The Effect of Dividend Policy and Sales Growth on Stock Returns Mediated by Profitability in Companies in the Consumer Goods Industry on the Indonesian Stock Exchange (Journal of Management Economic and Accounting)

Summary

• From a population of 131 companies, 34 consumer goods companies were selected for 2021-2024.p.1
• The descriptive statistics cover 136 observations.p.4
• Dividend policy has a significant negative effect on stock returns, with a t-statistic of −2.611423 and probability 0.0104.p.6
• The weighted R-squared is 0.395093 and the adjusted R-squared is 0.183376.p.7

Key insights

1. The higher the dividend policy, the lower the stock return in this sample.p.7
2. The multicollinearity check shows a correlation of -0.028643 between the two independent variables, below the 0.80 threshold.p.5
3. The White heteroskedasticity test gives a probability of 0.9996, so no heteroskedasticity is found.p.5
4. The authors treat the dividend effect as a direct effect without passing through profitability.p.10
5. The study uses panel data analysis with EViews 13.p.1