Article Sidebar

Accepted
Nov 27, 2023
Published
May 25, 2023
Download
PDF
Statistic
Read Counter : 606 Download : 497

Main Article Content

Abstract

Research has been done with the title Effects of Financial Performance and Company Size on Stock Prices with Dividend Policy as a Moderating Variable (Empirical Study of Basic Industry and Chemical Companies Listed on the Indonesia Stock Exchange for the 2017-2021 period). The researcher took a sample of 20 companies on the Indonesia Stock Exchange. The purpose of this research is to prove the influence of Return on Assets, Current Ratio, Debt to Equity Ratio and Company Size both partially and simultaneously on Stock Prices moderated by Dividend Policy. Data analysis using Panel Data Regression and Moderating Regression Analysis (MRA). The results of the study found that Return on Assets had a significant positive effect on. Current Ratio has a significant negative effect on stock prices. Debt to Equity Ratio has a significant negative effect on stock prices. Company size has a significant positive effect on stock prices. Return On Assets, Current Ratio, Debt to Equity Ratio and Company Size together have a significant positive effect on stock prices. Dividend Policy is able to moderate the effect of Return on Assets on Stock Prices. Dividend Policy is able to moderate the effect of the Current Ratio on Stock Prices. Dividend Policy is able to moderate the effect of the Debt-to-Equity Ratio on Share Prices. Dividend Policy is able to moderate the effect of Company Size on Share Prices in Chemical and Basic Industrial Companies listed on the Indonesia Stock Exchange during the 2017-2021 period.

Keywords

Return on Assets Current Ratio Debt to Equity Ratio Company Size Stock Price Dividend Policy

Article Details

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

In submitting the manuscript to the International Journal of Educational Administration, Management, and Leadership (IJEAMaL), the authors certify that:

  • They are authorized by their co-authors to enter into these arrangements.
  • The work described has not been formally published before, except in the form of an abstract or as part of a published lecture, review, thesis, or overlay journal.
  • That it is not under consideration for publication elsewhere,
  • The publication has been approved by the author(s) and by responsible authorities – tacitly or explicitly – of the institutes where the work has been carried out.
  • They secure the right to reproduce any material that has already been published or copyrighted elsewhere.
  • They agree to the following license and copyright agreement.

License and Copyright Agreement

Authors who publish with the International Journal of Educational Administration, Management, and Leadership (IJEAMaL) agree to the following terms:

  • Authors retain copyright and grant the International Journal of Educational Administration, Management, and Leadership (IJEAMaL) right of first publication with the work simultaneously licensed under Creative Commons Attribution License (CC BY 4.0) that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
  • Authors can enter into separate, additional contractual arrangements for the non-exclusive distribution of the International Journal of Educational Administration, Management, and Leadership (IJEAMaL) published version of the work (e.g., post it to an institutional repository or edit it in a book), with an acknowledgment of its initial publication in this journal.
  • Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) before and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
How to Cite
Lisdawati , L. (2023). The Effect of Financial Performance and Company Size on Stock Price with Dividend Policy as A Moderating Variable . International Journal of Educational Administration, Management, and Leadership, 4(1), 57-64. https://doi.org/10.51629/ijeamal.v4i1.121

References

  1. Alifatussalimah; Sujud, Atsari. (2020). Pengaruh Roa, Npm, Der, Dan Eps Terhadap Harga Saham Perusahaan Subsektor Perkebunan Di Bursa Efek Indonesia. Jurnal Manajemen Oikonomia, Volume 16, No. 2, Juli 2020.
  2. Fahmi, I. (2014). Analisis Kinerja Keuangan, Bandung: Alfabeta.
  3. Felimban, R., Floros, C. and Nguyen, A.-N. (2018), "The Impact of Dividend Announcements on Share Price and Trading Volume: Empirical Evidence from The Gulf Cooperation Council (GCC) Countries", Journal of Economic Studies, Vol. 45 No. 2, pp. 210-230.
  4. Gujarati, N. Damodar., Porter, C. Dawn. (2014). Basic Econometrics, 5th edition (Dasar-Dasar Ekonometrika Buku 1, Edisi 5). The McGraw-Hill Companies, Penerbit Salemba 4 Jakarta.
  5. Gunawan, J., Funny, F., Marcella, C., Evelyn, E., & Sitorus, J. S. (2020). Pengaruh CR (Current Ratio), DER (Debt to Equity Ratio), EPS (Earning Per Share) dan Financial Distress (Altman Score) Terhadap Harga Saham Pada Perusahaan Sektor Industri Dasar dan Kimia Yang Terdaftar Di Bursa Efek Indonesia. Owner: Riset Dan Jurnal Akuntansi, 4(1), 1-15. https://doi.org/10.33395/owner.v4i1.176
  6. Hafeez, M. Mohsin; Sadia Shahbaz, Iqra Iftikhar, Hamid Ali Butt. (2018). “Impact of Dividend Policy on Firm Performance: (Evidence from the Manufacturing firms in Pakistan)”, International Journal of Advance Study and Research Work (2581-5997)/ Volume 1/Issue 4/July 2018
  7. Kasmir. (2015). Analisis Laporan Keuangan. Jakarta: PT Raja Grafindo Persada.
  8. Khanthavit, Anya (2020). “Return On Assets’ Abnormal Trading Behavior in the Time of COVID-19”, Journal of Asian Finance, Economics and Business Vol 7 No 9 (2020) 063–074. doi:10.13106/jafeb.2020.Vol.7 No.9.063
  9. Lintner, John, (1956), “Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes.” The American Economic Review, Vol. 46, No. 2, Papers and Proceedings of the Sixtyeighth Annual Meeting of the American Economic Association (May, 1956), pp. 97-113.
  10. Mardanny, A., & Suhartono, S. (2022). “Kemampuan Keputusan Pendanaan Dan Keputusan Investasi Memoderasi Pengaruh Kepemilikan Keluarga Dan Kepemilikan Institusional Terhadap Harga Saham”. Jurnal Akuntansi, 11(1), 37–52. https://doi.org/10.46806/ja.v11i1.853
  11. Mussalamah, Arum Desmawati Murni & Isa, Muzakar. (2015). Pengaruh Earning Per Share (Eps), Debt To Equity Ratio (Der) Dan Return On Equity (Roe) Terhadap Harga Saham (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2007-2011). BENEFIT Jurnal Management dan Bisnis, Volume 19, Nomor 2, Desember 2015: 189-195
  12. Mudjiyono, M., Sudarman, S., Kristiyani, H., & Dewi, R. (2022). “Pengaruh Struktur Modal, Ukuran Perusahaan, dan Debt to Equity Ratio terhadap Harga Saham pada Perusahaan Manufaktur yang Terdaftar di BEI”. JBE (Jurnal Bingkai Ekonomi), 7(2), 16-29. https://doi.org/10.54066/jbe.v7i2.219
  13. Putra, T.A; Andreas, A.; & Savitri, E. (2022). “The Effect of Institutional Ownership, Families’ Ownership, Ownership Concentration and Dividend Policy Towards Firm Performance”. Indonesian Journal of Economics, Social, and Humanities, 4(2), 151-165.
  14. Rajverma, A.K., Misra, A.K., Mohapatra, S. and Chandra, A. (2019), "Impact Of Current Ratio And Dividend On Firm Performance And Firm Risk", Managerial Finance, Vol. 45 No. 8, pp. 1041-1061. https://doi.org/10.1108/MF-09-2018-0443.
  15. Sugiyono. (2017). Metode Penelitian Kuantitatif, Kualitatif, R & D. Bandung: Alfabeta.
  16. Suteja, Jaja. (2020). Kajian Struktur Kepemilikan Perusahaan Terbuka Di Indonesia. Universitas Pasundan, Bandung.
  17. Wardoyo, Dwi Urip; Kusumaningtyas, Aurelia Widya; Afifah, Dhiya Rifdah; Pangestu, Fatimah Ilhami Galih. (2022). “Pengaruh Intangible Asset Dan Kepemilikan Asing Terhadap Harga Saham Pada Perusahaan Sektor Infrastruktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2018-2020”. Juremi: Jurnal Riset Ekonomi, Vol.2 No.1 Juli 2022.
  18. Winarno, Wahyu Wing. (2015). Analisis Ekonometrika dan Statistika dengan Eviews, Edisi empat. Yogyakarta: UPP STIM YKPN.
  19. Yunior, Khomeiny; Winata, Jennifer; Olivia; Sinaga, Saut Parttuppuan. (2021). Pengaruh Struktur Modal, Ukuran Perusahaan, Dan Profitabilitas Terhadap Harga Saham (Studi Kasus Pada Sub Sektor Makanan Dan Minuman Yang Terdaftar di Bursa Efek Indonesia). Jurnal Ekonomi & Ekonomi Syariah Vol 4 No 1, Januari 2021