Can the Dividend Payout Ratio Mediate the Relationship Between the Current Ratio, Debt-to-Equity Ratio, and Stock Price?
Abstract
This study examines the influence of the current ratio and debt-to-equity ratio on stock prices, with the dividend payout ratio as a mediating variable, focusing on companies listed in the LQ45 index on the Indonesia Stock Exchange. The research population comprised 64 companies, with a sample of 28 firms selected through purposive sampling. Path analysis and the Sobel Test were employed to evaluate the mediating effect of the dividend payout ratio. The results indicate that while the current ratio does not affect the dividend payout ratio, it has a significant positive impact on stock prices. Conversely, the debt-to-equity ratio exerts a significant negative influence on both the dividend payout ratio and stock prices. Moreover, the dividend payout ratio shows no significant effect on stock prices and does not mediate the relationship between the current ratio, debt-to-equity ratio, and stock prices for LQ45 companies during the 2019–2023 period.
Keywords: Current Ratio; Debt to Equity Ratio; Dividend Payout Ratio; Stock Price.
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References
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Dewi, S., & Yulfiswandi. (2024). Mediating Role Of Dividend Payout Ratio In The Relationship Between Financial Ratios And Stock Prices Among Infrastructure Sector Companies Listed On The Indonesia Stock Exchange. 5(1), 119–130.
Elizabeth, E., & Putra, A. (2023). Effect Of Return On Assets (Roa), Debt To Assets Ratio (Dar), And Current Ratio (Cr) On Stock Price. Scientific Journal Of Reflection : Economic, Accounting, Management And Business, 6(4), 933–942. Https://Doi.Org/10.37481/Sjr.V6i4.754
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Megamawarni, M., & Pratiwi, A. (2021). Pengaruh Rasio Keuangan Dan Pertumbuhan Perusahaan Terhadap Dividend Payout Ratio (Dpr) Dan Implikasinya Pada Harga Saham Perusahaan Perbankan Yang Listing Di Bursa Efek Indonesia (Bei). Jurnal Maksipreneur: Manajemen, Koperasi, Dan Entrepreneurship, 11(1), 47. Https://Doi.Org/10.30588/Jmp.V11i1.829
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Noviana, N., Toni, N., Simorangkir, E. N., & Angelia, N. (2022). The Effect Of Profitability And Capital Structure On Price Book Value With Dividend Payout Ratio As Moderating Variables In The Consumer Goods Industry Listed On The Stock Exchange Indonesia For 2017-2020. International Journal Of Social Science Research And Review, 5(10), 142–150. Https://Doi.Org/10.47814/Ijssrr.V5i10.581
Nurismalatri, N., & Artika, E. D. (2022). Pengaruh Current Ratio ( Cr ) Dan Debt To Equity Ratio ( Der ) Terhadap Harga Saham Pada Perusahaan Consumer Goods Yang Terdaftar Di Bursa Efek Indonesia Periode Tahun 2015-2020 Adalah Perusahaan Consumer Goods Yang Menerbitkan Saham Untuk Diperjualbelika. Jurnal Perkusi: Pemasaran, Keuangan, Dan Sumber Daya Manusia, 2, 71–79.
Onggrasari, E., & Prasetyo, A. (2020). The Effect Of Debt To Equity Ratio, Dividend Payout Ratio And Return On Asset On Sharia Stock Price. Jurnal Ekonomi Syariah Teori Dan Terapan, 7(9), 1670–1683. Https://Doi.Org/10.20473/Vol7iss20209pp1670-1683
Prabowo, Y. I. (2023). The Effect Of Current Ratio (Cr), Return On Asset (Roa) And Debt To Equity Ratio (Der) On Stock Prices With Dividend Policy As An Intervening Variable. Jurnal Indonesia Sosial Teknologi, 4(9), 1478–1489. Https://Doi.Org/10.59141/Jist.V4i9.718
Prianda, D., Sari, E. N., & Rambe, M. F. (2022). The Effect Of Return On Asset ( Roa ), Current Ratio ( Cr ) And Debt To Equity Ratio ( Der ) On Stock Prices With Dividend Policy As An Intervening Variable. International Journal Of Business Economics (Ijbe), 3(2), 117–131.
Pristianti, N. W., & Iramani, R. (2022). Kontribusi Kinerja Keuangan Terhadap Harga Saham Perusahaan Manufaktur Di Indonesia. Jurnal Ilmu Manajemen, 10(3), 821–832.
Rahayu, A. S., & Hari, M. (2016). Pengaruh Current Ratio Dan Quick Ratio Terhadap Kebijakan Dividen Melalui Return On Equity Pada Perusahaan Manufaktur Yang Terdaftar Di Bei Tahun 2014. Jurnal Ekonomi Dan Bisnis Tahun 21, 2, 231–240.
Rambe, I., Nurwahyuni, N., & Hasibuan, J. S. (2021). Effect Of Current Ratio And Debt To Equity Ratio On Stock Prices On Registered Metal And Similar Companies On The Indonesia Stock Exchange. International Journal Of Economic, Business, Accounting, Agriculture Management And Sharia Administration (Ijebas), 1(2), 245–356. Https://Doi.Org/10.54443/Ijebas.V1i2.77
Santoso, D. R. (2019). Pengaruh Current Ratio (Cr) Dan Debt To Equity Ratio (Der) Terhadap Harga Saham Dengan Dividend Payout Ratio (Dpr) Sebagai Variabel Intervening (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bei 2014-2017). Jurnal Ilmiah Ekonomi Bisnis, 2(1), 205–216.
Sarmento, J. D. C., & Dana, M. (2016). Pengaruh Return On Equity, Current Ratio, Dan Earning Per Share Terhadap Kebijakan Dividen Pada Perusahaan Keuangan. E-Jurnal Manajemen Universitas Udayana, 5(7), 4224–4252.
Sartono, A. (2018). Manajemen Keuangan Teori Dan Aplikasi (4th Ed.). Bpfe-Yogyakarta.
Setiajatnika, E., & Iriani, K. (2018). Pengaruh Retun On Asset, Asset Growth, Dan Debt To Equity Ratio Terhadap Dividend Payout Ratio. Jurnal Soshum Insentif, 22–34. Https://Doi.Org/10.36787/Jsi.V1i1.31
Shabrina, W., & Hadian, N. (2021). The Influence Of Current Ratio , Debt To Equity Ratio , And Return On Assets On Dividend Payout Ratio. International Journal Of Financial, Accounting, And Management (Ijfam, 3(3), 193–204.
Siahaan, N. S. ., Sidabalok, P. S. C., Sitanggang, C., Angelica, P., Helman, H., & Fajrillah, F. (2023). The Influence Of Current Ratio, Net Profit Margin, Debt To Equity Ratio On Stock Prices Of Cigarette Companies Listed On The Indonesia Stock Exchange From 2018-2021. Journal Of Research In Business, Economics, And Education, 5(3), 53–60. Https://Doi.Org/10.55683/Jrbee.V5i3.438
Sutono, S., Ardi, B. K., & Sitawati, R. (2021). Pengaruh Dividend Payout Ratio (Dpr) Dan Price Earning Ratio (Per) Terhadap Harga Saham Pada Perusahaan Manufaktur Di Bursa Efek Indonesia Tahun 2015-2019. Jurnal Ekonomi Manajemen Dan Akuntansi, 3(2), 33–39.
Sutrisno. (2017). Manajemen Keuangan Teori, Konsep Dan Aplikasi. Ekonesia.
Tram, L. T. H., & Nga, N. T. T. (2023). Propose Research Models And Hypotheses On The Impact Of Current Ratio, Return On Assets, Total Assets Turn Over, Leverage Index, Total Accrual On Total Assets To Dividend Payout Ratio For Manufacturing Enterprises. Journal Of Economics, Finance And Management Studies, 06(08), 4066–4073. Https://Doi.Org/10.47191/Jefms/V6-I8-60
Vianti, S., Sunardi, S., & Yamali, F. (2019). Pengaruh Current Ratio, Debt To Equity Ratio Dan Return On Assets Terhadap Harga Saham Dengan Kebijakan Dividen Sebagai Variabel Intervening. Prosiding 2nd Business And Economics Conference In Utilizing Of Modern Technology Issn 2662-9404, 3(2), 25–36.
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Zakaria, M. (2021). Analisis Pengaruh Debt To Equity Ratio (Der), Return On Asset (Roa) Dan Earning Per Share (Eps) Terhadap Harga Saham Melalui Kebijakan Dividen Sebagai Variabel Intervening (Studi Pada Perusahaan Manufaktur Sektor Industri Barang Konsumsi Yang Terdaftar Di. Business Management Analysis Journal (Bmaj), 4(1), 75–96. Https://Doi.Org/10.24176/Bmaj.V4i1.5828
Brigham, E. F., & Houston, J. F. (2018). Dasar-Dasar Manajemen Keuangan (14th Ed.). Salemba Empat.
Chandra, S., & Taruli, D. (2017). Analisis Pengaruh Current Ratio (Cr), Debt To Equity Ratio (Der), Return On Equity (Roe) Dan Price Earning Ratio (Per) Terhadap Harga Saham Pada Perusahaan-Perusahaan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia (Bei) Pada Tahun 2012-2015. Kurs : Jurnal Akuntansi, Kewirausahaan Dan Bisnis, 2(2), 128-137 Issn 2527-8215.
Desiana, L. (2018). Pengaruh Price Earning Ratio (Per), Earning Per Share (Eps), Devidend Yield Ratio (Dyr), Dividend Payout Ratio (Dpr), Book Value Per Share (Bvs) Dan Price Book Value(Pbv ) Terhadap Harga Saham Pada Perusahaan Subsektor Makanan Dan Minuman Yang Terdaftar D. I-Finance: A Research Journal On Islamic Finance, 3(2), 199. Https://Doi.Org/10.19109/Ifinance.V3i2.1550
Devaki, A. (2017). Faktor-Faktor Yang Mempengaruhi Return Saham Pada Perusahaan Lq45 Di Bursa Efek Indonesia. Jurnal Benefita, 2(2), 157–168. Https://Doi.Org/10.22216/Jbe.V2i2.2004
Dewi, S., & Yulfiswandi. (2024). Mediating Role Of Dividend Payout Ratio In The Relationship Between Financial Ratios And Stock Prices Among Infrastructure Sector Companies Listed On The Indonesia Stock Exchange. 5(1), 119–130.
Elizabeth, E., & Putra, A. (2023). Effect Of Return On Assets (Roa), Debt To Assets Ratio (Dar), And Current Ratio (Cr) On Stock Price. Scientific Journal Of Reflection : Economic, Accounting, Management And Business, 6(4), 933–942. Https://Doi.Org/10.37481/Sjr.V6i4.754
Fahmi, I. (2014). Pengantar Manajemen Keuangan Teori Dan Soal Jawab. Alfabeta.
Fitrianingsih, D., & Budiansyah, Y. (2019). Pengaruh Current Rasio Dan Debt To Equity Ratio Terhadap Harga Saham Di Perusahaan Food And Beverage Yang Terdaftar Di Bursa Efek Indonesia Periode 2013 – 2017. Jurnal Riset Akuntansi Terpadu, 12(1), 144–167.
Gitman, L. J., & Zutter, C. J. (2012). Principles Of Managerial Finance (13th Ed.). Pearson Education Limited.
Hermiyetti, H., Mayndarto, E. C., Hertina, D., Ratnawita, R., & Alfiana, A. (2023). Effect Of Current Ratio And Debt To Equity Ratio On Dividend Payout Ratio. Journal Of Innovation Research And Knowledge, 3(3), 691–696. Https://Doi.Org/10.53625/Jirk.V3i3.6345
Isnasaputri, A., & Kurnia, K. (2022). Pengaruh Kinerja Keuangan, Kebijakan Dividen, Dan Ukuran Perusahaan Terhadap Harga Saham (Studi Pada Perusahan Yang Terdaftar Di Bursa Efek Indonesia). Jurnal Ilmu Dan Riset Akuntansi , 11(8), 1–17.
Jakataofik, I., S. Paranita, E., & Ispriyahadi, H. (2023). The Effect Of Company Financial Performance On Stock Prices With Dividend Payout Ratio As Intervening Variables In Food And Beverage Sector Companies. International Journal Of Science, Technology & Management, 4(2), 474–491. Https://Doi.Org/10.46729/Ijstm.V4i2.792
Jati, W. (2020). Effect Of Current Ratio And Return On Equity On Dividend Payout Ratio Policy. Jurnal Ilmiah Ilmu Administrasi Publik, 10(1), 63–74.
Kasmir. (2018). Analisis Laporan Keuangan (11th Ed.). Rajawali Pers.
Kristianti, D., & Foeh, J. E. H. J. (2020). The Impact Of Liquidity And Profitability On Firm Value With Dividend Policy As An Intervening Variable (Empirical Study Of Manufacturing Companies In The Pharmaceutical Sub Sector Listed On The Indonesia Stock Exchange In 2013-2017). Jurnal Bisnis Dan Kewirausahaan, 16(1), 65–78. Https://Doi.Org/10.31940/Jbk.V16i1.1829
Lestari, A. P., & Susetyo, A. (2020). Pengaruh Npm, Eps, Der Dan Pbv Terhadap Harga Saham Pada Perusahaan Terdaftar Idx Hidiv20 Dengan Dpr Sebagai Variabel Intervening. Jurnal Ilmiah Mahasiswa Manajemen, Bisnis Dan Akuntansi (Jimmba), 2(2), 184–196. Https://Doi.Org/10.32639/Jimmba.V2i2.461
Lina, N. M., Fatimah, F., & Ladewi, Y. (2023). Factors Affecting Stock Prices With Dividend Policy As An Intervening Variable In Mining Companies Listed On The Idx. International Journal Of Finance Research, 4(3), 238–255. Https://Doi.Org/10.47747/Ijfr.V4i3.1437
Megamawarni, M., & Pratiwi, A. (2021). Pengaruh Rasio Keuangan Dan Pertumbuhan Perusahaan Terhadap Dividend Payout Ratio (Dpr) Dan Implikasinya Pada Harga Saham Perusahaan Perbankan Yang Listing Di Bursa Efek Indonesia (Bei). Jurnal Maksipreneur: Manajemen, Koperasi, Dan Entrepreneurship, 11(1), 47. Https://Doi.Org/10.30588/Jmp.V11i1.829
Munira, M., Merawati, E. E., & Astuti, S. B. (2018). Pengaruh Roe Dan Der Terhadap Harga Saham Perusahaan Kertas Di Bursa Efek Indonesia. Jabe (Journal Of Applied Business And Economic), 4(3), 191. Https://Doi.Org/10.30998/Jabe.V4i3.2478
Muslikin, & Alim, R. A. (2023). The Impact Of Current Ratio, Total Asset Turnover, Debt-Equity Ratio, Return On Equity, And Price Earning Ratio Toward Stock Return (Study In Sub Sector Pharmacy Company At Idx 2015-2020 Period). Jurnal Ilmiah Manajemen Dan Bisnis, 7(3), 100–112. Http://Dx.Doi.Org/10.22441/Indikator.V7i3.
Napitupulu, R. B., Simanjuntak, T. P., Hutabarat, L., Damanik, H., Harianja, H., Sirait, R. T. M., Tobing, L., & Ria, C. E. (2021). Penelitian Bisnis, Teknik Dan Analisa Dengan Spss - Stata Eviews (1st Ed.). Madenatera.
Noviana, N., Toni, N., Simorangkir, E. N., & Angelia, N. (2022). The Effect Of Profitability And Capital Structure On Price Book Value With Dividend Payout Ratio As Moderating Variables In The Consumer Goods Industry Listed On The Stock Exchange Indonesia For 2017-2020. International Journal Of Social Science Research And Review, 5(10), 142–150. Https://Doi.Org/10.47814/Ijssrr.V5i10.581
Nurismalatri, N., & Artika, E. D. (2022). Pengaruh Current Ratio ( Cr ) Dan Debt To Equity Ratio ( Der ) Terhadap Harga Saham Pada Perusahaan Consumer Goods Yang Terdaftar Di Bursa Efek Indonesia Periode Tahun 2015-2020 Adalah Perusahaan Consumer Goods Yang Menerbitkan Saham Untuk Diperjualbelika. Jurnal Perkusi: Pemasaran, Keuangan, Dan Sumber Daya Manusia, 2, 71–79.
Onggrasari, E., & Prasetyo, A. (2020). The Effect Of Debt To Equity Ratio, Dividend Payout Ratio And Return On Asset On Sharia Stock Price. Jurnal Ekonomi Syariah Teori Dan Terapan, 7(9), 1670–1683. Https://Doi.Org/10.20473/Vol7iss20209pp1670-1683
Prabowo, Y. I. (2023). The Effect Of Current Ratio (Cr), Return On Asset (Roa) And Debt To Equity Ratio (Der) On Stock Prices With Dividend Policy As An Intervening Variable. Jurnal Indonesia Sosial Teknologi, 4(9), 1478–1489. Https://Doi.Org/10.59141/Jist.V4i9.718
Prianda, D., Sari, E. N., & Rambe, M. F. (2022). The Effect Of Return On Asset ( Roa ), Current Ratio ( Cr ) And Debt To Equity Ratio ( Der ) On Stock Prices With Dividend Policy As An Intervening Variable. International Journal Of Business Economics (Ijbe), 3(2), 117–131.
Pristianti, N. W., & Iramani, R. (2022). Kontribusi Kinerja Keuangan Terhadap Harga Saham Perusahaan Manufaktur Di Indonesia. Jurnal Ilmu Manajemen, 10(3), 821–832.
Rahayu, A. S., & Hari, M. (2016). Pengaruh Current Ratio Dan Quick Ratio Terhadap Kebijakan Dividen Melalui Return On Equity Pada Perusahaan Manufaktur Yang Terdaftar Di Bei Tahun 2014. Jurnal Ekonomi Dan Bisnis Tahun 21, 2, 231–240.
Rambe, I., Nurwahyuni, N., & Hasibuan, J. S. (2021). Effect Of Current Ratio And Debt To Equity Ratio On Stock Prices On Registered Metal And Similar Companies On The Indonesia Stock Exchange. International Journal Of Economic, Business, Accounting, Agriculture Management And Sharia Administration (Ijebas), 1(2), 245–356. Https://Doi.Org/10.54443/Ijebas.V1i2.77
Santoso, D. R. (2019). Pengaruh Current Ratio (Cr) Dan Debt To Equity Ratio (Der) Terhadap Harga Saham Dengan Dividend Payout Ratio (Dpr) Sebagai Variabel Intervening (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bei 2014-2017). Jurnal Ilmiah Ekonomi Bisnis, 2(1), 205–216.
Sarmento, J. D. C., & Dana, M. (2016). Pengaruh Return On Equity, Current Ratio, Dan Earning Per Share Terhadap Kebijakan Dividen Pada Perusahaan Keuangan. E-Jurnal Manajemen Universitas Udayana, 5(7), 4224–4252.
Sartono, A. (2018). Manajemen Keuangan Teori Dan Aplikasi (4th Ed.). Bpfe-Yogyakarta.
Setiajatnika, E., & Iriani, K. (2018). Pengaruh Retun On Asset, Asset Growth, Dan Debt To Equity Ratio Terhadap Dividend Payout Ratio. Jurnal Soshum Insentif, 22–34. Https://Doi.Org/10.36787/Jsi.V1i1.31
Shabrina, W., & Hadian, N. (2021). The Influence Of Current Ratio , Debt To Equity Ratio , And Return On Assets On Dividend Payout Ratio. International Journal Of Financial, Accounting, And Management (Ijfam, 3(3), 193–204.
Siahaan, N. S. ., Sidabalok, P. S. C., Sitanggang, C., Angelica, P., Helman, H., & Fajrillah, F. (2023). The Influence Of Current Ratio, Net Profit Margin, Debt To Equity Ratio On Stock Prices Of Cigarette Companies Listed On The Indonesia Stock Exchange From 2018-2021. Journal Of Research In Business, Economics, And Education, 5(3), 53–60. Https://Doi.Org/10.55683/Jrbee.V5i3.438
Sutono, S., Ardi, B. K., & Sitawati, R. (2021). Pengaruh Dividend Payout Ratio (Dpr) Dan Price Earning Ratio (Per) Terhadap Harga Saham Pada Perusahaan Manufaktur Di Bursa Efek Indonesia Tahun 2015-2019. Jurnal Ekonomi Manajemen Dan Akuntansi, 3(2), 33–39.
Sutrisno. (2017). Manajemen Keuangan Teori, Konsep Dan Aplikasi. Ekonesia.
Tram, L. T. H., & Nga, N. T. T. (2023). Propose Research Models And Hypotheses On The Impact Of Current Ratio, Return On Assets, Total Assets Turn Over, Leverage Index, Total Accrual On Total Assets To Dividend Payout Ratio For Manufacturing Enterprises. Journal Of Economics, Finance And Management Studies, 06(08), 4066–4073. Https://Doi.Org/10.47191/Jefms/V6-I8-60
Vianti, S., Sunardi, S., & Yamali, F. (2019). Pengaruh Current Ratio, Debt To Equity Ratio Dan Return On Assets Terhadap Harga Saham Dengan Kebijakan Dividen Sebagai Variabel Intervening. Prosiding 2nd Business And Economics Conference In Utilizing Of Modern Technology Issn 2662-9404, 3(2), 25–36.
Wahyuni, S. F., & Hafiz, M. S. (2018). Pengaruh Cr, Der Dan Roa Terhadap Dpr Pada Perusahaan Manufaktur Di Bei. Jesya (Jurnal Ekonomi & Ekonomi Syariah), 1(2), 25–42. Https://Doi.Org/10.36778/Jesya.V1i2.18
Wulandari, D. (2022). Pengaruh Current Ratio Dan Debt To Equity Ratio Terhadap Harga Saham Dengan Dividend Payout Ratio Sebagai Variabel Intervening Pada Sub Sektor Kosmetik Dan Barang Keperluan Rumah Tangga Yang Terdaftar Di Bursa Efek Indonesia Periode 2016-2020 Skripsi. Jurnal Ekonomi Manajemen Dan Akuntansi, 3(1), 25–36.
Zakaria, M. (2021). Analisis Pengaruh Debt To Equity Ratio (Der), Return On Asset (Roa) Dan Earning Per Share (Eps) Terhadap Harga Saham Melalui Kebijakan Dividen Sebagai Variabel Intervening (Studi Pada Perusahaan Manufaktur Sektor Industri Barang Konsumsi Yang Terdaftar Di. Business Management Analysis Journal (Bmaj), 4(1), 75–96. Https://Doi.Org/10.24176/Bmaj.V4i1.5828
Published
2024-09-02
How to Cite
SAMSURI, Samsuri; ZAMASARI, Abdullah; ANDARI, Titiek Tjahja.
Can the Dividend Payout Ratio Mediate the Relationship Between the Current Ratio, Debt-to-Equity Ratio, and Stock Price?.
E-Jurnal Akuntansi, [S.l.], v. 34, n. 7, sep. 2024.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/115867>. Date accessed: 14 nov. 2024.
doi: https://doi.org/10.24843/EJA.2024.v34.i07.p06.
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