THE EFFECT OF DIVIDEND POLICY AND MACROECONOMICS ON STOCK PRICES
(Empirical Study on Basic and Chemical Industry Sector Companies Listed on the Indonesia Stock Exchange 2016-2020 Period)
Main Article Content
Elsha Theresya Simajuntak*
Sutandijo
This study analyzes the Effect of Dividend Policy and Macroeconomics on Stock Prices. Dividend Policy is calculated using the Dividend Payout Ratio (DPR), while Macroeconomics is proxied by inflation, interest rates, and exchange rates, and the Stock Price is measured by the closing price. The population in this study is all manufacturing companies in the basic and chemical industrial sectors listed on the Indonesia Stock Exchange in 2016-2020. The technique used in this study was purposive sampling with five criteria as consideration and 11 company samples with a five-year period were obtained, so that 55 observational data were obtained. Data analysis in this study used panel data regression with the help of windows Eviews-9. The results of this study can be seen simultaneously that the variables of DPR, inflation, interest rates, and exchange rates have a significant influence on stock prices. However, partially only the exchange rate variable has a significant influence on the stock price, while the DPR variable, inflation, and interest rate do not affect the stock price.
Aini, L. N. (2022). Pengaruh Inflasi, Bank Indonesia Rate Dan Nilai Tukar Rupiah Terhadap Harga Saham Pada Perusahaan Sektor Transportasi Dan Logistik Di Bursa Efek Indonesia Periode 2015-2018. Sibatik Journal: Jurnal Ilmiah Bidang Sosial, Ekonomi, Budaya, Teknologi, Dan Pendidikan, 1(4), 219–234.
Aminah, L. S. (2021). The Effect of Current Ratio, Net Profit Margin, and Return on Assets on Stock Return (Study on Food and Beverages Companies Listed on the Indonesia Stock Exchange 2015-2017 Period). MARGINAL : Journal of Management, Accounting, General Finance And International Economic Issues, 1(1), 1–9. https://doi.org/https://doi.org/10.55047/marginal.v1i1.8
Camara, O. (2012). Capital structure adjustment speed and macroeconomic conditions: US MNCs and DCs. International Research Journal of Finance and Economics, 84(1), 106–120.
CNBC Indonesia. (2018). Kelebihan Produksi, Harga Saham Semen Berguguran. CNBC Indonesia. https://www.cnbcindonesia.com/market/20180711105433-17-22979/kelebihan-produksi-harga-saham-semen-berguguran
Erel, I., Julio, B., Kim, W., & Weisbach, M. S. (2012). Macroeconomic conditions and capital raising. The Review of Financial Studies, 25(2), 341–376.
Erri, D., & Dwi, N. A. (2018). Kebijakan Dividen Terhadap Harga Saham PT Unilever Indonesia Tbk Yang Terdaftar di Bursa Efek Indonesia. Widya Cipta: Jurnal Sekretari Dan Manajemen, 2(2), 177–182.
Fenandar, G. I., & Raharja, S. (2012). Pengaruh keputusan investasi, keputusan pendanaan, dan kebijakan dividen terhadap nilai perusahaan. Fakultas Ekonomika dan Bisnis.
Hu, Z., Zhu, J., & Tse, K. (2013). Stocks market prediction using support vector machine. 2013 6th International Conference on Information Management, Innovation Management and Industrial Engineering, 2, 115–118.
Kennedy, P. S. J., & Hayrani, R. (2018). Pengaruh faktor-faktor ekonomi makro: Inflasi, kurs, harga minyak, dan harga bahan bangunan terhadap harga saham perusahaan properti di BEI. Jurnal Mitra Manajemen, 2(1), 1–12.
Khalim, A. Z., & Hermanto, S. B. (2019). Pengaruh Kinerja Keuangan Dan Ekonomi Makro Terhadap Harga Saham Perusahaan Manufaktur Yang Terdaftar Dibursa Efek Indonesia. Jurnal Ilmu Dan Riset Akuntansi (JIRA), 8(11).
Latifah, H. C., & Suryani, A. W. (2020). Pengaruh kebijakan dividen, kebijakan hutang, profitabilitas, dan likuiditas terhadap harga saham. Jurnal Akuntansi Aktual, 7(1), 31–44.
Musdalifah Azis, S. E., Mintarti, S., & Maryam Nadir, S. E. (2015). Manajemen Investasi Fundamental, Teknikal, Perilaku Investor dan Return Saham. Deepublish.
Nugrahani, S., & Ruhiyat, E. (2018). Pengaruh opini audit terhadap harga saham dengan ukuran kantor akuntan publik sebagai variabel pemoderasi. JAK (Jurnal Akuntansi) Kajian Ilmiah Akuntansi, 5(1), 74–86.
Nurasila, E., Yudhawati, D., & Supramono, S. (2020). Pengaruh Inflasi Dan Suku Bunga Terhadap Harga Saham Pada Sektor Industri Barang Dan Konsumsi. Manager: Jurnal Ilmu Manajemen, 2(3), 389–402.
Samosir, H., Simorangkir, E. N., Stephanus, A., Ginting, K. E. M., Banjarnahor, Y. S., & Sitepu, M. P. B. (2019). Pengaruh Current Ratio (CR), Net Profit Margin (NPM), dan Kebijakan Dividen terhadap Harga Saham pada Perusahaan Consumer Goods Yang Terdaftar Di Bursa Efek Indonesia (BEI) Pada Periode 2013-2017. Owner: Riset Dan Jurnal Akuntansi, 3(2), 15–20.
Zakki, N. F., & Permatasari, D. (2020). Pengaruh suku bunga BI rate, equivalent rate dan jumlah kantor Terhadap penghimpunan dana pihak Ketiga (DPK) pada bank umum syariah: Studi pada bank umum syariah di Indonesia Periode 2014-2018. Jurnal Penelitian Ekonomi Dan Akuntansi (JPENSI), 5(2), 147–167.
