KHILLA, FARIDATUL (2025) PENGARUH KEBIJAKAN DIVIDEN, PROFITABILITAS, DAN LIKUIDITAS TERHADAP RETURN SAHAM (Studi pada Perusahaan Sub Sektor Kesehatan yang Terdaftar di Bursa Efek Indonesia Periode 2020 - 2024). S1 thesis, Universitas Mercu Buana Jakarta.
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Abstract
The healthcare sector experienced significant stock returns. Fluctuations in stock returns in the healthcare sector raise questions about the extent to which company fundamentals influence stock returns. This study covers the analysis period from 2020 to 2024, encompassing the Covid-19 pandemic and the post-pandemic recovery period. This study was conducted to analyze the extent to which dividend policy, profitability, and liquidity influence stock returns in healthcare sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020-2024 period. A total of 35 observations obtained from seven healthcare sub-sector groups were selected based on specific criteria established through a purposive sampling technique. The researcher used secondary data in the form of financial reports as the primary data source. To analyze the relationship between the independent and dependent variables, a panel data regression approach was used with the help of E-Views version 12 software. The results showed that dividend policy, as measured by the Dividend Payout Ratio (DPR), had a negative effect on stock returns. Similarly, the profitability variable showed a positive effect on stock returns, as reflected in Return on Assets (ROA). Meanwhile, the liquidity indicator, as seen from the Current Ratio (CR), showed a negative impact on stock returns. It is recommended that business actors pay more attention to fundamental elements. Investors are expected to consider fundamental indicators such as DPR, ROA, and CR when making investment decisions. Future researchers are advised to expand the research timeframe and include other variables that better explain stock returns. Keywords: Dividend Policy, Profitability, Liquidity, Stock Returns Pada sektor kesehatan terjadi pergerakan return saham yang signifikan. Fluktuasi return saham di sektor kesehatan menimbulkan pertanyaan sejauh mana faktor fundamental perusahaan mempengaruhi return saham. Penelitian ini mencakup periode analisis tahun 2020 hingga 2024, yang meliputi masa pandemi Covid-19 serta periode pemulihan pasca pandemi. Penelitian ini dilakukan untuk menganalisis sejauh mana kebijakan dividen, profitabilitas, dan likuiditas berpengaruh terhadap return saham pada perusahaan sub sektor kesehatan di BEI selama periode 2020-2024. Sebanyak 35 observasi yang diperoleh dari tujuh kelompok sub sektor kesehatan dipilih berdasarkan kriteria tertentu yang ditetapkan melalui teknik purposive sampling. Peneliti menggunakan data sekunder berupa laporan keuangan sebagai sumber data utama. Untuk menganalisis hubungan antara variabel independen dan variabel dependen, digunakan pendekatan regresi data panel dengan bantuan perangkat lunak E-Views versi 12. Hasil penelitian menunjukkan bahwa kebijakan dividen yang diukur dengan menggunakan Dividend Payout Ratio (DPR) memiliki pengaruh negatif terhadap return saham. Demikian pula, variabel rasio profitabilitas menunjukkan pengaruh positif terhadap return saham, yang tercermin dalam Return on Asset (ROA). Sementara itu, indikator likuiditas yang terlihat dari Current Ratio (CR) menunjukkan dampak negatif terhadap return saham. Disarankan agar pelaku bisnis lebih memperhatikan unsur-unsur fundamental. Investor diharapkan mempertimbangkan indikator fundamental seperti DPR, ROA, dan CR dalam pengambilan keputusan investasinya. Para peneliti selanjutnya disarankan untuk menambah cakupan waktu penelitian dan mengikut sertakan variabel-variabel lain yang lebih menjelaskan return saham. Kata Kunci: Kebijakan Dividen, Profitabilitas, Likuiditas, Return Saham.
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