The Role of Dividend Policy as Intervening Variables on The Effect of Earning Per Share, Debt Equity Ratio and Price Book Value on Stock Price

Jurnal Bisnis dan Manajemen Pub Date : 2022-05-31 DOI:10.26905/jbm.v9i1.7602

M. A. Salim, Pardiman Pardiman

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引用次数: 3

Abstract

The purpose of this study is to analyze the role of dividend policy in mediating the effect of earnings per share, debt equity to ratio and price book value on stock prices. The sample used is a manufacturing company listed on the Indonesian stock exchange with complete financial statements for the 2015-2020 period. Data were analyzed using path analysis method using SPSS version 25 software. The results of this study indicate that earnings per share have no effect on dividend policy. Debt equity to ratio has no effect on the company's dividend policy. Price book value has no effect on the company's dividend policy. Dividend performance has no effect on stock prices. Earning per share has an effect on stock prices. Debt equity to ratio has an effect on stock prices. Price book value has an effect on stock prices. Dividend policy is not successful in mediating the effect of earnings per share on stock prices. Dividend policy also failed to mediate the effect of debt euqity to ratio on stock prices. Furthermore, the dividend policy also failed to mediate the effect of price book value on stock prices

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股利政策作为干预变量对每股收益、负债权益比率和市净率对股价影响的作用

本研究的目的是分析股利政策在每股收益、负债权益比和市净率对股价的中介作用。使用的样本是一家在印度尼西亚证券交易所上市的制造公司，其2015-2020年期间的完整财务报表。数据采用路径分析法，采用SPSS 25版软件进行分析。本文的研究结果表明，每股收益对股利政策没有影响。负债权益比率对公司的股利政策没有影响。股价账面价值对公司的股利政策没有影响。股息表现对股价没有影响。每股收益对股票价格有影响。债务权益比率对股票价格有影响。账面价值对股票价格有影响。股息政策在调节每股收益对股价的影响方面并不成功。股息政策也未能调解债务权益比对股价的影响。此外，股息政策也未能调解价格账面价值对股价的影响

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Jurnal Bisnis dan Manajemen

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审稿时长

12 weeks