Dividend Policy as a Moderating of the Effect of Dividend Announcement on Stock Price in Indonesian Firms

International Journal of Economics and Financial Issues Pub Date : 2024-07-03 DOI:10.32479/ijefi.16465

A. Manurung, Nera Marinda Machdar, John Edward Harly Jacob Foeh, Jhonni Sinaga

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Abstract

This goal of this study is to investigate how dividend announcements affect the stock price of the company on the cum and ex-dividend dates. This study also explores the possibility of dividend policy reduce the effect of dividend announcements on stock prices on the cum and ex-dividend dates. The researcher used the unit analysis of manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the period of 2013 - 2018. The 2019 - 2021 period is not observed due to the present of Covid Pandemic. The findings are that the dividend announcements at cum and ex-dividend dates have positive impact on stock prices. Dividend policy weakens the impact of dividend announcements on stock prices at cum and ex-dividend dates. The dividend announcement at cum and ex-dividend dates varies across companies. This study does not use the event study method. This study has a significant implication, not only for business officials and policy makers but also for investors who directly decide how to plan their portfolio in the future as consideration in making investment decisions. There is no research in Indonesia that moderates dividend policy for the effect of dividend announcements on the cum and ex-dividend dates on stock prices, so a descriptive study is required to fill this gap.

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股利政策对印尼公司股利公布对股价影响的调节作用

本研究的目标是调查股息公告如何影响公司在累积和除息日的股票价格。本研究还探讨了股利政策是否有可能降低股利公告对累积股利日和除息日股票价格的影响。研究人员对 2013 - 2018 年期间在印度尼西亚证券交易所（IDX）上市的制造业公司进行了单元分析。2019-2021年期间由于出现了Covid大流行而未进行观察。研究结果表明，在分红日和除息日发布的股息公告对股票价格有积极影响。股利政策削弱了分红日和除息日股利公告对股票价格的影响。不同公司在分红日和除息日发布的股息公告各不相同。本研究未使用事件研究法。本研究不仅对企业官员和政策制定者有重要意义，而且对投资者也有重要意义，因为他们可以直接决定如何规划未来的投资组合，作为投资决策的考虑因素。在印尼，还没有关于股息政策对股息公告日和除息日对股票价格影响的调节作用的研究，因此需要进行描述性研究来填补这一空白。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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International Journal of Economics and Financial Issues

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期刊介绍： International Journal of Economics and Financial Issues (IJEFI) is the international academic journal, and is a double-blind, peer-reviewed academic journal publishing high quality conceptual and measure development articles in the areas of economics, finance and related disciplines. The journal has a worldwide audience. The journal''s goal is to stimulate the development of economics, finance and related disciplines theory worldwide by publishing interesting articles in a highly readable format. The journal is published Bimonthly (6 issues per year) and covers a wide variety of topics including (but not limited to): Macroeconomcis International Economics Econometrics Business Economics Growth and Development Regional Economics Tourism Economics International Trade Finance International Finance Macroeconomic Aspects of Finance General Financial Markets Financial Institutions Behavioral Finance Public Finance Asset Pricing Financial Management Options and Futures Taxation, Subsidies and Revenue Corporate Finance and Governance Money and Banking Markets and Institutions of Emerging Markets Public Economics and Public Policy Financial Economics Applied Financial Econometrics Financial Risk Analysis Risk Management Portfolio Management Financial Econometrics.