PENGARUH KEBIJAKAN DIVIDEN, PROFITABILITAS, LIKUIDITAS, BIAYA HUTANG, DAN STRUKTUR MODAL TERHADAP RESPON INVESTOR

Abstract

This research aimed to find out empirically the effect of dividend policy, profitability, liquidity, debts cost, and
capital structure on investors’ response. The sample was all companies listed on the Indonesia Stock Exchange
(IDX) during 2018-2022. The data collection technique used purposive sampling with unbalanced sample. The
result concluded that as follows: (a) dividend policy did not affect investors’ response. It meant, the level of
dividend which did not shared; was not the main factor in investments’ decision for investors; (b) profitability
had a positive and significant effect on investors’ response. This showed that profit level gained by company
became main consideration in investments’ decision; (c) liquidity did not affect investors’ response. In other
words, company’s ability in fulfilling its accountability in short-term was not the main factor in taking
investors’ intention; (d) debts cost did not affect investors’ response. This meant, the level of company’s debts
cost had insignificant effect on investments’ decision; and (e) capital structure did not affect investors’ response,
since there was a lack of investors’ perception towards funds composition owned by the company in affecting the
investment value. In short, the research considered a component which affecting investors’ response; namely
profitability to encourage company increasing the response.