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E-Jurnal Ekonomi dan Bisnis Universitas Udayana
Published by Universitas Udayana
ISSN : -     EISSN : 23373067     DOI : https://doi.org/10.24843/EEB.2025.v14.i08
Core Subject : Economy, Science,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance
E-Jurnal Ekonomi dan Bisnis aims as a medium of exchange of information and scientific works among the teaching staff, alumni, students, practitioners and observers of science in accounting and business, science in management, business strategy and entrepreneurship and scientific papers with emphasis contents of the article on the use of quantitative analysis tools (econometrics, parametric and non-parametric statistics, descriptive statistics, input-output, CGE, etc.) in studies of economic and social. E-Jurnal Ekonomi dan Bisnis recognizes that informational problems are pervasive in financial markets and business organizations and that accounting plays an important role in resolving such problems. E-Jurnal Ekonomi dan Bisnis welcomes both theoretical and empirical contributions. Nonetheless, theoretical papers should yield novel testable implications, and empirical papers should be theoretically well-motivated. The Editors view management, business strategy and entrepreneurship as being closely related to economics and, as a consequence, papers submitted will often have theoretical motivations that are grounded in economics, however, also seeks papers that complement economics-based theorizing with theoretical developments originating in other social science disciplines or traditions. While many papers in E-Jurnal Ekonomi dan Bisnis use econometric or related empirical methods, the Editors also welcome contributions that use other empirical research methods. Although the scope of E-Jurnal Ekonomi dan Bisnis is broad, it is not a suitable outlet for highly abstract mathematical papers or empirical papers with inadequate theoretical motivation. Also, papers that study asset pricing, or the operations of financial markets, should have direct implications for one or more of preparers, regulators, users of financial statements, and corporate financial decision-makers, or at least should have implications for the development of future research relevant to such users.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
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URBANISASI DAN KESENJANGAN ENERGI LISTRIK  PERKOTAAN DAN PEDESAAN DI INDONESIA Alfianisa Tongato; Khoirunurrofik
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.15.NO.03.TAHUN.2026
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2026.v15.i03.p04

Abstract

Penelitian ini mengkaji mengenai dampak dari adanya urbanisasi terhadap kesenjangan konsumsi energi listrik di perkotaan dan pedesaan dengan menggunakan pendekatan berdasarkan ukuran perspektif energi konsumsi listrik pada level kabupaten/kota. Studi ini mengisi gap pada penelitian sebelumnya yang telah banyak mengkaji kesenjangan perkotaan dan pedesaan dengan pendekatan berbasis ukuran pendapatan dan moneter lainnya, namun masih sedikit yang mengkaji menggunakan perspektif konsumsi energi listrik. Studi ini menggunakan data yang berasal dari Survey Sosial Ekonomi Nasional (Susenas) dan Survey Angkatan Kerja Nasional (Sakernas) tahun 2019-2023 pada level kabupaten/kota. Adapun perspektif penggunaan energi listrik ini digunakan karena dapat merepresentasikan adanya pertumbuhan ekonomi dan produktivitas daerah. Theil index digunakan dalam studi ini karena dapat mengukur kesenjangan wilayah yang lebih spesifik menjadi antar kelompok (between) dan dalam kelompok (within) sehingga dapat mengukur kesenjangan antara wilayah perkotaan dan pedesaan. Dari hasil dengan menggunakan pendekatan Two Way Fixed Efect baik dengan menggunakan pendekatan Indeks Theil dalam mengukur kesenjangan listrik dan pendekatan rasio perbandingan konsumsi perkotaan dan pedesaan didapatkan hasil bahwa tingkat urbanisasi meningkatkan kesenjangan konsumsi listrik dan antar wilayah perkotaan dan pedesaan di Indonesia.   This study examines the impact of urbanization on the disparity in electricity consumption between urban and rural areas, using an approach based on electricity consumption measures at the district/city level. The study utilizes data from the National Socio-Economic Survey (Susenas) and the National Labor Force Survey (Sakernas) for the years 2019–2023 at the district/city level. The electricity consumption perspective is employed in this study as it can represent regional economic growth and productivity. The Theil index is used in this study because it can measure regional inequality more specifically by breaking it down into between-group and within-group components, thus enabling the assessment of disparities between urban and rural areas. The results, based on the two-way Fixed Effects approach and using both the Theil index to measure electricity inequality and the ratio of urban to rural consumption, show that the level of urbanization increases electricity consumption inequality between urban and rural areas in Indonesia.
THE EFFECT OF FINANCIAL INCLUSION ON HOUSEHOLD POVERTY IN INDONESIA Vocalyn Khaleda Muliantari; Ilmiawan Auwalin
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.15.NO.03.TAHUN.2026
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2026.v15.i03.p05

Abstract

Poverty is a major socio-economic problem in Indonesia and is still far from the target set by the government. One of the government's efforts to alleviate poverty is increasing financial inclusion. This study seeks to examine the impact of financial inclusion on household poverty in Indonesia. Financial inclusion is measured through indicators of savings ownership, access to financial services, mobile phone usage, and internet access, and considers demographic variables such as gender of the household head and the location, whether in rural or urban area. This research method used a generalized ordinal logistic regression approach on a sample of 341,802 households in Indonesia obtained from the National Social and Economic Survey (SUSENAS) 2023. The findings show that financial inclusion reduces the likelihood of households falling into poverty or the low expenditure group and increases the chance of households moving to the higher expenditure group. On the other hand, financial inclusion plays a significant role in poverty alleviation and potentially increases household expenditure. Strengthening financial inclusion through financial literacy programs, expanded account ownership, and improve internet access especially among rural households and female-headed households can play a crucial role in reducing poverty in Indonesia.
FENOMENA BLACK FRIDAY DI BALI: PERAN FLASH SALE DAN FEAR OF MISSING OUT TERHADAP KEPUTUSAN PEMBELIAN KONSUMEN I Gusti Ayu Tirtayani; Gusti Ayu Aghivirwiati
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.15.NO.03.TAHUN.2026
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2026.v15.i03.p01

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh flash sale terhadap keputusan pembelian konsumen pada event Black Friday di Bali dengan Fear of Missing Out (FOMO) sebagai variabel mediasi. Black Friday merupakan fenomena promosi yang berasal dari budaya Barat, namun seiring dengan perkembangan globalisasi dan digitalisasi, banyak pelaku usaha, khususnya supermarket dan platform e-commerce di Bali, mulai mengadopsi strategi promosi ini. Penelitian ini menggunakan pendekatan kuantitatif dengan metode survei melalui penyebaran kuesioner kepada konsumen yang pernah berpartisipasi dalam program flash sale saat Black Friday. Teknik analisis data menggunakan Structural Equation Modeling berbasis Partial Least Square (SEM-PLS). Hasil penelitian menunjukkan bahwa flash sale berpengaruh positif dan signifikan terhadap FOMO dan keputusan pembelian. Selain itu, FOMO juga berpengaruh positif dan signifikan terhadap keputusan pembelian, serta terbukti memediasi hubungan antara flash sale dan keputusan pembelian. Temuan ini mengindikasikan bahwa keterbatasan waktu, persepsi kelangkaan, dan tekanan sosial berperan penting dalam mendorong konsumen untuk melakukan pembelian. Penelitian ini memberikan implikasi praktis bagi pelaku usaha dalam merancang strategi promosi yang efektif, serta kontribusi teoritis dalam memperkaya kajian perilaku konsumen terkait adopsi budaya promosi global di konteks lokal.   This study aims to analyze the effect of Flash Sales on consumer purchase decisions during the Black Friday event in Bali, with Fear of Missing Out (FOMO) as a mediating variable. Although Black Friday originates from Western culture, globalization and digitalization have encouraged many businesses, especially supermarkets and e-commerce platforms in Bali, to adopt this promotional strategy. This research employs a quantitative approach by distributing questionnaires to consumers who have participated in Flash Sale programs during Black Friday. The data were analyzed using Structural Equation Modeling based on Partial Least Squares (SEM-PLS). The results indicate that Flash Sales have a positive and significant effect on FOMO and purchase decisions. In addition, FOMO also has a positive and significant effect on purchase decisions and is proven to mediate the relationship between Flash Sales and purchase decisions. These findings suggest that time pressure, perceived scarcity, and social influence play a crucial role in encouraging consumers to make purchasing decisions. This study provides practical implications for marketers in developing effective promotional strategies and contributes theoretically to the literature on consumer behavior in the context of global promotional culture adopted at the local level.
FINTECH ADOPTION, FINANCIAL LITERACY, AND MSME SUSTAINABILITY: PERFORMANCE AS MEDIATOR Utami Setianingrum; Datien Eriska Utami
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.15.NO.03.TAHUN.2026
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2026.v15.i03.p03

Abstract

This study examines the effect of financial technology (Fintech) adoption and financial literacy on the sustainability of Micro, Small, and Medium Enterprises (MSME) with business performance as a mediating variable. The background of this study is based on the strategic role of Msme in the Indonesian economy and the various challenges they face in financial management and digital adoption, where Fintech and financial literacy are considered potential solutions. The research method employs an explanatory quantitative approach, utilizing PLS-SEM analysis techniques. Primary data were collected using questionnaires from 149 MSME actors in Boyolali Regency, Central Java, selected using convenience sampling techniques. The results indicate that financial literacy has a direct positive impact on sustainability and an indirect impact through improved performance. Meanwhile, fintech adoption does not have a significant direct effect on sustainability; its impact is fully mediated through the performance of Msme. In conclusion, this study confirms the role of business performance as a key mediator that transforms technology adoption and financial literacy into sustainable business resilience. The implications of this study highlight the importance of integrated MSME empowerment programs that combine financial literacy improvement with technology adoption assistance, as well as a focus on strengthening operational and financial performance capabilities, laying the foundation for sustainability.
FINANCIAL LITERACY AND HERDING EFFECTS ON GENERATION Z’S SAVING BEHAVIOUR: EVIDENCE FROM BEKASI DISTRICT Oom Tikaromah; Maharani Dwi Astuti; Sunita Dasman; Eka Avianti Ayuningtyas
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.15.NO.03.TAHUN.2026
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2026.v15.i03.p02

Abstract

A country's economic success is generally measured by its growth rate, which is influenced by public investment and savings. Savings are considered a constructive financial habit because they not only support national economic stability but also help individuals meet future financial needs. This study aims to analyse the role of herding behavior as a mediating variable in the relationship between financial literacy and saving behavior. Data were obtained from 100 Generation Z respondents in Bekasi Regency using purposive sampling techniques. The analysis was conducted using the Partial Least Squares (PLS) approach using SmartPLS 4.0 software. The results showed that financial literacy had a positive effect on saving behavior, while also increasing the tendency for herding behavior. These findings confirm that herding behavior plays a significant mediating role in strengthening the relationship between financial literacy and saving habits. Thus, social factors in the form of peer influence are proven to be an important aspect in shaping Generation Z's financial decisions. The implications of this study emphasise the need for financial education strategies that not only focus on increasing individual knowledge but also consider the social dynamics that encourage sustainable saving behavior.
DINAMIKA INTERDEPENDENSI PADA KAUSALITAS PERTUMBUHAN EKONOMI DAN NERACA PEMBAYARAN INDONESIA Juwita Suwondo; Aris Siswati; Renaldi
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.15.NO.03.TAHUN.2026
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2026.v15.i03.p06

Abstract

Penelitian ini bertujuan menganalisis dinamika interdependensi antara pertumbuhan ekonomi dan neraca pembayaran Indonesia periode 1980-2024. Sumber data berasal dari Badan Pusat Statistik dan Bank Dunia. Metode analisis yang digunakan adalah Granger Causality dan Kointegrasi Johansen dengan uji stabilitas model. Hasil menunjukkan hubungan kausal satu arah dari pertumbuhan ekonomi terhadap neraca pembayaran Indonesia dalam jangka pendek, serta hubungan kointegrasi inverse atau negatif dalam jangka panjang dimana peningkatan 1 persen pertumbuhan ekonomi berasosiasi dengan penurunan neraca pembayaran Indonesia. Dalam jangka panjang, terdapat temuan berupa mekanisme koreksi error untuk dapat kembali ke ekuilibrium sebesar 9,86 persen per tahun. Temuan pada penelitian ini mengindikasikan adanya trade-off struktural dalam model pertumbuhan ekonomi Indonesia yang masih memiliki kecenderungan pada aktivitas impor, serta merupakan refleksi paradoks antara mengejar pertumbuhan tinggi atau menjaga surplus neraca pembayaran. Penelitian ini merekomendasikan transformasi struktural ekonomi menuju model pertumbuhan ekonomi yang lebih berkelanjutan dan tidak membebani neraca pembayaran melalui kebijakan industrialisasi substitusi impor dan peningkatan ekspor bernilai tambah.   This study aims to analyze the dynamics of interdependence between economic growth and Indonesia's balance of payments for the period 1980-2024. Data sources come from the Central Bureau of Statistics and the World Bank. The analytical methods used are Granger Causality and Johansen Cointegration with a model stability test. The results show a one-way causal relationship between economic growth and Indonesia's balance of payments in the short term, as well as an inverse atau negative cointegration relationship in the long term, where a 1 percentage increase in economic growth is associated with a decline in Indonesia's balance of payments. In the long term, there is a finding of an error correction mechanism to return to equilibrium at 9.86 percent per year. The findings in this study indicate a structural trade-off in Indonesia's economic growth model, which still tends to favor import activities, and reflects the paradox between pursuing high growth or maintaining a balance of payments surplus. This study recommends a structural transformation of the economy towards a more sustainable economic growth model that does not burden the balance of payments through import substitution industrialization policies and increased value-added exports.
SISTEM MANAJEMEN LINGKUNGAN, KINERJA LINGKUNGAN, DAN PENGUNGKAPAN EMISI KARBON YANG DIMODERASI PROFITABILITAS Anak Agung Sagung Diah Saraswaty; I Gusti Ayu Nyoman Budiasih
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.15.NO.03.TAHUN.2026
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2026.v15.i03.p07

Abstract

Penelitian ini mengkaji pengungkapan terkait emisi karbon sebagai komponen pelaporan keberlanjutan yang mana semakin menjadi topik krusial pada negara-negara berkembang, termasuk Indonesia, yang disebabkan pada peningkatan perhatian global akan isu perubahan iklim dan target Net Zero Emission 2060. Penelitian ini bertujuan untuk menilai pengaruh sistem manajemen lingkungan dan kinerja lingkungan terhadap pengungkapan emisi karbon, dengan profitabilitas sebagai pemoderasi. Analisis dilakukan pada 79 laporan keberlanjutan yang diterbitkan oleh perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia selama periode 2022–2024. Data dikumpulkan melalui teknik dokumentasi dan dianalisis menggunakan Moderated Regression Analysis (MRA) dengan bantuan perangkat lunak SPSS. Hasil penelitian menunjukkan bahwa sistem manajemen lingkungan dan kinerja lingkungan memiliki pengaruh positif terhadap pengungkapan emisi karbon, sejalan dengan teori legitimasi. Namun, profitabilitas tidak mampu memoderasi pengaruh sistem manajemen lingkungan maupun kinerja lingkungan terhadap pengungkapan emisi karbon. Temuan ini mengindikasikan bahwa komitmen perusahaan terhadap praktik lingkungan dan transparansi informasi keberlanjutan tetap menjadi faktor utama dalam pengungkapan emisi karbon, terlepas dari tingkat keuntungan yang dihasilkan perusahaan.   This research investigates carbon emissions disclosure as an integral aspect of sustainability reporting which has increasingly become a crucial topic in developing countries, including Indonesia, driven by the growing global attention to climate change issues and the Net Zero Emission 2060 target. The research goals to assess the impact of environmental management systems and environmental performance on carbon emissions disclosure, with profitability serving as a moderating variable. The investigation analyzed 79 sustainability reports from energy sector firms listed on the Indonesia Stock Exchange between 2022-2024. Data collection relied on documentation methods, followed by analysis via moderated regression analysis facilitated by SPSS software. The findings demonstrate environmental management systems and environmental performance positively affect carbon emissions disclosure, consistent with legitimacy theory. However, profitability does not moderate the influence of environmental management systems and environmental performance on carbon emissions disclosure. These findings indicate that a company’s commitment to environmental practices and sustainability information transparency remains a key factor in carbon emissions disclosure, regardless of the level of profit generated by the company.
RESPONS DINAMIS SEKTOR KEUANGAN DAN SEKTOR RIIL INDONESIA TERHADAP GUNCANGAN KETIDAKPASTIAN KEBIJAKAN PERDAGANGAN AS-TIONGKOK Frido Evindey Manihuruk; Muhammad Bukhori Dalimunthe
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.15.NO.03.TAHUN.2026
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2026.v15.i03.p08

Abstract

Penelitian ini dilatarbelakangi oleh transisi menuju slowbalisation akibat ketidakpastian kebijakan perdagangan Amerika Serikat (AS) dan Tiongkok. Studi ini bertujuan menganalisis respons dan kontribusi guncangan tersebut terhadap sektor keuangan (IHSG, Nilai Tukar) dan sektor riil (FDI, Ekspor) Indonesia menggunakan Structural Vector Autoregression (SVAR) periode Januari 2004 hingga Desember 2024. Hasil penelitian mengungkapkan respons asimetris: guncangan Tiongkok memberikan keuntungan substitusi (trade diversion) yang positif bagi ekspor dan memicu apresiasi Rupiah, namun menekan IHSG lebih persisten serta memicu penundaan investasi asing (wait-and-see). Sebaliknya, guncangan AS menekan ekspor dalam jangka panjang meski dampaknya pada pasar keuangan bersifat sementara. Dekomposisi varians menegaskan bahwa fluktuasi ekspor didominasi guncangan AS, sedangkan volatilitas FDI, Rupiah, dan IHSG jauh lebih sensitif terhadap sentimen regional Tiongkok. Disimpulkan bahwa ketidakpastian AS mendisrupsi jalur permintaan global, sementara ketidakpastian Tiongkok mendominasi risiko investasi dan pasar keuangan domestik. Implikasinya, pemerintah perlu memperkuat stabilisasi pasar keuangan guna memitigasi risiko aliran modal portofolio, sembari mengoptimalkan peluang pengalihan perdagangan dari pergeseran rantai pasok global.   This study is motivated by the transition to slowbalisation due to uncertainty surrounding the trade policies of the United States (US) and China. This study aims to analyze the response and contribution of these shocks to Indonesia's financial sector (IHSG, Exchange Rate) and real sector (FDI, Exports) using Structural Vector Autoregression (SVAR) for the period January 2004 to December 2024. The results reveal an asymmetric response: Chinese shocks provide positive trade diversion benefits for exports and trigger Rupiah appreciation, but exert a more persistent downward pressure on the IHSG and trigger a wait-and-see attitude among foreign investors. Conversely, US shocks exert a downward pressure on exports in the long term, although their impact on financial markets is temporary. Variance decomposition confirms that export fluctuations are dominated by US shocks, while FDI, Rupiah, and IHSG volatility are far more sensitive to regional sentiment in China. It is concluded that US uncertainty disrupts global demand channels, while Chinese uncertainty dominates domestic investment and financial market risks. As a result, the government needs to strengthen financial market stabilization to mitigate the risk of portfolio capital flows, while optimizing opportunities for trade diversion from shifts in the global supply chain.  
LABOR MARKET PARTICIPATION STATUS AMONG INDONESIAN MILLENNIALS: A MULTINOMIAL LOGIT APPROACH Kukuh Arisetyawan; Nila Aristia Wijaya
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.15.NO.03.TAHUN.2026
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2026.v15.i03.p10

Abstract

Penelitian ini mengkaji penentu status ketenagakerjaan di kalangan milenial Indonesia (lahir 1981-1996) menggunakan regresi logistik multinomial pada data Sakernas Agustus 2020 (N = 236.253) yang dikumpulkan selama Pandemi Covid 19, dengan pengangguran sebagai kategori acuan. Hasil menunjukkan bahwa setiap tahun tambahan pendidikan yang diselesaikan meningkatkan probabilitas pekerjaan formal sekitar 1,9 persen dan mengurangi probabilitas pengangguran sebesar 0,4 persen. Laki-laki memiliki probabilitas 11,5 persen lebih tinggi untuk pekerjaan informal daripada perempuan. Partisipasi pelatihan bersertifikat meningkatkan probabilitas kerja formal sebesar 10,5 persen. Khususnya, penerima Kartu Prakerja menunjukkan probabilitas kerja formal 4,4 persen lebih tinggi (p = 0,014), meskipun efek pada pengangguran dan pekerjaan informal secara statistik tidak signifikan. Temuan menunjukkan bahwa pendidikan, pelatihan, dan program pemerintah yang ditargetkan sangat penting untuk meningkatkan akses pasar tenaga kerja formal bagi milenial Indonesia.   This study examines determinants of employment status among Indonesian millennials (born 1981-1996) using multinomial logistic regression on Sakernas August 2020 data (N = 236,253) collected during The Covid 19 Pandemic, with unemployment as the reference category. Results indicate that each additional year of completed education increases the probability of formal employment by approximately 1.9 percent and reduces unemployment probability by 0.4 percent. Males have a 11.5 percent higher probability of informal employment than females. Certified training participation raises formal employment probability by 10.5 percent. Notably, Pre-Employment Card (Kartu Prakerja) recipients show 4.4 percent higher formal employment probability (p = 0.014), though effects on unemployment and informal employment are statistically insignificant. Findings suggest that education, training, and targeted government programs are central to improving formal labor market access for Indonesian millennials.
ANALISIS PROFITABILITAS, LIKUIDITAS, SOLVABILITAS DAN HARGA SAHAM DENGAN KEBIJAKAN DIVIDEN SEBAGAI PEMODERASI PADA SUBSEKTOR PERBANKAN I Gede Surya Mayun Dharma Yudha; Ni Nyoman Ayu Diantini
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.15.NO.03.TAHUN.2026
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2026.v15.i03.p09

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh profitabilitas, likuiditas, dan solvabilitas terhadap harga saham dengan kebijakan dividen sebagai variabel moderasi pada perusahaan subsektor perbankan yang terdaftar di Bursa Efek Indonesia periode 2019–2023. Penelitian menggunakan pendekatan kuantitatif dengan data sekunder dari laporan keuangan tahunan perusahaan. Sampel terdiri dari 12 perusahaan perbankan yang dipilih melalui teknik purposive sampling. Variabel independen mencakup profitabilitas (diukur dengan Return on Asset), likuiditas (Current Ratio), dan solvabilitas (Debt to Equity Ratio), sedangkan variabel dependen adalah harga saham dan variabel moderasi adalah kebijakan dividen (Dividend Payout Ratio). Analisis data dilakukan dengan regresi moderasi menggunakan perangkat lunak SPSS. Hasil penelitian menunjukkan bahwa profitabilitas berpengaruh positif dan signifikan terhadap harga saham, likuiditas berpengaruh negatif dan signifikan, sementara solvabilitas tidak berpengaruh signifikan. Kebijakan dividen tidak memoderasi hubungan antara profitabilitas, likuiditas, maupun solvabilitas dengan harga saham secara signifikan. Temuan ini memberikan wawasan bagi investor dalam mempertimbangkan faktor profitabilitas dan likuiditas pada pengambilan keputusan investasi, serta implikasi bagi perusahaan perbankan untuk mengoptimalkan kebijakan dividen guna memengaruhi persepsi investor terhadap harga saham.   This study aims to analyze the effect of profitability, liquidity, and solvency on stock prices with dividend policy as a moderating variable in banking subsector companies listed on the Indonesia Stock Exchange for the 2019–2023 period. The study uses a quantitative approach with secondary data from the companies' annual financial reports. The sample consists of 12 banking companies selected through a purposive sampling technique. The independent variables include profitability (measured by Return on Assets), liquidity (Current Ratio), and solvency (Debt to Equity Ratio), while the dependent variable is stock price and the moderating variable is dividend policy (Dividend Payout Ratio). Data analysis was performed using moderated regression using SPSS software. The results show that profitability has a positive and significant effect on stock prices, liquidity has a negative and significant effect, while solvency has no significant effect. Dividend policy does not significantly moderate the relationship between profitability, liquidity, or solvency with stock prices. These findings provide insights for investors in considering profitability and liquidity factors in investment decision-making, as well as implications for banking companies in optimizing dividend policies to influence investor perceptions of stock prices.  

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