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All Journal Jurnal Ilmiah Akuntansi Kesatuan Enrichment: Journal of Multidisciplinary Research and Development
Safitri, Niluh Santi
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Humanities Economics, Econometrics & Finance Engineering Health Professions Social Sciences

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The Effect of Profitability and Leverage on Stock Return Rate Mediated by Dividend Policy (Empirical Study of Banks and Financial Institutions Listed on the Indonesia Stock Exchange) Safitri, Niluh Santi
Enrichment: Journal of Multidisciplinary Research and Development Vol. 2 No. 10 (2025): Enrichment: Journal of Multidisciplinary Research and Development
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/enrichment.v2i10.255

Abstract

This study aims to examine the effect of profitability and leverage on stock returns with dividend policy as a mediating variable in banking sector companies and financial institutions listed on the Indonesia Stock Exchange (IDX). Profitability is measured using Return on Equity (ROE) and leverage is measured through Debt to Equity Ratio (DER). This study uses a quantitative approach with the path analysis method to identify direct and indirect relationships between variables. The data used is secondary data from the company's annual financial statements for the period 2016-2022. The results show that profitability has a significant positive influence on the rate of return on stocks, while leverage has no significant effect on the rate of return on stocks. Profitability also has a significant effect on dividend policy, indicating that the higher the profitability, the greater the dividend distributed. Conversely, leverage has a significant influence on dividend policy, which indicates that companies with high levels of leverage tend to distribute larger dividends. However, the dividend policy does not have a significant influence on the rate of return on shares. In addition, neither profitability nor leverage had a significant effect on the rate of return on shares through dividend policy mediation. This research makes a theoretical contribution by enriching the literature related to the influence of financial factors on stock performance. Practically, the results of this study are expected to provide insight to investors in making investment decisions by considering profitability and dividend policy as the main indicators.
Profitability, Leverage, and Dividend Policy: Determinants of Stock Return Levels of Indonesian Banks Safitri, Niluh Santi; Indrawati, Nur Khusniyah; Champaca, Mychelia
Jurnal Ilmiah Akuntansi Kesatuan Vol. 13 No. 4 (2025): JIAKES Edisi Agustus 2025
Publisher : Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jiakes.v13i4.3839

Abstract

The banking and financing sector plays a pivotal role in capital markets, where stock returns are influenced by internal financial indicators such as profitability and leverage. However, the role of dividend policy as a mediating mechanism remains debatable. This study aims to analyze the effect of profitability and leverage on stock returns, with dividend policy as a mediating variable, in bank and financing institution companies listed on the Indonesia Stock Exchange. Employing a quantitative approach, the study uses path analysis on 16 companies over the periods 2016–2019 and 2022–2023, totaling 96 observations. Profitability is measured by Return on Equity (ROE), leverage by Debt-to-Equity Ratio (DER), dividend policy by Dividend Payout Ratio (DPR), and stock returns by capital gains and dividend yield. The findings reveal that profitability and leverage significantly and positively influence both stock returns and dividend policy. Moreover, dividend policy significantly mediates these relationships but has a negative effect on stock returns. These results align with signaling and trade-off theories but contradict the bird in the hand theory. The study concludes that investors prioritize growth through retained earnings over cash dividends in this sector.
Co-Authors Mychelia Champaca Nur Khusniyah Indrawati