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Journal of Economics Finance and Management Studies
Article . 2026 . Peer-reviewed
Data sources: Crossref
ZENODO
Article . 2026
License: CC BY
Data sources: Datacite
ZENODO
Article . 2026
License: CC BY
Data sources: Datacite
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Analyzing the Determinants of LQ45 Stock Prices: An Examination of Internal and Factor

Authors: Ali Fikri; Gusni;

Analyzing the Determinants of LQ45 Stock Prices: An Examination of Internal and Factor

Abstract

The capital market is a market that trades various long-term financial instruments, including bonds, stocks, mutual funds, derivative instruments, and other instruments. For investors, investing in selected securities is expected to provide a rate of return commensurate with the risks borne by investors. The purpose of this study is to prove and analyze empirical evidence how internal factors (dividend policy, Profitability, Leverage) and external factors (economic growth) with firm size as a moderating variable influence stock prices of LQ45 companies listed on Indonesian stock period 2018-2024. The study uses 19 firm selected through purposive sampling method. This research employs panel data regression analysis. The research findings of this study show that leverage negatively impact stock prices, while economic growth positively impact stock price, whereas profitability & dividend payout ratio does not have impact on stock prices. Firm size positively moderates the effect of leverage on stock prices, but negatively moderates the influence of economic growth. However, firm size does not moderate the relationship between profitability or dividend policy and stock prices. These results are valuable for investors, as they provide insights into internal and external company factors, aiding in informed decision-making when selecting stocks.

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Keywords

stock price, dividend policy, profitability, leverage, growth economic, firm size, LQ45, capital market

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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
0
Average
Average
Average
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