PENGARUH CASH HOLDING, HARGA SAHAM PERUSAHAAN, DAN EARNING PER SHARE TERHADAP INCOME SMOOTHING (STUDI EMPIRIS PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA)

Abstrak

Penelitian ini bertujuan menguji pengaruh cash holding, harga saham perusahaan, dan Earning Per Share terhadap Income Smoothing. Income Smoothing diukur dengan Indeks Eckel, cash holding diukur dengan rasio kas dan setara kas terhadap total aset, harga saham perusahaan diukur dengan harga saham penutupan per 31 Desember 2011-2015, dan Earning Per Share diukur dengan laba bersih tahun berjalan terhadap jumlah saham beredar. Sampel penelitian berjumlah 66 perusahaan manufaktur, yang ditentukan dengan metode purposive sampling. Jenis data yang digunakan adalah data sekunder berupa laporan keuangan perusahaan manufaktur periode tahun 2011-2015. Teknik analisis data menggunakan analisis regresi linear berganda dengan bantuan program SPSS 21.00. Hasil penelitian menunjukkan (1) cash holding berpengaruh positif dan tidak signifikan terhadap Income Smoothing, (2) harga saham perusahaan berpengaruh positif dan signifikan terhadap Income Smoothing, (3) Earning Per Share berpengaruh negatif dan signifikan terhadap Income Smoothing, (4) cash holding, harga saham perusahaan, dan Earning Per Share berpengaruh secara simultan terhadap Income Smoothing.
Kata Kunci : cash holding, harga saham perusahaan, Earning Per Share, dan Income Smoothing

This study was aimed to investigate the effect of cash holding, company stock price, earning per share on income smoothing. Income Smoothing was measured by Eckel Index, cash holding by cash ratio and was equivalent to cash to total asset, company stock price was measured by the closing price per 31st of December 2011- 2015 and Earning Per Share by the current year net profit to the number of stocks in circulation. The sample consisted of 66 manufacturing companies determined by purposive sampling. The type of data used was secondary data in the form of financial reports of the manufacturing companies in the period of 2011 - 2015. The study used linear regression analysis aided by SPSS 21.00 program as the technique of data analysis. The result showed that (1) cash holding has a positive and insignificant effect on income smoothing, (2) company stock price has a positive and significant effect on income smoothing, (3) Earning Per Share has a negative and significant effect on income smoothing, (4) cash holding, company stock price, and Earning Per Share simultaneously have an effect on income smoothing.
keyword : cash holding, prices of stocks company, Earning Per Share, and Income Smoothing