The Influence of Fundamental Factors of Macroeconomics Against Price Earning Ratio through Dividend Payout Ratio for LQ.45 Non-Banking Companies

This study attempts to examine and analyze fundamental factors and to influence Dividend Payout Ratio and its impact on the company to companies 2014-2017 lq-45 period.In the form of financial report data obtained from the Indonesia stock exchange (IDX). The sample as many as 19 companies meet criteria.Analysis method data using analysis the linear regression and Path analysis.The data shows that the results of the analysis of its ROE and DER had an influence on Dividend Payout Ratio. NPM and The Inflation Rate has not been affecting The Dividend Payout Ratio.ROE, NPM, and The Inflation Rate has not been affecting PER. ROE, DER, NPM, and The Inflation Rateinfluential simultaneously against the Dividend Payout Ratio. The Dividend Payout Ratio to depend on the value of PER.There is no cause is an indirect effect between ROE, DER, NPM, and Inflation to PER.


sekuritas@unpam.ac.id
This study attempts to examine and analyze fundamental factors and to influence Dividend Payout Ratio and its impact on the company to companies 2014-2017 lq-45 period. In the form of financial report data obtained from the Indonesia stock exchange (IDX). The sample as many as 19 companies meet criteria. Analysis method data using analysis the linear regression and Path analysis. The data shows that the results of the analysis of its ROE

A. INTRODUCTION
The Indonesian stock exchange or the capital market continues to develop every year. Along with its development, it has become an effective means of accelerating financial growth, especially for any company that goes public. Currently the government is introducing and providing insight into the capital market to the public so that there will be a willingness and awareness to invest, and want to make this a lifestyle for people to take advantage of business opportunities.
Investing in the capital market, of course, investors must think rationally in dealing with trading on the Indonesia Stock Exchange. Meanwhile, for investors, the capital market allows investors to have healthy companies and high growth prospects, such as in the LQ45 index.
The LQ45 index is a stock market index and the Indonesia Stock Exchange which consists of companies that meet certain criteria, namely: 1. Including top 60 the market capitalization highest in 1-2 months 2. Including top 60 company with the transaction highest dipasar regular 12 months 3. Has been listed at indonesia stock exchange for at least 3 months 4. Having financial condition, growth prospects and transactions are high. In general, investors expect benefits from their investment, which can be in the form of capital gains or dividends. Dividends represent the share of net profit after tax that is distributed to shareholders. The company's dividend policy is reflected in DPR. DPR shows the share of profit distributed as dividends. DPR can affect investment decisions to be invested by investors, if the company's financial condition is good, the company will set a high DPR.
Fundamental factors for the analysis of "financial statements" are optimal for investors if investors can further analyze them through financial ratio analysis. Macroeconomics measurabled by many indicators such as inflation, interest rates, foreign exchange rates, money supply, GDP, and political and economic indicators. The macroeconomic variable used in this study is inflation. The opinion of Irham (2014: 67) states that inflation is an event that describes a situation and conditions where the price of goods has increase and the worth of the currency has weakened. The indicators of the prosperity of the shareholders can be seen from the ROE. Irham (2012: 98) states that ROE is the ratio used to examine the extent to which a company uses its resources to be able to provide ROE. This ratio is very important for shareholders to determine the effectiveness of the efficiency of their own capital management and to measure the level of return on investment that has been made by the company's shareholders.

(Saham, Ekonomi, Keuangan dan Investasi)
Kuniawan (2016), argues that the company's debt ratio as Debt to Equity Ratio (DER) reflects the company's ability to fulfill all of its obligations as shown by several parts of its own capital used to pay debt. An increase in debt can affect the size of the net profit available to shareholders, including dividends earned because the obligation to pay debt is more important than dividend distribution. Hery (2015: 235) argues that "Net Profit Margin (NPM)" is a ratio for gauging net income percentage on sales of net, this ratio is calculation by dividing net income to net sales. The higher NPM guide the higher efficiency, so this variable be important to be considered.
Then, the table of the Dividend Payout Ratio Growth in non-banking LQ45 companies:  (PER) is a ratio that measures how investors assess the company's future growth prospects, and is reflected in the stock price paid by investors for every rupiah of profit earned by the company. companies with high growth rate opportunities usually have high PER as well, and this shows that the market expects profit growth in the future.
Based on the description of the problem above, the research problems can be formulated as follows: 1.

Indirect effect (IE) (
) While the indirect effect is from X1 to Z through Y, from X2 to Z through Y, X3 to Z through Y, X4 to Z through Y or more simply can be presented as follows:

C. RESEARCH METHODOLOGY
The population in this study were non-banking LQ45 companies. The total population is 45 companies from 2014-2017. The non-banking LQ45 company has provided financial reports that can be seen by the public.
This study uses panel data, namely data using cross section data (19 companies) and time series data or based on time sequences (from 2014 -2017). The test used is the classic assumption test and hypothesis testing using the eviews version 9 application and path analysis using the sobel test. Table 4

.1 Descriptive Statistics Results Independent Variable (X) ROE, DER, and NPM Dependent Variable (Y) DPR and Variable (Z) Price Earning Ratio (PER)
Source: Research data processed 2020 (Eviews Version 9)

Analysis and Calculation
Seeing the magnitude of the influence of Return On Equity, Debt to Equity Ratio, Net Profit Margin and Inflation as independent variables on the Dividend Payout Ratio as the dependent variable using the Fixsed Effect Model.
Here is a fixed effect model for variable regression of Return On Equity, Debt to Equity Ratio, Net Profit Margin and Inflation as independent variables on the Dividend Payout Ratio.

t-Test 1) The Effect of Return On Equity on Dividend Payout Ratio in LQ45 Non-Banking Companies
The results of testing panel data analysis partially show the results of the t-count as follows for the independent variable ROE is 2.522175 while the t-table with α = 5% and df = (n-k)  76-4 = 72, then t-table = 1.66629, so that the t-count is smaller than the t-table (2.522175> 1.66629), so it can be concluded that the independent variable ROE has an influence on the dependent variable of the DPR. Then the probability value of ROE is smaller than the constant value (0.0337<0.05), it can be said to be significant, thus it can be stated that the ROE variable has a significant influence on DPR.

2) The Effect of Debt To Equity Ratio on Dividend Payout Ratio in LQ45 Non-Banking Companies
The results of the panel data analysis test partially show the results of t-count as follows for the independent variable DER is 1.747491 while the t-table with α = 5% and df = (n-k)  76-4 = 72, then t-table = 1.66629, so that the t-count is smaller than the t-SEKURITAS (Saham, Ekonomi, Keuangan dan Investasi) table (1.747491> 1.66629), so it can be concluded that the DER independent variable has an influence on the dependent variable DPR. Then the probability value of DER is smaller than the constant value (0.0296<0.05), so it can be said to be significant, thus it can be stated that the DER variable has a significant influence on the DPR.

3) The Effect of Net Profit Margin on Dividend Payout Ratio in Non-Banking LQ45 Companies
The results of the panel data analysis test partially show the results of t-count as follows for the independent variable NPM is -1.434784 while the t-table with α = 5% and df = (n-k)  76-4 = 72, then t-table = 1.66629 , so that the t-count is smaller than the t-table (-1.434784 <1.66629), so it can be concluded that the independent variable NPM has no influence on the dependent variable of the DPR. Then the probability value of 0.1572 is greater than the constant value (0.1572> 0.05), it can be said to be insignificant, thus it can be stated that the NPM variable has no effect and is not significant to the DPR.

4) The Effect of Inflation on Dividend Payout Ratio in Non-Banking LQ45 Companies
The outcome of testing panel data analysis partially show resulting t-count as follows for the independent variable. Inflation is 0.878498 while t-table with α = 5% and df = (n-k)  76-4 = 72, then t-table = 1.66629, so that t-count is smaller than t-table (0.878498 <1.66629), so it can be concluded that the independent variable inflation has no effect on the dependent variable of the DPR. Then the probability value of 0.3836 is greater than the constant value (0.3836>0.05), it can be said to be insignificant, thus it can be stated that the inflation variable has no effect and is not significant to the DPR.

5) The effect of the variable ROE, DER, NPM, and Inflation on the Dividend Payout Ratio simultaneously (Test F) in Non-Banking LQ45 Companies.
The F statistical test basically shows whether all the independent variables in the model have a joint influence on the dependent variable (Kuncoro, 2011). This test is carried out to see the effect of the independent variable simultaneously on the dependent variable. This test is carried out with a degree of confidence of 5%. The results of calculations using eviews are shown in table 4.11, the calculated F value is 6.453197 while the F table with a level of α = 5% and df1 = (k-1)  4-1'= 3'and df2 = (n-k)  76-4 = 72, the F table is 2.50.
Thus F statistic > F table (6.453197>2.50) so H0 is accepted or rejected H1, hence that all the X variables simultaneously have an influence on the Y variable. Based on the probability value (Statistical prop from table 4.11 which is the same with 0.000000 thus F statistics > 0.05 (0.000000 <0.05) so that H1 is accepted or rejects H0. Based on this analysis, the conclusion that the variables ROE, DER, NPM, and Inflation simultaneously significantly influence on the DPR.

Determination Coefficient Testing (Adjustted R-Square)
the sample can represent the total population. the sample can represent the total population. Based on table 4.11, the amount of Adjustted R-Square (R 2 ) is 0.798164, it means that the sample can represent the total population of 79.82%. This means that the sample in this regression is able to repres ent the total population of approximately 79.82% while 20.18% is influenced by other factors from outside the regression model and based on the table. Interpretation of the coefficient of determination has a very high level of influence.   Value through the DPR is (0.610 x 0.302) = 0.184. To test the significance of this indirect effect using the Sobel test. From the results of the calculation of the sobel test above, the z value obtained is 1.728, because the z value obtained is 1.728 <1.96 (absolute z value) with a significance level of 5%, it significantly proves that there is no indirect effect of ROE on firm value mediated by DPR.
2) Effect of DER on Z through Y Based on the results of statistical tests, it is found that the direct effect of DER (X2) on PER (Z) and the indirect effect mediated by the DPR (Y) is as follows: From the calculation of the sobel test, the z value obtained is -0.601, because the z value obtained is -0.601 <1.96 (absolute z value) with a significance level of 5%, it significantly proves that there is no indirect effect of DER on firm value mediated by DPR.

3) Effect of NPM on Z through Y
Based on the results of statistical tests, it is found that there is a direct effect of NPM (X3) on PER (Z) and the indirect effect mediated by DPR (Y) i s as follows: From the calculation of the sobel test, the z value obtained is -3.688, because the z value obtained is -3.688 <1.96 (absolute z value) with a significance level of 5%, it significantly proves that there is no indirect effect of NPM on firm value mediated by DPR.

4) Effect of Inflation on Z through Y
Based on the results of statistical tests, it is found that there is a direct effect of inflation (X4) on PER (Z) and the indirect effect mediated by the DPR (Y) is as follows:  From the calculation of the sobel test, the z value obtained is -5.127, because the z value obtained is -5.127 <1.96 (absolute z value) with a significance level of 5%, it significantly proves that there is no indirect effect of NPM on firm value mediated by DPR.

1) The Effect of Return on Equity on Dividend Payout Ratio in LQ45 Non-Banking
Companies H1: the results of testing the hypothesis of the effect of Return on Equity on the Dividend Payout Ratio obtained t-count <t-table (2.522175>1.66629) with a probability value (significance) of 0.0337<0.05, then H1 is accepted and H0 is rejected. This shows that there is a significant and significant effect of the Return On Equity variable on the Dividend Payout Ratio in non-banking LQ45 companies. A positive sign is shown by the coefficient value of the Return On Equity variable, meaning that Return On Equity and Dividend Payout Ratio have a unidirectional relationship. The higher the Return On Equity value, the higher the Dividend Payout Ratio, and vice versa, the lower the Return On Equity, the lower the Dividend Payout Ratio value. decreasing will the company provide income to shareholders. ROE, that explains the extent to which the company capacity to yield a profit which may be obtained by the shareholders (its net profit after interest and taxes divided by the number of their own capital) 2) The Effect of Debt To Equity Ratio on Dividend Payout Ratio in LQ45 Non-Banking Companies H2: the results of hypothesis testing of the effect of Debt to Equity Ratio (DER) on Dividend Payout Ratio obtained t-count <t-table (1.747491>1.66629) with a probability value (significance) of 0.0296<0.05, then H1 is accepted and H0 is rejected. This shows that there is a significant influence and significant in either the ratio of debt to equity to the ratio of dividend payments on non-perbankan LQ45 company, a positive sign shown by the value of the variable the ratio of debt to equity, which means that the ratio of debt to equity its dividend payment links in line. The higher of DER, the higher the ratio of DPR, and vice versa, the lower the ratio of debt to equity, the lower the ratio of DPR.
The ratio of debt to equity is the debt ratio (leverage) of capital. This ratio measures how far the company is financed by debt where the higher the value of this ratio illustrates a symptom of being unfavorable for the company. Investors in investing do not see the importance of using debt or returning interest and principal debt because investors feel confident in managing company debt. 3) The Effect of Net Profit Margin on Dividend Payout Ratio in LQ45 Non-Banking Companies H3: the results of testing the hypothesis of the effect of Net Profit Margin on the Dividend Payout Ratio obtained by t-count <t-table (-1.434784>1.66629) with a probability value (significance) of 0.1572>0.05, then H1 is rejected and H0 is accepted. This shows that there is no significant influence from the Net Profit Margin variable on the Dividend Payout Ratio in non-banking LQ45 companies, a negative sign which is shown by the coefficient value of the Net Profit Margin variable, meaning that the Net Profit Margin and Dividend Payout Ratio have an inverse relationship. The higher the Net Profit Margin value, the higher the Dividend Payout Ratio (DPR) value, and vice versa, the lower the Net Profit Margin, the lower the Dividend Payout Ratio value. This is due to the high gross profit, because this high gross profit shows that the company's performance is good and productive so that investor confidence increases to invest. The company which has stability can profit determining the extent to which DPR to investors and signifying the quality of corporate profits. 4) The Effect of Inflation on Dividend Payout Ratio in Non-Banking LQ45 Companies H4: the results of testing the hypothesis of the effect of inflation on the Dividend Payout Ratio obtained t-count <t-table (0.878498>1.66629) with a probability value (significance) of 0.3836> 0.05, then H1 is rejected and H0 is accepted. This shows that there is no and significant influence of the inflation variable on the Dividend Payout Ratio in non-banking LQ45 companies. A negative sign is shown by the coefficient value of the inflation variable, meaning that inflation and the Dividend Payout Ratio have an inverse relationship. a high inflation factor also allows an effect on the price of a stock. Inflation will reduce purchasing power and decrease the value of company assets (Permana and Sularto, 2008). A high inflation rate is usually associated with an overheated economy. This means that the condition of the economy slips into demand for products exceeds the capacity of adequate inventories of the product they, consequently prices tended to increase. That is too high inflation will also sent down purchasing power of money. In addition, high inflation can also reduce the level of real income from their investments (Kewal, 2012). This result can occur if the LQ45 company is able to respond to rising inflation by increasing the selling price of its products. So that there is no reason for companies to increase dividends. 5) The Effect of Return On Equity, Debt To Equity Ratio, Net Profit Margin and Inflation on Dividend Payout Ratio Simultaneously in LQ45 Non-Banking Companies H5: The results of hypothesis testing of the effect of inflation on the Dividend Payout Ratio show that the simultaneous influence of ROE, DER, NPM, and Inflation on the DPR (F-Test). The test statistics F basically indicates whether all the independent variable in the model have influence with him on the dependent variable (Kuncoro, 2011). This test is carried out to see the effect of the independent variable simultaneously on the dependent variable. This test is carried out with a degree of confidence of 5%. The results of calculations using eviews are shown in table 4.11, the calculated F value is 6.453197 while the F table with a level of α = 5% and df1 = (k-1)  4-1 = 3 and df2 = (n-k)  76-4 = 72, obtained F table of 2.50.
Thus F statistic > F table (6.453197> 2.50) so H0 is accepted or rejected H1, it can be concluded that all the independent variables simultaneously have an influence on the dependent variable. Then it is also seen from the probability value (Statistical prop from table 4.11 which is equal to 0.000000 thus Fstatistics> 0.05 (0.000000 <0.05) so that H1 is accepted or rejects H0.Based on this analysis, it can be stated that the variables ROE, DER, NPM, and Inflation simultaneously There is a significant and significant influence on the DPR. the amount of Adjustted R-Square (R2) is 0.798164, it means that the sample can represent a total population of 79.82%. This means that the sample in this regression is able to represent a total population of approximately