Pengaruh Dividen Payout Ratio, Financial Leverage Dan Profitabilitas Terhadap Beta Saham

Abstract

Jakarta Islamic Index is an index comprised of stocks that meet various criteria sharia. Islamic stocks beta is a measure of the risk of the shares belonging to sharia. This study aims to examine and determine the influence of fundamental factors to Islamic stock beta.
 Object of this research is the company that makes the Jakarta Islamic Index years 2011-2013, with purposive sampling technique gained 12 companies as the study sample. The independent variabel in this study is dividend payout ratio (DPR), financial leverage (FL) and profitability. This research using multiple regression analysis to test the hypotesis.
 Result showed that the variables dividen payout ratio has no effect on beta Islamic stock. Variable financial leverage and profitability variables significant positive effect on beta Islamic stock. Simultaneous dividen payout ratio, financial leverage and profitability significantly to the beta having an Islamic stock

Peran profitabilitas dalam memediasi leverage dan total asset turnover tehadap beta saham

“…Di Indonesia saat ini, pasar modal mengalami pertumbuhan yang cukup signifikan. Pasar modal memiliki kiprah yang cukup strategis, yaitu menjadi sumber pendanaan bagi para pelaku bisnis dan investor (Ramadani & Mulyati, 2019). Tidak hanya pasar modal konvensional, melainkan juga pasar modal syariah.…”

“…Profitabilitas ialah kesanggupan perusahaan memperoleh penjualan, total aset dan modal sendiri (Ramadani & Mulyati, 2019). Profitabilitas atau pengembalian aset diukur dalam rasio laba setelah pajak terhadap total aset pada akhir tahun keuangan.…”

“…Ini menunjukkan kemampuan perusahaan dalam menciptakan keuntungan dengan memanfaatkan asetnya (Nawaz et al, 2017). Profitabilitas yang akan diperoleh akan memberi nilai positif bagi perusahaan, dan meningkatkan nilai beta (Ramadani & Mulyati, 2019).…”

“…Hal ini mendukung penelitian Ramadani & Mulyati (2019) dan Rashed Nawaz et al, (2017) yang menyatakan profitabilitas berpengaruh positive signifikan terhadap beta saham. Namun, berbeda dengan Karakus (2017), Bui et al, (2017), Munawarah et al, (2019), dan Nizam et al, (Nizam et al, 2020) yang menyatakan profitabilitas berpengaruh negative terhadap beta saham.…”

The Effect of Operating Leverage, Financial Leverage, Profitability, Company Size, and Asset Growth on Systematic Risk in Manufacturing Companies Listed on The Indonesia Stock Exchange

“…Handayani (2014) resulting in a fixed burden in the form of interest costs. Financial leverage will occur when the company uses debt and must incur a fixed cost in the form of interest to be paid from the results of operating activities, regardless of the company's operating profit level (Ramadani et al, 2019). Whether or not a company's financial leverage is beneficial can be seen from its effect on the company's earnings per share (EPS), taxes, interest, and dividends, which are factors that cause a reduction in the income of ordinary shareholders.…”