Kusuma, Wardani, Indah and Prof. Dr. Ubud Salim, SE., MA., CPHR and Dr. Andarwati, SE., MA, CSRS., CFP (2023) The Effects Exchange Rate, Interest Rate, Profitability, and Solvability on Stock Prices with the Mediation of Dividend Policies (A Study of Consumer Goods Companies Listed on the Indonesia Stock Exchange). Magister thesis, Universitas Brawijaya.
Abstract
Harga saham perusahaan consumer goods yang terdaftar di Bursa Efek Indonesia berfluktuasi, hal ini menyebabkan investor mengalami kesulitan dalam melakukan investasi di pasar modal. Kebijakan dividen adalah suatu kebijakan dalam mengambil keputusan untuk membagikan keuntungan sebagai dividen atau menahan laba untuk perkembangan bisnis, hal ini sulit dilakukan oleh banyak manajer perusahaan. Penelitian ini bertujuan untuk menguji dan membuktikan secara empiris pengaruh nilai tukar, suku bunga, profitabilitas dan solvabilitas terhadap harga saham dimediasi oleh kebijakan dividen. Penelitian ini menggunakan pendekatan kuantitatif dengan sampel perusahaan consumer goods yang terdaftar di Bursa Efek Indonesia. Jumlah observasi sebanyak 14 perusahaan, dengan periode penelitian selama 5 tahun (2016-2020). Pengambilan sampel menggunakan metode purposive sampling. Analisis data penelitian menggunakan metode regresi linear berganda dan analisis jalur. Hasil penelitian menunjukan bahwa solvabilitas tidak berpengaruh signifikan terhadap harga saham baik secara langsung maupun melalui kebijakan dividen, sedangkan profitabilitas berpengaruh signifikan terhadap harga saham secara langsung dan melalui kebijakan dividen. Hasil pengujian yang sama juga menunjukan bahwa nilai tukar yang diukur menggunakan sensitivitas nilai tukar berpengaruh signifikan terhadap harga saham dan suku bunga yang diukur menggunakan sensitivitas suku bunga berpengaruh signifikan terhadap harga saham perusahaan consumer goods.
English Abstract
The stock prices of consumer goods companies listed on the Indonesia Stock Exchange are fluctuating, posing challenges for the prospective investors to invest in the capital markets. Further, dividend policies, options of either sharing profits or retaining them for business development, are difficult for managers to make. The objective of this research is to empirically assess and prove the effects of exchange rate, interest rate, profitability, and solvability on stock prices with the mediation of dividend policies. The sample of this quantitative research is fourteen consumer goods companies listed on the Indonesia Stock Exchange, selected using purposive sampling technique and observed for five years from 2016 to 2020. The results of the multiple linear regression and path analyses have led to the following findings. First, solvability has no significant impact on the stock prices, both directly and indirectly through dividend policies. Second, profitability influences the stock prices directly and indirectly through dividend policies. Third, exchange rate measured using exchange rate sensitivity has a significant impact on the stock prices, while interest rate estimated using interest rate sensitivity also significantly influences the stock prices.
| Item Type: | Thesis (Magister) |
|---|---|
| Identification Number: | 0423020047 |
| Uncontrolled Keywords: | Nilai tukar, suku bunga, profitabilitas, solvabilitas, harga saham, kebijakan dividen. |
| Subjects: | 600 Technology (Applied sciences) > 658 General management |
| Divisions: | Fakultas Ekonomi dan Bisnis > Manajemen |
| Depositing User: | Unnamed user with username nova |
| Date Deposited: | 12 Dec 2023 02:45 |
| Last Modified: | 12 Dec 2023 02:45 |
| URI: | http://repository.ub.ac.id/id/eprint/205250 |
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