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Journal : Journal of Innovative and Creativity

Pengaruh Current Ratio, Return on Asset, Dan Debt to Equity Ratio Terhadap Harga Saham Dengan Kebijakan Dividen Sebagai Variabel Intervening Pada Perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia Tahun 2018-2024 Javirah Dhenita; Yani Suryani; Liza Novietta
Journal of Innovative and Creativity Vol. 5 No. 3 (2025)
Publisher : Fakultas Ilmu Pendidikan Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/joecy.v5i3.4227

Abstract

This study aims to determine the effect of the Current Ratio, Return on Assets, and Debt to Equity Ratio on stock prices, with dividend policy as an intervening variable, in manufacturing companies listed on the Indonesia Stock Exchange from 2018 to 2024. The sample selection method used was purposive sampling. A total of 217 observations were made over 7 years, spanning 31 companies. The data analysis technique used in this study was path analysis. The results of the Substructure I test indicate that the Debt to Equity Ratio has a positive effect on dividend policy. In contrast, the Current Ratio and Return on Assets do not affect dividend policy. The results of the Substructure II test indicate that the Current Ratio and Return on Assets have a positive effect on stock prices. In contrast, the Debt to Equity Ratio and dividend policy do not affect stock prices. The Sobel test results indicate that dividend policy is able to mediate the effect of the Debt to Equity Ratio on stock prices. In contrast, dividend policy is unable to mediate the effect of the Current Ratio and Return on Assets on stock prices.
Pengaruh Current Ratio, Debt To Asset Ratio, Dan Operating Capacity Terhadap Financial Distress Dengan Return On Asset Sebagai Variabel Moderasi Pada Perusahaan Property Dan Real Estate Yang Terdaftar Di BEI Tahun 2019-2023 Tasya Amanda; Azwansyah Habibie; Yani Suryani
Journal of Innovative and Creativity Vol. 5 No. 3 (2025)
Publisher : Fakultas Ilmu Pendidikan Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/joecy.v5i3.4584

Abstract

This study examines and analyses the effect of three independent variables: Current Ratio, Debt-to-Asset Ratio, and Operating Capacity on Financial Distress, with Return on Assets as a moderating variable. The population used in this study were property and real estate companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023. Purposive sampling was used to select 41 companies. The analytical techniques used were descriptive analysis and multiple linear regression analysis. The data were sourced from the companies' financial statements and processed using SPSS version 26. The results show that the Current Ratio, Debt-to-Asset Ratio, and Operating Capacity significantly influence Financial Distress. Return on Assets moderated the influence of the Current Ratio and Debt-to-Asset Ratio on Financial Distress. However, Return on Assets did not moderate the impact of Operating Capacity on Financial Distress.