ANALISIS VARIABEL YANG MEMPENGARUHI EARNINGS PER SHARE PADA INDUSTRI FOOD AND BAVERAGES YANG GO PUBLIC DI BURSA EFEK JAKARTA

Abstract

ABSTRAK

Tujuan penelitian ini adalah untuk mengidentifikasi pengaruh variabel-variabel return on equity (X1), net sales (X2), current ratio (X3), debt to equity (X4), inventory turnover (X5), total assets turnover (X6), dan net profit margin (X7) terhadap earnings per share, baik secara simultan maupun secara partial. Penelitian ini dilakukan dengan mengambil keseluruhan elemen populasi industri food and baverages yang go public di Bursa Efek Jakarta, mulai tahun 1992 sampai dengan tahun 1996 dengan rincian sebagai berikut: tahun 1992 berjumlah 9 perusahaan, tahun 1993 berjumlah 15 perusahaan, tahun 1994 berjumlah 19 perusahaan, tahun 1995 berjumlah 20 perusahaan dan tahun 1996 berjumlah 20 perusahaan.

Hasil penelitian menunjukkan bahwa return on equity (X1), net sales (X2), current ratio (X3), debt to equity (X4), inventory turnover (X5), total assets turnover (X6), dan net profit margin (X7) secara simultan berpengaruh dalam menentukan variabilitas earnings per share. Variabel inventory turnover (X5) tidak mempengaruhi variabilitas earnings per share, hal ini tentunya tidak terlepas dari kenyataan pada industri food and baverages di Indonesia, dimana untuk menjamin kelancaran dan kualitas bahan baku yang dibeli, perusahaan harus memberikan bantuan teknis maupun modal kerja kepada para supplier lokal, sehingga perusahaan harus menyediakan modal atau kredit lunak dalam rangka kerja sama yang saling menguntungkan. Di sisi lain bahan baku industri food and baverages dalam prakteknya dipengaruhi oleh keberhasilan dan kegagalan panen para supplier, sehingga dari berbagai kendala yang dihadapi industri food and baverages tersebut sebagai akibatnya kadang-kadang bahan baku melimpah dan tidak jarang mengalami kekurangan atau menghadapi kelangkaan. Oleh karena itu tingginya tingkat perputaran persediaan tidak dapat menunjukan efisiensi perusahaan. Diantara variabel bebas yang berpengaruh signifikan tersebut net sales (X2), dan current ratio (X3) mempunyai pengaruh negatif terhadap earnings per share. Net sales (X2) berkorelasi negatif dengan earnings per share disebabkan adanya peningkatan biaya operasional dan meningkatnya jumlah lembar saham biasa setiap tahunya, sehingga peningkatan jumlah lembar saham biasa dan peningkatan net sales (X2) yang tidak di ikuti dengan efisiensi biaya operasional akan menurunkan pendapatan per lembar saham biasa. Sedangkan current ratio (X3) berkorelasi negatif dengan earnings per share; kondisi ini menunjukan adanya investasi yang berlebihan pada current assets, sehingga menyebabkan perusahaan beroperasi kurang efisien.

Kata kunci: earnings per share, industri makanan dan minuman.

ABSTRACT

This research aimed at identifying both the simultaneous and partial influence of such variables as: return on equity (X₁), net sales (X₂), current ratio (X₃), debt to equity (X₄), inventory turnover (X₅), total assets turnover (X₆), and net profit margin (X₇), on earnings per share. To examine such influence, this research investigated the food and beverages industries listed at the Jakarta Stock Exchange. The sample investigated included: 9 firms of 1992, 15 firms of 1993, 19 firms of 1994, 20 firms for 1995 and 20 firms for 1996.

Results of this research indicate some important findings. First, such variables as: return on equity (X₁), net sales (X₂), current ratio (X₃), debt to equity (X₄), inventory turnover (X₅), total assets turnover (X₆), and net profit margin (X₇), simultaneously influence the variability of earnings per share. Second, among these independent variables, it was only X₅ which did not significantly influence the variability of earnings per share. This finding is highly related to the fact that the food and beverages industry in Indonesia, to ensure the supply and quality of raw material purchased, the firm must help the local suppliers with technical assistance and working capital. The industry is to provide capital or soft loan to maintain sound and beneficial cooperation. On the other hand, raw material for the food and beverages industry, in practice, is influenced by the successful and fail harvest of suppliers. Finally, as a consequence of the constraints faced by food and beverages industry, lack of raw material is evident in a one period and abundance of raw material is evident in another. Accordingly, high inventory turnover did not indicate the firm’s efficiency. Among the significantly influencing independent variables net sales (X₂) and current ratio (X₃) showed negative influence on earnings per share. Negative correlation was found between net sales (X₂) and earnings per share and was due to the increase of operating expenses and the number of outstanding stock each year. The increasing number of outstanding stock and net sales (X₂) which was not sustained by the efficiency of operating expenses, will decrease the earnings per share. On the other hand, the negative correlation between the current ratio (X₃) and earnings per share was due to the increase of current asset components, namely, cash, account receivables, and inventory. This indicates over investment in current assets, which in turn, deteriorates the operating efficiency of the firms.

Keywords: earnings per share, food and beverages industry