Determinants of Stock Price with Dividend Policy as a Moderator Variable A Study of Listed Companies at the Jakarta Islamic Index

- This study aimed to examine and analyze the effect of profitability, liquidity, solvency, and activity ratios on stock prices and to test and analyze the role of dividend policy in moderating the effect of profitability on stock prices. The population used is companies listed on the Indonesia Stock Exchange (IDX) which are listed on the Jakarta Islamic Index (JII) in the 2021 period. Sampling by purposive sampling method resulted in 15 companies meeting the sample criteria. Data were analyzed using a panel data regression approach. It was found that the fixed effect model is the best. The results showed that profitability has a positive and significant effect on stock prices. Solvency and activity ratios have a negative and significant effect on stock prices. Liquidity has no significant effect on stock prices. A dividend policy cannot moderate the effect of the profitability variable on stock prices. Dividend policy is a potential moderator variable