Analisis ANALISIS PROFITABILITAS TERHADAP CAPITAL GAIN (PERUSAHAAN TERDAFTAR DI BEI) - Nani Ernawati; Banuaji Ismail (Lembaga Layanan Pendidikan Tinggi Wilayah IV, 2022)
Abstrak - Pembahasan tentang Capital Gain menjadi penting karena adanya pendapat bahwa Capital Gain lebih menarik dari pada deviden bagi sebagian investor. Secara teoritis variabilitas Capital Gain dipengaruhi oleh beberapa variabel, termasuk diantaranya pertumbuhan profitabilitas baik dalam bentuk return maupun margin. Namun secara empiris ditemukan beberapa gap hasil penelitian dan sebagian besar mengambil rentang waktu antara tiga hingga lima tahun. Untuk itu analisis ini ditujukan untuk mengisi celah tersebut dan memverifikasi kembali kaitan profitabilitas dengan Capital Gain (perusahaan terdaftar di Bursa Efek Indonesia) dengan mengambil time series sepuluh tahun. Metoda penelitian ini menggunakan pendekatan kuantitatif untuk memverifikasi hipotesa dari model regresi terpilih. Secara purposive diperoleh sampel pengamatan sebanyak sebelas perusahaan, sehingga seluruh data obervasinya berjumlah empat ratus empat puluh buah. Melalui uji f terbukti bahwa secara simultan variabilitas Capital Gain tidak dipengaruhi oleh perubahan profitabilitasnya yang diproksikan melalui Return on Asset, Return on Equity dan Net Profit margin, akan tetapi berdasarkan uji t Net Profit Margin dapat mempengaruhi variabilitas Capital Gain. Dengan demikian, selama kurun tersebut, Net Profit Margin dapat digunakan sebagai penentu variabilitas Capital Gain industri tekstil dan garmen. Abstract – The discussion about Capital Gain becomes important due to the opinion that Capital Gain is more attractive than dividends for some investors. Theoretically, the variability of Capital Gain is influenced by several variables, such as profitability growth in returns and margins is among one of those. However, empirically, several research gaps were found and most of them took between three and five years. For this reason, this analysis is intended to fill the gap and re-verify the relationship between profitability and Capital Gain (a company listed on the Indonesia Stock Exchange) by taking a ten-year time series. This research method uses a quantitative approach to verify the hypothesis of the selected regression model. Purposively, a sample from observing eleven companies has been obtained, untill the amount of whole observational data are four hundred and forty. Through the f test, it is proven that the variability of Capital Gain is not affected by changes in profitability as proxied by Return on Assets, Return on Equity and Net Profit margin, but based on the t test, Net Profit Margin can affect the variability of Capital Gain. Thus, during this period, the Net Profit Margin can be used as a determinant of the variability of Capital Gain in the textile and garment industry.