The effect of return on equity and dividend payout ratio on stock prices
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Abstract
This study aims to determine the effect of return on equity (ROE) and dividend payout ratio (DPR) on stock prices (SPs). Case study at PT. Bank Central Asia Tbk, which is listed on the Indonesia Stock Exchange (IDX). The research design uses a quantitative approach, based on the ex post facto method, secondary data sources as the main data with a ratio data scale. The unit of analysis is the company's financial statements for eight reporting periods from 2015-2022, which are analyzed in 32 quarters selected using a purposive sampling approach. The data analysis methods were used with classical assumption tests, correlation tests, calculation and analysis of determination coefficient models, and multiple linear regression model tests, as well as hypothesis tests by applying t-tests and F-tests, using MS. Excel and SPSS v.26 programs. The findings of the study, both ROE and DPR partially have a weak positive correlation with SPs, and showed a linear relationship between the three at positive but low b1 and b2 values, respectively. Meanwhile, ROE and DPR simultaneously have a strong and unidirectional correlation with SPs. ROE and DPR simultaneously have a strong contribution to the SPs, so ROE and DPR should be able to explain the variance of SPs with a strong predictive ability. However, interestingly, the results of the significance test of the effect concluded that the ROE and DPR had no effect on the SPs, either partially or simultaneously. RQ1, RQ2 and RQ3 have been answered, but this study did not succeed in proving all the hypotheses proposed, namely H1, H2, and H3, so it is interesting to conduct further exploration with a similar topics by expanding the sample size and enriching other relevant predictors.
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