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Submitted
October 29, 2019
Accepted
October 29, 2019
Published
August 26, 2019
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Abstract

The objective of this research is to determine the effect of foreign exchange rate
(IDR) as moderator variable in the influence of capital structure and dividend policy on
Stock Prices of companies at IDX. In this research samples are 45 companies as the main
mover of Indonesia Stock Indices. This research uses Panel Data Analysis (PDA) to test the
hypotheses. The results show that: (1) capital structure (debt equity ratio) and dividend
payout ratio have a significance influence on the stock price and the stock market, (2)
exchange rate (US$/IDR) has negative moderating effect on both capital structure and
dividend payout ratio. In conclusion, this research support the theory of capital structure
and dividend relevance, even in bear market in Indonesia. The decreasing IDR agains US $
causes the influence of capital strucure and dividend policy on both the composite stock
index and the stock prices.

Keywords

deb equity ratio dividend payout ratio exhange rate Panel Data Analyis

Article Details

How to Cite
Zulkarnaein, I. (2019). EFEK PEMODERASI KURS RUPIAH DALAM MODEL STRUKTURAL PENGARUH STRUKTUR MODAL DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN DI BEI. The Manager Review, 1(2), 140–150. https://doi.org/10.33369/tmr.v1i2.9329
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