Dividend Yield, Earning Volatility, And Leverage Effect On Volatility Stock Prices Of Consumption Goods Companies 2018-2022

https://doi.org/10.35912/simo.v6i1.3587
Published: Mar 24, 2025

Abstract:

Abstract:
Purpose: This study aims to analyze the impact of dividend yield, earnings volatility, and leverage on stock price volatility in consumer goods companies from 2018-2022 and test the relevance of existing theories in the Indonesian context.
Research methodology: This study is a quantitative study, examining the causal relationship of independent variables such as dividend yield, earning volatility and leverage to the dependent variable, namely stock price volatility. Data were collected by looking at the financial statements of each company and the stock prices of companies engaged in the consumer goods industry listed on the Indonesian Stock Exchange for the period 2018-2022. The collected data were then processed using the SPSS program.
Results: Dividend yield and earning volatility variables have a negative but insignificant effect on stock price volatility in consumer goods industry companies. While the leverage variable has a significant and positive effect on stock price volatility in consumer goods industry companies.
Conslusions: This study found that dividend yield and earnings volatility do not significantly affect stock price volatility, while leverage has a significant impact. The study is limited to the period of 2018-2022 and consumer goods companies listed on the IDX.
Limitations: The independent variables used in the study that explain stock price volatility are only limited to three variables, namely dividend yield, earning volatility and leverage. There are limitations to the research period used in the study, namely 2018-2022 so that the study is only able to explain conditions in that period, and the limited research sample used, namely around companies engaged in the consumer goods sector listed on the Indonesia Stock Exchange (IDX)
Contribution: This study contributes to the existing literature by providing insights to new investors regarding stock information that influences investment decisions. This study highlights that stock price volatility that occurs can be influenced by many factors and can be additional information in an investor's investment decision.
Keywords: Dividend Yield, Earning Volatility, Leverage, Stock Price Volatility
How to Cite: Winata, V, F., Ekadjaja, A. (2025). Dividend Yield, Earning Volatility, And Leverage Effect On Volatility Stock Prices Of Consumption Goods Companies 2018-2022. Studi Manajemen dan Ilmu Organisasi, 6(1), 53-61.

Keywords:
1. Dividend Yield
2. Earning Volatility
3. Leverage
4. Stock Price Volatility
Authors:
1 . Verlyn Winata
Universitas Tarumanagara
2 . Agustin Ekadjaja
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How to Cite
Winata, V., & Ekadjaja, A. (2025). Dividend Yield, Earning Volatility, And Leverage Effect On Volatility Stock Prices Of Consumption Goods Companies 2018-2022. Studi Ilmu Manajemen Dan Organisasi, 6(1), 53–61. https://doi.org/10.35912/simo.v6i1.3587
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Vol. 6 No. 1 (2025): April
Articles
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References

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    Rayo, E. F., Rayo, N. M., & Mandagi, D. W. (2024). Social Media Marketing as a Key Determinant of Brand Gestalt and Brand Personality. Studi Ilmu Manajemen dan Organisasi, 5(2), 299-316. doi:10.35912/simo.v5i2.3542

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    Sari, A. P., & Sembiring, F. M. (2022). Pengaruh Likuiditas, Leverage dan Aktivitas terhadap Kondisi Financial Distress yang Dimoderasi oleh Profitabilitas: Studi pada Perusahaan Pertambangan yang Terdaftar di BEI Periode 2015-2019. Studi Ilmu Manajemen dan Organisasi, 3(1), 199-211. doi:10.35912/simo.v3i1.857

    Satryo, A. G., Rokhmania, N. A., & Diptyana, P. (2017). The influence of profitability ratio,market ratio, and solvency ratio on the share prices of companies listed on LQ 45 Index. The Indonesian Accounting Review. The Indonesian Accounting Review, 6(1), 55. doi: https://doi.org/10.14414/tiar.v6i1.853

    Sondakh, P., Saeran, I., & Samadi, R. (2019). Pengaruh Struktur Modal (Roa, Roe Dan Der) Terhadap Nilai Perusahaan (Pbv) Pada Perusahaan Sektor Properti Yang Terdaftar Di Bei (Periode 2013-2016). Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 7(3), 3079–3088.

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    Tewal, B., &Jan, A.B.H. (2017). Pengaruh Current Ratio, Der, Roa Dan Npm Terhadap Harga Saham Pada Perusahaan Food and Beverages Yang Terdaftar Di Bei (Periode 2013-2015). Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 5(2), 1813–1822. doi: https://doi.org/10.35794/emba.v5i2.16399

    Thanh, H., Quang, and Quynh. (2019). Accounting 6. Dividend Policy and Share Price Volatility : empirical evidence from Vietnam. 67-78.

    Theresia, P., & Arilyn, E. J. (2015). Pengaruh Dividen, Ukuran Perusahaan, Hutang Jangka Panjang, Earning Volatility, Pertumbuhan Aset, Trading Volume, Dan Kepemilikan Manajerial Terhadap Volatilitas Harga Saham. Jurnal Bisnis dan Akuntansi Strategis, 17(2), 197-204. doi:https://doi.org/https://doi.org/10.34208/jba.v17i2.31

    Violandani, D. S. (2021). Analisis Komparasi Rasio Keuangan Sebelum Dan Selama Pandemi Covid-19 Pada Perusahaan Terbuka Yang Terdaftar Pada Indeks LQ-45. Journal of Chemical Information and Modeling, 53(9), 1689–1699.

    Wahyudi, M., & Deitiana, T. (2019). Pengaruh Current Ratio, Debt To Equity Ratio, Return on Equity, Total Asset Turnover, Dividen Payout Ratio Terhadap Return Saham Pada Perusahaan Otomotif. Media Bisnis, 11(2), 155-162. doi: https://doi.org/10.34208/mb.v11i2.940eputusan-investor/

  1. Angesti, Y. G., & Santioso, L. (2019). Faktor-Faktor Yang Mempengaruhi Volatilitas Harga Saham Perusahaan Manufaktur. 24, 1(46). doi:https://doi.org/10.24912/je.v24i1.450
  2. Anuryana, Y., and Candera. (2024). Pengaruh Kebijakan Dividend, Earning Volatility, dan Cash Holding Terhadap Volatilitas Harga Saham Pada Perusahaan Sektor Transportasi dan Logistik. Jurnal Ilmiah Ekonomi Dan Bisnis Universitas Multi Data Palembang, 14(1), 11-22.
  3. Assiqoh, W., and Utami. (2024). Pengaruh Kebijakan Dividend, Earning Volatility, dan Leverage Terhadap Volatilitas Harga Saham (Studi Pada Perusahaan Indeks LQ45 yang Terdaftar di Bursa Efek Indonesia Tahun 2018-2022).
  4. Bawa, I. K. S., Dwitrayani, M. C., and Oktaviani, L. (2024). Pengaruh Debt To Equity Ratio, Dividend Payout Ratio, Dan Return On Equity Terhadap Harga Saham (Studi Kasus Pada Saham Di Sektor Kesehatan Yang Sudah Ipo Di Indonesia Tahun 2019 - 2021). Journal Research of Accounting, 5(2), 300-309.
  5. Dewi, N. (2021). The 2nd Widyagama National Conference on Economics and Business (WNCEB 2021). Pengaruh Dividend Payout Ratio, Earning Volatility, dan Leverage terhadap Volatilitas Harga Saham (Studi Empiris Pada Perusahaan Manufaktur yang Terdaftar di BEI Periode 2017-2019). 733 – 746. .
  6. Dewi, N. d. (2021). The 2nd Widyagama National Conference on Economics and Business (WNCEB 2021). Pengaruh Dividend Payout Ratio, Earning Volatility, dan Leverage terhadap Volatilitas Harga Saham (Studi Empiris Pada Perusahaan Manufaktur yang Terdaftar di BEI Periode 2017-2019). 733 – 746.
  7. Edi, J. d. (2021). Analisis Pengaruh Dividend Yield, Dividend Payout, Ukuran Perusahaan, Pertumbuhan Perusahaan, Volatilitas Laba dan Leverage terhadap Volatilitas Harga Saham. Conference on Management, Business, Innovation, Education and Social Science, 1(1), 1220-1233.
  8. Herawati, F. E. (2017). Pengaruh Likuiditas , Leverage , Profitabilitas ,Investment Opportunity Set Terhadap Dividend Payout Ratio. 6.
  9. Jannah, R., dan Musfiari H. (2016). Pengaruh Kebijakan Dividen, Earning Volatility, dan Leverage terhadap Volatilitas Harga Saham pada Perusahaan Non-Financing yang Terdaftar di Bursa Efek Indonesia Tahun 2010-2014. 1, 1(133-148).
  10. Khan, M. A., & Haymans Manurung, A. (2022). Corporate Social Responsibility(CSR) Evaluation & Effectiveness of Disclosure and its Impact on Financial Performance: A Case of Indonesian Corporations by Longitudinal Evidence. Studi Ilmu Manajemen dan Organisasi, 3(1), 233-242. doi:10.35912/simo.v3i1.709
  11. Mehmood, U. U. s. (2019). Determinants of Stock Price Volatility: Evidence from Cement Industry. Accounting 5, 1(1), 150-151.
  12. Prawoto, B. a. (2017). Analisis Regresi Dalam Penelitian Ekonomi & Bisnis : Dilengkapi Aplikasi SPSS & EVIEWS: PT Rajagrafindo Persada.
  13. Puspitaningtyas, Z. (2019). Empirical evidence of market reactions based on signaling theory in Indonesia stock exchange. Business Perspectives, 16(2), 66-77. doi:http://dx.doi.org/10.21511/imfi.16(2).2019.06
  14. Putri. (2020). Faktor-Faktor Penentu Volatilitas Harga Saham Sektor Perusahaan Properti, Real Estate dan Building Construction. Jurnal akuntansi, 8(2), 109-118.
  15. Ramdhani. (2017). Pengaruh Dividend yield dan Earning Volatility terhadap Volatilitas harga Saham di Bursa Efek Jakarta. Binus Business Review, 3(2), 665-672.
  16. Rayo, E. F., Rayo, N. M., & Mandagi, D. W. (2024). Social Media Marketing as a Key Determinant of Brand Gestalt and Brand Personality. Studi Ilmu Manajemen dan Organisasi, 5(2), 299-316. doi:10.35912/simo.v5i2.3542
  17. Risti. (2019). Pengaruh ROE, BVPS, dan Volume Perdagangan Saham Terhadap Return Saham. Kajian Pendidikan Ekonomi dan Ilmu Ekonomi, 7(2), 101-112.
  18. Robinson, G. M. (2020). Time Series Analysis. In A. Kobayashi (Ed.), International Encyclopedia of Human Geography (Second Edition) (pp. 291-300). Oxford: Elsevier.
  19. Sagala, J., Wediawati, and Musnaini. (2024). The Influence of Dividend Policy, Earnings Volatility and Leverage On Volatility of Jakarta Islamic Index (JII) Stock Prices. The Journal Of Financial, Accounting, and Economics, 1(1), 45-53.
  20. Sari, A. P., & Sembiring, F. M. (2022). Pengaruh Likuiditas, Leverage dan Aktivitas terhadap Kondisi Financial Distress yang Dimoderasi oleh Profitabilitas: Studi pada Perusahaan Pertambangan yang Terdaftar di BEI Periode 2015-2019. Studi Ilmu Manajemen dan Organisasi, 3(1), 199-211. doi:10.35912/simo.v3i1.857
  21. Satryo, A. G., Rokhmania, N. A., & Diptyana, P. (2017). The influence of profitability ratio,market ratio, and solvency ratio on the share prices of companies listed on LQ 45 Index. The Indonesian Accounting Review. The Indonesian Accounting Review, 6(1), 55. doi: https://doi.org/10.14414/tiar.v6i1.853
  22. Sondakh, P., Saeran, I., & Samadi, R. (2019). Pengaruh Struktur Modal (Roa, Roe Dan Der) Terhadap Nilai Perusahaan (Pbv) Pada Perusahaan Sektor Properti Yang Terdaftar Di Bei (Periode 2013-2016). Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 7(3), 3079–3088.
  23. Sugiyono. (2018). Metode Penelitian Kuantitatif: Alfabeta.
  24. Susanto, P., Indrawati, Aliyya, Rusidiyanto, Tjaraka, Kalbuana, Rochman, Gazali and Zainurra. (2021). Accounting 7. The Impact of earning volatility, net income and Comprehensive income on Share Price: Evidence from Indonesia Stock Exchange. Growing Science.
  25. Tewal, B., &Jan, A.B.H. (2017). Pengaruh Current Ratio, Der, Roa Dan Npm Terhadap Harga Saham Pada Perusahaan Food and Beverages Yang Terdaftar Di Bei (Periode 2013-2015). Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 5(2), 1813–1822. doi: https://doi.org/10.35794/emba.v5i2.16399
  26. Thanh, H., Quang, and Quynh. (2019). Accounting 6. Dividend Policy and Share Price Volatility : empirical evidence from Vietnam. 67-78.
  27. Theresia, P., & Arilyn, E. J. (2015). Pengaruh Dividen, Ukuran Perusahaan, Hutang Jangka Panjang, Earning Volatility, Pertumbuhan Aset, Trading Volume, Dan Kepemilikan Manajerial Terhadap Volatilitas Harga Saham. Jurnal Bisnis dan Akuntansi Strategis, 17(2), 197-204. doi:https://doi.org/https://doi.org/10.34208/jba.v17i2.31
  28. Violandani, D. S. (2021). Analisis Komparasi Rasio Keuangan Sebelum Dan Selama Pandemi Covid-19 Pada Perusahaan Terbuka Yang Terdaftar Pada Indeks LQ-45. Journal of Chemical Information and Modeling, 53(9), 1689–1699.
  29. Wahyudi, M., & Deitiana, T. (2019). Pengaruh Current Ratio, Debt To Equity Ratio, Return on Equity, Total Asset Turnover, Dividen Payout Ratio Terhadap Return Saham Pada Perusahaan Otomotif. Media Bisnis, 11(2), 155-162. doi: https://doi.org/10.34208/mb.v11i2.940eputusan-investor/