PENGARUH KEBIJAKAN DIVIDEN, TOTAL ASSET TURNOVER, DAN DEBT TO ASSET RATIO TERHADAP HARGA SAHAM MELALUI NILAI PERUSAHAAN SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN LQ45 YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2022-2024

Abstract

This study aims to analyze the effect of Dividend Policy, Total Asset Turnover, and Debt to Asset Ratio on stock prices through firm Value as an intervening variable in LQ45 companies listed on the Indonesia Stock Exchange for the 2022-2024 period. The research method used is quantitative with a causal approach. The study population consists of companies included in the LQ45 index for the 2022–2024 period. The sampling technique used purposive sampling based on certain criteria, resulting in 11 companies as research samples. The data used is secondary data obtained from financial statements and annual reports of companies published on the Indonesia Stock Exchange. Data analysis was performed using Smart PLS 3.0 using classical assumption tests, coefficient of determination, structural equation analysis (inner model), and hypothesis testing. The results of the direct hypothesis study indicate that dividend policy has a positive and significant effect on firm Value. Total Asset Turnover has a negative but insignificant effect on firm Value. Debt to Asset Ratio has a positive but insignificant effect on firm Value. Dividend policy has a negative and significant effect on stock price. Total Asset Turnover has a positive but insignificant effect on stock price. Debt to Asset Ratio has a positive but insignificant effect on stock price. The results of the indirect hypothesis test indicate that firm Value is unable to mediate the effects of dividend policy, Total Asset Turnover, and Debt to Asset Ratio on stock price.