PENGARUH PROFITABILITAS DAN FINANCIAL LEVERAGE TERHADAP KEBIJAKAN DIVIDEN SERTA DAMPAKNYA TERHADAP HARGA SAHAMRN(STUDI PADA EMITEN MANUFAKTUR INDUSTRI BARANG KONSUMSI RNDI BURSA EFEK INDONESIA PERIODE 2007-2012)

Abstract

ABSTRACTThe objective of this study is to examine the influence of profitability, financial leverage on dividend policy and its effect on stock price. Profitability is measured by ROA, financial leverage is measured by DER, dividend policy is measured by dividend payout ratio and stock price is measured by stock price per share at closing price. The population of this study are consumer goods companies. This study observes 8 companies for the year ended December 31, 2007 until 2012 (pooled data) and uses census method. To test the hypothesis, this study uses path analysis. Result show that (1) profitability and financial leverage, simultanly, have influence to dividend policy, (2) profitability have positive influence to dividend policy, (3) financial leverage have negative influence to dividend policy, and (4) dividend policy have negative influence to stock price.Keyword: Divident policy, Stock price, Profitability, and Financial leverage