The Effect of Dividend Policy and Sales Growth on Stock Returns Mediated by Profitability in Companies in the Consumer Goods Industry on the Indonesian Stock Exchange

Tria Reysya (Reysya)
Herman Paleni (Universitas Bina Insan)
Indrawati Mara Kesuma (Universitas Bina Insan)
Dewi Anggraini (Universitas Bina Insan)

Journal of Management, Economic, and Accounting
Vol. 5 No. 4 (2026): Oktober

This study aims to examine the effect of dividend policy and sales growth on stock returns, mediated by profitability, among companies in the consumer goods industry listed on the Indonesia Stock Exchange (IDX) from 2021 to 2024. This study employs a quantitative method with a population of 131 companies; using purposive sampling, 34 companies were selected for the sample. Data were collected through secondary sources and analyzed using panel data analysis with Eviews 13 software. The results show that dividend policy has a negative and significant effect on stock returns, sales growth has a negative effect on stock returns, dividend policy and sales growth simultaneously affect stock returns, profitability does not mediate the effect of dividend policy on stock returns, profitability does not mediate the relationship between sales growth and stock returns.