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All Journal Jurnal Riset Manajemen PENG: Jurnal Ekonomi dan Manajemen
Titis Fatarina Mahfirah
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Kebijakan Dividen sebagai Moderasi Pengaruh ROA, PER, dan PBV Terhadap Return Saham pada Perusahaan Sektor Infrastruktur Sebelum dan Sesudah Pandemi COVID-19 Muhammmad Iqbal Yuliansyah; Gatot Nazir Ahmad; Titis Fatarina Mahfirah
JURNAL RISET MANAJEMEN (JURMA) Vol 3 No 1 (2025): JURNAL RISET MANAJEMEN (JURMA)
Publisher : Institut Teknologi dan Bisnis (ITB) Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54066/jurma.v3i1.2951

Abstract

This study analyzes the effect of Return on Assets (ROA), Price to Earning Ratio (PER), and Price to Book Value (PBV) on stock returns, with Dividend Payout Ratio (DPR) as a moderating variable in infrastructure sector companies listed on the Indonesia Stock Exchange (IDX) during 2017–2022. The research aims to understand the factors influencing stock returns and the role of external factors, such as the COVID-19 pandemic, in these relationships.Using secondary data from financial reports of 54 companies with a total of 295 observations, the study employs unbalanced panel data regression analyzed using STATA. The results show that ROA and PER do not significantly affect stock returns. PBV significantly influences stock returns during the combined period (2017–2022) but not in separate periods before and during the pandemic. DPR significantly affects stock returns but does not moderate the relationships between ROA and PER with stock returns. Interestingly, DPR strengthens the relationship between PBV and stock returns only before the COVID-19 pandemic. These findings indicate that PBV and DPR can influence stock returns, although their impact varies across economic periods. This study provides important insights for designing adaptive investment strategies and dividend policies based on market conditions.
Pengaruh Struktur Modal Terhadap Profitabilitas pada Perusahaan Financial Technology Peer To Peer Lending yang Terdaftar di OJK pada Tahun 2019-2023 Sofiatul Laeliyah; Suherman; Titis Fatarina Mahfirah
PENG: Jurnal Ekonomi dan Manajemen Vol. 2 No. 4 (2025): November: Humanities, Economic and Social Issues
Publisher : Teewan Journal Solutions

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62710/gfm26r32

Abstract

This study aims to determine the effect of capital structure on the profitability of peer-to-peer lending financial technology companies in Indonesia. The population of this study was peer-to-peer lending fintech companies registered with the Financial Services Authority (OJK) between 2019 and 2023. The independent variable is capital structure, calculated using the debt-to-asset ratio (DAR), debt-to-equity ratio (DER), and long-term debt-to-equity ratio (LDER). The dependent variable is profitability, calculated using return on assets (ROA), return on equity (ROE), and net profit margin (NPM). This study uses firm size, firm growth, and current ratio as control variables. The sample used in this study was 56 companies with a total of 196 observations. This study used unbalanced panel data. The research method used panel data regression analysis using STATA 17 software. The results show that capital structure, using DAR, DER, and LDER as proxies, has a negative effect on profitability, measured by ROA, ROE, and NPM.
Co-Authors Gatot Nazir Ahmad Muhammmad Iqbal Yuliansyah Sofiatul Laeliyah Suherman