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Proceedings of The 5 th Annuual International Conference Syiah Kuala University (AIC Unsyiah) 205

In con!unction "ith The #th International Conference of Che$ical %ngineering on Science and A&&lications (Ch%SA) 205 Se&te$'er * 205* +anda Aceh* Indonesia

The Influence of Liquidity, Profitability, and Dividend

Payout Ratio to Stock Price (An Emirical Study on L!"#Inde$ %omanie& Li&ted on The Indone&ia Stock E$chan'e

1Nurjannah, and 2M. Rizal Yahya

1,2Department of Accounting, Faculty of conomic!, "yiah #uala $ni%er!ity, Daru!!alam,&anda Aceh 2'111, (ndone!ia

,Coorres&onding Author ) jannah*+'-gmail.com

Ab&tract

he purpo!e of thi! re!earch i! to e/amine the influence of li0uidity, profitaility, and

di%idend payout ratio on !toc price. he population of thi! re!earch i! 3456

companie! that li!ted on the (ndone!ia "toc /change et7een 2*11 and 2*1'.hi! !tudy u!ed a multiple regre!!ion analy!i! to analyze the data. he data u!ed inthi! !tudy i! !econdary data that collected from (8MD 9(ndone!ia 8apital MaretDireectory:. 8urrent ratio, return on e0uity ratio, and di%idend payout ratio a! theindicator for the independent %ariale. he re!ult !ho7ed that li0uidity, profitaility,and di%idend payout ratio influence the !toc price oth partially or !imultaneou!ly.

)ey *ord&+ 3i0uidity, ;rofitaility, Di%idend ;ayout Ratio, "toc ;rice

Introduction

"ociety no7 i! more enthu!ia!tic to in%e!t fund!, either in the form of !toc, ond,depo!it, or other form! 7hich ha! e/pectation to get rational return in the future. Amongtho!e form!, !ome people 7ould prefer !toc rather than other! ecau!e it ha! not definitereturn. (t could e from 1< until 1**< per capital gain. =hile other! u!ually ha%e !pecificrate of return. (n addition, it doe! not ha! time limit for !ale. "o in%e!tor! can !ell them7hen they need.

"toc i! a piece of paper that !ho7! in%e!tor! the right to otain part of the pro!pect

or 7ealth of an organization that puli!he! it! !ecuritie! 9"uad, 2**6) 2:. hey 7ill getreturn in t7o form!, di%idend and capital gain. Di%idend i! part of company>! profit that 7ill

e !hared to !tocholder! in proportion to the amount of it! !hare o7ner!hip 9?arnanto,2**')25*:. Mean7hile capital gain i! the different et7een !elling price and purcha!e pricethat can pro%ide gain! to in%e!tor 9andelilin, 2**1) 5@:.

"toc price al7ay! fluctuate!. he fluctuation i! a!ed on !upply and demand in

capital maret. (n addition, it i! al!o a!ed on company>! %alue. =hen company perform!and de%elop! 7ell, it! price 7ill increa!e. n the contrary, 7hen the company doe! notperform 7ell, the price 7ill decrea!e 9=idoatmodjo, 2**5)2':.

here are many factor! that influence !toc price. ne of them i! profitaility. ;rofit

help in%e!tor! to no7 7hich companie! are !ucce!!ful, 7hich generally mae! the !hare!more %aluale and oo!t! their price. ;rofit can influence !toc price y changing maret

perception and in%e!tor>! confidence of the company. "ome re!earcher! !uch a! 8laren!ia etal. 92*12: !tated that profitaility ha! !ignificant effect to !toc price. n the other hand,

another re!earcher, "u!anto 92*12: !tated that profitaility doe! not ha%e !ignificant effectto !toc price.

&e!ide! profitaility, li0uidity al!o influence! the !toc price. (t i! ecau!e li0uidityindicate! the aility of the company to meet it! !hortBterm oligation. &efore in%e!ting, the

in%e!tor! u!ually !ee the capaility of the company to return their money. Moreo%er thi!%ariale al!o ecome con!ideration for in%e!tor!.

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&ole and =ol!i 92*12: !tated that !ometime! higher li0uidity i! defined a! apo!iti%e !ign for in%e!tor. (t i! ecau!e the greater the li0uidity, the higher the fle/iility of the company in term of u!ing 7oring capital. hen, it 7ill increa!e the !toc price. n theother hand, too high li0uidity i! al!o not good ecau!e it indicate! that the company doe!not manage the capital 7ell. hen, the !toc price al!o 7ill e influenced.

Not only profitaility and li0uidity influence the !toc price ut al!o di%idend. A! 7eno7 that, in%e!tor not only e/pect! capital gain ut al!o di%idend. (t! information can e!een from di%idend payout ratio. hi! information i! %ery important for long term

in%e!tment. Mean7hile for trading, it i! not really important. he higher di%idend payoutratio of company, the more fa%orale the company>! !toc. hen the !toc price of the

company 7ill increa!e.(n thi! re!earch, the author choo!e 3456 companie! a! the target population. ne of

rea!on! for choo!ing it ecau!e it i! related to one of the re!earch %ariale! 7hich i!li0uidity. Moreo%er 3456 companie! are the mo!t li0uid company among all the companie!that li!ted on (ndone!ia "toc /change. (n addition they are the mo!t acti%e !toc 7hichare really intere!ted y in%e!tor! or eginner in%e!tor!. "o it 7ill increa!e the accuratere!ult of thi! re!earch.

According to "uramanyam, efore in%e!ting the in%e!tor! 7ill !ee three analy!i!,tho!e are ri! analy!i!, profitaility analy!i!, and %aluation analy!i!. Ri! analy!i! analyze7hether the company can return in%e!tor>! money or not, profitaility analy!i! i! an analy!i!

aout the aility of the company in generating profit, and %aluation analy!i! i! u!ed toe!timate of intrin!ic %alue of a company. ho!e three independent of thi! re!earch are

repre!ent tho!e analy!i!. herefore the author choo!e! tho!e %ariale! a! independent%arile! of thi! re!earch that 7ill influence the !toc price.

hi! re!earch u!e 3456 companie! a! population 7hich are recognized ha%e highli0uidity. Mean7hile the pre%iou! re!earch u!e! the population in manufacturing companie!,automoti%e companie!, aning companie!, and pharmacy companie!. "o the differentet7een thi! re!earch and pre%iou! re!earch i! the le%el of li0uidity.

he!e companie! are con!i!ted of 56 companie! that ha%e een cho!en 7hich

criteria of ha%ing high li0uidity and maret capitalization. "hetty and "amir 92**+)1':!tated that maret capitalization mea!ure the total current replacement %alue of thecompany. (n other 7ord!, it i! the price 7e 7ould ha%e to pay if 7e 7ant to uy out the

company fully. he compnie! that included in 3456 inde/ are al7ay! monitored e%ery !i/month! and 7ill e held the re%ie7 at the eginning of Feruary and Augu!t. (f there are!toc! do not fulfill the criteria, it 7ill e replaced 7ith other !toc! that are 0ualified.

(n thi! re!earch the author u!e financial ratio to mea!ure the independent %ariale!.Financial ratio that are u!ed in thi! re!earch are current ratio for li0uidity mea!urement,Return on 0uity for profitaility mea!urement, and di%idend payout ratio.

According to the e/planation efore, the !toc price i! influenced y li0uidity,profitaility, and di%idend payout ratio. =hen the in%e!tor! 7ant to in%e!t their money to

!toc, of cour!e they ha%e to !ee the aility of the company to return their money, and al!othey ha%e to !ee ho7 much the profit that the company can e reached, and another one i!

ho7 much di%idend that they 7ill get. Mean7hile the !toc price it!elf really depend! on thedemand and !upply in capital maret that come from in%e!tor!.

&a!ed on !tatement ao%e, then the hypothe!i! of thi! re!earch are a! follo7!)?1) 3i0uidity influence the !toc price of 3456company?2) ;rofitaility influence the !toc price of 3456company?') Di%iden! ;ayout Ratio influence the !toc price of 345 company?5) 3i0uidity, profitaility, and di%idend payout ratio !imultaneou!ly influence the !toc price

of 3456 company

aterial& and ethod&

hi! re!earch performed a cen!u! approach y u!ing population 7ith certain a!target population. he criteria are the companie! that are con!i!tant in the li!t of e%ery

period during tho!e three year! and pro%ide financial !tatement 7hich ha%e informationaout 8urrent Ratio, Return on 0uity, and Di%idend ;ayout Ratio.

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?ere are the li!t of the companie!.Table -

Li&t of Tar'et Poulation

.o %omany .ame

1 A!tra Agro 3e!tari .

2 A!tra (nternational .

' &an 8entral A!ia .

5 &an Negara (ndone!ia 9 ;er!ero: .

6 &an Rayat (ndone!ia 9;er!ero: .

+ &an Mandiri 9;er!ero:

C (ndo amangraya Megah .

@ a!a Marga 9;er!ero: .

;eru!ahaan Ea! Negara 9;er!ero: .

1* amang &atuara &uit A!am 9;er!ero: .

11 "emen (ndone!ia 9;er!ero: .

12 $nited ractor! .

1' $nile%er (ndone!ia . "ource!) 777.id/.co.id

he data u!ed in thi! re!earch i! !econdary data. "earan and &ougie 92*1*)1@':

!tated that !econdary data i! the information that gathered from the !ource that alreadye/i!t. he data in thi! re!earch are financial ratio 98urrent Ratio, Return on 0uity, Di%idend

;ayout Ratio: and clo!ing price. Data collection method in thi! re!earch i! documentation. (ti! conducted y collecting the !econdary data 7hich are puli!hed y (8MD 9(ndone!ia

8apital Maret Directory:.Data analy!i! method that u!ed in thi! re!earch i! !tati!tical analy!i! method y

u!ing multiple regre!!ion e0uation. Data analy!i! i! performed y u!ing ";"" 9"tati!tical;acage for "ocial "cience:. (n order to determine the influence of independent %ariale! tothe dependent %ariale, the author 7ill u!e the follo7ing formula)

Y t1 G H I 1J1 I 2J2 I'J' e

=here ) Y t1 G 8lo!ing "toc ;rice in t1 Year

H G 8on!tanta I G Regre!!ion 8oefficient!

J1 G 3i0uidity J2 G ;rofitaility J' G Di%idend ;ayout Ratio e G Kariale Re!idual

(n order to get the judgment 7hether the hypothe!i! are accepted or rejected, theauthor mu!t do hypothe!i! te!ting y !tati!tical analy!i!. Analy!i! i! done y multiple

regre!!ion 7hich ha! the purpo!e to !ee the influence of independent %ariale! todependent %ariale.

?ypothe!i! te!ting i! done y t7o ind of te!t!, partial te!t and !imultaneou! te!t.&ecau!e of thi! re!earch u!e! cen!u! approach, !ignificant te!t! are not conducted, 7hether

F te!t ot te!t. he conclu!ion are directly can e !een from regre!!ion coefficient of independent %ariale!.

-/ Simultaneou& Te&the purpo!e of thi! te!t i! to !ee 7hether independent %ariale! 9Ji ,i G 1,2,':

!imultaniou!ly influence the !toc price 9Y:. he form! of te!ting are a! follo7)?o) I1 G I2 G I' G *, mean! that the li0uidity, profitaility, and the di%idend payout ratio,!imultaneou!ly doe! not influence the !toc price.

?a) I1 L I2 L I' L *, mean! that the li0uidity, profitaility, and the di%idend payout ratio,!imultaneou!ly influence the !toc price.

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he criteria for accepting or rejecting the hypothe!i! are a! follo7)(f Ii 9i G 1,2,': G * ) ?* i! accepted(f Ii 9i G 1,2,': L * ) ?* i! rejected

Accepting ?* mean! that independent %ariale! !imultaniou!ly do not influence todependent %ariale, mean7hile rejecting ?* mean! that independent %ariale!

!imultaniou!ly influence to dependent %ariale.

0/ Partial Te&thi! te!t i! done to !ho7 ho7 far the influence of indi%idual %ariale! in e/plaining

the dependent %ariale. he form of thi! te!t i! a! follo7)?*1 ) I1 G * it mean! that the li0uidity doe! not influence the !toc price.

?a1 ) I1 L * it mean! that the li0uidity influence! the !toc price.?*2 ) I2 G * it mean! that the profitaility doe! not influence the !toc price.

?a2 ) I2 L * it mean! that the profitaility influence! the !toc price.?*' ) I' G * it mean! that the di%idend payout ratio doe! not influence the !toc price.?*' ) I' L * it mean! that the di%idend payout ratio doe! influence! the !toc price.he criteria for accepting or rejecting the hypothe!i! are a! follo7)

(f Ii 9i G 1,2,': G * ) ?* i! rejected(f Ii 9i G 1,2,': L * ) ?* i! accepted

Accepting ?* mean! that independent %ariale! partially do not influence todependent %ariale, mean7hile rejecting ?* mean! that independent %ariale! partially

influence to dependent %ariale.

1/ The %oefficient of Determination

he coefficient of determination te!t !ho7! ho7 much the dependent %ariale can ee/plained y the independent %ariale! 9"anto!o, 2**5)1+C:. R2 %alue indicate! theproportion of the dependent %ariale e/plained y the independent %ariale!. he higher of it! %alue the etter the regre!!ion model. herefore it !ignifie! that the aility of theindependent %ariale! e/plain the dependent %ariale i! greater.

he %alue of the coefficient of determination i! * to 1. (f it! %alue i! clo!er to *, thenthe le!! the influence of all the independent %ariale! 9li0uidity, profitaility, and di%idendpayout ratio: to the dependent %ariale 9!toc price:. Mean7hile 7hen it! %alue i! clo!er to

1, the greater the influence of all the dependent %ariale! to dependent %ariale.

Re&ult& and Di&cu&&ion

Re&ult&De!cripti%e !tati!tic! 7ere performed to no7 the de!cription of each re!earch

%ariale. De!cripti%e analy!i! that u!ed in thi! re!earch include! the minimum, ma/imum,mean, and !tandard de%iation %alue. "tati!tically the purpo!e of mea!uring !tandardde%iation i! to no7 ho7 much de%iation from the mean %alue. Mean and !tandard de%iationi! needed to mea!ure the efficiency of the data and the analy!i! method that i! u!ed in thi!

re!earch. he mean %alue that i! greater than the !tandard de%iation !ho7! that the datau!ed i! !ufficiently efficient and %alid. he re!earch data can e !een in ale 2.

Table 0De&critive Stati&tic&

N Minimum Ma/imum Mean

"td.

De%iation

8R ' .56 6.6* 1.*1@ 1.2@66+

R ' 11.' 126.@1 '2.1** 2+.@C62

D;R ' .*1 '@5.5 5.C*16 +5.@C2*C

"toc ;rice ' '1C6.** 516**.** 1'''C.@2*

6

C11.@*25

Kalid N 9li!t 7i!e: '

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Re!ourch) ";"" Ker!ion 1C.* 92*16:

&a!ed on the ale 2 7e can !ee that the minimum, ma/imum, and mean %alue of %ariale! that are re!earched during three year! to the 3456 companie! 7hich fulfill thecriteria. &a!ed on the tale ao%e, the mean of 8urrent Ratio i! 1.*1 7ith !tandard

de%iation 1.2@6. he minimum i! *.56 and the ma/imum i! 6.6*.According to the tale, 7e can !ee that the mean of R i! '2.1* 7ith !tandard

de%iation 2+.@C. he minimum i! 11.' and the ma/imum i! 126.@1. he mean of D;R i!

5.C*1 7ith !tandard de%iation +5.@C2. he minimum i! *.*1 and the ma/imum i! '@5.5.Mean7hile !toc price>! mean i! 1'''C.@2 7ith !tandar de%iation C11.@2. he minimum i!

'1C6 and ma/imum i! 516**.he follo7ing te!t i! hypothe!i! te!t, thi! te!t i! done to no7 the influence

independent %ariale to dependent %ariale partially and !imultaneou!ly. he re!ult !ho7!that all independent %ariale! influence the dependent %ariale oth partially or!imultaneou!ly. he tale can e !een a! follo7)

Table 1

2yothe&i& te&t re&ult%oefficient&a

Model

$n!tandardized8oefficient!

"tandardized8oefficient!

"ig.& "td. rror &eta

1 98on!tant: 62'.+ '*'5.15* 1.62 .*+*

8 R 6*+.'1+ 11*.@22 .*6@ .526 .+C5

R 1*.@2C 5C.C'1 .'1+ 2.'*1 .*2@

D;R C6.'*@ 1.+C6 .625 '.@2@ .**1

a. Dependent Kariale) "toc ;rice

he la!t te!t i! 8oefficient Determination e!ting. hi! te!t i! done to no7 ho7much independent %ariale! can e/plain the dependent %ariale. he coefficient of determination can e !een from the R "0uare %alue from the ale 5 a! follo7)

Table " odel Summary

odel Summaryb

Model R R "0uare

Adju!ted R

"0uare

"td. rror of the

!timate DurinB=at!on

1 .++'a .55* .'@C C+*C.'5C2 2.15+

a. ;redictor!) 98on!tant:, D;R, 8R, R

. Dependent Kariale) "toc ;rice

he tale ao%e !ho7! that the R "0uare %alue i! *.55. (t mean! that 55< from thechange in dependent %ariale can e e/plained y li0uidity 9J1:, profitaility 9J2:, anddi%idend payout ratio 9J':. Mean7hile the other! 6+< can e influenced y other factor!

e/cept %ariale! in thi! re!earch.

Di&cu&&ion &a!ed on the re!aerch that ha! een done, 7hether partially and !imultaneou!ly yu!ing multiple regre!!ion analy!i!, tho!e three %ariale! influence the !toc price. hefollo7ing 7ill e e/plained one y one the influence of li0uidity 9J1:, profitaility 9J2:, and

di%idend payout ratio 9J': a! independent %ariale! to !toc price on 3456 companie! thatli!ted on (ndene!ia "toc /change.

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The Influence of Liquidity (3- to Stock Price&a!ed on ale ' regre!!ion coefficient from the influence of the li0uidity 9J1: to

!toc price 9Y: i! 6*+.'1+. hi! !tudy u!e! cen!u! method, !o it doe! not do !ignificantte!ting to the %alue of the regre!!ion coefficient. Due the regre!!ion coefficient %alue

otained i! the actual %alue of the regre!!ion coefficient of the population. he Regre!!ioncoefficient %alue, 6*+.'1+ !ho7! that the regre!!ion coefficient of li0uidity to the !toc pricei! not e0ual to zero 9I1 L *:.

&a!ed on hypothe!i! de!ign, the re0uirement needed to !tate that li0uidity 9J1:influence! the !toc price if the I1 L *. "o 7e can !tate that the re!ult of thi! re!earch i!

rejecting the ?*1 and accepting the ?a1. (t mean! that if li0uidity increa!e!, than the !tocprice al!o 7ill increa!e.

he re!ult of thi! re!earch i! con!i!tent 7ith 8laren!ia et al. 92*12: and ;a!ariu92**@:, 7hich found that the li0uidity influence the !toc price. (t mean! that the companyi! ale to pay it! !hort term oligation on time y it current a!!et that it ha!. (t i! ecau!ee%ery in%e!tor that in%e!ted their money, of cour!e they 7ant their money ac and getrational return from it.

The Influence of Profitability (30 to Stock Price&a!ed on ale ' regre!!ion coefficient from the influence of profitaility 9J2: to !toc

price 9Y: i! C6.'*@. hi! !tudy u!e! cen!u! method, !o it doe! not do !ignificant te!ting tothe %alue of the regre!!ion coefficient. Due the regre!!ion coefficient %alue otained i! theactual %alue of the regre!!ion coefficient of the population. he regre!!ion coefficient %alueC6.'*@ !ho7! that the regre!!ion coefficient of profitaility to the !toc price i! not e0ual tozero 9I2 L *:.

&a!ed on hypothe!i! de!ign, the re0uirement needed to !tate that profitaility 9J2:influence! the !toc price if the I2 L *. "o 7e can !tate that the re!ult of thi! re!earch

rejecting the ?*2 and accepting the ?a2. (t mean! that the higher of profitaility of acompany, the higher it! !toc price.

he re!ult of thi! re!earch i! con!i!tent 7ith Deitiana 92*11:, ;a!ariu 92**@:, and8laren!ia et al. 92*12:, 7hich found that the profitaility influence the !toc price. (t i!ecau!e profitaility !ho7! the aility of a company to generate profit. (f the company cangenerate high profit, it indicate! that the company u!e and manage the re!ource efficientlyand effecti%ely.

The Influence of Dividend Payout Ratio (31 to Stock Price&a!ed on ale ' regre!!ion coefficient of the influence di%idend payout ratio 9J ': to

!toc price 9Y: i! 1*.@2C. hi! !tudy u!e! cen!u! method, !o it doe! not do !ignificantte!ting to the %alue of the regre!!ion coefficient. Due the regre!!ion coefficient %alueotained i! the actual %alue of the regre!!ion coefficient of the population. he regre!!ion

coefficient %alue, 1*.@2C !ho7! that the regre!!ion coefficient of li0uidity to the !toc price

i! not e0ual to zero 9I' L *:.&a!ed on hypothe!i! de!ign, the re0uirement needed to !tate that di%idend payout

ratio 9J': influence! the !toc price if the I' L *. "o 7e can !tate that the re!ult of thi!re!earch rejecting the ?*' and accepting the ?a'. (t mean that the higher of di%idendpayout ratio of a company, the higher it! !toc price.

he re!ult of thi! re!earch i! con!i!tent 7ith Riantani and Faizal 92*12:, "ujoo and"oeiantoro 92**C:, and ?aruman 92**C:, 7hich found that the di%idend payout influencethe !toc price. (t i! ecau!e di%idend payout ratio !ho7! the percentage of the companie!earning that 7ill e !hared to !tocholder!. (f the company pay high di%idend, it indicated

that the company doe! not need all the earning to e retained a! a capital for ne/t period.

The Influence of Liquidity (3-, Profitability (30, and Dividend Payout (31

to Stock Price&a!ed on the ale ', the %alue of I1G 6*+.'1+, I2G 1*.@2C, and I'G C6.'*@. hi!

!tudy u!e! cen!u! method, !o it doe! not do !ignificant te!ting to the %alue of the

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regre!!ion coefficient. Due the regre!!ion coefficient %alue otained i! the actual %alue of the regre!!ion coefficient of the population.

&a!ed on hypothe!i! de!ign, the re0uirement needed to !tate that all tho!e three%ariale !imultaneou!ly influence the !toc if IL* 9iG1,2,': 7hich mean! that there i! oneof I %alue from tho!e three independent %ariale! i! not e0ual to zero. Mean7hile I %alue

tho!e three %ariale! are not e0ual to *. hen ?a5 i! accepted. he re!ult of thi! re!earch i! in line 7ith the re!earch that done y Atia and&amang 92*12: 7hich !tated that li0uidity, profitaility, and di%idend payout ratio

!imultaneou!ly influence the !toc price. (t i! ecau!e tho!e three %ariale! are included inthe fundamental factor of the company 7hich directly related to the company>! condition

and performance.

%onclu&ionhe re!ult of hypothe!i! te!ting, it !ho7ed that all independent %ariale! influence

dependent %ariale oth partially or !imultaneou!ly. it mean! that the increa!ing of indepedent %ariale! 7ill increa!e dependent %ariale.

he limitation of thi! !tudy are) 91:hi! !tudy u!e! only three independent %ariale!

7hich tho!e three %ariale! related directly to the company 9internal factor: 92: hi!re!earch u!ed target population. "o the re!ult of thi! re!earch only for 3456 companie!and 9': hi! re!earch only u!ed the data for three year!.

he !ugge!tion! for future re!earch are) 91: Re!earch can e conducted in differentinde/, !uch a! ompa!1** inde/, &("N("B2C inde/, ;F(ND26 inde/, !etoral inde/, and

other inde/! 92: Re!earch can e conducted y adding independent %ariale! that e/i!t, itcould e internal or e/ternal factor! and 9': Re!earch can e done in a longer period. hi!re!earch only u!e three year!.

Reference&ole, Monia Rafal =ol!i. 2*12. ;rofitaility or 3i0uidity) (nfluencing the Maret Kalue

he 8a!e of ;oland- International .ournal of %cono$ics and /inance, Kol. 5, No. ) 1B2

8laren!ia, eany, "ri Rahayu, Nur Azizah. 2*12. Pengaruh i1uiditas* Profita'ilitas*Pertu$'uhan Pen!ualan* dan Ke'i!a1an ividen terhada& 3arga Saha$. "rip!i.aarta) &udi 3uhur $ni%er!ity.

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