Pengaruh Kebijakan Dividen terhadap Harga Saham pada Perusahaan Sektor Energi di Bursa Efek Indonesia
Keywords:
Dividend Per Share, Dividend Payout Ratio, Dividend Policy, Stock Price, Energy SectorAbstract
This study aims to analyze the effect of dividend policy on stock prices in energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2024 period. Dividend policy in this research is represented by Dividend Per Share (DPS) and Dividend Payout Ratio (DPR), while stock prices are measured using annual closing prices. The study employs a quantitative approach with an explanatory research design, using secondary data obtained from corporate annual reports and official capital market sources. Data analysis includes descriptive statistics, Pearson correlation, and simple linear regression to examine the influence of the independent variables on the dependent variable. The findings reveal that DPS has a positive impact on stock prices, indicating that higher dividend payments tend to enhance investor perception and interest. Meanwhile, DPR shows a weaker influence, suggesting that investors respond more strongly to the actual amount of dividends received rather than the percentage of earnings distributed. However, the coefficient of determination indicates that dividend policy explains only part of the variation in stock prices, implying that external factors such as global energy commodity prices, economic conditions, and company operational performance also contribute to stock price movements. This study confirms that dividend policy serves as an important signaling mechanism for investors, although its effectiveness depends on the volatility within the energy sector. The results are expected to provide valuable insights for companies, investors, and future researchers regarding the dynamics between dividend policy and stock prices in the energy industry.
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