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PENGARUH LIKUIDITAS, LEVERAGE, EFISIENSI OPERASI, DIVIDEND PAYPUT RATIO, PROFITABILITAS DAN UKURAN PERUSAHAAN TERHADAP RISIKO SISTEMATIS DAN NON-SISTEMATIS (Studi pada Perusahaan Non-Keuangan Indeks LQ45 Periode 2012-2016)

*Nana Varian Januardi  -  Departemen Manajemen Fakultas Ekonomika dan Bisnis Universitas Diponegoro
Erman Denny Arfianto  -  Departemen Manajemen Fakultas Ekonomika dan Bisnis Universitas Diponegoro

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Abstract

             Risk is a very important part in investment decision. Therefore, any factors that explain the risk dynamics need further research. There are 2 types of investment risk, systematic risk and non-systematic risk. Liquidity, leverage, operating efficiency, dividend payout ratio, profitability, and company size are financial variables that expected to be a determinants of systematic and non-systematic risks.

            The objective of this research is to understand the relationship between liquidity, leverage, operating efficiency, dividend payout ratio, profitability, and company size with systematic and non-systematic risks in Indonesia capital markets. This research was done by observing non-finance companies indexed in LQ45 2016 between 2012 to 2016 (5 years).

            The result shows that liquidity has a  negative and significant effect towards systematic and non-systematic risks. Profitability carries negative and significant effect towards systematic risk, operating efficiency and company size carries negative and significant effect towards non-systematic risk.
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Keywords: systematic risk, non-systematic risk, liquidity, leverage, operational efficiency, dividend payout ratio, probability and company size

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