Pengaruh Asset Growth, Leverage, dan Dividend Payout Ratio pada Volatilitas Harga Saham
Abstract
This study aims to obtain empirical evidence about the effect of asset growth, leverage, and dividend payout ratio on stock price volatility. This research was conducted on companies listed in the LQ 45 index on the Indonesia Stock Exchange in 2014 - 2018. The number of samples used was 13 companies using the nonprobability sampling method with a purposive sampling technique, so the number of samples for 5 years became 65 samples. The data analysis technique used is multiple linear regression analysis. Based on the results of the analysis found that asset growth has a negative effect on stock price volatility. Leverage has a positive effect on stock price volatility. Dividend payout ratio has a negative effect on stock price volatility.
Keywords: Asset Growth; Leverage; Dividend; Volatility.
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References
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Santioso, L., & Angesti, Y. G. (2019). Faktor-Faktor Yang Mempengaruhi Volatilitas Harga Saham Perusahaan Manufaktur. Jurnal Ekonomi, 24(1), 46–64. https://doi.org/10.24912/je.v24i1.450
Shah, S. A., & Noreen, U. (2016). Stock Price Volatility and Role of Dividend Policy: Empirical Evidence from Pakistan. International Journal of Economics and Financial Issues, 6(2), 461–472.
Suselo, D., Djazuli, A., & Indrawati, N. K. (2015). Pengaruh Variabel Fundamental dan Makro Ekonomi Terhadap Harga Saham (Studi pada Perusahaan yang Masuk Dalam Indeks LQ45). Jurnal Aplikasi Manajemen (JAM), 13(1), 104–116.
Taj, S. A. (2016). Appilcation of Signaling Theory in Management Research: Addresing Major Gaps in Theory. European Management Journal, 34(4), 338–348. https://doi.org/10.1016/j.emj.2016.02.001
Wati, N. K. P. H., & Ratnasari, M. M. (2015). Rasio Pasar Dan Harga Saham Di Bursa Efek Indonesia Periode 2009-2013. E-Jurnal Akuntansi, 10(1), 279-292.
Xu, M. L., Sun, W. Q., & Xie, J. M. (2016). Empirical Analysis of Dividend Policy and Stock Volatility base on Fixed Effect Model. RISTI Journal of Information Systems and Technologies, 10(11), 442–452.
Zulfa, N. A. (2015). Analisis Estimasi Volatilitas Indeks Harga Saham Menggunakan Harga Tertinggi, Terendah, Pembukaan, dan Penutupan. Skripsi. Universitas Negeri Semarang.
Anastassia, & Firnanti, F. (2014). Faktor-Faktor yang Mempengaruhi Volatilitas Harga Saham Pada Perusahaan Publik Non-Keuangan. Jurnal Bisnis Dan Akuntansi, 16(2), 95–102. https://doi.org/ISSN: 1410 - 9875
Andiani, N. W. S., & Gayatri. (2018). Pengaruh Volume Perdagangan Saham, Volatilitas Laba, Dividend Yield, dan Ukuran Perusahaan Pada Volatilitas Harga Saham. E-Jurnal Akuntansi, 24(3), 2148–2175. https://doi.org/10.24 843/EJA.2018.v24.i03.p19
Anwar, S., Singh, S., & Jain, P. K. (2015). Cash Dividend Announcements and Stock Return Volatility: Evidence from India. Procedia Economics and Finance, 30(15), 38–49. https://doi.org/10.1016/s2212-5671(15)01253-8
Ardiansyah, I., & Isbanah, Y. (2017). Analisis Pengaruh Deviden, Pertumbuhan Aset, Ukuran Perusahaan, dan Leverage Terhadap Volatilitas Harga Saham. Jurnal Riset Akuntansi Dan Keuangan, 5(3), 1565–1574. https://doi.org/ 10.17509/jrak.v4i2.4043
BAPEPAM-LK. (2011). Laporan Studi Volatilitas Pasar Modal Indonesia dan Perekonomian Dunia. Desember. BAPEPAM-LK. Jakarta.
Chaudry, S. N., Iqbal, S., & Butt, M. (2015). Dividend Policy , Stock Price Volatility & Firm Size Moderation: Investigation of Bird in Hand Theory in Pakistan. Research Journal of Finance and Accounting, 6(23), 16–19. https://doi.org/ISSN: 2222-2847
Dewi, N. M. A. K., & Suaryana, I. G. N. A. (2016). Pengaruh Volume Perdagangan Saham, Leverage, dan Tingkat Suku Bunga Terhadap Volatilitas Harga Saham. E-Jurnal Akuntansi, 17(2), 1112–1140. https://doi.org/ISSN: 2302-8556
Dewi, S., & Paramita, R. A. S. (2019). Pengaruh Kebijakan Dividen, Volume Perdagangan, Earning Volatility, Leverage, dan Firm Size Terhadap Volatilitas Harga Saham Perusahaan LQ45. Jurnal Ilmu Manajemen, 7(3), 761–771.
Fahmi, I. (2014). Manajemen Keuangan Perusahaan dan Pasar Modal (Edisi 1). Jakarta: Mitra Wacana Media.
Gunarathne, U. G. V. D. D., Priyadarshanie, W. A. N., & Samarakoon, S. M. R. K. (2015). Impact of dividend policy on stock price volatility and market value of the firm: Evidence from Sri Lankan manufacturing companies. Corporate Ownership and Control, 13(3), 219–225. https://doi.org/10.22495/cocv13i 3c1p8
Hooi, S. E., Albaity, M., & Ibrahimy, A. I. (2015). Dividend Policy and Share Price Volatility. Investment Management and Financiak Innovation, 12(1), 88–96.
Ika, D., & Listiorini. (2017). Analisis Faktor-Faktor Fundamental Yang Mempengaruhi Return Saham Perusahaan Yang Terdaftar Dalam Indeks LQ 45 Di Bursa Efek Indonesia Periode Tahun 2013-2015. Jurnal Akuntansi Dan Bisnis, 3(1), 1–14.
Jahfer, A., & Mulafara, A. H. (2016). Dividend Policy and Share Price Volatility: Evidence from Colombo Stock Market. International Journal of Managerial and Financial Accounting, 8(2), 97–108. https://doi.org/10.1504/IJMFA. 2016.077947
Jannah, R., & Haridhi, M. (2016). Pengaruh Kebijakan Dividen, Earning Volatility, dan Leverage Terhadap Volatilitas Harga Saham pada Perusahaan Non-Financing yang Terdaftar di Bursa Efek Indonesia Tahun 2010-2014. Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi, 1(1), 133–148.
Kurnia, I., & Sufiyati. (2015). Pengaruh Ukuran Perusahaan, Leverage, Risiko Sistematik, dan Investment Opportunity Set Terhadap Earnings Response Coefficient pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia pada Tahun 2012-2014. Jurnal Ekonomi, XX(03), 463–478.
Lashgari, Z., & Ahmadi, M. (2014). The Impact of Dividend Policy on Stock Price Volatility in the Tehran Stock Exchange. Kuwait Chapter of Arabian Journal of Business and Management Review, 3(10), 273–283. https://doi.org/ 10.12816/0018408
Mehmood, A., Ullah, M. H., & Sabeeh, N. U. (2019). Determinants of stock price volatility: Evidence from cement industry. Accounting, 5(19), 145–152. https://doi.org/10.5267/j.ac.2019.2.002
Nguyen, D. T., Bui, M. H., & Do, D. H. (2019). The Relationship Of Dividend Policy and Share Price Volatility: A Case in Vietnam. Annals of Economics and Finance, 20(1), 123–136.
Priana, I. W. K., & Muliartha RM, K. (2017). Pengaruh Volume Perdagangan Saham, Leverage, dan Dividend Payout Ratio pada Volatilitas Harga Saham. Skripsi. Fakultas Ekonomi dan Bisnis Universitas Udayana, Bali.
Rowena, J., & Hendra. (2017). Earnings Volatility, Kebijakan Dividen, dan Pertumbuhan Asset Berpengaruh Terhadap Volatilitas Harga Saham Pada Perusahaan Manufaktur Di BEI Periode 2013 – 2015. Jurnal Administrasi Kantor, 5(2), 231–242.
Santioso, L., & Angesti, Y. G. (2019). Faktor-Faktor Yang Mempengaruhi Volatilitas Harga Saham Perusahaan Manufaktur. Jurnal Ekonomi, 24(1), 46–64. https://doi.org/10.24912/je.v24i1.450
Shah, S. A., & Noreen, U. (2016). Stock Price Volatility and Role of Dividend Policy: Empirical Evidence from Pakistan. International Journal of Economics and Financial Issues, 6(2), 461–472.
Suselo, D., Djazuli, A., & Indrawati, N. K. (2015). Pengaruh Variabel Fundamental dan Makro Ekonomi Terhadap Harga Saham (Studi pada Perusahaan yang Masuk Dalam Indeks LQ45). Jurnal Aplikasi Manajemen (JAM), 13(1), 104–116.
Taj, S. A. (2016). Appilcation of Signaling Theory in Management Research: Addresing Major Gaps in Theory. European Management Journal, 34(4), 338–348. https://doi.org/10.1016/j.emj.2016.02.001
Wati, N. K. P. H., & Ratnasari, M. M. (2015). Rasio Pasar Dan Harga Saham Di Bursa Efek Indonesia Periode 2009-2013. E-Jurnal Akuntansi, 10(1), 279-292.
Xu, M. L., Sun, W. Q., & Xie, J. M. (2016). Empirical Analysis of Dividend Policy and Stock Volatility base on Fixed Effect Model. RISTI Journal of Information Systems and Technologies, 10(11), 442–452.
Zulfa, N. A. (2015). Analisis Estimasi Volatilitas Indeks Harga Saham Menggunakan Harga Tertinggi, Terendah, Pembukaan, dan Penutupan. Skripsi. Universitas Negeri Semarang.
Published
2020-05-25
How to Cite
ARTIKANAYA, I Kadek Rama; GAYATRI, Gayatri.
Pengaruh Asset Growth, Leverage, dan Dividend Payout Ratio pada Volatilitas Harga Saham.
E-Jurnal Akuntansi, [S.l.], v. 30, n. 5, p. 1270 - 1282, may 2020.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/55095>. Date accessed: 21 nov. 2024.
doi: https://doi.org/10.24843/EJA.2020.v30.i05.p16.
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