Peran Kinerja Keuangan dalam Memoderasi Pengaruh Kebijakan Dividen dan Kinerja Keberlanjutan terhadap Return Saham

Maulia Farras Inas Anisa, Indarti Diah Palupi

Abstract


Penelitian ini bertujuan untuk menganalisis pengaruh kebijakan dividen dan kinerja keberlanjutan terhadap return saham serta menguji peran kinerja keuangan sebagai variabel moderasi pada perusahaan sektor industri barang konsumsi yang terdaftar di Bursa Efek Indonesia selama periode 2020–2024. Penelitian ini menggunakan pendekatan kuantitatif dengan teknik purposive sampling dan menghasilkan 174 observasi dari 44 perusahaan. Analisis dilakukan menggunakan Fixed Effect Model (FEM) dengan cluster-robust standard errors, sedangkan Generalized Least Squares (GLS) dan Generalized Method of Moments–Instrumental Variables (IV-GMM) digunakan untuk pengujian robustness serta pengendalian potensi endogenitas. Hasil penelitian menunjukkan bahwa Dividend Payout Ratio (DPR) dan kinerja Environmental, Social, and Governance (ESG) tidak berpengaruh signifikan terhadap return saham. Return on Equity (ROE) menunjukkan efek moderasi negatif pada hubungan antara DPR dan ESG terhadap return saham. Hasil robustness secara umum mendukung temuan utama, meskipun moderasi ROE pada hubungan DPR terhadap return saham sensitif terhadap metode estimasi. Temuan ini menunjukkan bahwa profitabilitas perusahaan menjadi faktor penting dalam menentukan bagaimana kebijakan dividen dan kinerja ESG tercermin dalam return saham. Dengan demikian, investor perlu mempertimbangkan kebijakan dividen dan kinerja ESG bersama profitabilitas, kondisi fundamental perusahaan, dan faktor makroekonomi dalam menilai potensi return saham.

Keywords


Environmental, Social, and Governance (ESG); Kebijakan Dividen; Kinerja Keberlanjutan; Kinerja Keuangan; Return Saham

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References


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DOI: https://doi.org/10.17509/ijdb.v6i1.105885

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