PENGARUH CURRENT RATIO, DEBT TO EQUITY RATIO, DAN RETURN ON EQUITY TERHADAP RETURN SAHAM DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL INTERVENING (Studi Kasus Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2018-2020)

RAMDANI, ESA ROYANA (2022) PENGARUH CURRENT RATIO, DEBT TO EQUITY RATIO, DAN RETURN ON EQUITY TERHADAP RETURN SAHAM DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL INTERVENING (Studi Kasus Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2018-2020). Bachelor thesis, UNIVERSITAS MUHAMMADIYAH PURWOKERTO.

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Abstract

This study aims to examine the role of dividend policy in mediating the effect of the current ratio, debt to equity ratio, return on equity on stock returns. The object of this research is all manufacturing companies listed on the Indonesia Stock Exchange. The data used is secondary data in the form of annual financial reports for the 2018-2020 period. The sample in this study was 34 companies from 195 manufacturing companies that matched the criteria based on purposive sampling technique. The data analysis technique used is multiple regression analysis and Sobel test. The results of the analysis show that return on equity has a positive effect on dividend policy, the current ratio and debt to equity ratio have no effect on dividend policy. Meanwhile debt to equity ratio and dividend policy have a negative effect on stock returns, current ratio and return on equity have no effect on stock returns, dividend policy is not able to mediate the effect of current ratio and debt to equity ratio on stock returns, but can mediate the effect of return on equity to stock returns.

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