Pengaruh kebijakan dividen terhadap share price volatility pada perusahaan manufaktur di Bursa Efek Indonesia
P enelitian ini bertujuan untuk mengetahui pengaruh kebijakan dividen terhadap share price volatility. Penelitian ini menggunakan perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama periode 2015-2019, yaitu sebanyak 36 perusahaan dengan menggunakan purposive sampling. Variabel independen yang digunakan yaitu dividen yield dan rasio pembayaran dividen serta variabel kontrol yang meliputi ukuran perusahaan, leverage, volatilitas laba, laba per lembar saham dan pertumbuhan aset dengan volatilitas harga saham sebagai variabel dependen. Hasil penelitian menunjukkan beberapa variabel memiliki pengaruh signifikan seperti dividend yield, ukuran perusahaan, laba per lembar saham memiliki pengaruh negatif signifikan, sedangkan volatilitas laba memiliki pengaruh positif signifikan dan rasio pembayaran dividen, leverage, serta pertumbuhan laba menunjukkan tidak adanya pengaruh terhadap volatilitas harga saham. Penelitian ini diharapkan dapat memberikan implikasi dan rekomendasi kepada manajemen perusahaan bahwa perusahaan harus meningkatkan dividend yield, menjaga kestabilan harga saham agar ukuran perusahaan dapat meningkat, dan meningkatkan laba per lembar saham agar dapat menurunkan tingkat volatilitas harga saham, perusahaan juga dapat menurunkan volatilitas laba agar tingkat volatilitas harga saham menurun. Penelitian ini juga diharapkan dapat menjadi sumber informasi bagi investor bahwa harus memperhatikan dividend yield, kapitalisasi pasar yang besar karena dapat mencerminkan ukuran perusahaan yang dapat dilihat dari harga saham yang stabil, laba per lembar saham dan volatilitas laba dalam membuat keputusan investasi karena sangat mempengaruhi tingkat volatilitas harga saham.
T his study aims to determine the effect of dividend policy on share price volatility. This study uses manufacturing companies listed on the Indonesia Stock Exchange during the 2015-2019 period, as many as 36 companies using purposive sampling. The independent variables used are dividend yield and dividend payout ratio and control variables including firm size, leverage, earnings volatility, earnings per share and asset growth with stock price volatility as the dependent variable. The results showed that several variables had a significant influence such as dividend yield, firm size, earnings per share had a significant negative effect, while earnings volatility had a significant positive effect and dividend payout ratios, leverage, and asset growth showed no effect on volatility. stock price. This research is expected to provide implications and recommendations to company management that companies should increase dividend yields, increase stock prices so that firm size can increase, and increase earnings per share in order to reduce the level of stock price volatility, companies can also reduce earnings volatility so that volatility levels share price decreased. This research is also expected to be a source of information for investors that they must pay attention to dividend yields, large market capitalization because it can reflect the size of the company which can be seen from high stock prices, earnings per share and earnings volatility in making investment decisions because it greatly affects the level of share price volatility.