KEPUTUSAN PENDANAAN, DIVIDEN, DAN NILAI PERUSAHAAN: DAMPAKNYA PADA RETURN SAHAM LQ45

Abstract

This study analyzes the effect of funding decisions and dividend policy on firm value and their impact on stock returns for companies listed in the LQ45 index on the Indonesia Stock Exchange (IDX) during 2018-2022. The main issue addressed is the limited understanding of how interactions among funding decisions, dividend policy, and firm value affect stock returns. The population includes companies in the LQ45 index during this period, with samples selected through purposive sampling, targeting firms consistently listed and with complete data on the variables. Using a quantitative approach, this research employs causal analysis and Structural Equation Modeling (SEM) with SmartPLS to measure path coefficients and R². The study’s novelty lies in exploring variable interactions, unlike prior research focusing solely on direct impacts on stock returns. Results show that dividend policy positively and significantly affects firm value (path coefficient 0.288; p-value 0.002) and stock returns (path coefficient 0.346; p-value 0.000). Funding decisions significantly impact stock returns (path coefficient 0.240; p-value 0.014) but not firm value (path coefficient -0.035; p-value 0.385). The mediation of firm value is only significant between dividend policy and stock returns. The study concludes that dividend policy significantly impacts stock returns both directly and through firm value, while funding decisions affect stock returns directly. Future research should broaden the sample scope, extend the study period, and include macroeconomic factors to enrich analysis. A longitudinal approach is recommended for evaluating long-term impacts.