Pengaruh Profitabilitas dan Struktur Modal terhadap Harga Saham dengan Kebijakan Dividen sebagai Variabel Moderasi

Abstract

This study aims to analyze the effect of profitability and capital structure on stock prices, with dividend policy as a moderating variable. A quantitative approach was employed using secondary data obtained from the annual financial reports of technology sector companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. The sampling technique used was purposive sampling, resulting in 13 companies as the research sample. Data analysis techniques included descriptive statistics, classical assumption tests, multiple linear regression analysis, hypothesis testing, and Moderated Regression Analysis (MRA). The results show that profitability, measured by Return on Assets (ROA), has a significant effect on stock prices. Meanwhile, capital structure, measured by the Debt-to-Equity Ratio (DER), does not have a significant effect on stock prices. Furthermore, dividend policy is proven to moderate the effect of profitability on stock prices. However, dividend policy is unable to strengthen or weaken the relationship between capital structure and stock prices. These findings indicate that profitability is an important factor considered in determining stock prices, while capital structure does not show a significant effect. Dividend policy also plays an important role in strengthening the relationship between profitability and stock prices.