PENGARUH KEBIJAKAN DIVIDEN, STRUKTUR MODAL, DAN PROFITABILITAS TERHADAP HARGA SAHAM PERUSAHAAN PT INDO TAMBANGRAYA MEGAH TBK PERIODE 2015-2024

ill, ilham (2026) PENGARUH KEBIJAKAN DIVIDEN, STRUKTUR MODAL, DAN PROFITABILITAS TERHADAP HARGA SAHAM PERUSAHAAN PT INDO TAMBANGRAYA MEGAH TBK PERIODE 2015-2024. PENGARUH KEBIJAKAN DIVIDEN, STRUKTUR MODAL, DAN PROFITABILITAS TERHADAP HARGA SAHAM PERUSAHAAN PT INDO TAMBANGRAYA MEGAH TBK PERIODE 2015-2024. (Unpublished)

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Abstract

ABSTRACT This study aims to analyze the effect of dividend policy (DPR), capital structure (DER), and profitability (ROA) on the stock price of PT Indo Tambangraya Megah Tbk during the 2015–2024 period. Using a quantitative approach with a causal associative method, secondary data were obtained from annual financial reports and closing stock prices published by the Indonesia Stock Exchange. Data analysis was performed using multiple linear regression with SPSS. The t-test results indicate that, partially, dividend policy has a positive but insignificant effect, while capital structure and profitability have a negative and insignificant effect on the stock price. Furthermore, the F-test results show that, simultaneously, these three independent variables do not have a significant impact on the stock price. The coefficient of determination (R^2) value of 0.449 suggests that the variation in stock price can only be explained by 44.9% by this model, while the remaining 55.1% is influenced by external factors such as global coal commodity price fluctuations and macroeconomic conditions. In conclusion, the internal fundamental factors studied were not the dominant determinants of the company's stock price movement during the observation period. Keywords: Dividend policy, capital structure, profitability, stock price, PT Indo Tambangraya Megah Tbk. ABSTRAK Penelitian ini bertujuan untuk menganalisis pengaruh kebijakan dividen (DPR), struktur modal (DER), dan profitabilitas (ROA) terhadap harga saham PT Indo Tambangraya Megah Tbk selama periode 2015–2024. Penelitian ini Menggunakan pendekatan kuantitatif dengan metode asosiatif kausal, data sekunder diperoleh dari laporan keuangan tahunan dan harga penutupan saham(closing price) yang dipublikasikan oleh Bursa Efek Indonesia. Analisis data dilakukan menggunakan regresi linear berganda dengan bantuan SPSS. Hasil uji t menunjukkan bahwa secara parsial, kebijakan dividen berpengaruh positif namun tidak signifikan, sementara struktur modal dan profitabilitas berpengaruh negatif dan tidak signifikan terhadap harga saham. Hasil uji F mengindikasikan bahwa secara simultan, ketiga variabel independen tersebut tidak memiliki pengaruh signifikan terhadap harga saham. Nilai koefisien determinasi (R^2) sebesar 0,449 menunjukkan bahwa variasi harga saham hanya dapat dijelaskan sebesar 44,9% oleh model ini, sedangkan sisanya dipengaruhi oleh faktor eksternal seperti fluktuasi harga komoditas batu bara global dan kondisi makroekonomi. Kesimpulannya, faktor fundamental internal yang diteliti bukan merupakan penentu dominan pergerakan harga saham perusahaan dalam periode pengamatan tersebut Kata kunci: Kebijakan dividen, struktur modal, profitabilitas, harga saham, PT Indo tambangraya megah Tbk

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