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The Effect of Dividend Policy on Share Price Manufacturing Companies in Indonesia

Bahtiar Usman · Henny Setyo Lestari · Syofriza Sofyan

12 citations0/0 files storedAdvances in economics, business and management research/Advances in Economics, Business and Management Research

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Corporate Finance and Governance Financial Markets and Investment Strategies Financial Analysis and Corporate Governance

Abstract

The objective of the empirical study is to examine and analyze the impact of dividend policy on the share prices.The sample object used in this research are manufacturing companies listed on Indonesia Stock Exchange in the period 2014-2018.The independent variables are dividend per share, retention ratio, return on equity, dividend yield and earnings per share.The dependent variable is share prices of manufacture sector.The number of the samples in this research are 36 companies by using purposive sampling technique.Based on the results of panel data regression model indicates that dividend per share has a positive impact on share prices.Dividend yield has negative impact on share prices.Retention ratio, return on equity and earnings per share has insignificant impact on share prices.The results of this study are expected to be the reference for companies and investors to increase share prices.Keywords: dividend per share, dividend yield, earnings per share, retention ratio, return on equity, share prices I.

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1961Dividend Policy, Growth, and the Valuation of Shares 2014Firm Size and Profitability: A Study of Listed Manufacturing Firms in Sri Lanka 2015Analysis of Factors Affecting Share Prices: The Case of Bahrain Stock Exchange 2013Determinants of Stock Prices: Empirical Evidence from NSE 100 Companies 2014Dividend Policy and Its Impact on Stock Price – A Study on Commercial Banks Listed in Dhaka Stock Exchange 2014How Earning Per Share (EPS) Affects on Share Price and Firm Value 2012Determinants of Equity Share Prices in India: A Panel Data Approach 2014Impact of Dividend Policy, Earning per Share, Return on Equity, Profit after Tax on Stock Prices

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