PENGARUH KEBIJAKAN KEUANGAN DAN KINERJA KEUANGAN TERHADAP HARGA SAHAM PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI

Abstract

This research aimed to find out the effect of investment policy, dividend policy, funding policy, and profitability on stock price. The investment policy was measured by Capital Expenditure to Book Value of Asset (CPA/BVA), the dividend policy was measured by Dividend Payout Ratio (DPR), the funding policy was measured by Debt to Equity Ratio (DER), and profitability was measured by Return On Asset (ROA). Moreover, the stock price was measured by the closing price. The research was quantitative. The population was 72 Food and Beverage companies listed on the Indonesia Stock Exchange (IDX) during 2017-2021. Furthermore, the data collection technique used purposive sampling i.e., a sample determination method with certain consideration of the research criteria. In line with that, there were 17 companies in the sample. The data analysis technique used multiple linear regression. The result indicated that (1) investment policy did not affect the stock price. (2) dividend policy had a negative and significant effect on the stock price (3) the funding policy did not affect the stock price (4) profitability had a positive and significant effect on the stock price.