The Effect of Dividend Policy, Profitability, and Liquidity on Stock Returns: A Study of Health Sub-Sector Companies Listed on the Indonesia Stock Exchange, 2020–2024
Keywords:
Dividend Policy, Profitability, Liquidity, Stock ReturnsAbstract
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 independent and dependent variables, a panel data regression approach was used with the help of EViews 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.
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