Analisis Earning Per Share (EPS) dan Debt to Equity Ratio (DER) terhadap Dividend Payout Ratio (DPR) melalui return saham sebagai variabel mediasi pada perusahaan sektor farmasi yang terdaftar di Indeks Saham Syariah Indonesia (ISSI) periode 2014-2023

Rahmawati, Rima SIti (2025) Analisis Earning Per Share (EPS) dan Debt to Equity Ratio (DER) terhadap Dividend Payout Ratio (DPR) melalui return saham sebagai variabel mediasi pada perusahaan sektor farmasi yang terdaftar di Indeks Saham Syariah Indonesia (ISSI) periode 2014-2023. Masters thesis, UIN Sunan Gunung Djati Bandung.

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Abstract

This study aims to examine and analyze the impact of Earnings Per Share (EPS) and Debt to Equity Ratio (DER) on Dividend Payout Ratio (DPR) through Stock Return as a mediation variable in pharmaceutical sector companies listed on the Indonesia Sharia Stock Index (ISSI) during the period of 2014-2023. Dividend Payout Ratio (DPR) is of particular interest as it reflects dividend distribution policies that are important to investors in the Sharia capital market. The population of this study consists of pharmaceutical companies listed on the ISSI, with a sample of four companies: PT. Kalbe Farma Tbk, PT. Kimia Farma Tbk, PT. Sido Muncul Tbk, and PT. Tempo Scan Pacific Tbk, analyzed during the 2014-2023 period. The study uses purposive sampling technique with 40 data points derived from the companies' published financial statements. The research method used is a quantitative approach with a panel data regression model, employing the Fixed Effect Model (FEM) to analyze the direct impact of Earnings Per Share (EPS) and Debt to Equity Ratio (DER) on Dividend Payout Ratio (DPR). To test the role of Stock Return as a mediation variable, path analysis is used. The data analysis process is carried out using EViews software version 13. The results of this study show that Earnings Per Share (EPS) does not have a significant effect on Dividend Payout Ratio (DPR). The t-statistic and t-table value is -1.290233 < 2.028, with a significance level of 0.2059, which is greater than 0.05. Debt to Equity Ratio (DER) also does not have a significant effect on Dividend Payout Ratio (DPR), with a t-statistic of -0.199895 < 2.028, and a significance level of 0.8428, which is greater than 0.05. Stock Return does not have a significant effect on Dividend Payout Ratio (DPR), with a t-statistic of -0.368962 < 2.028, and a significance level of 0.7145, which is greater than 0.05. The findings of this study show that Earnings Per Share (EPS), Debt to Equity Ratio (DER), and Stock Return do not have a significant effect on Dividend Payout Ratio (DPR) through Stock Return as a mediation variable.

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