Pengaruh Leverage Ratio Terhadap Return Saham Pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia

Abstract

Tujuan penelitian ini dilakukan adalah untuk mengetahui pengaruh leverage ratio terhadap return saham pada perusahaan makanan dan minuman yang terdaftar di Bursa Efek Indonesia. Populasi dari penelitian ini adalah perusahaan makanan dan minuman yang berjumlah 25 perusahaan dan sampel yang diambil sebagai penelitian berjumlah 4 perusahaan yang dijadikan sampel. Periode penelitian ini diambil dari tahun 2014-2018. Teknik analisis yang digunakan adalah regresi linear berganda dengan bantuan program eviews 10. Berdasarkan hasil uji t leverage ratio yang diproksikan dengan debt to equity ratio memiliki nilai probabilitas sebesar 0.0621 > 0.05 dan nilai thitung < ttabel dimana -2.128954 < 1.83311 serta memiliki nilai koefisien -26.64144, maka secara parsial leverage ratio yang diproksikan oleh debt to equity ratio berpengaruh negatif dan tidak signifikan terhadap return saham. Debt to asset ratio memiliki nilai probabilitas sebesar 0.0434 < 0.05 dengan nilai thitung > ttabel dimana 2.348050 > 1.83311 serta memiliki nilai koefisien 59.42759 dan maka secara parsial leverage ratio yang diproksikan oleh debt to asset ratio berpengaruh positfif dan signifikan terhadap return saham. Long term debt to equity ratio memiliki nilai probabilitasnya sebesar 0.0991>0.05 serta nilai thitung < ttabel sebesar -1.839092<1.83311 serta memiliki nilai koefisien -4.316994 maka secara parsial leverage ratio yang diproksikan oleh long term debt to equity ratio berpengaruh negatif dan tidak signifikan terhadap return saham. Berdasarkan uji F, debt to equity ratio, debt to asset ratio dan long term debt to equity ratio memiliki nilai probabilitas sebesar 0.145266 > 0.05 dan diperoleh nilai Fhitung sebesar 2.306206 < 3,86 yang berarti leverage ratio yang diproksikan debt to equity ratio, debt to asset ratio, dan long term debt to equity ratio secara simultan tidak berpengaruh signifikan terhadap return saham. Nilai koefisien determinasi (R2) sebesar 0.2462, sehingga dapat disimpulkan bahwa sebesar 24.62% return saham dipengaruhi oleh debt to equity ratio, debt to asset ratio, dan long term debt to equity ratio dan sisanya sebesar 75.38% dipengaruhi oleh faktor-faktor lain. The purpose of this study was to determine the effect of leverage ratio on stock return in food & beverage companies listed on the Indonesian Stock Exchange. The population of this study were food and beverage companies, amounting to 25 companies and the samples taken as this study was 4 companies used to samples. This research period was taken in research from 2014-2018. The analysis technique used is multiple linear regression with the help of program eviews 10. Based on the result of the t test, the leverage ratio which is proxied by the debt to equity ratio has a probability value of 0.0621>0.05 and a value of tcount<ttable where -2.128954<1.83311 and has a coefficient value of -26.64144, then partially the leverage ratio poxied by the debt to equity ratio has a negative and insignificant effect on stock return. Debt to asset ratio has a probability value of 0.0434 <0.05 with a value of tcount> ttable where 2.348050> 1.83311 and has a coefficient value of 59.42759 and partially the leverage ratio proxied by the debt to asset ratio has a positive and significant effect on stock returns. Long term debt to equity ratio has a probability value of 0.0991> 0.05 and tcount <ttable of -1.839092 <1.83311 and has a coefficient value of -4.316994, so partially the leverage ratio proxied by the long term debt to equity ratio has a negative and insignificant effect on return stock. Based on the F test, the debt to equity ratio, debt to asset ratio and long term debt to equity ratio have a probability value of 0.145266> 0.05 and the Fcount is 2.306206 <3.86, which means the leverage ratio is proxied by debt to equity ratio, debt to Asset ratio and long term debt to equity ratio simultaneously have no significant effect on stock returns. The coefficient of determination (R2) is 0.2462, so it can be concluded that 24.62% of stock returns are influenced by the debt to equity ratio, debt to asset ratio, and long term debt to equity ratio and the remaining 75.38% is influenced by other factors.