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All Journal YUME : Journal of Management
Addini Alifa Anwari, Sufirna Nofri Yanti, Akhmad Akram Hirman,
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Economics, Econometrics & Finance Health Professions Social Sciences

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Profitability Moderates The Effect Of Capital Structure And Dividend Policy On Stock Returns Alfina, Alfina; Addini Alifa Anwari, Sufirna Nofri Yanti, Akhmad Akram Hirman,
YUME : Journal of Management Vol 9, No 1
Publisher : Pascasarjana STIE Amkop Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37531/yume.v9i1.11169

Abstract

This study examines the stock returns of pharmaceutical companies listed on the Indonesia Stock Exchange (IDX) for the period 2020–2023, focusing on the moderating role of profitability in the relationship between capital structure, dividend policy, and stock returns. The research employs a quantitative approach using secondary data sourced from the Indonesian Stock Exchange. Data analysis was conducted using SPSS version 26, applying multiple linear regression and moderated regression analysis (MRA).The findings reveal that capital structure has a positive and statistically significant effect on stock returns. In contrast, dividend policy exhibits a negative but statistically insignificant effect on stock returns. Profitability moderates the relationship between capital structure and stock returns, weakening its impact. However, profitability does not moderate the relationship between dividend policy and stock returns.These findings provide valuable insights for managers and investors in making informed investment decisions.
Co-Authors Alfina, Alfina