Impact of dividend policy on stock prices

IF 0.8 Q4 ENGINEERING, INDUSTRIAL
Mahirun Mahirun, Arih Jannati, Andi Kushermanto, Titi Prasetiani
{"title":"Impact of dividend policy on stock prices","authors":"Mahirun Mahirun, Arih Jannati, Andi Kushermanto, Titi Prasetiani","doi":"10.22306/al.v10i2.375","DOIUrl":null,"url":null,"abstract":"This study aims to test and analyze the research model by using dividend policy as an intervening variable on the effect of firm value and capital structure on firm value. Other variables influencing the stock price are investment opportunity set, trading volume activity, and profitability. The objects of this research are companies included in the LQ45 index on the Indonesia Stock Exchange during the period 2012 - 2021. The analytical tool we use is path analysis to test the effect of exogenous variables on endogenous variables, including testing direct and indirect effects. The results of testing 177 samples over a period of 10 years resulted in the finding that the dividend policy with the DPR (Dividend Payout Ratio) indicator was unable to mediate funding policy and firm value in increasing stock prices. Another study found that factors that increase SP (stock prices) in a positive and significant direction of influence are ROE (Return On Equity), and DPR (Dividend Payout Ratio), while other variables such as PER (Price Earning Ratio) and DER (Debt to Equity Ratio) do not significantly increase SP (Stock Prices) despite the positive direction of influence. While the factors that can reduce SP (Stock Prices) in our study are DAR (Debt to Assets Ratio) and TVA (Trading Volume Activity), and other factors that do not significantly reduce SP (Stock Prices) even though the direction of influence is negative are PBV (Price to Book Value) and ROA (Return on Assets).","PeriodicalId":36880,"journal":{"name":"Acta Logistica","volume":"1 1","pages":""},"PeriodicalIF":0.8000,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Acta Logistica","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.22306/al.v10i2.375","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"ENGINEERING, INDUSTRIAL","Score":null,"Total":0}
引用次数: 0

Abstract

This study aims to test and analyze the research model by using dividend policy as an intervening variable on the effect of firm value and capital structure on firm value. Other variables influencing the stock price are investment opportunity set, trading volume activity, and profitability. The objects of this research are companies included in the LQ45 index on the Indonesia Stock Exchange during the period 2012 - 2021. The analytical tool we use is path analysis to test the effect of exogenous variables on endogenous variables, including testing direct and indirect effects. The results of testing 177 samples over a period of 10 years resulted in the finding that the dividend policy with the DPR (Dividend Payout Ratio) indicator was unable to mediate funding policy and firm value in increasing stock prices. Another study found that factors that increase SP (stock prices) in a positive and significant direction of influence are ROE (Return On Equity), and DPR (Dividend Payout Ratio), while other variables such as PER (Price Earning Ratio) and DER (Debt to Equity Ratio) do not significantly increase SP (Stock Prices) despite the positive direction of influence. While the factors that can reduce SP (Stock Prices) in our study are DAR (Debt to Assets Ratio) and TVA (Trading Volume Activity), and other factors that do not significantly reduce SP (Stock Prices) even though the direction of influence is negative are PBV (Price to Book Value) and ROA (Return on Assets).
股利政策对股价的影响
本文将股利政策作为企业价值和资本结构对企业价值影响的中介变量,对研究模型进行检验和分析。影响股价的其他变量包括投资机会集、交易量活动和盈利能力。本研究的对象是2012 - 2021年期间印度尼西亚证券交易所LQ45指数中包含的公司。我们使用的分析工具是路径分析来测试外生变量对内生变量的影响,包括测试直接和间接影响。对177个样本10年的测试结果表明,以股息支付率(DPR)为指标的股息政策无法调解融资政策和公司价值在股票价格上涨中的作用。另一项研究发现,对SP(股价)有正向显著影响的因素是ROE(净资产收益率)和DPR(股息支付率),而其他变量如PER(市盈率)和DER(债务权益比)虽然有正向影响,但对SP(股价)没有显著影响。而在我们的研究中,可以降低SP(股票价格)的因素是DAR(债务与资产比率)和TVA(交易量活动),而其他影响方向为负的因素是PBV(价格与账面价值)和ROA(资产收益率),它们不会显著降低SP(股票价格)。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 求助全文
来源期刊
Acta Logistica
Acta Logistica Engineering-Industrial and Manufacturing Engineering
CiteScore
1.80
自引率
28.60%
发文量
36
审稿时长
4 weeks
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信