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All Journal Jurnal Manajemen Bisnis INOVASI: Jurnal Ekonomi, Keuangan, dan Manajemen
Pustika, Titin Hestri
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Economics, Econometrics & Finance

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The Influence of Current Ratio (CR), Debt To Equity Ratio (DER), Net Profit Margin (NPM), and Firm Size on Stock Returns with Dividend Payout Ratio (DPR) as an Intervening Variable Pustika, Titin Hestri
INOVASI: Jurnal Ekonomi, Keuangan, dan Manajemen Vol. 20 No. 3 (2024): Agustus
Publisher : Fakultas Ekonomi dan Bisnis Universitas Mulawarman

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30872/jinv.v20i3.1797

Abstract

The aim of this research is to test and analyze the influence of Current Ratio (CR), Debt To Equity Ratio (DER), Net Profit Margin (NPM), and Firm Size on Stock Returns with Dividend Payout Ratio (DPR) as an intervening variable. This research uses causal research (cause and effect). The analytical technique for processing and analyzing data uses Eviews 12 software with multiple linear regression testing and the Sobel test. The results of this research show that in structural I, the Debt to Equity Ratio (DER) and Net Profit Margin (NPM) partially have a positive influence on the Dividend Payout Ratio (DPR). Meanwhile, the Current Ratio (CR) and Firm Size variables partially have no influence on the Dividend Payout Ratio (DPR). Structural II states that the Net Profit Margin (NPM) variable partially has a positive effect on Stock Returns, while the Current Ratio (CR), Debt to Equity Ratio (DER), Firm Size, and Dividend Payout Ratio (DPR) variables partially have no effect. on Stock Returns. The Sobel Test results explain that the Dividend Payout Ratio (DPR) variable is unable to mediate or intervene in the influence of Current Ratio (CR), Debt to Equity Ratio (DER), Net Profit Margin (NPM), and Firm Size on Stock Returns.
The Effect of DER, Firm Size, and CR on PBV with ROE as an Intervening Variable Pustika, Titin Hestri; Hariyanto, Dedi; Safitri, Heni
Jurnal Manajemen Bisnis Vol. 13 No. 2: September 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/mb.v13i2.13922

Abstract

Research aim: The study is intended to analyze the influence of debt-to-equity ratios, firm size, and current ratio on price-to-book value using the return on equity as an intervening variable.Design/Methodology/Approach: The population in this research was basic materials sector companies listed on the Indonesia Stock Exchange (IDX) from 2018 to 2020. Meanwhile, the number of samples in this study was 70, collected by purposive sampling. Research findings: This study confirmed that DER had a good and strong effect on ROE. Firm size and CR had no considerable influence on ROE. ROE had a significant positive effect on PBV, while DER, firm size, and CR had no significant impact on PBV. In addition, ROE was susceptible to being an intervening variable of a DER but was not susceptible to being an intervention variable of firm size and CR variables.Theoretical contribution/Originality: The return on equity (ROE) variable served as the intervening variable in the study, while in previous studies, DER, firm size, and CR variables were not intervened by ROE.Practitioner/Policy implication: Researchers suggest that investors can use other variables to make investment decisions. Researchers can also further develop broader objects, such as using other sectors and adding or replacing other variables to determine the feasibility of investing.Research limitation: The scope of this study was relative, and there were many insignificances due to the limited variables and sectors used. Hence, increasing the number of variables and a wider sector will be able to strengthen this research’s outcomes. Further research must be able to produce significant values and affect the variables in question.
Co-Authors Dedi Hariyanto Heni Safitri