FAKTOR FUNDAMENTAL, KEBIJAKAN DIVIDEN DAN HARGA SAHAM SEKTOR MANUFAKTUR DI BURSA EFEK INDONESIA

Abstract

Investors have the primary purpose of the funds invested into the company
to seek revenue (return) capital gain or dividend. To assess the performance of
a company in generating profits expected, investors can see from the side of its
fundamental aspect, the better the fundamental performance of a company has, the
higher the stock price of the company. This study aims to determine the effect of the
fundamental factor of liquidity, leverage, profitability and dividend policy, against
firm stock price at a manufacturing company that go public on the Indonesia Stock
Exchange.The population in the study is a manufacturing company that distribute
dividends in the Indonesia Stock Exchange 2010 until 2013 with 67 companies. The
samples were selected based on purposive sampling that pays dividends resprectively
from 2010 until 2013 with 28 sample firms. The method of analysis used is the technique
of path analysis. The results of this study are 1) Liquidity significant positive effect
on Dividend Policy; 2) Leverage a significant negative effect on Dividend Policy;
3) The profitability of a significant positive effect on Dividend Policy; 4) Liquidity
significant positive effect on the firm stock price; 5) Profitability significant positive
effect on the firm stock price, and 6) Dividend Policies significant positive effect on
the firm stock price.