An Analysis of the Impact of Dividend Policy Structure, Capital Structure, and Profitability on the Stock Prices of Companies in the Oil & Gas, Coal, and Oil, Gas & Coal Support Services Sub-Sectors in Indonesia for Decision-Making.
Analisis Pengaruh Struktur Kebijakan Dividen, Struktur Modal, dan Profitabilitas terhadap Harga Saham Perusahaan Sub-Sektor Minyak & Gas, Batu Bara, Pendukung Minyak, Gas & Batu Bara di Indonesia untuk pengambilan keputusan.
DOI:
https://doi.org/10.21070/ups.11525Keywords:
Capital Structure, Dividend Policy, Profitability, Stock Price, Debt-to-Equity Ratio, Dividend Payout Ratio, Return on AssetsAbstract
This study examines the effects of Capital Structure, Dividend Policy, and Profitability on Stock Prices of companies in the Oil & Gas, Coal, and Oil, Gas & Coal Support Sub-Sectors listed on the Indonesia Stock Exchange (IDX) during 2021 to 2025. Using a quantitative associative approach, the study analyzed secondary data from the annual financial reports of 12 companies (60 observations) selected through purposive sampling. The data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression, the coefficient of determination (R²), and the t-test with IBM SPSS Statistics. The results show that Dividend Policy (DPR) and Capital Structure (DER) do not significantly affect Stock Prices, while Profitability (ROA) has a positive and significant effect. The Adjusted R² value of 0.033 indicates that the independent variables explain 3.3% of the variation in Stock Prices, with the remaining 96.7% influenced by other factors.
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