Pengaruh Variabel-Variabel Determinan Terhadap Kebijakan Dividen Dan Dampaknya Pada Harga Saham (Studi Empiris pada Perusahaan yang Listing di Bursa Efek Indonesia)

Abstract

Dividend policy is a financial policy that has unique characteristics because the problems of dividend policy will have important impact on investors and the company itself. Generally, investors’ main objective is to increase his/her own wealth, that is they expect to receive return in the form of dividend or capital gain. On the other hand, the company needs to achieve continuous growth to survive and also to increase the welfare of its shareholders. Dividend policy has a unique characteristic because its presence is marked with sharp controversies.

This research aims at testing the factors influencing dividend policy and its impact on share price. This study was conducted on companies listed in Indonesian Stock Exchange for the period 2014-2016. Sample was collected using purposive sampling, resulting in a group of  companies that match the criteria. The data was obtained from secondary source, which consists of the date of dividend announcement, financial report, published stock data, and ICMD (Indonesian Capital Market Directory). Analysis was conducted using two-stage regression.

The result of hypothesis testing shows that the factors influencing dividend policies are among others: profitability, set of investment opportunities, debt policy, and company size. Other factors such as free cash flow and managerial ownership do not have an impact on dividend policy. The result of this research implies that dividend as a means to reduce agency conflict is not fully applicable for Indonesian companies. It means that the findings of this research do not support agency theory. Other findings shows that dividend policy has an impact on stock price, which is measured as cumulative abnormal return around the date of dividend announcement. So this finding supports signaling theory, which is evident from the positive reaction from investors to company’s dividend policy.

Keywords:           Dividend policy, stock price, cumulative abnormal return, agency theory, signaling theory.