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Iskandar Zulkarnaein
Universitas Bengkulu
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Journal : The Manager Reveiew

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EFEK PEMODERASI KURS RUPIAH DALAM MODEL STRUKTURAL PENGARUH STRUKTUR MODAL DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN DI BEI Iskandar Zulkarnaein
The Manager Review Vol. 1 No. 2 (2019)
Publisher : UNIB Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33369/tmr.v1i2.9329

Abstract

The objective of this research is to determine the effect of foreign exchange rate(IDR) as moderator variable in the influence of capital structure and dividend policy onStock Prices of companies at IDX. In this research samples are 45 companies as the mainmover of Indonesia Stock Indices. This research uses Panel Data Analysis (PDA) to test thehypotheses. The results show that: (1) capital structure (debt equity ratio) and dividendpayout ratio have a significance influence on the stock price and the stock market, (2)exchange rate (US$/IDR) has negative moderating effect on both capital structure anddividend payout ratio. In conclusion, this research support the theory of capital structureand dividend relevance, even in bear market in Indonesia. The decreasing IDR agains US $causes the influence of capital strucure and dividend policy on both the composite stockindex and the stock prices.
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