ANALYSIS OF THE INFLUENCE OF DIVIDEND POLICY ON STOCK VOLATILITY OF MANUFACTURING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE
Published:
2026-04-28Downloads
Abstract
This study aims to examine how the dividend payout ratio and dividend yield impact stock price volatility, with inflation as a moderating variable, in manufacturing companies listed on the Indonesia Stock Exchange from 2018 to 2023. Secondary data are used in this study, drawn from financial statements and annual reports. This study includes manufacturing companies listed on the Indonesia Stock Exchange from 2018 to 2023, as well as those that have held an IPO since at least 2018. Forty-four companies met the research criteria, selected using a purposive sampling method. This study used multiple regression analysis. The results show that only the dividend payout ratio significantly influences stock price volatility. Stock prices are riskier when the dividend payout ratio is more dynamic, and vice versa. The study also shows that the dividend payout ratio and dividend yield do not affect stock price volatility.
Keywords:
Influence Dividends Stock volatilityReferences
Al-Malkawi, H. (2007, December). Determinants of Corporate Dividend Policy in Jordan: “An Application of the Tobit Model. Journal of Economic & Administrative Sciences, 23(2), 44-70.
Alwi, Z. Iskandar, 2003, “Pasar Modal Teori dan Aplikasi”, Edisi Pertama, Penerbit Yayasan Pancur Siwah, Jakarta.
Anastassia dan Friska Firnanti. 2014. Faktor-Faktor yang Mempengaruhi Volatilitas Harga Saham pada Perusahaan Publik Nonkeuangan. Jurnal Bisnisidan Akuntansi, 16(2): 95-102.
Anton. “Analisis Model Volatilitas Return Saham”, Universitas Diponegoro,2006.
Araoye, Felix Ebun; Aruwaji, Akinola Michael; Olusuyi Ajayi, Emmanuel, 2019, Effect of Dividend Policy on Stock Price Volatility in Nigeria Stock Exchange, International Journal of Accounting and Financial Reporting ISSN 2162-3082, Vol. 9, No. 2, doi:10.5296/ijafr.v9i2.11861
Aten, P. M., & Nurdiniah, D. (2020). Pengaruh Kebijakan Dividen Terhadap Volatilitas Harga Saham Dengan Inflasi Sebagai Variabel Moderasi. Akurasi: Jurnal Riset Akuntansi Dan Keuangan, 2(2), 85-94.
Bhattacharya, S. (1979). Imperfect information, dividend policy and the bird-in-the-hand fallacy. Bell Journal of Economics, 10(1), 259-70.
Brigham, Eugene dan Houston Joel. “Dasar- dasar Manajemen Keuangan”. edisi kesepuluh, Salemba Empat, Jakarta, 2009.
DeAngelo, H., DeAngelo, L., & Skinner, D. (1996). Reversal of Fortune: Dividend Signaling and the Disappearance of Sustained Earnings, Growth.Journal of Financial Economics, 341-347.
Dewi, Ni Made Ayu Krisna dan I Gst Ngr Agung Suaryana. 2016. Pengaruh Volume Perdagangan Saham, Leverage, dan Tingkat Suku Bunga Terhadap Volatilitas Harga Saham. E-Jurnal Akuntansi Universitas Udayana, 17(2): 1112-1140.
Fahmi, Irham. 2012. Manajemen Investasi: Teori daniSoal Jawab. Jakarta: Salemba Empat.
Fama, E. F., & French, K. R. (2000). Disappearing dividends: characteristics or Lower propensity to pay?. Center for Research in security prices working paper No.509.
Hashemijoo, Mohammad., Aref Mahdavi Ardekani., Nejat Younesi. 2012. The Impact of Dividend Policy on Share Price Volatility in the Malaysian Stock Market. Journal of Business Studies Quarterly, 4(1): 111-129.
Jannah, Raudhatul dan Musfiari Haridhi. 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.
Kharinda, F. E. G. (2018). Pengaruh Dividen Payout Ratio, Leverage, Profitabilitas, dan Perilaku Follower Investor Terhadap Volatilitas Harga Saham pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia. Lampung: Universitas Lampung.
Khurniaji, A. W., & Raharja. (2013). Hubungan Antara Kebijakan Deviden Terhadap Volatilitas Harga Saham di Perusahaan-Perusahaan yang Terdaftar di Bursa Efek Indonesia. Diponegoro Journal of Accounting Vol.2 No.3, 1.
Lintner, J. (1956). Distribution of incomes of corporations among dividends, retained earnings, and taxes. American Economic Review, 61, 97-113.
Modigliani, F., & Milller, M. H. (1961). Dividend policy, growth and the valuation of shares. Journal of Business, 34(4), 411-433
Nishat,M dan Chaudari, M.I. “Dividend Policy and Stock Price Volatility in pakistan”. University of Karachi, Pakistan. 2003.
Priyana, I Wayan Korin dan Ketut Muliartha RM. 2017. Pengaruh Volume Perdagangan Saham, Leverage, dan Dividend Payout Ratio pada Volatilitas Harga Saham. E-Jurnal Akuntansi Universitas Udayana, 20(1): 1-29.
Riadi, Edi. 2016. Aplikasi Lisrel untuk Penelitian Analisis Jalur. Andi. Yogyakarta.
Rowena, J., & Hendra, H. (2017). Earnings Volatility, Kebijakan Dividen, Dan Pertumbuhan Asset Berpengaruh Terhadap Volatilitas Harga Saham Pada Perusahaan Manufaktur Di BEI Periode 2013-2015. Jurnal Administrasi Kantor, 5(2), 231-242.
Sartono, R. Agus. 2014. Manajemen Keuangan Teori dan Aplikasi. Cetakan Ketujuh. Yogyakarta: BPFE-Yogyakarta.
Sinaga, F. F. (2019). Analisis Pengaruh Kebijakan Hutang, Kebijakan Dividen, Dan Pertumbuhan Perusahaan Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Intervening Pada Perusahaan Pembiayaan Yang Terdaftar Di Bursa Efek Indonesia. BISMA: Jurnal Bisnis dan Manajemen, 13(1), 43-51.
Ullah, Hidayat., Shahab e Saqib., Hazrat Usman. 2015. The Impact of Dividend Policy on Stock Price Volatility: A Case Study of Selected Firms from Textile Industry in Pakistan. International Journal of Academic Research in Economics and Management Sciences, 4(3): 40-51.
Walter, J. E. (1963). Dividend Policy: Its Influence on the Value of Enterprise. Journal of Finance, 18, 280-291.
Yulianni, Y., & Suhartono, S. (2019). Relevansi Nilai Laba, Nilai Buku Ekuitas, Arus Kas Operasi dan Dividen. Jurnal Akuntansi, 8(2).
License
Copyright (c) 2026 Andi Izatul Fiddah, Amraeni, Nursinah Amrullah, Ririn Mardhani Syakur
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
