The Effect of Liquidity, Dividend Policy, and Asset Structure on Stock Prices with Capital Structure as an Intervening Variable in Manufacturing Companies in the Automotive Industry Listed on the IDX for the Period 2018–2022

Abstract

The aim of this research is to test and explain the influence of liquidity, dividend policy and asset structure on share prices with capital structure as an intervening variable in manufacturing companies in the automotive industry sector listed on the IDX in the 2018-2022 period. The population of this research is 17 manufacturing companies in the automotive industry sector for the 2018-2022 period. Sampling in this research used a purposive sampling technique, namely taking samples using certain criteria and obtaining a total of 9 companies over 5 years, resulting in 45 observations. This research uses a multiple regression analysis method with the help of the eviews 12 program. The independent variables in this research are liquidity, dividend policy and asset structure. The dependent variable in this research is share price, as well as the intervening/mediation variable, namely capital structure. The results of this research show that the liquidity variable has no effect on stock prices, dividend policy has an effect on stock prices, asset structure has no effect on stock prices, liquidity has an effect on stock prices through capital structure as an intervening variable, dividend policy has an effect on stock prices through capital structure as intervening variables and asset structure influence share prices through capital structure as an intervening variable