Pengaruh Kebijakan Dividen, Leverage, dan Earning Volatility terhadap Volatilitas Harga Saham pada Perusahaan Energi Sub Sektor Minyak dan Gas yang Terdaftar pada Bursa Efek Indonesia Periode 2021 - 2025

Miftahudin Miftahudin; Luthfi Nuraini; Umi Kulsum

doi:10.61132/rimba.v4i3.2762

Authors

Miftahudin Miftahudin Universitas Islam Syekh Yusuf Tangerang
Luthfi Nuraini Universitas Islam Syekh Yusuf Tangerang
Umi Kulsum Universitas Islam Syekh Yusuf Tangerang

DOI:

https://doi.org/10.61132/rimba.v4i3.2762

Keywords:

Dividend Payout Ratio, Dividend Policy, Earnings Volatility, Leverage, Stock Price Volatility

Abstract

This study aims to examine the effect of dividend policy, leverage, and earnings volatility on stock price volatility in oil and gas sub-sector energy companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2025 period. This research employs a quantitative approach using secondary data obtained from the companies' financial statements and stock price data. The sample was selected using a purposive sampling technique, resulting in 12 companies that met the predetermined criteria over a five-year observation period. The data were analyzed using panel data regression with the assistance of EViews 13 software. Based on the results of the Chow test and Hausman test, the Fixed Effect Model (FEM) was selected as the most appropriate model. The findings indicate that, partially, dividend policy as measured by the Dividend Payout Ratio (DPR) has a negative and significant effect on stock price volatility. Meanwhile, leverage, as measured by the Debt-to-Equity Ratio (DER), has no significant effect on stock price volatility. Likewise, earnings volatility has no significant effect on stock price volatility. Simultaneously, dividend policy, leverage, and earnings volatility have a significant effect on stock price volatility. These findings suggest that dividend distribution policy is the primary factor considered by investors in responding to stock price movements of oil and gas sub-sector energy companies, while leverage and earnings volatility do not individually have a significant influence on stock price volatility.

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