Dividen dan Volatilitas Harga Saham saat PSBB di Indonesia : Peran Moderasi Cash Holding
Abstract
The Large-Scale Social Restrictions Policy (PSBB) as an effort to deal with Covid 19 in Indonesia, has weakened the JCI and triggered share price volatility. Companies use cash holdings to strengthen the ability of dividends to reduce share price volatility for a sustainable negative impact on the company. The aim of the research is to provide empirical evidence of the moderating role of cash holding on the relationship between dividends and share price volatility after the PSBB in Indonesia. The research population is all non-financial companies listed on the IDX in 2020, with a final sample of 223 companies, which were analyzed using moderated regression analysis (MRA). The results of the study show that when the business environment is uncertain due to PSBB, cash holding shows that companies are careful in using cash, creates positive sentiment from investors, strengthens positive signals formed by dividends and reduces price volatility in the capital market.
Keywords: Dividends; Volatility Stock Price; Cash Holding; Covid 19
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References
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Alnori, F. (2020). Cash holdings: Do they boost or hurt firms’ performance? Evidence from listed non-financial firms in Saudi Arabia. International Journal of Islamic and Middle Eastern Finance and Management.
Beck, C. (Producer). (2020, 19 Juli 2022). Are Stock Returns Normally Distributed?: The Imporable Just Got a Lot More Probable. Retrieved from https://towardsdatascience.com/are-stock-returns-normally-distributed-c602ad3dd498
De Vito, A., & Gómez, J.-P. (2020). Estimating the COVID-19 cash crunch: Global evidence and policy. Journal of Accounting and Public Policy, 39(2), 106741.
Fadly. (2021). Aktivitas Pasar Modal Indonesia Di Era Pandemi. Retrieved from Indonesia:
Handayani. (2018). Determinants of the Stock Price Volatility in the Indonesian Manufacturing Sector. 11(3), 179-193.
Haryanto, H. (2020). Dampak Covid-19 terhadap pergerakan nilai tukar rupiah dan indeks harga saham gabungan (IHSG). Indonesian Journal of Development Planning, 4(2), 151-165.
Huang, H.-H., Chan, M.-L., Huang, I.-H., & Chang, C.-H. (2011). Stock price volatility and overreaction in a political crisis: The effects of corporate governance and performance. Pacific-Basin Finance Journal, 19(1), 1-20.
Hussainey, K., Mgbame, C. O., & Chijoke‐Mgbame, A. M. (2011). Dividend policy and share price volatility: UK evidence. The Journal of risk finance.
Jabbouri, I. (2016). Determinants of corporate dividend policy in emerging markets: Evidence from MENA stock markets. Research in International Business and Finance, 37, 283-298.
Junaedi, D., & Salistia, F. (2020). Dampak pandemi covid-19 terhadap pasar modal di Indonesia. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 2(2), 109-131.
Miller, M. H., & Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. the Journal of Business, 34(4), 411-433.
Nugroho, D. S., & Pertiwi, M. I. (2021). Stock Price Reaction when Covid-19 Exist: Moderating by Firm’s Operating Cash Flow. Jurnal Ekonomi Malaysia, 55(1), 1-16.
Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of financial economics, 52(1), 3-46.
Papadopoulos, D. L., & Charalambidis, D. P. (2007). Focus on Present Status and Determinants of Dividend Payout Policy: Athens Stock Exchange in Perspective. Journal of Financial Management & Analysis, 20(2).
Phan, H. V., Nguyen, N. H., Nguyen, H. T., & Hegde, S. (2019). Policy uncertainty and firm cash holdings. Journal of Business Research, 95, 71-82.
Phan, T. K. H., & Tran, N. H. (2019). Dividend policy and stock price volatility in an emerging market: Does ownership structure matter? Cogent Economics & Finance, 7(1), 1637051.
Profilet, K. A. (2013). Dividend policy and stock price volatility in the US equity capital market.
Qin, X., Huang, G., Shen, H., & Fu, M. (2020). COVID-19 pandemic and firm-level cash holding—moderating effect of goodwill and goodwill impairment. Emerging Markets Finance and Trade, 56(10), 2243-2258.
Song, K. R., & Lee, Y. (2012). Long-term effects of a financial crisis: Evidence from cash holdings of East Asian firms. Journal of Financial and Quantitative analysis, 47(3), 617-641.
Sudana, I. M., & Rachmawati, H. (2017). Market Performance, Roe, Cash Flow Dan Keputusan Investasi Dengan Cash Holdings Sebagai Moderasi Pada Perusahaan Manufaktur Di Indonesia. Jurnal Manajemen Teori dan Terapan, 10(1), 70-82.
Sun, Y. V., Liu, B., & Prodromou, T. (2021). The determinants of the COVID-19 related stock price overreaction and volatility. Studies in Economics and Finance.
Suryani, A. (2021). Analisis Leverage, Firm Size, Deviden Payout terhadap Stock Price Volatility Pada Perusahaan LQ45 di BEI Tahun 2015-2019. Eksis: Jurnal Ilmiah Ekonomi dan Bisnis, 12(1), 113-117.
Zaher, H., & Illescas, G. M. (2020). The Moderating Effect of Firms'cash Holding on the Relation Between Cash Conversion Cycle and Firm Performance. Economic and Social Development: Book of Proceedings, 307-316.
Zakaria, Z., Muhammad, J., & Zulkifli, A. H. (2012). The impact of dividend policy on the share price volatility: Malaysian construction and material companies. International Journal of Economics and Management Sciences, 2(5), 1-8.
Zaremba, A., Kizys, R., Aharon, D. Y., & Demir, E. (2020). Infected markets: Novel coronavirus, government interventions, and stock return volatility around the globe. Finance Research Letters, 35, 101597.
Published
2022-11-26
How to Cite
PRATADINA, Aura; SALMA, Dini Kamilia.
Dividen dan Volatilitas Harga Saham saat PSBB di Indonesia : Peran Moderasi Cash Holding.
E-Jurnal Akuntansi, [S.l.], v. 32, n. 11, p. 3424-3432, nov. 2022.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/85428>. Date accessed: 19 nov. 2024.
doi: https://doi.org/10.24843/EJA.2022.v32.i11.p17.
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