Return Saham dengan Good Corporate Governance Sebagai Variabel Moderasi Pada Perusahaan LQ45 Yang Terdaftar di Bursa Efek Indonesia

Kezia Aquilla Permadani (Program Studi Manajemen, Universitas Pembangunan Nasional “Veteran” Jawa Timur, Indonesia)
Dhani Ichsanuddin Nur (Program Studi Manajemen, Universitas Pembangunan Nasional “Veteran” Jawa Timur, Indonesia)

Jurnal Ekonomi, Manajemen, dan Bisnis
Vol. 4 No. 3 (2026): Jurnal Ekonomi, Manajemen dan Bisnis

This quantitative research aims to examine the effects of profitability, leverage, and dividend policy on stock returns, while considering good corporate governance as a variable that influences or strengthens these relationships, among LQ45 companies listed on the Indonesia Stock Exchange. This study employs a quantitative approach using secondary data and a sample of 120 companies selected through purposive sampling. Data analysis was conducted using the Moderation Analysis (MRA) method with IBM SPSS Statistics software. The results indicate that Profitability has a positive and significant effect, while Leverage has no significant effect on stock returns. Dividend policy has a significant negative effect on stock returns. The results of the moderation test indicate that corporate governance (CG) moderates the relationship between profitability and stock returns but does not moderate the relationships between leverage or dividend policy and stock returns. This study demonstrates that profitability makes a positive contribution to stock returns, while leverage has no effect, and dividend policy also contributes to stock returns. Furthermore, corporate governance CG only moderates the effect of profitability on stock returns.