<![CDATA[The Effect of Current Ratio, Debt to Equity Ratio, and Return on Equity on Stock Price through Dividend Payout Ratio as Intervening Variables This study aims to empirically examine the effect of the Current Ratio (CR), Debt to Equity Ratio (DER), and Return on Equity (ROE) on stock prices, with the Dividend Payout Ratio (DPR) as an intervening variable. Using a quantitative approach, the study analyzes 10 food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. The sample was selected through purposive sampling based on specific criteria. The research utilizes secondary data obtained from the companies’ financial statements and stock market information. Data analysis was conducted using path analysis to test both direct and indirect relationships among variables, supported by Eviews software. The results indicate that, partially, ROE and DPR have a positive and significant effect on stock prices, suggesting that higher profitability and dividend distribution policies can increase firm value in the eyes of investors. Meanwhile, CR shows a negative and significant effect on stock prices, implying that excessively high liquidity may be perceived as inefficient asset management. On the other hand, DER does not have a significant effect on stock prices. The path analysis reveals that DPR effectively mediates the relationship between ROE and stock prices, meaning dividend policy strengthens the influence of profitability on stock value. However, DPR is not proven to mediate the effects of CR and DER on stock prices. These findings imply that profitability and dividend policy are key determinants of stock prices in the food and beverage sector.]]>
