Pengaruh Kebijakan Dividen terhadap Volatilitas Harga Saham pada Perusahaan Non Keuangan yang Tercatat di Bursa Efek Indonesa (BEI)

Dian Firta Fadila, Syarifah Rahmawati

Abstract


This study aims to determine the effect of dividend policy on stock price volatility in non-financial companies listed on the Indonesia Stock Exchange (IDX). Dividend policy in this study is measured using dividend payout ratio and dividend yield measurements. This study uses panel data with 183 non-financial companies for the 2016-2021 period. The sampling technique used in this study was purposive sampling. The hypothesis testing method uses ordinary least square (OLS) with a fixed effect model. In this study, two control variables were used, namely Leverage and Earning Volatility. The results of this study partially indicate that the dividend payout ratio and dividend yield have a negative and significant effect on stock price volatility. As control variables, leverage and earning volatility have a positive and significant effect on stock price volatility.


Keywords


Dividend Payout Ratio; Dividend Yield; Leverage; Earning Volatility; Stock Price Volatility

Full Text:

PDF

References


Almanaseer, S. R. (2019). Dividend Policy and Share Price Volatility: Evidence from Jordan. Accounting and Finance Research, 8(2), 75. https://doi.org/10.5430/afr.v8n2p75

Atmoko, Y., Defung, F., & Tricahyadinata, I. (2018). Pengaruh return on assets, debt to equity ratio, dan firm size terhadap dividend payout ratio. Kinerja, 14(2), 103. https://doi.org/10.29264/jkin.v14i2.2486

Baskin, J. (1989). Dividend Policy and the Volatility of Common Stock. Journal of Portfolio Management, Vol. 3, No. 15, 19-25.

Battacharya, S. (1979). Imperfect Information and Dividend Policy and The Bird in Hand Fallacy. The Bell Journal of Economics, Vol. 10, 259-270.

Ghozali, I. (2013). Aplikasi Analisis Multivariate dengan Program IBM SPSS 21. Semarang: Badan Penerbit Universitas Diponegoro.

Islam, S., Faruk, O., & Sarkar, U. (2019). The Impact of Dividend and Dividend Related Issues on Share Price Volatility : A Case of Dhaka Stock Exchange. Journal of The Cost and Management, 47(1), 31–40.

Jannah, R., & Haridhi, M. (2016). Pengaruh Kebijakan Dividen, Earning Volatility, Dan Leverage Terhadap Volatilitas Harga Saham Pada Perusahaan Non-Financing Yang Terdaftar Di Bursa Efek Indonesia Tahun 2010-2014. Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi, 1(1), 133–148.

Khotimah, K., & Nasrulloh, M., F. (2020). Statistik Deskriptif. Jawa Timur: LPPM Universitas KH. A. Wahab Hasbullah.

Lintner, J. (1956). “Distribution of incomes of corporations among dividends, retained earnings, and taxes”. The American Economic Review, Vol. 2 No. 1, pp. 97-113.

Mahmud, M. (2018). Pengaruh Kebijakan Dividen Terhadap Harga Saham Pada Perusahaan Lq 45 Yang Terdaftar Di Bursa Efek Indonesia (Bei) Periode 2013-2017. Ideas: Jurnal Pendidikan, Sosial, dan Budaya, 4(4), 553-569.

Marini, N. L. P. S., & Dewi, S. K. S. (2019). Pengaruh Kebijakan Dividen, Leverage, Dan Ukuran Perusahaan Terhadap Volatilitas Harga Saham. E-Jurnal Manajemen Universitas Udayana, 8(10), 5887. https://doi.org/10.24843/ejmunud.2019.v08.i10.p01

Mehmood, A., Ullah, M. H., & Ul Sabeeh, N. (2019). Determinants of stock price volatility: Evidence from cement industry. Accounting, 5(4), 145–152. https://doi.org/10.5267/j.ac.2019.2.002

Narayanti, N. P. L. (2020). Pengaruh Kebijakan Dividen dan Profitabilitas Terhadap Harga Saham Emiten LQ 45 Tahun 2009-2018. Sustainability (Switzerland), 4(1), 1–9.

Nguyen, D. T., Bui, M. H., & Do, D. H. (2019). The Relationship Of Dividend Policy and Share Price Volatility: A Case in Vietnam. Annals of Economics and Finance, 20(1), 123–136.

Novius, A. (2017). Analisis Pengaruh Kebijakan Dividen (Dividend Payout Ratio Dan Dividend Yield) Terhadap Volatilitas Harga Saham (Studi Empiris pada Perusahaan Kelompok LQ45 yang terdaftar di BEI). Jurnal Al-Iqtishad, 13(1), 67–77.

Nurhayati, I. D., & Dewi, P. P. (2021). Pengaruh Dividend Payout Ratio, Earning Volatility, Dan Leverage Terhadap Volatilitas Harga Saham. Widyagama National Conference on Economics and Business (WNCEB), 02(Wnceb), 733–746. http://publishing-widyagama.ac.id/ejournal-v2/index.php/WNCEB

Prayogiyanto, C. D., Mardani, R. M., & Wahono, B. (2018). Analisis Pengaruh Kebijakan Dividen, Book Value Per Share (Bvps), Dan Earning Volatility (Evol) Terhadap Volatilitas Harga Saham. E-Jurnal Riset Manajemen, 72(2), 151–163.

Priana, I. W. K., & Muliartha, K. (2017). Pengaruh Volume Perdagangan Saham, Leverage, Dan Dividend Payout Ratio Pada Volatilitas Harga Saham. E-Jurnal Akuntansi, 2017(1), 1–29.

Rahayu, H. (2019). Pengaruh Dividend Yield, Earning Volatility, Dan Volume Perdagangan Saham Terhadap Volatility Harga Saham (Studi Kasus Pada Perusahaan Sektor Industri Plastics And Packaging Yang Terdaftar Di Bei 2015-2017) (Doctoral dissertation, Universitas Pasir Pengaraian).

Ratnasari, L., & Budiyanto, B. (2016). Pengaruh Leverage, likuiditas, Ukuran Perusahaan terhadap Profitabilitas pada perusahaan otomotif di BEI. Jurnal Ilmu dan Riset Manajemen (JIRM), 5(6).

Rosyida, H., Firmansyah, A., & Wicaksono, S. B. (2020). Volatilitas Harga Saham: Leverage, Ukuran Perusahaan, Pertumbuhan Aset. JAS (Jurnal Akuntansi Syariah), 4(2), 196–208. https://doi.org/10.46367/jas.v4i2.256

Santioso, L., & Angesti, Y. G. (2019). Faktor-Faktor Yang Mempengaruhi Volatilitas Harga Saham Perusahaan Manufaktur. Jurnal Ekonomi, 24(1), 46. https://doi.org/10.24912/je.v24i1.450

Sari, R. Y., & Pangestuti, I. R. D. (2021). Kebijakan Dividen Dan Volatilitas Harga Saham (Studi Kasus pada Perusahaan Manufaktur di Indonesia). Diponegoro Journal of Management, 10(2).

Selpiana, K. R., & Badjra, I. B. (2018). Pengaruh Kebijakan Dividen, Nilai Tukar, Leverage, dan Firm Size terhadap Volatilitas Harga Saham. E-Jurnal Manajemen Universitas Udayana, 7(3), 1682.

Shah, S. A., & Noreen, U. (2016). Stock price volatility and role of dividend policy: Empirical evidence from Pakistan. International Journal of Economics and Financial Issues, 6(2), 461–472.

Sirait, J., Purwohedi, U., & Noviarini, D. (2018). Pengaruh Volatilitas Laba, Leverage Keuangan, Kebijakan Dividen, Dan Price To Book Value Terhadap Volatilitas Harga Saham. Jurnal Akuntansi Dan Auditing Indonesia, 22(2), 397–415.

Suartawan, I. G. N. P. A., & Yasa, G. W. (2017). Pengaruh Investment Opportunity Set dan Free Cash Flow Pada Kebijakan Dividen dan Nilai Perusahaan. Jurnal Ilmiah Akuntansi Dan Bisnis, 63. https://doi.org/10.24843/jiab.2016.v11.i02.p01

Surahmat, Swandari, F., & Dewi, D. M. (2017). Pengaruh Kebijakan Dividen dan Faktor Lainnya Terhadap Volatilitas Harga Saham Perusahaan Pertambangan. Jurnal Wawasan Manajemen, 5(2), 201–216.

Syahyunan. (2015). Manajemen Keuangan: Perencanaan, Analisis dan Pengendalian Keuangan. Medan: USU Press.

Wahyuni, S. F., & Hafiz, M. S. (2018). Pengaruh CR, DER dan ROA terhadap DPR pada Perusahaan Manufaktur di BEI. Jesya (Jurnal Ekonomi & Ekonomi Syariah), 1(2), 25–42. https://doi.org/10.36778/jesya.v1i2.18

Zainudin, R., Mahdzan, N. S., & Yet, C. H. (2018). Dividend policy and stock price votality of industrial products firms in Malaysia. International Journal of Emerging Markets, 13(1), 2013–2217.




DOI: https://doi.org/10.24815/jimen.v9i1.24471

Refbacks

  • There are currently no refbacks.


Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

 

Tim Redaksi:

Jurusan Manajemen Fakultas Ekonomi dan Bisnis, Universitas Syiah Kuala

Lantai II Gedung Induk

Darussalam, Banda Aceh, 2311

email: jim.manajemen@feb.usk.ac.id

 
Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.