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Dividend Policy and Stock Price Volatility: A Study on Indonesian Manufacturing Companies

Management Analysis Journal · Vol. 11 No. 1 (2022) · hlm. 1–7

DOI
10.15294/maj.v11i1.53223
ISSN
2502-1451, 2252-6552
Terbit
2022-03-29
Penerbit
Universitas Negeri Semarang
Bahasa
eng

Abstrak

The purpose of this study was to examine and analyze the effect of dividend policy on stock price volatility in manufacturing companies listed on Indonesia Stock Exchange from 2019-2020. This study also examines other factors that ar thought to have an effect on dividend policy and stock price volatility, such as: firm size, earning voolatility, and leverage. This research method uses a quantitative approach, using secondary data derived from the company’s annual financial report. Purposive sampling method uses in this study. The sample used was 62 companies with a total of 124 observations. This study use multiple regression method. SPSS 16 is an analytical tool used in this study. The empirical findings of this study indicate that dividend policy has a negative effect on stock price volatility. If the dividends paid increases, the possibility of stock price volatility will decrease. The control variable of firm size dan leverage have no effect on stock price volatility. Furthermore, it is also found that there is a positive influence between the control variable of earning volatility and stock price volatility.

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  • State University of Semarang
  • Universitas Merdeka Malang
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Rekan penulisOrganisasiArtikel bersama
Sugeng HaryantoUniversitas Merdeka Malang2
Muhammad Umar AriefudinUniversitas Merdeka Malang2
Rama Fajar ShidiqState University of Semarang2
Muhammad Zain AlfainState University of Semarang2
Vina Nurul HusnaState University of Semarang1
Nina WitasariState University of Semarang1
Eko AristantoUniversitas Merdeka Malang1
Yanuar BachtiarAfiliasi tidak diketahui1
Shofiyah 'Ulaa Laathi'fahState University of Semarang1
Mochamad AkbarState University of Semarang1
Eka OktafiaState University of Semarang1
Kris Brantas AbiprayuState University of Semarang1
Altista Pradita PrismantiState University of Semarang1
Vini Wiratno PutriState University of Semarang1
Made Virma PermanaState University of Semarang1
Hanina HumairaState University of Semarang1
Fryza Naufal LaksmanaState University of Semarang1
Debby Andria SilvianiState University of Semarang1
Retna SafrilianaUniversitas Merdeka Malang1
Lidia Khusnul KhotimahUniversitas Merdeka Malang1

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Sumber metadata: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/sju/index.php/maj/oai, pertama di-harvest 6 Nov 2026, terakhir terlihat 6 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en-US">Dividend Policy and Stock Price Volatility: A Study on Indonesian Manufacturing Companies</dc:title>
	<dc:creator>Putri, Rizkia Duwi</dc:creator>
	<dc:creator>Noekent, Vitradesie</dc:creator>
	<dc:creator>Ridloah, Siti</dc:creator>
	<dc:creator>Waliuddin, Achmad Nauval</dc:creator>
	<dc:description xml:lang="en-US">The purpose of this study was to examine and analyze the effect of dividend policy on stock price volatility in manufacturing companies listed on Indonesia Stock Exchange from 2019-2020. This study also examines other factors that ar thought to have an effect on dividend policy and stock price volatility, such as: firm size, earning voolatility, and leverage. This research method uses a quantitative approach, using secondary data derived from the company’s annual financial report. Purposive sampling method uses in this study. The sample used was 62 companies with a total of 124 observations. This study use multiple regression method. SPSS 16 is an analytical tool used in this study. The empirical findings of this study indicate that dividend policy has a negative effect on stock price volatility. If the dividends paid increases, the possibility of stock price volatility will decrease. The control variable of firm size dan leverage have no effect on stock price volatility. Furthermore, it is also found that there is a positive influence between the control variable of earning volatility and stock price volatility.</dc:description>
	<dc:publisher xml:lang="en-US">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2022-03-29</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unnes.ac.id/sju/maj/article/view/53223</dc:identifier>
	<dc:identifier>10.15294/maj.v11i1.53223</dc:identifier>
	<dc:source xml:lang="en-US">Management Analysis Journal; Vol 11 No 1 (2022): Management Analysis Journal; 1-7</dc:source>
	<dc:source>2502-1451</dc:source>
	<dc:source>2252-6552</dc:source>
	<dc:source>10.15294/maj.v11i1</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/sju/maj/article/view/53223/21383</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2022 Management Analysis Journal</dc:rights>
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