TAX POLICY REFORMS AND MARKET OPTIMISM : EVIDENCE OF MOMENTUM IN THE PROPERTY SECTOR

Abstract

AbstractThis study aims to analyze the influence of profitability, liquidity, and dividends on the stock prices of property sector companies listed on the Indonesia Stock Exchange for the 2021-2024 period. The focus of this study is to understand how the capital market responds to corporate financial signals, in signaling theory, which emphasizes that each piece of financial information can influence investor perceptions differently. The method used is quantitative, utilizing secondary data in the form of annual financial reports of property companies for 2021–2024. The data were analyzed using panel data regression processed using EViews 12 software to test the effect of each variable on stock prices. The results show that profitability and dividends have a significant negative effect on stock prices, while liquidity does not show a significant effect. Practically, these results suggest that companies need to carefully manage the use of profits to avoid the perception of reduced growth opportunities. Future research is recommended to add other fundamental variables, extend the observation period, and expand the sample size to make the results more comprehensive and representative