Dividend policy: Total asset turnover, return on investment against stock returns

Abstract

This study was conducted to examine the direct effect of TATO, ROI, dividend policy on stock returns, TATO and ROI on dividend policy, and the indirect effect of TATO, ROI on stock returns through dividend policy in food and beverage companies in 2018-2022 listed on the Indonesia Stock Exchange. The research population was all food and beverage companies with a total of 51 companies, while the samples taken were 8 companies. This type of research is quantitative research using SPSS version 22 to analyze the data. The results of testing the direct effect show that TATO has a positive effect on stock returns, ROI does not affect stock returns, dividend policy does not affect stock returns, TATO has a positive effect on dividend policy, and ROI hurts dividend policy. Testing the indirect effect proves that TATO has no effect on stock returns through dividend policy, and ROI has a positive effect on stock returns through dividend policy.