COST OF FUND AS A MODERATOR OF THE EFFECT OF PROFITABILITY, DIVIDEND POLICY, AND CAPITAL STRUCTURE ON THE STOCK PRICES OF BANKING COMPANIES FOR THE 2021-2025 PERIOD

Annisa Fitrianasari, Anny Widiasmara, Heidy Paramitha Devi

Abstract


This study was conducive to test and analyze the influence of profitability, dividend policy, and capital structure on stock prices, using the Cost of Fund as a moderating variable within banking firms registered on the Indonesia Stock Exchange throughout 2021–2025. This research adopts a quantitative design based on secondary information contained within corporate annual reports. The observations were determined through purposive sampling and examined using Moderated Regression Analysis (MRA) assisted by IBM SPSS Statistics 25. The empirical evidence indicates that a firm's earning capacity has a significant favorable effect on share values, whereas dividend policy and capital structure do not. Furthermore, the Cost of Fund moderates the effect of dividend policy on share values. Nevertheless, the moderating variable fails to alter the relationship between profitability and share values or between capital structure and share values.

Keywords: profitability, dividend policy, capital structure, cost of fund, stock prices

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