Ririn Riani, Dito Rinaldo

PENGARUH PROFITABILITAS TERHADAP HARGA SAHAM MELALUI KEBIJAKAN DIVIDEN PADA PERUSAHAAN FOOD AND BEVERAGE DI BEI

Introduction

Pengaruh profitabilitas terhadap harga saham melalui kebijakan dividen pada perusahaan food and beverage di bei. Analisis pengaruh profitabilitas (ROA) terhadap harga saham dan kebijakan dividen (DPR) pada perusahaan food & beverage di BEI 2019-2023. ROA memengaruhi harga saham secara positif.

Abstract

Pertumbuhan ekonomi global menurun di tengah terjadinya penurunan daya beli masyarakat yang mengakibatkan tingkat profitabilitas menurun sehingga harga saham yang ikut anjlok. Penelitian ini bertujuan untuk mengetahui pengaruh profitabilitas (ROA) terhadap kebijakan dividen (DPR) dan harga saham pada perusahaan manufaktur sub sektor food and beverage yang terdaftar di BEI tahun 2019 – 2023. Metode yang digunakan adalah metode deskriptif dan verifikatif dengan data sekunder yang bersumber dari laporan keuangan dan laporan harga saham tahunan. Populasi dalam penelitian ini adalah perusahaan food and beverage yang terdaftar di BEI tahun 2019-2023. Teknik pengambilan sampel menggunakan teknik purposive sampling dengan hasil sampel 18 perusahaan. Adapun teknik analisis data yang digunakan adalah Analisis Jalur (Path Analysis) menggunakan SPSS. Hasil Penelitian menunjukkan bahwa profitabilitas (ROA) berpengaruh positif terhadap harga saham, dan profitabilitas (ROA) tidak berpengaruh terhadap harga saham melalui kebijakan dividen (DPR) pada perusahaan manufaktur sub sektor food and beverage yang terdaftar di Bursa Efek Indonesia periode 2019-2023.

Review

This study provides a focused examination of the relationship between profitability and stock prices, with a particular emphasis on the mediating role of dividend policy within the Indonesian Food and Beverage manufacturing sector. The research addresses a relevant issue in the current economic landscape, where global economic slowdowns and shifts in purchasing power can significantly impact corporate performance and market valuations. By concentrating on companies listed on the Bursa Efek Indonesia (BEI) during the 2019-2023 period, the paper offers timely insights into the dynamics of a crucial consumer-facing industry. The objective to unravel the direct and indirect influences of profitability (ROA) on stock prices through dividend policy (DPR) is clearly stated and addresses a fundamental question in financial management. Methodologically, the research employs a descriptive and verificative approach, relying on secondary data sourced from annual financial reports and stock price records, which is a standard practice for this type of financial study. The population covers all food and beverage companies listed on the BEI within the specified timeframe, and a sample of 18 companies was selected using purposive sampling. While purposive sampling can be effective for specific research objectives, the criteria used for selection could be elaborated upon to ensure the representativeness of the sample. The choice of Path Analysis using SPSS is appropriate for testing direct and indirect relationships between variables, allowing for a robust examination of the proposed mediation model. The five-year period under review is recent, though a longer time series might offer additional depth regarding long-term trends and market cycles. The findings offer valuable contributions, particularly concerning the nuanced role of dividend policy. The study concludes that profitability (ROA) positively influences stock prices, which is consistent with existing financial theories suggesting that stronger financial performance is generally rewarded by the market. However, the more distinctive finding is that profitability (ROA) does not exert its influence on stock prices *through* dividend policy (DPR). This result challenges the conventional view that dividend signals are a significant mechanism through which profitability translates into stock market value in all contexts. This finding prompts further inquiry into what other factors might mediate the relationship between profitability and stock prices in the Indonesian Food and Beverage sector, or whether investors in this specific market context prioritize direct profitability over dividend signals. Future research could explore alternative mediating variables or conduct comparative studies with other sectors to understand these differential effects.

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