This study aims to examine the effect of profitability, leverage, and firm size
on stock returns with dividend policy as a moderating variable. The population
in this study are manufacturing companies listed on the Indonesia Stock
Exchange (IDX) for the 2019-2021 period, totaling 132 companies. This
sampling technique was carried out using a purposive sampling technique for
125 companies. This study used multiple linear regression analysis and
absolute difference test. The results showed that profitability has no effect on
stock returns, leverage has no effect on stock returns, company size has
negative and significant on stock returns, dividend policy is not able to
strengthen the effect of profitability on stock returns, dividend policy is not
able to strengthen the effect of leverage on stock returns, dividend policy is not
able to strengthen the effect of company size on stock returns.