LEMBAR KERJA REVIEW PENELITIAN

Nama Mahasiswa: FAJAR ARI WICAKSONO

1

Judul Penelitian : Liquidity Ratio, Profitability, And

Solvency On Stock Returns With Capital
Structure
As An Intervening Variable (Study On
Food And Beverage Sub Sector Listed In
Indonesia Stock Exchange (Idx) Period
2013-2017)

Penulis : Nailul Chasanah , Agus Sucipto

Faculty Of Economic UIN Maulana Malik Ibrahim
Malang
How influence the size of the company on profitability
Rumusan Masalah :

Tujuan Penelitian : The aim of this study is to investigate the affect of firm
size on profitability

Tinjauan Pustaka :
The parties interested in the development of a company need to know the financial
condition of the company, the condition of a company can be known from the
company's financial statements. By carrying out an analysis of the financial statements,
you can find out the financial position and results of the business of the company, where
with the results of the analysis interested parties can make decisions. (Halim, 2005).
Ratio analysis is able to provide indicators and symptoms that appear around the
surrounding conditions. If the calculated ratios are interpreted appropriately, they will be
able to show aspects where further evaluation and analysis must be carried out. Analysis
of ratios can explain the relationship between the variables concerned. (Halim, 2005)
According to (Fahmi, 2014) For investors there are three most dominant financial
ratios that are used as references to see the performance conditions of a company,
namely: 1) Liquidity ratio, Solvency ratio and Profitability ratio.
(Utari Dewi, Purwanti Ari, 2014) Liquidity is the ability of the company meets all its
obligations at maturity. That ability can be realized when the number of current assets is
greater than current liabilities. Companies that liquid is a company that is able to meet
all its obligations due and illiquid company is a company that is not able to meet all its
obligations at maturity.
Rerangka Penelitian :
Hipotesis Penelitian : H1 = Liquidity affects stock returns
H2 = Liquidity affects the Capital Structure
H3 = Profitability affects stock returns
H4 = Profitability affects the Capital Structure
H5 = Solvability affects stock returns
H6 = Solvability affects stock returns
H7 = Modaal Structure has an effect on Stock Return
H8 = Liquidity has an effect on Stock Return with Capital
Structure as an Intervening
Variable
H9 = Profitability has an effect on Stock Return with
Capital Structure as an Intervening
Variable
H10 = Solvability has an effect on Stock Return with
Capital Structure as an Intervening
Variable

Populasi dan Sampel : The population of this research is all food and beverage
companies whose profits are in BEI period 2013-2017

Jenis dan Metode : This type of study is a quantitative study with a

Pengumpulan Data descriptive approach

Identifikasi Variabel

Dependen : The Dependent Variable Is The Return Stock

Independen : Liquidity Ratio, Profitability, And

Solvency Ratios Period (2013-2017)

Definisi Operasional :
 Liquidity : According to (Utari Dewi, Purwanti Ari, 2014) Liquidity is the
company's ability to fulfill all of its obligations that are due. This ability can be
realized if the amount of current assets is greater than
 Profitability : According to (Utari Dewi, Purwanti Ari, 2014) Profitability is
management's ability to earn profits. Profit consists of gross profit, operating
profit and net income.
 Solvability : According to (Utari Dewi, Purwanti Ari, 2014) Solvability Ratios or
leverage is the ability of companies to use debt to finance investments.
 Capital Structure : According (Fahmi, 2014) Capital Structure Balancing theories
is a theory which describes the policies adopted by the company to seek
additional funds by becoming a loan to banking tub or also by issuing bonds.
 Stock Return : According to (Halim, 2005) Return in the context of investment
management is a reward derived from investment. Return is one of the factors
that motivate investors to invest and is also a reward for the courage of investors
to bear the risk of investments made
Teknik analisis : Valuation Of The Evaluation Model Was Evaluated
Using Conventional Validity,
Discriminant Validity, And Reliability.
R Square, Hypothesis Testing
Hasil Pengujian Hipotesis

 The first hypothesis states that the liquidity ratio measured by the current ratio has an
influence on stock returns. The test results show that the liquidity variable has a t-
statistic value of 2.299, while the t-table value is 1.962 which means the t-statistic
value > t-table. While the original sample value is -0.517 means that the direction of
the relationship etween the liquidity ratio and stock return is negative. Then the
liquidity ratio variable affects stock returns with a negative direction, meaning the
higher the liquidity ratio, the lower the stock return in other words H1 is accepted.
 The second hypothesis states that the liquidity ratio measured by the current ratio has
an influence on the capital structure. The test results show that the liquidity variable
has a tstatistic value of 2.505 while the t-table value is 1.962 meaning the t-statistic
value> t-table. While the original value of the sample is -0.443, which means that the
relationship between the liquidity ratio and capital structure is negative. Then the
variable liquidity ratio affects the capital structure with a negative direction, meaning
the higher the liquidity ratio, the lower the capital structure in other words H2 is
accepted
 The third hypothesis states that the profitability ratio measured by net profit margin
has no effect on stock returns. The test results show that the liquidity variable has a t-
statistic value of 0.971 while the t-table value is 1.962 meaning the t-statistic value
<t-table. Then the variable profitability ratio does not affect stock returns in other
words H3 is rejected.
 The fourth hypothesis states that the profitability ratio measured by net profit margin
has no influence on the capital structure. The test results show that the profitability
variable has a t-statistic value of 1.545 while the t-table value is 1.962 meaning the t-
statistic value <ttable. Then the variable profitability ratio does not affect the capital
structure in other words H4 is rejected.
 The fifth hypothesis states that the solvency ratio measured by the debt ratio has no
effect on stock returns. The test results show that the liquidity variable has a t-statistic
value of 0.320 while the t-table value is 1.962 meaning the t-statistic value <t-table.
Then the solvency ratio variable does not affect stock returns in other words H5 is
rejected.
 The sixth hypothesis states that the solvency ratio measured by the debt ratio has an
influence on stock returns. The test results show that the liquidity variable has a t-
statistic value of 2.2669 while the t-table value is 1.962 which means the t-statistic
value> t-table. While the original sample value is -0.399, which means the direction
of the relationship between the solvency ratio and capital structure is positive. Then
the solvency ratio variable affects the capital structure with a negative direction,
meaning the higher the liquidity ratio, the lower the capital structure in other words
H6 is accepted.
 The seventh hypothesis states that the capital structure measured by deb to equity has
an influence on stock returns. The test results show that the capital structure variable
has a tstatistic value of 2.680 while the t-table value is 1.962 meaning the t-statistic
value> t-table. While the original value of the sample is -0.403, which means that the
relationship between capital structure and stock return is negative. Then the capital
structure variable has an effect on stock returns with a negative direction, meaning
the higher the capital structure, the lower the stock return in other words H7 is
accepted

Kesimpulan :
Based on the results of the data analysis above, the following conclusions are
obtained: a) the liquidity ratio has an influence on stock returns with a negative
direction. The inability of companies to fulfill short-term obligations does not always
have a negative impact on the company's finances. b) the liquidity ratio has an influence
on the capital structure in a negative direction. Companies that have high liquidity,
would prefer to use funding from internal sources, namely using current assets instead of
using debt as a source of funding. c.) profitability ratios have no effect on stock returns.
Because profitability is no longer a reference in the return of shares obtained by
investors. But macroeconomic factors are also a reference for consideration in investing.
d) profitability ratio does not affect the capital structure. This is in accordance with what
was stated by Modigliani and Miller that the use of debt will always be more profitable
when compared to the use of own capital. e.) solvency ratio measured by the debt ratio
has no effect on stock returns. This is in accordance with the Pecking Order Theory,
which states that economic conditions are one of the factors that influence the company's
capital structure. f.) solvency ratio has an influence on stock returns in a negative
direction. Financial flexibility is a factor that concerns a company's ability to obtain
capital with conditions that can be met under difficult conditions. g.) capital structure
has an influence on stock returns in a negative direction. leverage can increase returns
expectations for shareholders, but also increase stock risk. h) significant liquidity has no
effect on stock returns with the capital structure as an intervening variable. The greater
the obligation owned by the company in fulfilling its operational needs, especially
working capital which is very important to maintain the performance of the company. i.)
profitability has no effect on stock returns with the capital structure as an intervening
variable. This is in accordance with the Pecking Order Theory which states that
economic conditions are one of the factors that influence the company's capital structure
and have an impact on stock returns obtained by investors. j) solvency has no effect on
stock returns with the capital structure as an intervening variable.

Kelemahan dan saran :

untuk penelitian
selanjutnya

Kelemahan : penelitian ini dalam melakukan olah uji data kurnag lengkap karena
peneliti hanya melakukan uji reliabel dan validitas . sedangkan dalam rumusan
menerangkan menegnai hubungan. Seharusnya di lakukan uji regresi serta untuk
mengetahui apakah data terdapat normalistas perlu di lakukan uji normalitas. Untuk
penentuan sampel peneliti masih kurang dengan sampel 103 maka tingkat keakurtatan
sangat kecil melihat populasi sangat besar . untuk penilaian tiap indikator masih kurnag
Saran : untuk tingkat koefesian penentuan sampel usahakan kecil dengan mengunakan
tingkat koefesin0,02 sehinga tingkat keakuratan ,data dan hasih uji singnifikan, gunakan
uji rgresi yang meliputi Uji t, Uji f, R-Square. untuk melihat pengaruh

2.
Judul Penelitian : The Relationship Between Working
Capital Management and Profitability:
Evidence
from South African Retail and
Construction Firms

Penulis : E. Louw, John H. Hall, Rudra P. Pradhan

How is the relationship between Working Capital

Rumusan Masalah :
Management and Profitability: Evidence from South
African Retail and Construction Company
To find out the relationship between Working Capital
Tujuan Penelitian :
Management and Profitability: Evidence from South
African Retail and Construction Company

Tinjauan Pustaka/ :
Literatur
Baños-Caballero, Garcĩa-Teruel, and Martĩnez-Solano (2014) claimed to have
discovered the existence of an optimal level of investment in working capital that
balanced costs and benefits, thereby maximizing the value of firms. Their findings
suggested that managers should increase their investment in accounts payable, without
incurring interest and without affecting the firm’s credit risk, which could impact
negatively on the firm’s value. Similar findings were made by Mun and Jang (2015)
who investigated the effect of WC on the profitability of restaurants during the
economic recession of 2007– 2009. De Almeida and Eid (2014) suggested that a
reduction in working capital investment can enhance company value, based on the
results of their study of listed Brazilian companies over a 15-year period (1995–2009).
Historically, Brazilian firms experienced constraints on access to long-term financing,
which negatively affected the relationship between WC and company value. The authors
argued that working capital is an important tool for creating shareholder value.
Rerangka Penelitian :

Hipotesis Penelitian :  H1A0: Working capital does not Granger-cause

profitability of the firms.
 H1A1: Working capital Granger-causes profitability of
the firms.
 H1B0: Profitability of the firms does not Granger-cause
working capital.
 H1B1: Profitability of the firms Granger-causes
working capital

Populasi dan Sampel : A sample of two types of South African firms (retail and
construction) is used to investigate the validity of both
H1A,B and H2A,B.

Jenis dan Metode : This type of study is a quantitative study with a

Pengumpulan Data descriptive approach

Identifikasi Variabel
Dependen : The Dependent Variable Is The Return Stock

Independen : Liquidity Ratio, Profitability, And

Solvency Ratios Period (2013-2017)

Definisi Operasional :
 Liquidity : According to (Utari Dewi, Purwanti Ari, 2014) Liquidity is the
company's ability to fulfill all of its obligations that are due. This ability can be
realized if the amount of current assets is greater than
 Profitability : According to (Utari Dewi, Purwanti Ari, 2014) Profitability is
management's ability to earn profits. Profit consists of gross profit, operating
profit and net income.
 Solvability : According to (Utari Dewi, Purwanti Ari, 2014) Solvability Ratios or
leverage is the ability of companies to use debt to finance investments.
 Capital Structure : According (Fahmi, 2014) Capital Structure Balancing theories
is a theory which describes the policies adopted by the company to seek
additional funds by becoming a loan to banking tub or also by issuing bonds.
 Stock Return : According to (Halim, 2005) Return in the context of investment
management is a reward derived from investment. Return is one of the factors
that motivate investors to invest and is also a reward for the courage of investors
to bear the risk of investments made
Teknik analisis : Uji Summary,Corelasion, Uji T

Hasil Pengujian Hipotesis

 The first hypothesis states that the liquidity ratio measured by the current ratio has an
influence on stock returns. The test results show that the liquidity variable has a t-
statistic value of 2.299, while the t-table value is 1.962 which means the t-statistic
value > t-table. While the original sample value is -0.517 means that the direction of
the relationship etween the liquidity ratio and stock return is negative. Then the
liquidity ratio variable affects stock returns with a negative direction, meaning the
higher the liquidity ratio, the lower the stock return in other words H1 is accepted.
 The second hypothesis states that the liquidity ratio measured by the current ratio has
an influence on the capital structure. The test results show that the liquidity variable
has a tstatistic value of 2.505 while the t-table value is 1.962 meaning the t-statistic
value> t-table. While the original value of the sample is -0.443, which means that the
relationship between the liquidity ratio and capital structure is negative. Then the
variable liquidity ratio affects the capital structure with a negative direction, meaning
the higher the liquidity ratio, the lower the capital structure in other words H2 is
accepted
 The third hypothesis states that the profitability ratio measured by net profit margin
has no effect on stock returns. The test results show that the liquidity variable has a t-
statistic value of 0.971 while the t-table value is 1.962 meaning the t-statistic value
<t-table. Then the variable profitability ratio does not affect stock returns in other
words H3 is rejected.
 The fourth hypothesis states that the profitability ratio measured by net profit margin
has no influence on the capital structure. The test results show that the profitability
variable has a t-statistic value of 1.545 while the t-table value is 1.962 meaning the t-
statistic value <ttable. Then the variable profitability ratio does not affect the capital
structure in other words H4 is rejected.
 The fifth hypothesis states that the solvency ratio measured by the debt ratio has no
effect on stock returns. The test results show that the liquidity variable has a t-statistic
value of 0.320 while the t-table value is 1.962 meaning the t-statistic value <t-table.
Then the solvency ratio variable does not affect stock returns in other words H5 is
rejected.
 The sixth hypothesis states that the solvency ratio measured by the debt ratio has an
influence on stock returns. The test results show that the liquidity variable has a t-
statistic value of 2.2669 while the t-table value is 1.962 which means the t-statistic
value> t-table. While the original sample value is -0.399, which means the direction
of the relationship between the solvency ratio and capital structure is positive. Then
the solvency ratio variable affects the capital structure with a negative direction,
meaning the higher the liquidity ratio, the lower the capital structure in other words
H6 is accepted.
 The seventh hypothesis states that the capital structure measured by deb to equity has
an influence on stock returns. The test results show that the capital structure variable
has a tstatistic value of 2.680 while the t-table value is 1.962 meaning the t-statistic
value> t-table. While the original value of the sample is -0.403, which means that the
relationship between capital structure and stock return is negative. Then the capital
structure variable has an effect on stock returns with a negative direction, meaning
the higher the capital structure, the lower the stock return in other words H7 is
accepted

Kesimpulan :

Based on the results of the data analysis above, the following conclusions are
obtained: a) the liquidity ratio has an influence on stock returns with a negative
direction. The inability of companies to fulfill short-term obligations does not always
have a negative impact on the company's finances. b) the liquidity ratio has an influence
on the capital structure in a negative direction. Companies that have high liquidity,
would prefer to use funding from internal sources, namely using current assets instead of
using debt as a source of funding. c.) profitability ratios have no effect on stock returns.
Because profitability is no longer a reference in the return of shares obtained by
investors. But macroeconomic factors are also a reference for consideration in investing.
d) profitability ratio does not affect the capital structure. This is in accordance with what
was stated by Modigliani and Miller that the use of debt will always be more profitable
when compared to the use of own capital. e.) solvency ratio measured by the debt ratio
has no effect on stock returns. This is in accordance with the Pecking Order Theory,
which states that economic conditions are one of the factors that influence the company's
capital structure. f.) solvency ratio has an influence on stock returns in a negative
direction. Financial flexibility is a factor that concerns a company's ability to obtain
capital with conditions that can be met under difficult conditions. g.) capital structure
has an influence on stock returns in a negative direction. leverage can increase returns
expectations for shareholders, but also increase stock risk. h) significant liquidity has no
effect on stock returns with the capital structure as an intervening variable. The greater
the obligation owned by the company in fulfilling its operational needs, especially
working capital which is very important to maintain the performance of the company. i.)
profitability has no effect on stock returns with the capital structure as an intervening
variable. This is in accordance with the Pecking Order Theory which states that
economic conditions are one of the factors that influence the company's capital structure
and have an impact on stock returns obtained by investors. j) solvency has no effect on
stock returns with the capital structure as an intervening variable.
Kelemahan dan saran :
untuk penelitian
selanjutnya

Kelemahan : penelitian ini dalam melakukan olah uji data kurnag lengkap karena
peneliti hanya melakukan uji reliabel dan validitas . sedangkan dalam rumusan
menerangkan menegnai hubungan. Seharusnya di lakukan uji regresi serta untuk
mengetahui apakah data terdapat normalistas perlu di lakukan uji normalitas. Untuk
penentuan sampel peneliti masih kurang dengan sampel 103 maka tingkat keakurtatan
sangat kecil melihat populasi sangat besar . untuk penilaian tiap indikator masih kurnag
Saran : untuk tingkat koefesian penentuan sampel usahakan kecil dengan mengunakan
tingkat koefesin0,02 sehinga tingkat keakuratan ,data dan hasih uji singnifikan, gunakan
uji rgresi yang meliputi Uji t, Uji f, R-Square. untuk melihat pengaruh

Judul : The Effect of Liquidity Ratio, Profitability Ratio,

Penelitian Company Size, and
Leverage on Bond Rating in Construction and
Real Estate Company

Penulis : Rindi Kumala Sari1, Siti Nurlaela2, Kartika

Hendra Titisari3
Faculty of Economics Islamic University of Batik Surakarta, Indonesia

Rumusan : How to Effect of Liquidity Ratio, Profitability Ratio, Company

Size, And Leverage Against Bond Ratings
Masalah

Tujuan : To find out the Liquidity Ratio Effect, Profitability Ratio, Company
Size, And Leverage Against Bond Ratings
Penelitian

Tinjauan :
Pustaka/
Literatur
Baños-Caballero, Garcĩa-Teruel, and Martĩnez-Solano (2014) claimed to have
discovered the existence of an optimal level of investment in working capital that
balanced costs and benefits, thereby maximizing the value of firms. Their findings
suggested that managers should increase their investment in accounts payable, without
incurring interest and without affecting the firm’s credit risk, which could impact
negatively on the firm’s value. Similar findings were made by Mun and Jang (2015)
who investigated the effect of WC on the profitability of restaurants during the
economic recession of 2007– 2009. De Almeida and Eid (2014) suggested that a
reduction in working capital investment can enhance company value, based on the
results of their study of listed Brazilian companies over a 15-year period (1995–2009).
Historically, Brazilian firms experienced constraints on access to long-term financing,
which negatively affected the relationship between WC and company value. The authors
argued that working capital is an important tool for creating shareholder value.
Rerangka :
Penelitian &
Hipotesis
Penelitian

Populasi dan : He study used sample data of construction and real estate companies
Sampel issuing bonds in Indonesia Stock Exchange year 2014 - 2016

Jenis dan : The type of research used is quantitative research. The data source
Metode of this study is secondary data that is the financial statements and
Pengumpulan corporate bond rating reports obtained on the website of th
Data Indonesian stock exchange and PEFINDO namely www.idx.co.id
and www.pefindo.com.

Identifikasi
Variabel

Dependen : Bond Rating

Independen : Liquidity Ratio, Profitability Ratio, Company Size, and

Leverage

Definisi :
Operasional
 Bond Rating : grade given to a bond by various rating services that indicates
its credit quality. It takes into consideration a bond issuer's financial strength or
its ability to pay a bond's principal and interest in a timely fashion
 Liquidity Ratio : The company needs to meet all the
requirements, which must be paid off in a short time.
 Profitability Ratio: in which users are used to measure, and
analyze the ability of a company to generate profits from the
output results
 Company Size : size of the company which is big or small is
determined by the size of the total assets, in addition to the size
factor is also a consideration for investors when making
investments
Teknik : lassic Assumption Test, consisting of: Normality Test, Autokolerasi
analisis Test,
Heteroskedasitisitas Test, Multicolinearity Test. Multiple Linear
Regression
Analysis

Hasil Pengujian Hipotesis

 esting of hypothesis 1 on the influence of liquidity ratio to bond rating (H1),

states that liquidity testing does not affect the rating of bonds. Based on the t-test,
the value of t arithmetic of hypothesis 1 is 2.016 and t table is 2.017. Because t
 arithmetic <t table (2.016 <2.017), then the result of H1 is rejected. Thus it can
be concluded that the liquidity ratio does not affect the rating of bonds
 Testing hypothesis 2 on the influence of profitability ratios to the rating of bonds
(H2), states that testing the profitability ratios affect the rating of bonds. Based
on the t-test, the value of t arithmetic of hypothesis 2 is 2.896 and t table of
2.017. Since t arithmetic <t table (2.896 <2.017), then the result of H2 is
accepted. Thus it can be concluded that the ratio of profitability affect the rating
of bonds. The results of this study indicate that profitability is one of the main
factors into consideration in rating bonds
 Hypothesis 3 testing on the effect of firm size on bond rating (H3), stated that
testing firm size does not affect the rating of bonds. Based on the t test, the value
of t arithmetic of hypothesis 1 is 1.642 and t table of 2.017. Because t arithmetic
<t table (1.642 <2.017), then the result of H3 is rejected. It can be concluded that
firm size has no effect on bond rating
 Hypothesis 4 testing on theeffect of leverage on bond rating (H4), states that
leverage test does not affect the rating of bonds. Based on the t-test, the t value of
hypothesis 4 is -1.407 and t table is 2.017. Since t arithmetic <t table (-1,407
<2.017), then the result of H4 is rejected. Thus it can be concluded that leverage
does not affect the rating of bonds

Kesimpulan :

Based on the results of research that has been done, it can be taken some conclusions,
namely: profitability ratios affect the rating of bonds. the ratio of liquidity, firm size and
leverage does not affect the rating of the bonds this occurs because Pefindo in assessing
the size of the company using the latest financial statements issued by the company prior
to the rating process, for example using quarterly or even monthly reports to obtain the
results of the latest liquidity assessment in accordance current state.

Kelemahan :
dan saran
untuk
penelitian
selanjutnya

4.
Judul : The influence of liquidity and profitability toward the
Penelitian growth at stock price mediated by the dividends paid out
(Case in banks listed in Indonesia Stock Exchange)

Penulis : Tigor Sitorus1, Susi Elinarty2

The influence of the liquidity on thegrowth of stock price,
Rumusan :
Masalah The influence of the liquidity on the payment of dividends,
The influence of the profitability on the stock price growth,
The influence of the profitability to the dividends paid out,
The influence of the dividends paid out on the stock price
growth
Tujuan : to find out the effect of liquidity on share price growth,
to determine the effect of liquidity on dividend payments,
Penelitian
to determine the effect of profitability on stock price growth,
to determine the effect of profitability on dividends paid,
to determine the effect of dividends paid on share price growth
Tinjauan :
Pustaka/
Literatur
LIQUIDITY The liquidity ratio according to Kashmir (2013: 130) is the ratio used to
measure how a company or its liquid ratio that illustrates the company's ability to meet short-
term debt. This means that if the company billed, the company will be able to meet the debt,
especially debt that is due.
PROFITABILITY ccording to Kashmir (2008: 196), the profitability ratio also provides a
measure of the effectiveness of management of a company. This is demonstrated by the profit
generated from sales and investment income. The point is the use of this ratio shows the
efficiency of the company.
DEVIDEN Ross et al. (2007) state that Dividends is part of the company's profit paid to
shareholders and are usually distributed in the form of cash. While Brigham and Houston (2010)
suggested that the dividends paid out ratio is an indicated for measuring the company's policy
to pay dividends to shareholders.
STOCK PRICES Weston and Brigham (2004) defined share price as "the price at the stock sells
in the market". The stock market price is the market value of securities which may be obtained
by investors to sell or buy shares, which are determined based on the closing price
(closing price) on the stock exchange on the day concerned.

Rerangka :
Penelitian &
Hipotesis
Penelitian

H1: The liquidity gives negative influence to the growth of stock price
H2: The Liquidity gives positive significantly influence to the dividends
payout
H3: The Profitability gives positive influence to the growth of stock price
H4: The Profitability gives positive influence to the dividends payout
H5: Dividends paid out gives positive influence to stock price growth

Populasi dan : The population used in this study are all companies in the banking
Sampel sector listed on the Indonesia Stock Exchange period from 2011
 until 2014 that had the number 30 (Thirty), and the entire population
to be sampled with sample criteria;
1. The shares were listed on the Stock Exchange for four (4) years
consecutive i.e. from 2011 to 2014.
2. The Company publishes annual financial statements of the period
December 31, 2011 until December 31, 2014
3. The Company has divided dividends in four (4) periods, namely
the period 2011 through 2014

Jenis dan : This Study Uses Quantitative Method And The Type Of Research Is
Metode Explanatory Research That Is Testing The Hypothesis.
Pengumpulan
Data

Identifikasi
Variabel

Dependen : Bond Rating

Independen : Liquidity Ratio, Profitability Ratio, Company Size, and

Leverage

Definisi :
Operasional


Teknik : Descriptive Analysis, The tests in this study used Structural Equation
analisis Model (SEM), SEM is a statistical models that provide an estimate
of the calculation of the strength of the hypothesis on the
relationship between the variables in a theoretical model, either
directly or through a variable of intervening, Arbuckle (in Santoso
2014 )

Hasil Pengujian Hipotesis

 Hypothesis 1: Liquidity negatively and significantly influences the Growth Stock

Price

 Hypothesis 2: Liquidity positively and significantly affects the Payment of

Dividends

 Hypothesis 3: Profitability positively and significantly influences the Growth

Stock Price
 Hypothesis 4: Profitability positively and significantly influences the Payment of
Dividends
 Hypothesis 5: Dividends positively and significantly influences stock price
Kesimpulan :

There are several conclusions as follows: (1). Liquidity indicated by Current ratio, Quick
ratio and Cash ratio has negative influence to the growth of stock price. All indicators
have high loading factor means the liquidity variable is determined by these three
indicators. The negative sign means that if the liquidity variables increased, it will
decrease the growth of stock price. This study proves that the hypothesis 1 (one) is
accepted and supports to the results of previous empirical research by Meythi and Rusli
(2011) and Kusumadewi (2015). (2). Liquidity positively and significantly influences
dividends paid out. The positive sign means that if the liquidity variable increased it will
increase the dividends paid out. This study proves that the hypothesis 2 (two) is accepted
and supports the results of previous empirical research by Deniz et al. (2010) and
Ibrahim (2015). (3). Profitability indicated by Net Profit Margin, Return on Assets, and
Return on Equit positively and significantly influences the growth of stock price. All
indicators have high loading factor means that the variable of profitability is determined
by these three indicators. The positive sign means that if the variable of profitability
increased, it will increase the growth of stock price. This study proves that the
hypothesis 3 (three) is accepted and supports the results of previous empirical research
by Nurmalasari (2009) and Yang et al. (2010). (4). Profitability has positive and
significant influence on dividends paid out. The positive sign means that if the variable
of profitability increased, it will increase the dividends paid out. This study proves that
the hypothesis 4 (four) accepted and supports the results of previous empirical research,
Afriani et al. (2014) and Eliasu (2014), (5). Dividends paid out gives positive influence
and significantly on growth of stock price. The positive sign means that if the dividends
paid out increased, it will increase growth of stock price. This study proves that the
hypothesis 5 (five) is accepted and supports the results of previous empirical research by
Angela et al. (2015), also Horne and Wachowichz (2013, p276). Therefore, we may
conclude that the results evidently show the dividends paid out was able to mediate the
influence of liquidity and profitability toward growth of stock price. The results of this
study contribute to the academic form of suggestion that can fill the gap on the previous
study about the influence of the liquidity and profitability on the growth of stock price
Meythi and Rusli (2011), Righi and Vieira (2014), which by adding variable dividends
paid out as a variable mediator, the coefficient is stronger than the coefficient of direct
influence between liquidity on the growth of stock price. The results of this study also
contribute that the growth of stock price can be enhanced by increasing profitability and
dividends paid out simultaneously.

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