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PENGARUH NET PROFIT MARGIN, PERTUMBUHAN PERUSAHAAN, DAN DEBT TO ASSET RATIO TERHADAP HARGA SAHAM DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN PERTAMBANGAN BATU BARA YANG TEDAFTAR DI BEI TAHUN 2022-2024 Eliza Khairotun Nisak; Ika Wahyuni; Febri Ariyantiningsih
Jurnal Mahasiswa Entrepreneurship (JME) Vol 5 No 2 (2026): FEBRUARI
Publisher : Fakultas Ekonomi dan Bisnis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36841/jme.v5i2.8342

Abstract

The purpose of this study is to analyze and test the effect of Net Profit Margin, Company Growth, and Debt to Asset Ratio on Stock Price with Dividend Policy as an intervening variable. The object of this study is a coal mining company listed on the Indonesia Stock Exchange in 2022-2024. The analytical method used is Partial Least Squares (PLS) using the Smart PLS 3.0 application, which includes classical assumption tests, including multicollinearity and normality tests, coefficient of determination tests, structural equation analysis (Inner Model), and research hypothesis testing. The results of the study indicate that Net Profit Margin has a positive but insignificant effect on Dividend Policy and Stock Price. Company Growth has a significant negative effect on Dividend Policy, while Debt to Asset Ratio has a negative but insignificant effect on Dividend Policy. Furthermore, Company Growth has a negative but insignificant effect on Stock Price, but Debt to Asset Ratio has a positive but insignificant effect on Stock Price. Then, Dividend Policy is also proven to have a negative but insignificant effect on Stock Price. The results of the indirect effect hypothesis test indicate that Net Profit Margin has a negative but insignificant effect on Stock Price through Dividend Policy. Meanwhile, company growth and Debt to Asset Ratio have a positive but insignificant influence on stock prices through dividend policy.
PENGARUH DEBT TO EQUITY RATIO (DER), TOTAL ASSET TURNOVER (TATO), DAN CURRENT RATIO (CR) TERHADAP HARGA SAHAM DENGAN RETURN ON EQUITY (ROE) SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN LQ45 YANG TERDAFTAR DI BEI PERIODE 2022-2024 Nadiah Silviana; Ika Wahyuni; Ida Subaida
Jurnal Mahasiswa Entrepreneurship (JME) Vol 5 No 2 (2026): FEBRUARI
Publisher : Fakultas Ekonomi dan Bisnis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36841/jme.v5i2.8386

Abstract

The capital market plays a crucial role as an investment platform for investors and a source of funding for companies, particularly those listed on the LQ45 index, known for their liquidity and strong performance. This research was conducted with the aim of analyzing the influence of Debt to Equity Ratio, Total Asset Turnover, and Current Ratio on stock prices, with Return on Equity as an intevening variable. The approach used in this study is quantitative descriptive. The population of this study includes companies listed in the LQ45 index of the Indonesia Stock Exchange for the period 2022–2024, using a purposive sampling technique. For data analysis, the method used was Partial Least Squares – Structural Equation Modeling (PLS-SEM) using the Smart PLS 3.0 application. The results show that Debt to Equity Ratio and Total Asset Turnover show a positive but insignificant effect on Return on Equity, while the Current Ratio shows a negative but insignificant effect on Return on Equity. On the other hand, Debt to Equity Ratio and Total Asset Turnover have a significant negative effect on stock prices, while Current Ratio and Return on Equity show a positive but insignificant effect on stock prices. In the indirect effect test, Debt to Equity Ratio and Total Asset Turnover have a positive but insignificant effect on stock prices through Return on Equity, while Current Ratio shows a negative but insignificant effect on stock prices through Return on Equity.