Abstract
This study aims to determine the significance of the influence profitability, leverage and dividend policy on stock prices and to determine the significance of the influence profitability and leverage on dividend policy. This research was conducted at manufacturing company listed in Indonesia Stock Exchange period 2012-2014. The number of samples used are 22 companies, data collection method used is purposive sampling. This research uses path analysis technique (path analysis). Result of analysis find profitability and dividend policy have a significant positive effect to stock price. Profitability has a significant positive effect on dividend policy, while leverage has negative but not significant effect on dividend policy and stock price. Dividend policy is not able to mediate the influence of profitability on stock price and dividend policy is not able to mediate the effect of leverage on stock price
 
 Keywords: profitability, leverage, dividend policy and stock price
Highlights
This study aims to determine the significance of the influence profitability, leverage and dividend policy on stock prices and to determine the significance of the influence profitability and leverage on dividend policy
This research was conducted at manufacturing company listed in Indonesia Stock Exchange period 2012-2014
Dividend policy is not able to mediate the influence of profitability on stock price and dividend policy is not able to mediate the effect of leverage on stock price
Summary
Penelitian ini bertujuan untuk mengetahui signifikansi pengaruh profitabilitas, leverage dan kebijakan dividen terhadap harga saham serta untuk mengetahui signifikansi pengaruh profitabilitas dan leverage terhadap kebijakan dividen. Penelitian ini dilakukan pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2012-2014. Jumlah sampel yang digunakan sebanyak 22 perusahaan dan metode pengumpulan data yang digunakan adalah purposive sampling. Penelitian ini menggunakan teknik analisis jalur (path analysis). Hasil analisis menemukan bahwa profitabilitas dan kebijakan dividen berpengaruh positif signifikan terhadap harga saham. Profitabilitas berpengaruh positif signifikan terhadap kebijakan dividen, sedangkan leverage berpengaruh negatif namun tidak signifikan terhadap kebijakan dividen dan harga saham. Kebijakan dividen tidak mampu memediasi pengaruh profitabilitas terhadap harga saham serta kebijakan dividen tidak mampu memediasi pengaruh leverage terhadap harga saham
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