PENGARUH STRUKTUR MODAL, PERTUMBUHAN PERUSAHAAN, DAN KEBIJAKAN DIVIDEN TERHADAP REAKSI PASAR SAHAM

Abstract

This research is meant to test the influence of capital structure, firm growth, and dividend policy to the stock price
reaction. The independent variable which is capital structure is measured by using Debt to Equity Ratio (DER), firm
growth is measured by Growth and dividend policy is measured by Dividend Payout Ratio (DPR). Meanwhile, the
dependent variable is market reaction which is projected by stock return. The population of this research is all
manufacturing companies which are listed in Indonesia Stock Exchange during 2011-2014 periods. The sample
collection method has been done by using purposive sampling method. In this research 25 samples which meet the
criteria has been selected as samples. The data analysis method has been done by using multiple linear regressions
analysis. Based on the result of hypothesis test shows that capital structure has significant influence to the stock
return whereas firm growth and dividend policy does not have any influence to the stock return.
Keywords: Capital Structure, Firm Growth, Dividend Policy, Stock Return.