EFFECT OF ROA AND DER ON STOCK RETURN WITH DPR MODERATOR IN LQ45 COMPANIES IDX

Tika Nur Afifa, Liliek Nur Sulistiyowati, Ririh Anggraini Setyahety

Abstract


This research is motivated by the inconsistency of the effects of Return on Assets (ROA) and Debt to Equity Ratio (DER) on stock returns of LQ45 companies found in previous studies, leading to the proposition that Dividend Payout Ratio (DPR) may serve as a moderating variable. This study aims to examine the effects of ROA, DER, and DPR on stock returns, as well as the role of DPR in moderating the effects of ROA and DER in LQ45 companies listed on the Indonesia Stock Exchange for the period 2021-2024. This research employs a quantitative approach using secondary data in the form of panel data from 36 LQ45 companies selected through purposive sampling over 4 years (144 observations). Data were collected through documentation of annual financial reports and analyzed using multiple linear regression and Moderated Regression Analysis (MRA) with the assistance of SPSS. The findings indicate that ROA has a positive and significant effect on stock returns. DER and DPR do not have a significant direct effect on stock returns. DPR is proven to moderate the effect of ROA on stock returns; however, it does not moderate the effect of DER on stock returns.


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