Analysis of the Influence of Dividend Policy on Changes in Stock Prices in Manufacturing Companies Listed on the IDX
Main Article Content
Research Objectives: The primary objective of this study is to analyze the impact of dividend policy on share prices in manufacturing companies listed on the Indonesia Stock Exchange. Specifically, the research aims to: Examine how different dividend policies affect investor perceptions and their subsequent influence on share price movements. Identify the key factors within dividend policies that contribute to fluctuations in share prices. Explore the implications of dividend policy decisions on long-term investor confidence and market behavior. Revised Statement: Dividend policy is a strategic decision made by a company regarding how to utilize its profits—whether to distribute them as dividends to shareholders or retain them for further investment in the business. This research focuses on analyzing the impact of dividend policy on share prices in manufacturing companies listed on the Indonesia Stock Exchange. The study employs a qualitative approach, gathering information through a comprehensive literature review. The data collected undergoes several stages of analysis, including data simplification, visualization, and the formulation of conclusions. The findings indicate that dividend policy significantly affects share prices. Dividend policy shapes investor perceptions of the company, which in turn influences share price movements. For instance, consistent dividend payments can bolster investor confidence and send a positive signal about the company’s performance, potentially driving buying activity in the market. Conversely, a reduction in dividend payments might raise investor concerns, possibly leading to a decline in share prices. Research Implications: The implications of this study are twofold. First, for corporate decision-makers, the research underscores the importance of carefully considering dividend policies as they directly influence investor confidence and share price stability. Second, for investors, the findings provide insights into how dividend policies can serve as indicators of a company’s financial health and future performance, guiding their investment decisions.
Anisa, N., Budiyanti, H., Ramli, A., & Aslam, A. P. (2024). Analisis Pengaruh Kebijakan Dividen dan Kebijakan Hutang Terhadap Nilai Perusahaan: Studi Pada Perusahaan Manufaktur yang Terdaftar di BEI Periode 2017-2022. JEMSI (Jurnal Ekonomi, Manajemen, Dan Akuntansi), 10(1), 381–391.
Barros, V., Verga Matos, P., & Miranda Sarmento, J. (2020). What firm’s characteristics drive the dividend policy? A mixed-method study on the Euronext stock exchange. Journal of Business Research, 115, 365–377. Retrieved from https://doi.org/10.1016/j.jbusres.2019.11.042
Fitri, I. K., & Purnamasari, I. (2018). Pengaruh kebijakan dividen terhadap harga saham (studi pada perusahaan pertambangan di bursa efek Indonesia 2008-2012). Organum: Jurnal Saintifik Manajemen Dan Akuntansi, 1(1), 8–14.
Ganda, F. (2019). The impact of innovation and technology investments on carbon emissions in selected organisation for economic Co-operation and development countries. Journal of Cleaner Production, 217, 469–483. Retrieved from https://doi.org/10.1016/j.jclepro.2019.01.235
Hakami, M. A. F. (2014). Pengaruh Kebijakan Dividen Terhadap Harga Saham. Manajemen Bisnis, 4(1).
Halim, A., & Hastuti, R. T. (2019). Faktor-faktor yang mempengaruhi kebijakan dividen pada perusahaan manufaktur periode 2015-2017. Jurnal Paradigma Akuntansi, 1(2), 263–272.
Harahap, N. A. P., Al Qadri, F., Harahap, D. I. Y., Situmorang, M., & Wulandari, S. (2023). Analisis Perkkembangan Industri Manufaktur Indonesia. El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam, 4(5), 1444–1450.
Husein, M. Y., & Kharisma, F. (2020). Pengaruh Kebijakan Dividen Terhadap Harga Saham Pada Perusahaan Manufaktur di Bursa Efek Indonesia (BEI). Borneo Studies and Research, 1(2), 1061–1067.
Istanti, S. L. W. (2018). Pengaruh Kebijakan Dividen terhadap Harga Saham pada Perusahaan LQ 45. Potensio, 19(01).
Martini, M., Fajriah, S., & Sidi, T. P. B. P. (2022). Kebijakan Dividen dan Faktor yang Mempengaruhi pada Perusahaan Manufaktur Sub Sektor Makanan dan Minuman yang Terdaftar di BEI Periode 2016-2019: Dividend Policy and Influencing Factors in Food and Beverage Sub-Sector Manufacturing Companies Listed on the IDX for the 2016-2019 Period. KRESNA: Jurnal Riset Dan Pengabdian Masyarakat, 2(1), 137–146.
Nurhayani, N. (2022). Analisis sektor industri manufaktur di Indonesia. Jurnal Paradigma Ekonomika, 17(3), 713–722.
Pinem, D. B., Tindangen, A. M. L., & Cahyani, P. D. (2020). THE Determinant of Dividend Policy on Manufacturing Companies Listed on BEI. European Journal of Business and Management Research, 5(4).
Purwaningsih, S. (2020). The Effect of Profitability, Sales Growth and Dividend Policy on Stock Prices. Asian Journal of Economics, Business and Accounting, 18(3), 13–21.
Rahma, S. S., & Arifin, A. (2022). Pengaruh Kebijakan Deviden, Kebijakan Hutang, Keputusan Investasi, Dan Profitabilitas Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2016-2020). In Seminar Nasional Pariwisata Dan Kewirausahaan (SNPK) (Vol. 1, pp. 330–341).
Renneboog, L., & Trojanowski, G. (2011). Patterns in payout policy and payout channel choice. Journal of Banking & Finance, 35(6), 1477–1490. Retrieved from https://doi.org/10.1016/j.jbankfin.2010.10.028
Roosinda, F. W., Lestari, N. S., Utama, A. G. S., Anisah, H. U., Siahaan, A. L. S., & Islamiati, S. H. D. (n.d.). & Fasa, MI (2021). Metode penelitian kualitatif. Zahir Publishing.
Salvatori, E. G., & Robiyanto, R. (2020). Kebijakan Dividen Dan Siklus Hidup Perusahaan: Studi Pada Perusahaan Manufaktur. Jurnal Ilmiah Bisnis Dan Ekonomi Asia, 14(2), 113–122.
Sari, N., Wahyudi, W., & Murtatik, S. (2021). Analisis Kebijakan Dividen pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia. Konferensi Riset Nasional Ekonomi Manajemen Dan Akuntansi, 2(1), 71–81.
Tambunan, R. (2024). Pengaruh Kebijakan Deviden dan Return on Equity Terhadap Return Saham. Journal Economic Insights, 3(1), 27–36.
Yesita Astarina, S. E., Laili Dimyati, S. E., & Widia Nopita Sari, S. E. (2019). Pengaruh kebijakan dividen terhadap return saham pada perusahaan industri manufaktur yang terdaftar di Bursa Efek Indonesia. Ekonomia, 9(2), 72–83.
