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Dividend Policy and Economic Variable to Stock Price Volatility: Comparison of Indonesia and Malaysia

Management Analysis Journal · Vol. 7 No. 4 (2018) · pp. 506–515

DOI
10.15294/maj.v7i4.26867
ISSN
2502-1451, 2252-6552
Published
2018-12-20
Publisher
Universitas Negeri Semarang
Language
eng

Abstract

This research aims to examine the effect of dividend policy, micro variables, and macroeconomic on stock price volatility. The population in this research are companies in the financial sector listed at Indonesia Stock Exchange and Malaysia Stock Exchange in 2016-2017. A number of samples that used is 58 companies for Indonesia and 28 companies for Malaysia with purposive sampling method. Dividend policy is proxied by EPS, the micro variable is proxied by GA and EV, and the macro variable is proxied by exchange rates and interest rates. The analytical method used is CEM and REM with programs Eviews 9. This research concludes that in Indonesia EPS, exchange rates and interest rates have an effect on SPV. While in Malaysia, only EPS and exchange rates have an effect on SPV.

Collaboration network of the authors

40 authors · 71 co-authorship links

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  • State University of Semarang
  • Universitas Gadjah Mada
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
Siti MursidahAffiliation unknown6
Cahya WulandariState University of Semarang3
Ricky Dermawan FauziAffiliation unknown3
Lidiadni SeptantriAffiliation unknown3
Muhamad Sayuti HassanAffiliation unknown2
Ngabiyanto NgabiyantoAffiliation unknown1
Margareta RahayuningsihAffiliation unknown1
S MartonoAffiliation unknown1
Suminar SuminarAffiliation unknown1
Tsabit Azinar AhmadAffiliation unknown1
Andre Setyo NugrohoAffiliation unknown1
Ketut SudarmaAffiliation unknown1
Ascariena RafindaAffiliation unknown1
Rini Setyo WitiastutiAffiliation unknown1
Yumna Wardatul NafiahAffiliation unknown1
Muhammad Sayuti HassanAffiliation unknown1
Mamduh Mahmadah HanafiUniversitas Gadjah Mada1
Hadri KusumaAffiliation unknown1
Asma Hakimah Ab HalimAffiliation unknown1
Nurma WaddahAffiliation unknown1
Andromeda AdrianAffiliation unknown1
Sri MuliawatiAffiliation unknown1
Srianingsih SrianingsihAffiliation unknown1
Ely Pramuji UtamiAffiliation unknown1
Diah RahmawatiAffiliation unknown1
Eva Rosa Dewi SutinoAffiliation unknown1
Muftiai TastaftianAffiliation unknown1
Purwaningsih PurwaningsihAffiliation unknown1
Muhamad Naufal Nur RidhaAffiliation unknown1
Fitriana Dwi PrasetyowatiAffiliation unknown1
Indah Roikhatul JannahAffiliation unknown1
Rini Listia MugiartiAffiliation unknown1
Wiwit Nur MaftuchoAffiliation unknown1
Karina Chandra DewiAffiliation unknown1
Akhmad BandanujiAffiliation unknown1
Eva Yuni RisnaeniAffiliation unknown1
Helmi Khairunnisa Putri KaylsiAffiliation unknown1
Mahardika Dandy NugrahaAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/sju/index.php/maj/oai, first harvested 6 Nov 2026, last seen 6 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en-US">Dividend Policy and Economic Variable to Stock Price Volatility: Comparison of Indonesia and Malaysia</dc:title>
	<dc:creator>Harlina, Vega Rut</dc:creator>
	<dc:creator>Khoiruddin, Moh.</dc:creator>
	<dc:description xml:lang="en-US">This research aims to examine the effect of dividend policy, micro variables, and macroeconomic on stock price volatility. The population in this research are companies in the financial sector listed at Indonesia Stock Exchange and Malaysia Stock Exchange in 2016-2017. A number of samples that used is 58 companies for Indonesia and 28 companies for Malaysia with purposive sampling method. Dividend policy is proxied by EPS, the micro variable is proxied by GA and EV, and the macro variable is proxied by exchange rates and interest rates. The analytical method used is CEM and REM with programs Eviews 9. This research concludes that in Indonesia EPS, exchange rates and interest rates have an effect on SPV. While in Malaysia, only EPS and exchange rates have an effect on SPV.</dc:description>
	<dc:publisher xml:lang="en-US">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2018-12-20</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
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	<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/26867</dc:identifier>
	<dc:identifier>10.15294/maj.v7i4.26867</dc:identifier>
	<dc:source xml:lang="en-US">Management Analysis Journal; Vol 7 No 4 (2018): Management Analysis Journal; 506-515</dc:source>
	<dc:source>2502-1451</dc:source>
	<dc:source>2252-6552</dc:source>
	<dc:source>10.15294/maj.v7i4</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/sju/maj/article/view/26867/12680</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2018 Management Analysis Journal</dc:rights>
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