FACTORS AFFECTING STOCK PRICE WITH DIVIDEND POLICY AS MODERATING VARIABLE
Main Article Content
Abstract
The goal of this research was to gather empirical evidence on the effect of Firm size, Return On Equity, Leverage and Net Profit Margin on stock price, using Dividend Policy as moderating variable in consumer non cyclicals companies listed on the Indonesia Stock Exchange between 2020 and 2022. The method which is used to obtain the sample were purposive sampling and the data that met the criteria were 42 data from 18 companies which were processed using Statistical Package for the Social Science (SPSS) vers 26.0. Partially, Return On Equity has a significant and positive effect on stock price, Leverage (DER) and Net Profit Margin have a significant and negative effect on Stock Price, while Firm Size (Ln Asset) has no significant and positive effect on Stock Price. Dividend policy (DPR) unable to moderate the effect of Firm size, Return On Equity, Leverage and Net Profit Margin on Stock Price.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
This journal provides immediate open access to its content on the principle that making research freely available to the public supports a greater global exchange of knowledge.
IJAEB by Graduate Program of Universitas Tarumanagara is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.. Permissions beyond the scope of this license may be available at https://journal.untar.ac.id/index.php/ijaeb
References
Ainun, M. B. (2019). Pengaruh kebijakan dividen terhadap harga saham (studi pada perusahaan maufaktur di bursa efek Indonesia periode 2011-2015). Jurnal Akuntabel, vol. 16, no. 2, 230-237.
Angelina, L., & Salim, S. (2021). Pengaruh EVA, firm size, DPR dan PBV terhadap harga saham perusahaan manufaktur. Jurnal Multiparadigma Akuntansi, vol. 3, no. 1, 129-136.
Anjani, Z., T., & Budiarti, A. (2021). Pengaruh rasio leverage, likuiditas, aktivitas dan ukuran perusahaan terhadap harga saham pada perusahaan tekstil dan garmen di BEI. Jurnal Ilmu dan riset manajemen, vol. 10, no. 2.
Arumsari, R., Dewi, R. R., & Siddi, P. (2020), Factors Affecting Stock Price in Insurance Companies Listed on BEI. Journal of Business, Management, and Accounting, vol. 2, no. 1, 189-196.
Brigham, E. F., & Houston, J. F. (2018). Fundamentals of Financial Management 14th edition, vol. 1. Jakarta: Salemba Empat.
Bustani. (2020). The Effect of Return on Asset (ROA), Net Profit Margin (NPM), Dividend Payout Ratio (DPR) and Dividend Yield (DY) on Stock Prices in the Subsectors insurance Company Listed in Indonesia Stock Exchange Period 2015-2018. Ilomata International Journal of Management, 1(3), 170-178.
Choiriya, C., Fatimah, F., Agustina, S., & Ulfa, F. A.(2020) The Effect of Return Assets, Return on Equity, Net Profit Margin, Earning per Share, and Operating Profit Margin on Stock Prices of Banking Companies In Indonesia Stock Exchange. International Journal of Finance Research, vol. 1, no. 2, 103-123.
Darmawan. (2020). Dasar-Dasar Memahami Rasio dan Laporan Keuangan (Cetakan 1). UNY Press.
Edmond, D., & Hastuti, R. T. (2019). Faktor-Faktor Yang Mempengaruhi Harga Saham Pada Perusahaan Manufaktur Yang Terjadi Di BEI. Jurnal Multiparadigma Akuntasi, vol. 1, no. 3, 817-826.
Gulo, S., Sofiyan, Faris, S., & Rosita (2022) The Effect of Earning Per Share (EPS) and Company Size on Stock Prices with Dividend Policy as Moderatin Variables in Trade, Services, And Investment Companies Listed on The Indonesia Stock Exchange (IDX) Period 2016-2020. International Journal of Research and Review, vol. 9, no. 9, 222-229.
Hamid, A., & Dailibas. (2021). Pengaruh Return on Asset dan Net Profit Margin terhadap Harga Saham. Journal of Economic, Business and Accounting, vol. 4, no. 2, 485-491.
Hanafi, M. M., & Halim, A. (2018). Analisis Laporan Keuangan (Kelima). Yogyakarta: UPP STIM YKPN.
Hermanto, A., & Ibrahim, I. D. K., (2020). Analisis Pengaruh Return on Equity (ROE), Earning per Share (EPS), Debt to Equity Ratio (DER) dan Dividend Payout Ratio (DPR) terhadap Harga Saham pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2018. Jurnal Manajemen dan Bisnis, 2(2), 179-194.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, vol. 3, 305-360.
Khasanah, Z. A., & Suselo, D. (2021). Pengaruh ROA, ROE, DER dan CR terhadap Harga Saham pada Sektor Technology. Jurnal Riset Ekonomi, vol. 1, no.1, 109-118.
Kosasih, C., & Setyawan, I. R. (2022). Pengaruh Profitabilitas, Leverage dan Modal Intelektual terhadap Harga Saham. Jurnal Manajerial dan Kewirausahaan, vol. 4, no. 4, 882-890.
Kurnia, D., & Sunaryo, D. (2023) Settlement of Stock Price Issues with Dividend Payout Ratio and Debt to Asset Ratio as moderating variables in the retail sub sector. Jurnal Akuntansi, vol. 10, no. 1, 148-171
Lestari, A. P., & Susetyo, A. (2020) . Pengaruh NPM, EPS, DER dan PBV terhadap Harga Saham pada Perusahaan Terdaftar IDX HIDIV20 dengan DPR sebagai Variabel Intervening. Jurnal Ilmiah Mahasiswa Manajemen, Bisnis dan Akuntansi, vol. 2, no. 2, 184-196.
Margaret, M., & Bangun, N. (2022). Pengaruh Market Value Added, Net Profit Margin dan Exchange Rate terhadap Stock Price. Jurnal Multiparadigma Akuntansi Tarumanagara, vol. 4, no. 2, 818-825.
Mustaqim, M. (2021). Pengaruh Kinerja Keuangan terhadap Harga saham di Musim Pandemi (study pada perusahan sektor Farmasi yang terdaftar di BEI). Jurnal Greenomika, vol. 3, no. 1, 15-21
Nainggolan, A. (2019). Pengaruh EPS, ROE, NPM, DER, PER terhadap Harga Saham pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia periode 2014-2017. Jurnal Manajemen, vol. 5, no. 1, 61-70.
Novianto, K., P., & Budiyanto., (2020). Pengaruh likuiditas, leverage, dan ukuran perusahaan terhadap harga saham pada perusahaan property and real estate yang terdaftar di BEI. Jurnal Ilmu dan Riset Manajemen, 9 (6), 2-18.
Novita, R. D., Djazuli, A., & Choiriyah (2022). The Effect of Profitability, Compay Size and Capital Structure on Stock Prices in the Consumer Goods Industry Sector Listed on the Indonesia Stock Exchange. International Journal of Finance Research, vol. 3, no. 2, 101-112.
Rahmadewi, P. W., & Abundanti, N. (2018). Pengaruh EPS, PER, CR dan ROE terhadap Harga saham di Bursa Efek Indonesia. Jurnal Manajemen Unud, vol. 4, no. 7, 2106-2133.
Rahmatiah, C. (2020). Pengaruh ukuran perusahaan, ROE, DER dan EPS terhadap harga saham pada perusahaan makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2015-2019. Jurnal Ilmiah Ekonomi Bisnis, vol. 6, no. 3, 372-385.
Ridha, M., A. (2019) Pengaruh rasio keuangan, ukuran perusahaan dan arus kas operasi terhadap harga saham syariah. Jurnal Ilmiah Akuntansi, vol. 4, no. 2, 184-200.
Rohmat, S. N., & Ramdani, D. (2022). Pengaruh Profitabilitas, Leverage dan Nilai Pasar terhadap Harga Saham Pada Perusahaan Perbankan BUMN. Jurnal Ekonomi, Bisnis dan Manajemen, vol. 1, no. 4, 202-216.
Sahari, K. A., & Suartana, I. W. (2020). Pengaruh NPM, ROA, ROE terhadap harga saham pada perusahaan LQ45. Jurnal Akuntansi, vol. 30, no. 5, 1258-1269.
Sidabutar, E., Masyithoh, S., & Ginting, Y. L., (2019). Pengaruh struktur modal, perputaran piutang dan dividend payout ratio terhadap harga saham. Jurnal Akuntansi dan Keuangan Akuntabel, vol. 16, no. 2, 179-188.
Siregar, N.Y., & Fitria, R. (2018). Pengaruh Corporate Governance Terhadap Restatement dan Dampaknya Terhadap harga Saham. Jurnal Ilmiah ESAI, vol. 12, no. 2, 71-88
Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, vol. 87, no. 3, 355- 374.
Suprayogi, A., Ali, N., & Fahrozi, R. (2022). Pengaruh kinerja keuangan, ukuran perusahaan dan leverage terhadap harga saham pada perusahaan manufaktur yang terdaftar di Bursa Efek Indoneisa tahun 2019-2021. Jurnal Ekonomi Efektif, vol. 5, no. 1, 119-124.
Sururi, W., Yahya, I., & Abubakar, E. (2021) Analysis of the Effect of Financial Performance Company Size on Stock Prices with Dividend Policy as Moderating Variable in Pharmaceutical Companies Listed on the Indonesia Stock Exchange 2013-2019. Internatioan Journal of Research and Review, vol. 8, no. 7, 161-168.
Syawalina, C., F., & Harum, T., R. (2020). Pengaruh likuiditas, profitabilitas dan ukuran perusahaan terhadap harga saham pada perusahaan sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia. Jurnal Akuntansi Muhammadiyah, vol. 10, no. 2, 188-196.
Wenny, & Hastuti, R. T. (2020). Faktor yang mempengaruhi Harga Saham pada Indeks LQ45 yang terdaftar di BEI. Jurnal Multiparadigma Akuntansi Tarumanagara, vol. 2, no. 1, 317-326.
Yuantoro, A., & Andayani, S. (2021). Pengaruh EPS, ROE, DER terhadap Harga Saham dengan DPR sebagai variabel moderasi. Jurnal Riset Terapan Akuntansi, vol. 5, no. 1, 10-21.