Pengaruh Economic Value Added, Leverage Dan Manajemen Laba Terhadap Return Saham Dengan Menggunakan Kebijakan Dividen Sebagai Variabel Moderating (Studi Empiris Pada Perusahaan LQ-45 Di Bursa Efek Indonesia)

Abstract

The objective of this research is to examine and analyze the influence of Economic Value Added, leverage ratio (Debt to Equity Ratio) and earnings management towards Return on Share with the dividend policy as a moderating variable on LQ 45 firms in Indonesia Stock Exchange, either partially or simultaneously. Object of this research is LQ 45 category companies which listed in Indonesia Stock Exchange since 2006-2010, issued financial statements during the years of observation, totally 101 companies. Sampels selected by purposive sampling method, for the non-banking company which enter LQ 45 category in 5 years in row. was 13 companies. Observation for this research is 65 company. Data collection is done by taking the documentation of financial statements from the Indonesia Stock Exchange (BEI) database. Linear Multiple Regression Method is applied for the first hypothesis and Absolute Residual Method is applied to examine the second one using SPSS software. This research shows result that for first hypothesis, EVA, leverage and earnings management simultaneously affect Return on Share, but partially, none of independence variabel significantly influential on Return on Share. When dividend policy sets as moderating variable used for second hypothesis, it influence earning management significantly towards return on share. This result means that moderating variable strenghtened influence independent variable towards return on share.