Financial Leverage, Liquidity, and Profitability as Determinants of Stock Returns The Moderating Role of Dividend Policy in Indonesia’s Food and Beverage Sector

Stock return is an indicator used by investors to assess investment returns. Changes in stock returns can be influenced by various internal company factors reflected in financial information. This study aims to analyze the effect of Debt to Equity Ratio, Current Ratio, and Return on Equity on stock returns with Dividend Payout Ratio as a moderating variable in food and beverage subsector companies listed on the Indonesia Stock Exchange for the 2021–2025 period. This study uses a quantitative approach with a causal associative research design. The data used in this study are secondary data obtained from the companies’ annual financial statements. The sample was determined using purposive sampling, consisting of 24 companies with 120 observations. Data analysis was performed using panel data regression with the assistance of EViews 14 software. The results show that Debt to Equity Ratio and Current Ratio have no significant effect on stock returns. Return on Equity has a positive and significant effect on stock returns. Dividend Payout Ratio has a negative and significant effect on stock returns and is able to moderate the effect of Return on Equity on stock returns in a negative direction. However, Dividend Payout Ratio is unable to moderate the effects of Debt to Equity Ratio and Current Ratio on stock returns.