PENGARUH FAKTOR FUNDAMENTAL PERUSAHAAN TERHADAP RETURN SAHAM DENGAN KEBIJAKAN DIVIDEN SEBAGAI PEMODERASI PADA PERUSAHAAN INDEKS KOMPAS 100

Abstract

This study aims to determine the effect of debt to equity, return on equity, free cash flow and company size on stock returns and to determine whether dividend policy as a moderating variable can strengthen or weaken the relationship between the independent variables and the dependent variable. The object of this research is the companies that are members of the Kompas 100 index that have survived during 2016-2020. With the purposive sampling method, the criteria are 42 companies that are sampled in this study. The data analysis method used in this research is panel data regression, multiple linear regression and interaction test. The results of the study show that partially debt to equity has a significant negative effect on stock returns, return on equity has a significant positive effect on stock returns and free cash flow and company size has an insignificant positive effect on stock returns and simultaneously debt to equity, return on equity, free cash flow and company size on stock returns. Dividend policy weakens the relationship between free cash flow and stock returns and is unable to moderate the relationship between debt to equity, return on equity and company size on stock returns.