The Influence of Company Financial Performance on Stock Prices with Dividend Policy as an Intervening Variable in Banking Companies on the Indonesia Stock Exchange
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Abstract
This research aims to analyze the influence of company financial performance on stock prices with dividend policy as an intervening variable (on banking companies listed on the Indonesia Stock Exchange from 2019-2023). This study uses four independent variables in financial performance with the protection of CR, DER, ROA, and TATO. The research method used is a quantitative method using secondary data obtained from financial reports. The population in this study amounted to 47 companies. The sampling technique used purposive sampling. The sample obtained was 11 companies with a 5-year period. The data analysis method used is path analysis using SPSS 25. The results showed that the current ratio directly had a significant negative effect on dividend policy, debt to equity ratio and return on assets directly had a significant positive effect on dividend policy, total asset turnover directly had no effect on dividend policy, current ratio, return on assets and dividend policy directly had a significant positive effect on stock prices, debt to equity ratio directly had a significant negative effect on stock prices, total asset turnover directly had no effect on stock prices, current ratio and return on assets had no effect on stock prices through dividend policy, and debt to equity ratio and total asset turnover had an effect on stock prices through dividend policy
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