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Abstrak :
Meskipun penelitian empiris mengenai hubungan kebijakan dividen dan volatilitas harga saham (SPV) telah banyak dilakukan bertahun-tahun oleh peneliti dan sarjana tetapi hasil yang diberikan masih menjadi  kontroversial. Penelitian ini bertujuan untuk menganalisis pengaruh kebijakan dividen terhadap volatilitas harga saham pada perusahaan non finansial yang terdaftar di Bursa Efek Indonesia. Sampel penelitian berasal dari 25 perusahaan dari sektor non-keuangan yang dipilih berdasarkan perilaku pembayaran dividen yang konsisten, tidak melakukan stock split selama periode 2008-2017, terdaftar di Bursa Efek Indonesia (BEI) untuk periode 2008-2017. Penelitian ini menggunakan metode analisis berganda dengan menerapkan model efek tetap dengan estimasi metode kuadrat terkecil pada data panel. Variabel kontrol dalam penelitian ini adalah firms size, asset growth, long-term debt, earnings volatility, and earnings per share. Hasil temuan penelitian ini menemukan hubungan yang tidak signifikan antara volatilitas harga saham dengan variabel kebijakan dividen (dividend yield dan dividend payout ratio). Hasil penelitian ini juga menemukan hubungan yang tidak signifikan antara 2 variabel kontrol (asset growth dan long-term debt,) dengan volatilitas harga saham. Di sisi lain, firms size, earnings volatility, dan earnings per share memiliki hubungan yang signifikan dengan volatilitas harga saham.

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Despite years of empirical research, the linkage between dividend policy and stock price volatility (SPV) remains controversial among the researchers and scholars. This study aims to analyze the effect of dividend policy on stock price volatility in non-financial companies listed on the Indonesia Stock Exchange. A sample of 25 firms from non-financial sectors, based upon consistent dividend paying behavior and didt do a stock split during the period 2008-2017, listed on Indonesia Stock Exchange (IDX) for the period of 2008-2017. This study uses multiple analysis methods by applying the fixed effect model with least squares methods estimation on panel data. The control variables in this study are firms size, asset growth, long-term debt, earnings volatility, and earnings per share. The study has found  insignificant relationship between stock price volatility with dividend policy variables (dividend yield and dividend payout ratio). Study has also found insignificant relationship between 2 control variables (long-term debt and asset growth) with stock price volatility. On the other hand, firm size, earnings volatility, and EPS have a significant relationship with stock price volatility.

Abstrak :
Penelitian ini memiliki tujuan untuk mencari tahu pengaruh COVID-19 terhadap performa saham perusahaan perbankan yang dimiliki negara (BUMN) pada periode 2020 hingga 2021, serta apakah corporate governance memengaruhi dampak COVID-19 terhadap performa saham bank BUMN. Area performa saham yang dilihat pada penelitian ini merupakan volatilitas harga saham, trading volume saham, serta return dari saham bank BUMN. Sampel terdiri dari empat perusahaan perbankan BUMN yang terdaftar di Bursa Efek Indonesia. Metode penelitian yang digunakan merupakan regresi panel data. Ditemukan bahwa COVID-19 memiliki pengaruh yang signifikan terhadap volatilitas harga saham, trading volume saham, serta return dari saham bank BUMN. Serta, corporate governance dapat memitigasi dampak dari COVID-19 tersebut terhadap volatilitas harga saham dan trading volume saham bank BUMN di Indonesia, namun corporate governance tidak dapat memitigasi dampak tersebut terhadap return saham bank BUMN di Indonesia. ......This study aims to find out the effect of COVID-19 on the performance of shares of state-owned banking companies (BUMN) in the period 2020 to 2021, as well as whether corporate governance influences the impact of COVID-19 on the performance of shares of state-owned banks. The areas of stock performance seen in this study are stock price volatility, trading volume of shares, and returns from state-owned bank shares. The sample consists of four state-owned banking companies listed on the Indonesia Stock Exchange. The research method used is panel data regression. It was found that COVID-19 had a significant effect on share price volatility, trading volume of shares, and returns from shares of state-owned banks. Also, corporate governance can mitigate the impact of COVID-19 on share price volatility and trading volume of shares of state-owned banks in Indonesia, but corporate governance cannot mitigate this impact on share returns of state-owned banks in Indonesia.

Abstrak :
Shari’ah stock market is also affected by many highly interrelated economic, social, political and other factor, same as the conventional stock market, the interaction between macroeconomic variables and Shari’ah stock market creating volatility in the stock price as a response towards several shocks. The sensitivity of Shari’ah stock market towards shocks happened related with the future expectation of micro and macro factor in one country which can be predict or unpredictable. There are six macroeconomic variables that used in this research; inflation, exchange rate, interest rate, dow jones index, crude oil palm price, and FED rate. Using vector error correction model (VECM), the result shows that domestic macroeconomic variables that significantly affect Indonesia Shari’ah compliance for long term, while for international macroeconomic variables the selected variable such as FED rate and Dow Jones Index are not significantly affected Indonesia Shari’ah compliance both in short term and long term.

Abstrak :
Penelitian ini bertujuan untuk menganalisis pengaruh kebijakan dividen terhadap volatilitas harga saham pada sub sektor bank yang terdaftar di Bursa Efek Indonesia. Penelitian ini memiliki fokus pada saham sub sektor bank yang terdaftar dalam Bursa Efek Indonesia. Sebanyak 21 perusahaan digunakan sebagai sampel penelitian dengan periode penelitian selama 10 tahun, yaitu rentang tahun 2012-2021. Dengan penggunaan model regresi data panel random effect, ditemukan hasil bahwa kebijakan dividen yang diukur dengan menggunakan dividend yield dan dividend payout ratio memiliki pengaruh yang signifikan positif dan negatif secara berurutan terhadap volatilitas harga saham. Hasil berikutnya dari variabel kontrol ukuran perusahaan menunjukkan adanya pengaruh signifikan yang negatif terhadap volatilitas harga saham. Variabel kontrol lainnya, yaitu volatilitas pendapatan, pertumbuhan aset, dan utang tidak memiliki pengaruh yang signifikan terhadap volatilitas harga saham. ......This study aims to analyze the effect of dividend policy on stock price volatility in the sub-sector of banks listed on the Indonesia Stock Exchange. This study has a focus on bank sub-sector stocks listed on the Indonesia Stock Exchange. A total of 21 companies were used as research samples with a research period of 10 years, namely the 2012-2021 range. Using the random effect panel data regression model, it was found that dividend policy as measured using the dividend yield and dividend payout ratio has a significant positive and negative effect on stock price volatility, respectively. The next result of the control variable firm size shows a significant negative effect on stock price volatility. Other control variables, income volatility, asset growth, and debt do not have a significant effect on stock price volatility.

Abstrak :
Skripsi ini bertujuan untuk mengetahui pengaruh ketidakpastian arus kas terhadap dividen dan investasi secara terpisah. Penelitian dilakukan terhadap 51 perusahaan yang terdaftar di Bursa Efek Indonesia selama periode 2008-2012. Metode penelitian menggunakan pengujian regresi data panel dengan variabel dependen dividen tunai dan investasi yang diproksikan oleh capital expenditures, variabel independen ketidakpastian arus kas yang diproksikan oleh cash shortfall dan volatilitas harga saham, serta variabel kontrol pendanaan eksternal, market to book ratio, ukuran perusahaan, profitabilitas, dan tingkat utang perusahaan. Hasil penelitian ini menyimpulkan bahwa ketidakpastian arus kas memiliki pengaruh yang signifikan baik terhadap dividen maupun investasi dengan arah pengaruh negatif. Melalui hasil yang diperoleh, disarankan kepada para investor untuk memperhatikan kondisi arus kas perusahaan terlebih dahulu apabila ingin memperoleh tingkat dividen maupun hasil investasi yang optimal sebelum memilih perusahaan untuk berinvestasi. Bagi regulator disarankan untuk memberi benefit tambahan pada perusahaan yang melakukan investasi agar keputusan investasi tidak terlalu terpengaruh oleh kondisi keuangan internal perusahaan sehingga tingkat investasi nasional dapat terjaga. ...... This research aims to determine the impact of cash flow uncertainty on dividend and investment separately. The study was conducted on 51 Indonesian Listed Companies that are active in business during the period from 2008 to 2012. Research methodology used is panel data regression with regular cash dividend and investment entitled by capital expenditures as dependent variables, cash shortfall and stock price volatility which are used as indicators of cash flow uncertainty as independent variables, also external financing, market to book ratio, size, profitability, and leverage as control variables. From this study, it was found that cash flow uncertainty significantly affect both dividend and investment. Indonesian companies indicate that when they meet high level of uncertainty cash flow, they tend to reduce dividend and investment. Through the results obtained, it is suggested to investors to notice the cash flow condition first before making an investment decision. Advise for regulators is to raise the benefit for investors, so that the level of national investment can be maintained.