Pengaruh Pertumbuhan Aset, Kebijakan Dividen Dan Likuiditas Terhadap Beta Saham (Studi Empiris pada Perusahaan Finance yang terdaftar di BEI)

Abstract

This study aimed to examine the effect of asset groth,dividend policy as measured by dividend payout ratio and liquidity as measured by current ratio to stock beta in companies listed on the Indonesia Stock Exchange (IDX ).This study considered the causative research. The population in this study was companies of finance listed on the Stock Exchange in 2009 until 2011. The sample was determined by the purposive sampling method and obtain 38 companies. Types of data used was secondary data obtained from www.idx.co.id. The method of analysis used is multiple regression analysis. Based on the results of multiple regression analysis, the results of the study concluded: (1) asset growth has no effect on stock beta on companies of finance listed on the Indonesia Stock Exchange with the β coefficient is positive amounted to 0,221 and significance value 0.470 > 0.05, (2) dividend payout ratio has no effect on stock beta on companies of finance listed on the Indonesia Stock Exchange with the β coefficient is positive amounted to 0,405 and significance value 0.236 > 0.05, (3) current ratio has a negative and significant on stock beta on companies of finance listed on the Indonesia Stock Exchange with the β coefficient is negative amounted to 0,309 and significance value 0.009 < 0.05.Based on the above results, it is suggested: (1) For academics and researchers turn, preferably took samples of entire population (total sampling) on ​​the overall company's and using period more than 3 years, (2) Doing research on the influence of another, such as from leverage, asset size, earning variability and accounting beta.

Key Words : Asset Growth, Dividend Policy, Dividend Payout Ratio, Liquidity, Current Ratio, Stock Beta