PENGARUH KEBIJAKAN DIVIDEN DALAM MEMODERASI FINANCIAL PERFORMANCE TERHADAP RETURN SAHAM PADA SEKTOR PERTANIAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

This study aimed to examine the effect of dividend policy proxy by Dividend Payout Ratio as a moderation of financial performance proxy by Debt to Equty Ratio, Free Cash Flow and Price to Book Value as well as inflation as a control variable for stock returns. The research method used was quantitative study using SPSS 20 assistance, the population in this study were agricultural companies listed on the Indonesia Stock Exchange during the period between 2013 and 2017. Samples were selected by purposive sampling technique with the criteria of continually having financial statements from 2013 to 2017. The results show that inflation and Debt to Equty Ratio have a negative influence on stock returns. Whereas Free Cash Flow and Price to Book Value have a positive influence on stock returns. Other results show that dividend policy does not moderate inflation and Debt to Equty Ratio to stock returns. In this case dividend policy applies as a potential moderation variable. Whereas Free Cash Flow and Price to Book Value have an influence on stock returns through dividend policy, in this case the policy dividend applies as a pure moderation variables.Recommendations for this study are expected to further add other variables that are thought to influence stock returns to be the object of research both internal and external factors. Examining returns in other business sectors that are still rarely studied. Increase the time period of the study because it will better know how the effect occur if the study is conducted in a longer period.

Kata kunci: Financial Performance, Stock Return, Dividend Policy