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Proceedings

PENGARUH PROFITABILITAS DAN LEVERAGE TERHADAP HARGA SAHAM DENGAN KEBIJAKAN DEVIDEN SEBAGAI VARIABEL INTERVENING

Management Dynamics Conference 8 · Vol. 8 No. 1 (2023) · pp. 175–193

Published
2023-06-22
Publisher
FPJM
Language
en

Abstract

Abstract This study aims to analyze the effect of return on assets (ROA) and debt equity ratio (DER) on stock prices through dividend policy as an intervening variable in manufacturing companies in sub sector food and beverage. This research is a type of hypothesis testing research with quantitative methods. The sample consists of 11public companies. Data collection used electronic research and library research techniques and data analysis used descriptive statistical analysis, classical assumption test, path analysis, and sobel test. The results of the study, it can be concluded thatt return on assets (ROA) has positive and significant effect on dividend policy; debt equity ratio (DER) has negative and significant effect on dividend policy; return on assets (ROA) and debt equity ratio (DER) have positive and significant effect on stock prices; dividend policy has positive and significant effect on stock prices; return on assets (ROA) mediated by dividend policy has positive and insignificant effect and debt equity ratio (DER) mediated by dividend policy has negative and insignificant effect on stock prices. Abstrak Penelitian ini bertujuan untuk mengetahui pengaruh return on asset (ROA) dan debt equity ratio (DER )terhadap terhadap harga saham melalui kebijakan deviden sebagai variabel intervening pada perusahaan manufaktur sub sektor makanan dan minuman. Penelitian ini merupakan jenis penelitian pengujian hipotesis dengan metode kuantitatif. Diperoleh sampel sebanyak 11 emiten. Pengumpulan data menggunakan teknik electronic research dan library research serta analisis data menggunakan analisis statistik deskriptif, uji asumsi klasik, analisis jalur, dan uji sobel. Hasil penelitian menunjukkan bahwa return on asset (ROA) memberikan pengaruh yang positif dan signifikan terhadap kebijakan deviden; debt equit ratio (DER) memberikan pengaruh negatif dan signifikan terhadap kebijakan deviden; return on asset (ROA) dan debt equity ratio (DER) memberikan pengaruh yang positif dan signifikan terhadap harga saham; kebijakan deviden memberikan pengaruh yang positif dan signifikan terhadap harga saham; return on asset (ROA) yang dimediasi oleh kebijakan deviden memberikan pengaruh yang positif dan tidak signifikan dan debt equity ratio (DER) yang dimediasi oleh kebijakan deviden memberikan pengaruh yang negatif dan tidak signifikan terhadap harga saham.

Keywords

Collaboration network of the authors

36 authors · 108 co-authorship links · 1 across different organisations

Hover or tap a name to highlight its co-authors. Double-click to open the author's page.

  • Universitas Halu Oleo
  • Syarif Hidayatullah State Islamic University Jakarta
  • Universitas Sulawesi Tenggara
  • STIKOM Tunas Bangsa
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
Nurcholis NurcholisAffiliation unknown1
Ahmad FurqonAffiliation unknown1
Yamin YaddiAffiliation unknown1
Nasrudin NasrudinAffiliation unknown1
RAHMANPIU RAHMANPIUAffiliation unknown1
Eva HerikUniversitas Halu Oleo1
Waode SuarniAffiliation unknown1
Hasbuddin HasbuddinAffiliation unknown1
Nur AsniAffiliation unknown1
HamrullahAffiliation unknown1
Amanus Khalifah Fil’ardy YunusAffiliation unknown1
Abdul Wahid JamaluddinAffiliation unknown1
Wa Ode Santa MonicaAffiliation unknown1
Nining PurwasihAffiliation unknown1
Diah PermataAffiliation unknown1
Herman H. SinagaAffiliation unknown1
AwansahAffiliation unknown1
Razzan Fadillah SyafaAffiliation unknown1
Syahid Abdul HaqAffiliation unknown1
Bramantio Anugrahta BangunAffiliation unknown1
I Putu Penta SentosaAffiliation unknown1
Muhammad Farhan FadillahAffiliation unknown1
Kharisma Bilqis ZaqiAffiliation unknown1
Elvin Thoo KhailunAffiliation unknown1
GusmiatyAffiliation unknown1
Muh RestuAffiliation unknown1
Syamsul RijalSyarif Hidayatullah State Islamic University Jakarta1
Kholid Al WalidAffiliation unknown1
Mohsen MiriAffiliation unknown1
Nurul Ain NormanAffiliation unknown1
Muhammad Bagas Ragil WicaksonoAffiliation unknown1
Andri AndriSTIKOM Tunas Bangsa1
I Wayan SudarsanaUniversitas Sulawesi Tenggara1
Desy LusiyantiAffiliation unknown1
SRI WAHYUNIAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://journal.unhas.ac.id/index.php/madic8/oai, first harvested 2 Nov 2026, last seen 2 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en">PENGARUH PROFITABILITAS DAN LEVERAGE TERHADAP HARGA SAHAM DENGAN KEBIJAKAN DEVIDEN SEBAGAI VARIABEL INTERVENING</dc:title>
	<dc:creator xml:lang="en">Lestari, Ayu </dc:creator>
	<dc:subject xml:lang="en">return on asset (ROA)</dc:subject>
	<dc:subject xml:lang="en">debt equity ratio (DER)</dc:subject>
	<dc:subject xml:lang="en">kebijakan deviden</dc:subject>
	<dc:subject xml:lang="en">harga saham</dc:subject>
	<dc:description xml:lang="en">Abstract
This study aims to analyze  the effect of return on assets (ROA) and debt equity ratio (DER) on stock prices through dividend policy as an intervening variable in manufacturing companies in sub sector food and beverage. This research is a type of  hypothesis testing research with quantitative methods. The sample consists of 11public companies. Data collection used electronic research and library research techniques and data analysis used descriptive statistical analysis, classical assumption test, path analysis, and sobel test. The results of the study, it can be concluded thatt return on assets (ROA) has positive and significant effect on dividend policy; debt equity ratio (DER) has negative and significant effect on dividend policy; return on assets (ROA) and debt equity ratio (DER) have positive and significant effect on stock prices; dividend policy has positive and significant effect on stock prices; return on assets (ROA) mediated by dividend policy has positive and insignificant effect and debt equity ratio (DER) mediated by dividend policy has negative and insignificant effect on stock prices.
Abstrak
Penelitian ini bertujuan untuk mengetahui pengaruh return on asset (ROA) dan debt equity ratio (DER )terhadap terhadap harga saham melalui kebijakan deviden sebagai variabel intervening pada perusahaan manufaktur sub sektor makanan dan minuman. Penelitian ini merupakan jenis penelitian pengujian hipotesis dengan metode kuantitatif. Diperoleh sampel sebanyak 11 emiten. Pengumpulan data menggunakan teknik electronic research dan library research serta analisis data menggunakan analisis statistik deskriptif, uji asumsi klasik, analisis jalur, dan uji sobel. Hasil penelitian menunjukkan bahwa return on asset (ROA) memberikan pengaruh yang positif dan signifikan terhadap kebijakan deviden; debt equit ratio (DER) memberikan pengaruh negatif dan signifikan terhadap kebijakan deviden; return on asset (ROA) dan debt equity ratio (DER) memberikan pengaruh yang positif dan signifikan terhadap harga saham; kebijakan deviden memberikan pengaruh yang positif dan signifikan terhadap harga saham; return on asset (ROA) yang dimediasi oleh kebijakan deviden memberikan pengaruh yang positif dan tidak signifikan dan debt equity ratio (DER) yang dimediasi oleh kebijakan deviden memberikan pengaruh yang negatif dan tidak signifikan terhadap harga saham.</dc:description>
	<dc:publisher xml:lang="en">FPJM</dc:publisher>
	<dc:date>2023-06-22</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unhas.ac.id/index.php/madic8/article/view/25734</dc:identifier>
	<dc:source xml:lang="en">Management Dynamics Conference 8; Vol. 8 No. 1 (2023): MADIC ; 175-193</dc:source>
	<dc:language>en</dc:language>
	<dc:relation>https://journal.unhas.ac.id/index.php/madic8/article/view/25734/10022</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2023 Management Dynamics Conference 8</dc:rights>
</oai_dc:dc>