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The Effect of Dividend Policy and Sales Growth on Stock Returns Mediated by Profitability in Companies in the Consumer Goods Industry on the Indonesian Stock Exchange Tria Reysya; Herman Paleni; Indrawati Mara Kesuma; Dewi Anggraini
Journal of Management, Economic, and Accounting Vol. 5 No. 4 (2026): Oktober
Publisher : Universitas Dehasen Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/jmea.v5i4.1774

Abstract

This study aims to examine the effect of dividend policy and sales growth on stock returns, mediated by profitability, among companies in the consumer goods industry listed on the Indonesia Stock Exchange (IDX) from 2021 to 2024. This study employs a quantitative method with a population of 131 companies; using purposive sampling, 34 companies were selected for the sample. Data were collected through secondary sources and analyzed using panel data analysis with Eviews 13 software. The results show that dividend policy has a negative and significant effect on stock returns, sales growth has a negative effect on stock returns, dividend policy and sales growth simultaneously affect stock returns, profitability does not mediate the effect of dividend policy on stock returns, profitability does not mediate the relationship between sales growth and stock returns.