Abstract:This study aims to analyze stock market reactions to Cum-Ex Dividend announcements for companies listed on the Indonesia Stock Exchange (IDX) in 2024. Market reactions were measured through abnormal returns and stock trading…
ding volume before and after Cum-Ex Dividend announcements. This study was motivated by differences in investor behavior in responding to dividend distribution information, which is regarded as a positive signal for the market. The research employed a comparative quantitative method with an event study approach. The sampling technique used was purposive sampling. Secondary data were obtained from the Indonesia Stock Exchange, comprising a sample of 88 issuers that distributed cash dividends. Research variables consisted of stock prices and stock trading volume. Data analysis was performed using dummy regression and the Wilcoxon Signed Rank Test with EViews 12 software. The results showed that the majority of issuers (81.82%) experienced significant market reactions to the Cum-Ex Dividend announcement. A total of 56.82% of issuers showed significant negative reactions consistent with the dividend drop theory, while 25% showed significant positive reactions, indicating that investors viewed dividends as a positive signal for company prospects. Meanwhile, 18.18% of issuers showed no significant reaction to dividend announcements. This study demonstrates that Cum-Ex Dividend announcements affect abnormal returns and stock trading volume, thus providing a basis for investor consideration in making investment decisions in the capital market.
Abstract:This study analyzes the dividend policy of PT Telkom Indonesia (Persero) Tbk (TLKM) during the 2020–2025 period using a quantitative descriptive approach and a longitudinal case study based on secondary data from audited…
ed financial reports. The variables analyzed include Dividend Per Share (DPS), Earnings Per Share (EPS), Dividend Payout Ratio (DPR), Dividend Yield, and Free Cash Flow (FCF), with trend analysis using the Compound Annual Growth Rate (CAGR). The results show that DPS grows 6.05% per year, higher than EPS of 1.87%, resulting in DPR increasing from 80.00% to 93.95% in 2024. Nevertheless, strong and stable operating cash flow ensures that dividends remain supported by FCF, so there is no indication of financial distress. However, the increasing FCF-to-dividend ratio indicates the company's increasingly limited reinvestment space. The decline in net profit of 20.48% in 2025 also increases the risk of dividend policy sustainability. Furthermore, the increase in dividend yield was more influenced by stock price declines than dividend growth. This finding suggests that SOE dividend stability reflects not only fundamental performance but also institutional pressure from the government as the controlling shareholder, supporting the relevance of Agency Theory and Catering Theory in explaining dividend policy of state-owned enterprises in emerging markets
Abstract:This study aims to analyze and compare the financial performance of PT Indofood CBP Sukses Makmur Tbk (ICBP) and PT Mayora Indah Tbk (MYOR), two leading companies in the food and beverage subsector listed on the Indonesia…
a Stock Exchange. This research employs a quantitative approach with a descriptive comparative method through financial ratio analysis, including Earnings Per Share (EPS), Price Earnings Ratio (PER), Price to Book Value (PBV), Return on Equity (ROE), Debt to Equity Ratio (DER), and Dividend Yield (DY) for the 2019–2023 period. The study uses secondary data obtained from annual financial reports and the official website of the Indonesia Stock Exchange. The results indicate that PT Indofood CBP demonstrates more stable and efficient financial performance than PT Mayora Indah, particularly in profitability and capital efficiency ratios. Meanwhile, PT Mayora Indah shows promising growth potential but tends to experience fluctuations due to high operating costs and aggressive expansion strategies. The managerial implication emphasizes the importance of balancing operational efficiency and growth strategies to enhance corporate value and long-term investment attractiveness.
Abstract:This study aims to analyze the fundamental condition and assess the investment feasibility of eleven issuers that consistently appeared in the Sri Kehati Index during the 2020–2024 period. Fundamental analysis was conducted…
ucted using the financial ratios TATO, ROE, EPS, CR, DER, and DPR. The results show that UNVR and KLBF demonstrated high efficiency in asset management, while BBCA and BMRI exhibited strong profitability. JSMR had an aggressive capital structure but was supported by adequate liquidity. Meanwhile, UNVR and BBRI stood out for their generous dividend distribution policies. Stock valuation was carried out using two approaches: PER and PBV. Based on PER, nine issuers were classified as undervalued because their intrinsic values exceeded market prices, while two issuers (DSNG and SMGR) were considered overvalued. In contrast, the PBV approach indicated that ten issuers were overvalued, with only DSNG being undervalued. These differing results suggest that PER focuses more on a company’s earnings performance, whereas PBV emphasizes its book value. Therefore, stock investment assessment should be carried out comprehensively by considering more than one valuation method.
Abstract:This study aims to (1) find out the composition of shares that can be formed into an optimal portfolio of IDX High Dividend 20 shares listed on the IDX for the period 2019 - 2022 using the single index model. (2) Knowing…
the proportion of funds that must be invested in each of the IDX High Dividend 20 shares listed on the IDX for the 2019 - 2022 period which forms a portfolio. (3) Knowing the amount of return and risk from the optimal IDX High Dividend 20 portfolio recorded on the IDX for the period 2019 - 2022 using the single index model. The sample of this research is 29 company shares selected based on purposive sampling technique. Data collection techniques are carried out with documentation. Data analysis technique uses a single index model.
The results of this study indicate that there are 12 company shares included in the optimal portfolio, namely ADRO of 11.9%, BBCA of 8.7%, BBRI of 2.5%, BMRI of 13.1%, LPPF of 3.5%, ITMG of 11.3%, PTBA of 0.6% , TOWR 0.5%, DMAS 2.2%, ANTM 14.5%, HEXA 25.3%, and MPMX 5.9%. The expected return that investors get from the optimal portfolio formed is 0.0279 or 2.79% per month. The portfolio risk borne by the investor on investment from the optimal portfolio is (portfolio variance of 0.0144 or 1.44% and a standard deviation of 0.12 or 12% per month.
Abstract:This study aims to analyze the determinants of dividend policy and their implications for stock returns among companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2024 period. Specifically, the study examines…
examines the effects of Return on Assets (ROA), Current Ratio (CR), Debt-to-Equity Ratio (DER), Sales Growth (SG), and Firm Size (SIZE) on Dividend Payout Ratio (DPR), as well as the impact of DPR on stock returns. The research employs a quantitative approach using secondary data obtained from the annual financial reports of dividend-paying companies listed on the IDX. The sample consists of 822 firm-year observations selected through purposive sampling. Data analysis was conducted using path analysis with multiple regression models, supported by classical assumption tests including normality, heteroscedasticity, multicollinearity, and autocorrelation tests. The results indicate that during the overall period of 2019–2024, ROA, DER, and SG significantly and negatively affect DPR, while CR and SIZE do not have significant effects. Furthermore, CR negatively affects stock returns, whereas SG and DPR have positive and significant effects on stock returns. The findings also reveal that the relationships among financial performance, dividend policy, and stock returns vary across pre-crisis, crisis, and post-crisis periods. Overall, dividend policy plays an important mediating role in influencing stock returns, particularly during and after periods of financial uncertainty. These findings provide valuable insights for investors, corporate managers, and policymakers in formulating dividend and investment decisions under different economic conditions.
Abstract:This study aims to analyze the effect of company size, Debt to Equity Ratio (DER), and Return on Equity (ROE) on the Dividend Payout Ratio (DPR) of food and beverage manufacturing companies listed on the Indonesia Stock…
Exchange (IDX) during the period 2019-2024. This research adopts a quantitative approach with multiple linear regression analysis processed using SPSS. The sample of the study consists of 18 companies that meet the purposive sampling criteria. The results show that company size has a positive and significant effect on the Dividend Payout Ratio. However, Debt to Equity Ratio and Return on Equity do not have a significant effect on Dividend Payout Ratio, either partially or simultaneously. These findings suggest that other factors, beyond company size, play a more significant role in influencing dividend policies in the food and beverage manufacturing sector in Indonesia.
Abstract:Tujuan Penelitian ini adalah untuk mengetahui pengaruh Profitabilitas, Likuiditas, Aktivitas dan Kebijakan Dividen terhadap pertumbuhan laba. Penelitian ini menggunakan 4 variabel independen yaitu variabel Net Profit Margin,…
gin, Current Ratio, Cash Turnover, dan Dividend Payout Ratio. Sedangkan variabel dependen dalam penelitian ini adalah pertumbuhan laba. Objek penelitian ini adalah perusahaan dagang yang bergerak di sektor grosir yang terdaftar di Bursa Efek Indonesia tahun 2019-2021. Jenis penelitian yang digunakan adalah penelitian kuantitatif. Metode yang digunakan dalam penelitian ini adalah Purposive Sampling. Populasi dan sampel dalam penelitian ini ialah perusahaan dagang sektor grosir yang memiliki kriteria tertentu dengan jumlah populasi yang digunakan adalah sebanyak 48 perusahaan dan 10 perusahaan sebagai sampel. Data penelitian diperoleh dari website Bursa Efek Indonesia. Hasil penelitian ini menunjukan bahwa semua hipotesis dalam penelitian ini diterima yakni (1) Net Profit Margin berpengaruh signifikan terhadap pertumbuhan laba. (2) Current Ratio berpengaruh signifikan terhadap pertumbuhan laba. (3) Cash Turnover berpengaruh signifikan terhadap pertumbuhan laba. (4) Dividend Payout Ratio berpengaruh signifikan terhadap pertumbuhan laba.
Abstract:The rapid development of globalization compels companies to enhance the quality of their products and services to compete in the market. The primary goal of companies is to maximize corporate value, which reflects the well-being…
ll-being of shareholders and attracts investors’ interest. Corporate value is often gauged by the stock price in the capital market, making it crucial for companies to plan sound financial strategies. This research focuses on the banking sector listed on the Indonesia Stock Exchange (IDX) from 2021 to 2023, evaluating the influence of investment policy, dividend policy, and profitability on corporate value. The study employs a descriptive quantitative method using secondary data from the companies’ financial reports. Multiple linear regression analysis is used to assess the relationships between these variables. The results indicate that investment policy and profitability have a positive but not significant effect on corporate value, while dividend policy has a significant positive impact. Corporate value is also affected by stock price fluctuations, which are often inconsistent. These findings affirm that dividend policy is a crucial factor in enhancing corporate value, while investment policy and profitability, although important, do not have a significant impact within the study period. Overall, these independent variables collectively have a significant influence on corporate value in the banking sector on the IDX. This research provides insights for company management in formulating effective strategies to increase corporate value.
Abstract:Tujuan dari penelitian ini adalah untuk mengevaluasi pengaruh profitabilitas, leverage, likuiditas, dan ukuran perusahaan terhadap kebijakan dividen. Profitabilitas diukur dengan menggunakan Return On Assets (ROA), leverage…
age diwakili oleh Debt to Equity Ratio (DER), likuiditas dihitung melalui Current Ratio (CR), dan ukuran perusahaan berdasarkan skala total aset. Dalam penelitian ini, kebijakan dividen diukur menggunakan Dividend Payout Ratio (DPR). Penelitian ini bersifat kuantitatif dan menggunakan data sekunder, seperti laporan tahunan perusahaan dan dokumen sekuritas. Sampel penelitian dipilih dengan teknik purposive sampling, yaitu pemilihan sampel berdasarkan kriteria tertentu. Penelitian ini menghasilkan 110 data sampel yang diperoleh dari 22 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2017-2021. Metode analisis yang diterapkan adalah regresi linier berganda. Hasil penelitian menunjukkan bahwa profitabilitas (ROA) dan leverage (DER) berpengaruh terhadap kebijakan dividen, sedangkan likuiditas (CR) dan ukuran perusahaan (Size) tidak memiliki pengaruh signifikan terhadap kebijakan dividen.