Azmir Ferdinansyah, Rudy Chairudin, Mariyam Zanariah, Lusia Nargis

FAKTOR-FAKTOR YANG MEMPENGARUHI KEPUTUSAN INVESTASI SAHAM (STUDI KASUS : PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI)

Introduction

Faktor-faktor yang mempengaruhi keputusan investasi saham (studi kasus : perusahaan manufaktur yang terdaftar di bei). Menguji faktor internal (rasio kas, DER, EPS, ROI) dan eksternal (suku bunga SBI, beta saham) yang memengaruhi keputusan investasi saham pada perusahaan manufaktur di BEI.

Abstract

This research is an empirical study to test how the company's internal factors which include the cash ratio, debt equity ratio, EPS, ROI and the company's external factors which include the SBI interest rate and stock beta can contribute to stock investment decisions in this case measured by the DPR. The sample technique used was purposive sampling in order to obtain a total sample of 26 companies. The analysis technique used in this study is multiple linear regression and hypothesis testing used in this study t-statistics to test the partial regression coefficients and F-statistics to test the feasibility of the research model with a Level of Significance of 5%. In addition, the classical assumption test was also carried out. The results of the analysis show that based on the hypothesis testing that has been carried out, it is found that CR, DER, EPS, ROI, SBI Interest Rates and Stock Beta simultaneously have a significant effect on the investment decision (DPR) of Manufacturing companies. Partially only CR, EPS, and ROI are able to have a partially positive and significant influence on investment decisions (DPR).Keywords: CR, DER, EPS, ROI, SBI Interest Rate and Stock Beta, (DPR)

Review

This empirical study aims to investigate the internal and external factors influencing "stock investment decisions" within manufacturing companies listed on the BEI. The research considers a comprehensive set of variables, including internal factors such as Cash Ratio (CR), Debt Equity Ratio (DER), Earnings Per Share (EPS), Return on Investment (ROI), and external factors like SBI Interest Rates and Stock Beta. The chosen methodology of multiple linear regression, combined with classical assumption tests and hypothesis testing via t-statistics and F-statistics, indicates a standard quantitative approach to addressing the research question. The clear articulation of the research objective and the specific variables makes the study's intent readily understandable from the outset. The findings suggest that all six independent variables (CR, DER, EPS, ROI, SBI Interest Rates, and Stock Beta) collectively exert a significant influence on the dependent variable, which is defined as "investment decision (DPR)." However, when examined partially, only CR, EPS, and ROI demonstrate a positive and significant effect on the investment decision (DPR). The study utilized a purposive sampling technique, resulting in a sample size of 26 companies, and adhered to a 5% level of significance for its hypothesis tests. These results offer initial insights into which specific internal and external financial metrics might drive dividend payout policies within the observed sector. While the study presents an interesting empirical investigation, a critical point for review lies in the conceptualization of the dependent variable. The abstract states that "stock investment decisions" are "measured by the DPR (Dividend Payout Ratio)." This is a significant conceptual leap that requires extensive justification. Stock investment decisions typically refer to the actions of investors (e.g., buying, selling, holding shares) or a company's capital allocation decisions (e.g., investing in projects, share buybacks), not directly its dividend payout policy. DPR is a measure of a company's distribution of earnings to shareholders, which is a corporate financial policy, distinct from an investment decision. This fundamental ambiguity between the title's "Keputusan Investasi Saham" and the abstract's operationalization as DPR could confuse the study's scope and implications. Furthermore, the relatively small sample size of 26 companies for a multiple linear regression model with six independent variables warrants consideration regarding statistical power and the generalizability of the findings. Clarifying the theoretical link between investment decisions and DPR, or rephrasing the research question to focus on factors influencing dividend policy, would significantly enhance the paper's theoretical robustness and clarity.

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