THE ROLE OF DIVIDEND POLICY AS A MODERATING VARIABLE ON STOCK RETURNS IN ENERGY SECTOR COMPANIES ON THE INDONESIA STOCK EXCHANGE

Abstract

The purpose of this study is to analyze the effect of profitability, leverage, and size on stock returns, and to analyze the effect of profitability, leverage, size moderated by dividend policy on energy sector companies on the IDX in 20219-2023. Sampling using purposive sampling, and obtained a sample of 15 energy sector companies. The data analysis method uses Moderation Regression Analysis. The results of the study show that profitability (ROA) affects stock returns while leverage (DER) and size do not affect stock returns. Dividend policy is able to moderate profitability and size on stock returns, while dividend policy is unable to moderate the effect of leverage on stock returns.