The Impact of Profitability, Dividend, and Firm Size on Stock Prices in the Consumer Goods Sector on the Indonesia Stock Exchange for the Years 2022-2024: The Effects of Global Geopolitical Uncertainty
Keywords:
Profitability, Dividend, Firm Size, Stock Prices
Abstract
This study aims to analyze the effect of corporate profits, Dividend, and Firm Size on stock prices in consumer goods companies listed on the Indonesia Stock Exchange. The data used are secondary data in the form of company financial reports, covering a five-year observation period and 295 observations. The analytical method used in this study is multiple linear regression analysis with the assistance of statistical software. The results show that corporate profits and Firm Size have a positive and significant effect on stock prices, indicating that financial performance and company scale are the main factors investors consider when making investment decisions. Meanwhile, Dividend have no significant effect on stock prices, indicating that investors are more oriented towards potential capital gains than dividend income. This study is expected to contribute to investors, company management, and future researchers in understanding the factors that influence stock prices.
References
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Saputri, C. K., & Giovanni, A. (2021). Pengaruh Profitabilitas, Pertumbuhan Perusahaan dan Likuiditas Terhadap Nilai Perusahaan. Competence : Journal of Management Studies, 15(1), 90–108
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Silalahi, L., & Sembiring, S. (2020). Pengaruh Laba Bersih, Total Arus Kas dan Ukuran Perusahaan terhadap Harga Saham pada Perusahaan Sektor Asuransi yang Terdaftar di Bursa Efek Indonesia Tahun 2014-2017. Jurnal Riset Akuntansi & Keuangan, 47–70.
Simanjuntak, R. (2021). Pengaruh Kinerja Keuangan terhadap Harga Saham. Jurnal Akuntansi Dan Keuangan.
Sujatmiko, A. (2019). Pengaruh Profitabilitas terhadap Harga Saham Perusahaan Manufaktur. Jurnal Akuntansi Indonesia.
Sunardi, N., & Kadim, A. (2019). Profitabilitas, Likuiditas, Dan Multiplier Equity Pengaruhnya Terhadap Harga Serta Return Saham Pada Industri Manufaktur Tahun 2012-2017. Jurnal Ilmiah Manajemen, 6(1), 58.
Zarefar, A. and Armadani, A. (2024). DO FUNDAMENTAL FINANCIAL RATIOS AFFECT THE COMPANY'S STOCK PRICE? INDONESIA EVIDENCE. Jurnal Akuntansi Dan Keuangan Indonesia, 21(1), 49-63. https://doi.org/10.21002/jaki.2024.03
Arofatin, N., Bahrim, S., Mardiono, V., & Pandin, M. (2023). The Effect Of Earnings Growth, Financial Ratios And Dividends On Stock Prices In Manufacturing Companies Listed On The LQ45 Index For The Period 2020 – 2022. BIJMT, 4(1), 01-11. https://doi.org/10.55606/bijmt.v4i1.2444
Faidah, N., & Wismar’ein, H. (2021). Pengaruh Profitabilitas terhadap Harga Saham Perusahaan. Jurnal Ekonomi Dan Bisnis.
Fitriani, N., Minanurohman, A., & Firmansah, G. (2022). Financial ratio analysis in stock price: Evidence from Indonesia. Jurnal Aset (Akuntansi Riset), 14(2), 285-296. https://doi.org/10.17509/jaset.v14i2.49132
Girsang, A., Tambun, H., Putri, A., Rarasati, D., Nainggolan, D., & Desi, P. (2019). Analisis Pengaruh EPS, DPR, dan DER terhadap Harga Saham Sektor Trade, Services, & Investment di BEI. Jesya (Jurnal Ekonomi Dan Ekonomi Syariah), 2(2), 351-362. https://doi.org/https://doi.org/10.36778/jesya.v2i2.97
Hassouba, K. (2024). Early evidence of short selling effects on dividends payout in Egypt: Does earnings quality make a difference?. المجلة العلمية للدراسات والبحوث المالية والتجارية, 5(1), 625-656. https://doi.org/10.21608/cfdj.2024.324111
Happrabu, A. (2023). The Effect of Financial Performance on Stock Prices in Food and Beverage Sub-Sector Companies Listed on the Indonesia Stock Exchange 2017-2021 Period. Jurnal Ekonomi, 22(2), 70-75. https://doi.org/10.29138/je.v22i2.187
Khairunisa, N., & Nazir, N. (2022). Pengaruh Leverage, Kebijakan Dividen dan Ukuran Perusahaan terhadap Volatilitas Harga Saham. Jurnal Ekonomi Trisakti, 2(2), 833–844.
Lailiyah, C. Z., Massela, A., Yulianto, A., & Khalid, A. A. (2024). Impact of corporate social responsibility, profitability, leverage, and capital intensity on tax aggressiveness: The moderating role of firm size in Indonesian manufacturing sector.
Latifah, N., & Suryani, D. (2020). Kebijakan Dividen dan Pengaruhnya terhadap Harga Saham. Jurnal Akuntansi Multiparadigma.
Laurens, S. (2018). Influence Analysis of DPS, EPS, and PBV toward Stock Price and Return. Journal The Winners, 19(1), 21–29. https://doi.org/10.21512/tw.v19i1.4496
Lombogia, M., & others. (2020). Ukuran Perusahaan dan Pengaruhnya terhadap Harga Saham. Jurnal Riset Ekonomi Dan Bisnis.
MAL, A. T., & Pratiwi, N. (2025). Pengaruh Ukuran Perusahaan, Leverage dan Kurs terhadap Harga Saham pada Perusahaan Property dan Real Estate yang terdaftar di Bursa Efek Indonesia (BEI) periode 2019-2023. Jurnal Akuntansi Keuangan Dan Perpajakan| E-ISSN: 3063-8208, 1(3), 456-463
Mita, S., Saharah, S., & Yulianto, A. (2024). The role of corporate governance mecanism in enhancing firm value with CSR as moderating variable. International Journal Of Humanities Education and Social Sciences (IJHESS), 3(6), 3337-3346.
Mendrofa, I. D., & Maharani, N. K. (2022). Pengaruh Profitabilitas, Kebijakan Dividen dan Ukuran Perusahaan terhadap Harga Saham. JIIP-Jurnal Ilmiah Ilmu Pendidikan, 5(9), 3570–3578.
Muslimin, M. and Hasnatika, A. (2024). Changes in Banking Industry Stock Prices: The Role of Risk, Good Governance, Earnings, and Capital. SBAMR, 6(1), 1-11. https://doi.org/10.61656/sbamr.v6i1.58
Ngwakwe, C. (2024). The Effect of Earnings Announcement on the Market Value of Corporate Stock. Accounting and Finance, (3(105)), 96-102. https://doi.org/10.33146/2307-9878-2024-3(105)-96-102
Nuraeni, R., Barnas, B., & Tripuspitorini, F. A. (2021). Pengaruh CR, DER, dan ROE Terhadap Harga Saham Perusahaan LQ45 di BEI. Indonesian Journal of Economics and Management, 1(3), 634-641.
Pabunna, A. N., Karamoy, H., & Afandi, D. (2021a). Pengaruh Laba Bersih Dan Ukuran Perusahaan Terhadap Harga Saham Pada Perusahaan Lq45 Yang Terdaftar Dalam Bursa Efek Indonesia Periode 2016-2018. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 9(1).
Rianisari, A., Husnah, H., & Bidin, C. R. K. (2018). Pengaruh likuiditas, leverage, dan profitabilitas terhadap harga saham industri makanan dan minuman di bei. Jurnal Ilmu Manajemen Universitas Tadulako (JIMUT), 4(2), 113-120.
Saputri, C. K., & Giovanni, A. (2021). Pengaruh Profitabilitas, Pertumbuhan Perusahaan dan Likuiditas Terhadap Nilai Perusahaan. Competence : Journal of Management Studies, 15(1), 90–108
Shah, S. A. A., Ali, M. D., & Khan, S. R. (2020). Impact of dividend policy on stock prices before and after capital gain tax imposition: The case of manufacturing sector of Pakistan. International Journal of Management Research and Emerging Science, 10(2).
Silalahi, L., & Sembiring, S. (2020). Pengaruh Laba Bersih, Total Arus Kas dan Ukuran Perusahaan terhadap Harga Saham pada Perusahaan Sektor Asuransi yang Terdaftar di Bursa Efek Indonesia Tahun 2014-2017. Jurnal Riset Akuntansi & Keuangan, 47–70.
Simanjuntak, R. (2021). Pengaruh Kinerja Keuangan terhadap Harga Saham. Jurnal Akuntansi Dan Keuangan.
Sujatmiko, A. (2019). Pengaruh Profitabilitas terhadap Harga Saham Perusahaan Manufaktur. Jurnal Akuntansi Indonesia.
Sunardi, N., & Kadim, A. (2019). Profitabilitas, Likuiditas, Dan Multiplier Equity Pengaruhnya Terhadap Harga Serta Return Saham Pada Industri Manufaktur Tahun 2012-2017. Jurnal Ilmiah Manajemen, 6(1), 58.
Zarefar, A. and Armadani, A. (2024). DO FUNDAMENTAL FINANCIAL RATIOS AFFECT THE COMPANY'S STOCK PRICE? INDONESIA EVIDENCE. Jurnal Akuntansi Dan Keuangan Indonesia, 21(1), 49-63. https://doi.org/10.21002/jaki.2024.03
Published
2026-02-18
How to Cite
Shafana, N. F. R., Bararisty, Z., & Yulianto, A. (2026). The Impact of Profitability, Dividend, and Firm Size on Stock Prices in the Consumer Goods Sector on the Indonesia Stock Exchange for the Years 2022-2024: The Effects of Global Geopolitical Uncertainty. International Journal of Economics, Business and Innovation Research, 5(02), 349-364. https://doi.org/10.63922/ijebir.v5i02.2971
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