PENGARUH PROFITABILITAS DAN SOLVABILITAS TERHADAP HARGA SAHAM DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL INTERVENING

This study aims to analyze the effect of profitability and leverage ratios on share price variables, which are mediated (intervened) by dividend policy variables. Using the financial statements of manufacturing companies in the consumer goods sector, profitability data (ROA, ROE, GPM, and NPM), solvency data (DAR, LTDER, and DER), dividend policy (DPR), and share price (closing price) of 24 companies selected as samples in 2011 to 2018. Data were analyzed using structural equation modeling (SEM) methods. The results showed that profitability, leverage, and dividend policy each affect the stock price changes. On the other hand, profitability and leverage do not affect dividend policy. An indirect relationship (intervening) is assessed by the sobel test, resulting in a dividend policy that can mediate in the relationship of profitability to stock prices, but cannot mediate the leverage relationship to stock prices.