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The Effect Of Investment Opportunity Set And Profitability On Stock Prices With Dividend Yield As Mediator Hulu, Nuril Insyirah; Adib, Noval
Telaah Ilmiah Akuntansi dan Perpajakan Vol. 3 No. 2 (2025): TIARA
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/tiara.2025.3.2.206

Abstract

This study aims to provide empirical evidence regarding the effect of the investment opportunity set (IOS) and profitability on stock price in publicly listed companies on the Indonesia Stock Exchange, with dividend yield as a mediating variable. This quantitative study uses secondary data from financial statements of companies listed on the Indonesia Stock Exchange (IDX), selected using a purposive sampling technique. The analysis results using Structural Equation Modeling - Partial Least Squares (SEM-PLS) show that IOS and profitability positively affect dividend yield but have no significant direct effect on stock price. Dividend yield mediates the relationship between IOS, profitability, and stock price in publicly listed companies on the Indonesia Stock Exchange. These findings align with Signaling Theory, which posits that dividend yield serves as a positive signal to investors, and are also supported by Bird in Hand Theory, which states that investors prefer certain dividends over future capital gains. This study contributes empirical evidence to the development of investment theory, particularly regarding internal company factors that influence stock price in the Indonesian capital market.
The Effect Of Financial Distress On Stock Prices With Capital Structure As A Moderating Variable Sabrina Maharani, Nabila Rizka; Adib, Noval
Telaah Ilmiah Akuntansi dan Perpajakan Vol. 3 No. 4 (2025): TIARA
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/tiara.2025.3.4.229

Abstract

The LQ45 Index comprises companies with large market capitalization and high liquidity on the Indonesia Stock Exchange (IDX), making it a primary benchmark for national stock market performance. However, global economic volatility and domestic pressures can increase the risk of financial distress. This quantitative study aims to analyze the effect of financial distress on the stock prices of companies listed in the LQ45 Index on the IDX during the 2021-2023 period, with capital structure as a moderating variable. Financial distress was measured using the Modified Altman Z-Score model, while capital structure was measured using the Debt-to-Equity Ratio (DER). The sample consists of 22 companies observed over three time periods. Financial reports and stock price data were processed using panel regression with Moderated Regression Analysis (MRA). The results show that high financial distress tends to lower stock prices, and a high capital structure contributes to declining stock prices due to increased financial risk. Moreover, the interaction test reveals that a high capital structure can weaken the effect of financial distress on stock prices. This suggests that an optimally managed capital structure can help companies mitigate the impact of financial pressure. This study offers insights for management in designing funding strategies and for investors in making investment decisions.
The Effect of Stock Trading Volume, Inflation, Rupiah Exchange Rate, and Interest Rates on the Composite Stock Price Index (IHSG) 2022-2024 Fiqih Fareza Kusbari; Noval Adib
Journal Research of Social Science, Economics, and Management Vol. 5 No. 9 (2026): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v5i9.1397

Abstract

The dynamics of the capital market in the post-pandemic era have become increasingly complex, influenced by both macroeconomic conditions and market activity. In Indonesia, fluctuations in the Composite Stock Price Index (IHSG)reflect changes in market liquidity and price stability, making it essential to understand the role of key economic indicators. This study aims to analyze the effect of stock trading volume, inflation, the Rupiah exchange rate, and interest rates on the movement of the Composite Stock Price Index (IHSG) during the period January 2022 to December 2024. This research employs a quantitative approach using monthly secondary data consisting of 36 observations obtained from the Indonesia Stock Exchange, Bank Indonesia, and the Central Statistics Agency. Data analysis was conducted using multiple linear regression, supported by classical assumption tests to ensure the validity of the model. The results of the study indicate that stock trading volume has a positive and significant impact on the Composite Stock Price Index (IHSG). Conversely, inflation has a negative and significant impact on the index. However, the Rupiah exchange rate and interest rates did not show a significant partial impact on the movement of the Composite Stock Price Index (IHSG) during the study period. In conclusion, the movement of the Indonesian stock market in the post-pandemic period is primarily influenced by liquidity and inflation stability. These findings highlight the importance of maintaining stable economic conditions and active market participation to support sustainable capital market growth.