ESG, Dividend Policy and Stock Prices: Examing the Moderating Role of Profitability

This study offers a new contribution by exploring the impact of environmental, social governance and dividend policy on stock prices and the moderating effect of profitability. All companies listed in the ESG Quality 45 Index IDX KEHATI for 2021–2023 made up the study's population. This study tests the hypothesis using the SPSS 25 software for moderated regression analysis. The findings show that stock values regarding environmental and social governance (ESG) factors have significantly decreased. In the meantime, stock prices are unaffected by the dividend policy. On the other hand, profitability has proven to affect stock prices significantly. In addition, profitability plays a role in strengthening the relationship between environmental and social governance and stock prices. However, profitability does not have a moderating role in the relationship between dividend policy and stock prices.