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首页> 外文会议>International Conference on Organizational Innovation >THE INFLUENCE OF FACTORS AFFECTING DIVIDEND PAYOUT RATIO TO STOCK PRICE OF FIRMS LISTED IN INDONESIA STOCK EXCHANGE
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THE INFLUENCE OF FACTORS AFFECTING DIVIDEND PAYOUT RATIO TO STOCK PRICE OF FIRMS LISTED IN INDONESIA STOCK EXCHANGE

机译：影响股息支付率的因素对印度尼西亚证券交易所上市公司股票价的影响

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摘要

An investor expects returns from their investment activity in the form of dividend and capital gains. Distribution of this dividend will not only improve the welfare of the shareholder, but also signal the capital market or potential future investors for the company's growth performance. This signal could lead the increase of a company's stock price on the stock exchange. Using the two-stage least square method, this study investigated the effect on a company's dividend payout ratio that financial ratios such as profitability, operating cash flow per share, corporate tax, current ratio, market-to-book value, debt-to-equity ratio, and sales growth may have. The effects of these payouts may also impact the market share price. The regression test used in this research shows that only profitability and operating cash flow affect the dividend payout ratio with a positive relationship. Furthermore, the dividend payout ratio positively affects the stock price. Profitability and operating cash flow directly and positively affect the stock price. The conclusion is that the higher the profitability and the operating cash flow of the firm, the higher the dividend payout ratio and subsequently, the higher the stock price. Firms with a high profitability signal good financial performance to an investor. A high profitability and operating cash flow ensure a firm has the ability to pay out more dividend. This distribution of dividend therefore provides positive signals to investors and leads to an increase in stock price.
机译：投资者希望以股息和资本收益的形式从投资活动中退回。该股息的分布不仅会改善股东的福利，而且还向资本市场或潜在的未来投资者提供了公司的增长绩效。该信号可能导致公司在证券交易所的股票价格上涨。本研究采用了两级最小二乘法，研究了公司股息支付率的影响，金融比例，如盈利能力，每股经营现金流量，企业税，当前比率，市场对账面价值，债务股权比率和销售增长可能有。这些支出的影响也可能影响市场份额价格。本研究中使用的回归测试表明，只有盈利能力和经营现金流量影响与积极关系的股息支付率。此外，股息支付比率积极影响股价。盈利能力和经营现金流直接且积极影响股价。结论是，公司的盈利能力和经营现金流量越高，股息支付比率越高，股价越高。具有高盈利能力的公司对投资者提供了良好的财务表现。高盈利能力和经营现金流量确保公司有能力支付更多股息。因此，这种股息分布为投资者提供了积极的信号，并导致股价增加。

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