APAKAH MANAJER MEMPERHATIKAN PASAR? PERUBAHAN DIVIDEN DAN INFORMASI HARGA SAHAM DI INDONESIA

Laynita Sari, Irdha Yusra, Maizul Rahmizal

Abstract


ABSTRAK

Beberapa informasi mengungkapkan bahwa ternyata penyebab dari perubahan dividen dipengaruhi oleh harga saham. Keyakinan umum dalam banyak literatur keuangan adalah bahwa orang dalam memiliki informasi perusahaan yang lebih lengkap daripada orang luar. Ketika berbicara tentang kebijakan dividen, pada dasarnya kita mengabaikan peran informasi private yang disampaikan oleh harga saham, padahal dapat berperan sebagai penentu dividen tunai. Tujuan utama dalam penelitian ini adalah untuk menyelidiki peran informasi harga saham dalam mempengaruhi perubahan dividen pada perusahaan yang terdaftar di Bursa Efek Indonesia. Alat analisis yang digunakan untuk menguji pengaruh antar variabel panelitian adalah analisis regresi data panel. Penelitian ini menemukan bahwa likuiditas tidak memberikan bukti secara empiris adanya pengaruh informasi harga saham terhadap perubahan dividen  perusahaan yang terdaftar di Bursa Efek Indonesia tahun 2016-2020. Temuan empiris lainnya adalah informasi privat tidak memoderasi pengaruh harga saham terhadap perubahan dividen. Dalam hal ini, informasi private tidak memiliki kontribusi pada pengaruh harga saham terhadap perubahan dividen.

Kata Kunci: Dividen, harga saham, informasi privat

 

ABSTRACT

Some information reveals that the cause of dividend changes is influenced by stock prices. A common belief in much of the financial literature is that insiders have more complete company information than outsiders. When talking about dividend policy, we basically ignore the role of private information conveyed by stock prices, even though it can play a role as a determinant of cash dividends. The main objective of this study is to investigate the role of stock price information in influencing dividend changes in companies listed on the Indonesia Stock Exchange. The analytical tool used to test the effect between the research variables in panel data regression analysis. This study finds that liquidity does not provide empirical evidence of the effect of stock price information on changes in dividends of companies listed on the Indonesia Stock Exchange in 2016-2020. Another empirical finding is that private information does not moderate the effect of stock prices on dividend changes. In this case, private information has no contribution to the effect of stock prices on dividend changes.

Keywords: Stock Price, Private Information, Dividend Change

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References


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DOI: https://doi.org/10.31846/jae.v10i3.485

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