Journal La Bisecoman
Vol. 7 No. 2 (2026): Journal La Bisecoman

The Effect of Earnings Per Share and Return on Equity on Share prices: The Moderating Role of Dividen Policy in Property and Real Estate Companies Listed on the Indonesia Stock Exchange (IDX) : JEL Classification: G11, G12, G32, G35, L85

Hikmah, Nurul (Unknown)
Tangngisalu, Jannati (Unknown)
Nuramal, Nuramal (Unknown)



Article Info

Publish Date
19 May 2026

Abstract

This study aims to analyze the effect of Earning Per Share (EPS) and Return on Equity (ROE) on share prices with dividend policy as a moderating variable in property and real estate companies listed on the Indonesia Stock Exchange for the period 2020-2024. This study uses a quantitative approach with panel data regression methods. The research population consists of 91 companies. The research sample was obtained through purposive sampling, resulting in 19 companies that satisfied the research criteria. Data analysis was performed using Eviews 13 software through testing the best model selection with Chow test and Hausman test resulting in the Fixed Effect Model (FEM) as the best model. The results of the research show that Earning Per Share (EPS) has a positive and significant effect on share prices, while Return on Equity (ROE) does not have a significant effect on share prices. In addition, dividend policy is unable to moderate the effect of EPS and ROE on share prices. These findings indicate that EPS is one of the main determinants in determining share prices, while ROE and dividend policy are not yet significant factors in affecting share prices in the property and real estate sector on the Indonesia Stock Exchange for the period 2020-2024.

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Journal Info

Abbrev

JournalLaBisecoman

Publisher

Subject

Economics, Econometrics & Finance

Description

Journal La Bisecoman ISSN 2721-124X (Online) and 2721-0987 (Print) includes all the areas of research activities in all fields under Business, Economics, and Management such as Financial Management, Accounting, Administrative System, Brand Innovation and Brand Management, Management, Business ...