Analisis Faktor yang Mempengaruhi Return Saham dengan Kebijakan Deviden sebagai Variabel Moderating pada Perusahaan Consumer Goods

Abstract

This study aims to determine and analyze the factors that influence stock returns with dividend policy as a moderating variable simultaneously and partially on consumer goods companies listed on the Indonesia Stock Exchange (IDX). The population of this research is 155 consumer goods companies listed on the IDX. Samples selected using the saturated sampling method amounted to 31 companies. Data were processed using multiple linear regression statistical test methods using SPSS software. The results of this study prove the first hypothesis that the variable current ratio, return on equity, earnings per share, net profit margin, cash flow from operations to debt, inflation and Bank Indonesia interest rates simultaneously influence stock returns. Partially, inflation and interest rates of Bank Indonesia partially affect stock returns, while the current ratio variable, return on equity, earnings per share, net profit margin and cash flow from operations to debt do not affect stock returns. In the results of the research for the second hypothesis, dividend policy is not able to moderate the relationship of current ratio, return on equity, earnings per share, net profit margin, cash flow from operations to debt), inflation and Bank Indonesia interest rates on stock returns. Keywords: current ratio, return on equity, earnings per share, net profit margin, cash flow from operations to debt, inflation, rate interest of Bank Indonesia, dividend policy and stock returns.