Pengaruh Kebijakan Dividen, Suku Bunga, dan Inflasi terhadap Harga Saham
DOI:
https://doi.org/10.37481/jmeb.v6i3.2287Keywords:
Dividend Policy, Interest Rates, Inflation, Stock Prices, Panel DataAbstract
Stock prices in the financial sector are influenced by both firm-specific and macroeconomic factors, yet previous studies have reported inconsistent findings regarding the roles of dividend policy, interest rates, and inflation. This study aims to examine the effect of dividend policy, interest rates, and inflation on the stock prices of financial sector companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024, both simultaneously and partially. This quantitative study uses an associative approach and secondary data obtained from companies’ annual financial reports and relevant macroeconomic data. Using purposive sampling, 26 companies were selected, resulting in 130 firm-year observations. Panel data regression was employed to examine the proposed relationships. The results show that dividend policy, interest rates, and inflation simultaneously affect stock prices. Partially, dividend policy has a positive and significant effect on stock prices, whereas interest rates and inflation do not have significant effects. The model has an Adjusted R-squared of 25.93%, indicating that the three independent variables explain 25.93% of the variation in stock prices, while the remaining variation is attributable to other factors not included in the model. These findings highlight the importance of dividend policy as a relevant signal for investors in evaluating financial sector companies.
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