The Effect of Dividend Policy to the Stock Prices Movement at the Ex-Dividend Day (Evidence from the Indonesian Stock Market)

Syafiqa, Feliciani (2024) The Effect of Dividend Policy to the Stock Prices Movement at the Ex-Dividend Day (Evidence from the Indonesian Stock Market). S1 thesis, Universitas Andalas.

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Abstract

This study aims to examine the influence of dividend policy to the stock prices movement at the ex-dividend day in the Indonesian stock market. The research sample includes companies listed on KOMPAS 100 Index with the data gathered from 2018 to 2022. The analysis is conducted using E- views 12, resulting the negative and significant impact of dividend yield to the stock prices movement at the ex-dividend day. However, other independent variables including dividend growth, firm board, and free float, are found to have no significant influence on the stock prices movements at the ex-dividend day. Furthermore, the market index is found to moderate the relationship between dividend yield and dividend growth toward the stock prices movement at the ex-dividend day. This research indicates a large presence of short-term investors in the Indonesian stock market, supporting the Bird in Hand Theory from Gordon (1959) which asserts that investors prefer to the dividend payment over apotential capital gain.

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