This study aims to examine and analyse the effect of liquidity, leverage, activity, and profitability on stock prices with dividend policy As an intervening variable in Manufacturing Companies in Indonesia and Malaysia. The population of this study is all manufacturing companies listed on the Indonesia Stock Exchange (IDX) and the Malaysia Stock Exchange in the period 2015-2017, a total of 388 companies. A sample of 95 companies. Data analysis using the path analysis method. The results of the study partially show that in manufacturing companies in Indonesia, the Liquidity and Profitability variables have a significant effect on Stock Prices. While in Malaysia Stock Prices affect the activity ratio and dividend policy. Dividend Policy Variables are not able to mediate the influence of Liquidity, Leverage, Activity, and Profitability on companies in Indonesia while dividend policy is able to mediate the influence of leverage and profitability on stock prices in Malaysia.
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