KEBIJAKAN DIVIDEN SEBAGAI PEMODERASI PENGARUH KEPEMILIKAN INSTITUSIONAL, UKURAN PERUSAHAAN DAN MANAJEMEN LABA TERHADAP RETURN SAHAM (Studi Kasus Pada Perusahaan Sub Sektor Logam Dan Sejenisnya Yang Terdaftar Di BEI Tahun 2017-2021)

This study aims to determine dividend policy as a modifier of the influence
of institutional ownership, company size, and earnings management on stock
returns. The focus of this research is the metal and similar sub-sector
manufacturing companies listed on the Indonesia Stock Exchange. The samples in
this study were 8 companies from the 2017-2021 period and were selected using a
purposive sampling technique (non-probability). In this research, the variables
used are institutional ownership, company size, earnings management, and
dividend policy as moderating variables to determine whether this ratio analysis
affects stock returns. The data analysis technique used was multiple linear
regression analysis and moderate regression analysis using the SPSS version 22
application. The results showed that the classical assumption test data was
normally distributed, showed no multicollinearity symptoms, no autocorrelation,
and no heteroscedasticity symptoms. The independent variable with the coefficient
of determination test has an influence of 78.1% on the dependent variable.
Partially, institutional ownership and dividend policy variables have a positive
effect on stock returns, firm size has a negative effect on stock returns, and earnings
management has no effect on stock returns. Dividend policy can moderate the effect
of institutional ownership on stock returns, dividend policy moderates by
weakening the effect of firm size on stock returns and dividend policy cannot
moderate the effect of earnings management on stock returns. Simultaneously,
institutional ownership, company size, earnings management, and dividend policy
simultaneously affect stock returns.

Keywords: Individual Ownership, Company Size, Earnings Management, Dividend
Policy, Stock Return.