Year: 2026 | Month: July | Volume: 13 | Issue: 7 | Pages: 549-563
DOI: https://doi.org/10.52403/ijrr.20260759
Analysis of the Effect of Return on Asset, Return on Equity, Earning Per Share, And Price to Earning Ratio on Stock Price with Dividend Per Share as an Intervening Variable (Case Study of LQ45 Stock Index In (2016-2022)
Reza Wahyudi1, Azhar Maksum2, Iskandar Muda Damanik3
1,2,3Department of Accounting, Faculty of Economics and Business Universitas Sumatera Utara, Indonesia
Corresponding Author: Reza Wahyudi
ABSTRACT
This research aims to examine the effects of Return on Asset (ROA), Return on Equity (ROE), Earning per Share (EPS), and Price to Earnings Ratio (PER) on Stock Price with the Dividend per Share (DPS) ratio as an intervening variable. The object of this research was 45 companies listed in the LQ 45 Index of the Indonesia Stock Exchange during 2016—2022. The sample was selected using the purposive sampling method, namely 12 companies that were consecutively listed in the LQ 45 Index and regularly distributed dividends during 2016—2022. The analytical methods used in this research were multiple linear regression analysis and path analysis.
The results of this research show that the variables Return on Equity (ROE), Earning per Share (EPS), Price-to-Earnings Ratio (PER), and Dividend per Share (DPS) have a positive and significant effect on Stock Price. Meanwhile, the Return on Assets (ROA) variable has a negative effect on Stock Price. The ratios of Earning per Share (EPS) and Price-to-Earnings Ratio (PER) have a positive and significant effect on Dividend per Share (DPS). Meanwhile, the Return on Asset (ROM) and Return on Equity (ROE) variables have no effect on the Dividend per Share (DPS) variable. The Dividend per Share (DPS) variable can only mediate the effect of the Return on Assets (ROA) variable on Stock Price.
Keywords: Return on Asset, Return on Equity, Earning per Share, Price to Earning Ratio, Dividend per Share, Share Price
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