia periode 2011-2015, teknik pengambilan sampel menggunakan metode purposive sampling dan berdasarkan kriteria terpilih 21 sampel penelitian pada Perusahaan Properti & Real Estate periode 2011-2015. Pengujian pada hipotesis penelitian digunakan teknik analisis jalur (Path Analysis). Hasil penelitian menunjukkan bahwa 1) operating leverage dan financial leverage tidak berpengaruh secara parsial terhadap harga saham; 2) operating leverage tidak berpengaruh secara parsial terhadap Earning Per Share sedangkan financial leverage berpengaruh secara parsial terhadap Earning Per Share (EPS); 3) Earning Per Share (EPS) berpengaruh secara parsial terhadap harga saham; dan 4) operating leverage dan Financial Leverage berpengaruh secara tidak langsung terhadap harga saham dengan earning per share (EPS) sebagai variabel intervening pada perusahaan properti & real estate. ENGLISH: Along with the development of the era that is followed by cycles of technological development and also economic development within the business that is continuously increasing. The increases of the competitiveness of each company, so investors will be increasingly vying to invest in the company. Investors will be interested and choose a company to invest when a company has a high earning per share so that it will get high profit as well. The purpose of this research was 1) to test the effect of operating leverage and financial leverage partially to share price; 2) to test the effect of operating leverage and financial leverage partially to Earning Per Share (EPS); 3) to test the effect of Earning Per Share (EPS) partially to stock price; And 4) to test the effect of operating leverage and financial leverage indirectly on stock price with Earning Per Share (EPS) as intervening variable. This type of research was quantitative research. The population in this study were all Property & Real Estate Companies listed in Indonesia Stock Exchange period of 2011-2015, sampling technique used purposive sampling method and based on criteria that was selected 21 samples research on Property & Real Estate Companies period of 2011-2015. Testing on research hypothesis used path analysis technique (Path Analysis). The results showed that 1) operating leverage and financial leverage did not affect partially to the stock price; 2) operating leverage had no effect partially on Earning Per Share while financial leverage partially influenced to Earning Per Share (EPS); 3) Earning Per Share (EPS) partially influenced on stock prices; And 4) operating leverage and Financial Leverage indirectly influenced on stock price with earnings per share (EPS) as intervening variable in property & real estate companies.
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