PENGARUH LIQUIDITY, SOLVABILITY, DAN PROFITABLITY RATIO TERHADAP RETURN SAHAM DENGAN DIVIDEN YIELD SEBAGAI VARIABEL MODERASI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI PERIODE 2008-2010

Abstract

Existence of capital market plays very important role in economic condition of a country. In Indonesia, its significant growth is shown by increasing number of companies going public and increasing awareness of society to invest. When the company offers their shares publicly, they also have to publish their financial report periodically as an indicator of their performance. One method that can be used to analyze financial report is ratio analysis. The purpose of this research is to test how liquidity, solvability, and profitability affects return of manufacturing companies listed in BEI while using dividend yield is used as moderating variable. The sample consists of 15 manufacturing companies listed in BEI and periodically giving dividends to the shareholders during 2008-2010. Liquidity is measured using current ratio, solvability is measured using debt to equity ratio and profitability is measured using return on equity, while return is measured using the difference of market price at certain period with previous period, added with the amount of current dividend paid to shareholders. Dividend yield is measured using the amount of dividend per share. Results of this research shows that dividend yield positively affect the relationship of liquidity towards return. However, dividend yield doesn’t affect the relationship of solvability and profitability towards return.