Hafisah Sucita Putri
Universitas Abdurachman Saleh Situbondo

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PENGARUH KINERJA KEUANGAN TERHADAP RETURN SAHAM DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN SEKTOR ENERGI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2022-2025 Hafisah Sucita Putri; Lita Permata Sari; Nanda Widaninggar
Jurnal Mahasiswa Entrepreneurship (JME) Vol 5 No 7 (2026): JULI 2026
Publisher : Fakultas Ekonomi dan Bisnis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36841/jme.v5i7.9292

Abstract

The energy sector plays a crucial role in supporting national economic growth. Rising economic activity drives high energy demand, making this sector highly attractive to investors. This study aims to analyze and examine the influence of Earnings per Share (EPS), Debt to Equity Ratio (DER), and Current Ratio (CR) on stock return, with dividend policy serving as an intervening variable. The study employs a quantitative approach using a descriptive method. The population consists of energy sector companies listed on the Indonesia Stock Exchange during the 2022-2025 period. The sample was selected using purposive sampling based on established criteria. The data analysis was conducted using the Partial Least Squares-Structural Equation Modeling (PLS-SEM) method with the aid of SmartPLS 3.0 software. The results indicate that Earnings per share and Debt to equity ratio have a negative and insignificant effect on dividend policy, whereas the Current Ratio has a positive but insignificant effect on dividend policy. Furthermore, Earnings per Share has a negative and insignificant effect on stock return. Debt to equity ratio and Current ratio have a positive and significant effect on stock return. Dividend policy has a negative and insignificant effect on Stock return. Meanwhile, Dividend policy does not mediate the influence of Earnings per share, Debt to equity ratio, and Current ratio on stock return.