PENGARUH PROFITABILITAS DAN LIKUIDITAS TERHADAP HARGA SAHAM DI MEDIASI KEBIJAKAN DIVIDEN

Abstract

This research examines the effect of profitability (ROE) and liquidity (CR) on the stock price (HS) with a dividend policy as a mediating variable (DPR) at the Pharmaceutical. The research applies quantitatively with a causal-comparative approach. Furthermore, the population consists of 12 Pharmaceutical companies listed on the Indonesia Stock Exchange (IDX) during 2016-2023. The data collection technique used purposive sampling. In line with that, 4 companies were selected and fulfilled the specific criteria as samples. Moreover, the data analysis technique used linear regressions of path analysis with SPSS (Statistical Program for Social Science) 25 version. The result using a t-test shows that profitability has a negative and significant effect on the stock price. Likewise, liquidity has a negative and significant on the stock price. Additionally, profitability has a positive and significant effect on the dividend policy. However, liquidity has a positive but insignificant effect on the stock price. Similarly, dividend policy has a positive but insignificant effect on the stock price. In addition, dividend policy does not mediate the profitability on the stock price, Also, dividend policy does not mediate the liquidity on the stock price.