PENGARUH TINGKAT SUKU BUNGA, KEBIJAKAN DIVIDEN, DAN STRUKTUR MODAL TERHADAP RETURN SAHAM

Abstract

This research aimed to examine the effect of SBI interest rate, Dividen Payout Ratio (DPR), and Debt to Equity (DER) on stock returns of banking companies which were listed on Indonesia Stock Exchange. The research was quantitative. Moreover, the data collection technique used purposive sampling, in which the sample was based on criteria given. In line with, there were 45 samples from 9 banking companies which were listed on Indonesia Stock Exchange during 2015-2019. Furthermore, the data analysis technique used multiple linear regression. The research concluded that interest rate did not have a effect on stock returns. This showed the interest rate did not affect investors decisions in having investments. On the other hand, the Dividend Payout Ratio (DPR) had a positive effect on stock returns. This showed that investors are more interested in companies that provide high dividends. In contrast, Debt to Equity Ratio (DER) had a negative effect on stock returns. This meant, the higher the level of DER was, the lower stock retun would be.
Keywords: interest rate, dividen payout ratio, debt to equity ratio, stock return