Pengaruh Sinyal Profitabilitas, Struktur Modal, dan Dinamika Dividen terhadap Return Saham pada Perusahaan Properti dan Real Estate di Indonesia dan Malaysia (2022–2024)
DOI:
https://doi.org/10.37278/eprofit.v7i2.1362Keywords:
Kinerja Keuangan, Ukuran Perusahaan, Kebijakan Dividen, Struktur Modal, Return SahamAbstract
Penelitian ini bertujuan untuk mengkaji pengaruh profitabilitas, ukuran perusahaan, kebijakan dividen, dan struktur modal terhadap tingkat pengembalian saham pada perusahaan properti dan real estate yang tercatat di Bursa Efek Indonesia (BEI) dan Bursa Malaysia selama periode 2022–2024. Pendekatan penelitian yang digunakan bersifat kuantitatif dengan metode regresi linier berganda berbasis data panel. Hasil analisis menunjukkan bahwa profitabilitas, kebijakan dividen, dan struktur modal berpengaruh signifikan terhadap return saham, sedangkan ukuran perusahaan tidak menunjukkan pengaruh yang berarti. Temuan lebih lanjut mengungkapkan adanya perbedaan karakteristik antarnegara: di Indonesia, investor cenderung menilai profitabilitas dan pembagian dividen sebagai sinyal kepercayaan terhadap kinerja perusahaan, sementara di Malaysia, struktur pendanaan dan konsistensi kebijakan dividen menjadi perhatian utama karena mencerminkan kemampuan perusahaan menjaga stabilitas finansial. Perbedaan ini menggambarkan variasi perilaku investor dan kondisi pasar modal di masing-masing negara, yang menjadi landasan penting bagi strategi manajerial dan kebijakan korporasi di sektor properti dan real estate.
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