PENGARUH KINERJA KEUANGAN DAN KEBIJAKAN DIVIDEN TERHADAP HARGA SAHAM

Abstract

This research aimed to find out the effect of financial performance and dividend policy on the stock price. While,
financial performance was measured by Debt to Equity Ratio (DER), Return On Asset (ROA), and Price
Earning Ratio (PER). Meanwhile, dividend policy was measured by Dividend Payout Ratio (DPR). The
population was Property and Real Estate companies which were listed on Indonesia Stock Exchange (IDX).
Moreover, the data collection technique used purposive sampling. In line with, there were 14 companies as
sample. Furthermore, the data analaysis technique used multiple linear regression with SPSS (Statistical
Product and Service Solution) 25. Additionally, the result of coefficient determination was 53,2% in which
explained by all four independent variables. For the rest percentage, the stock price was explained by other
variables which were outside the research. This research result concluded (1) Debt to Equity Ratio did not affect
the stock price. This meant, every incline or decline of DER did not influence the stock price. (2) Return On
Asset had positive effect on the stock price. It meant, the higher ROA, the better the company performance would
be. As consequence, it attracted the investors to invest their money. (3) Price Earning Ratio had positive effect
on the stock price, since higher PER of company reflected higher company stock income. (4) Dividend Payout
Ratio did not affect the stock price, as the investors would pay attention more to company’s ability in making its
profit.
Keywords: financial performace, dividend policy, stock price