The Effect of Dividend Announcements on Change Stock Price After GMS to Date on Shares Jakarta Islamic Index (JII) Period 2017-2022
DOI:
https://doi.org/10.47453/ecobankers.v7i1.4530Keywords:
Islamic studies, Dividend, Stock Price', GMSAbstract
Changes. This study is motivated by the fact that investors who decide to invest in the Islamic capital market will certainly consider some information and analysis of an Islamic issuer. Dividend policy announcement is one of the information for investors to place their funds into an issuer. The purpose of this study was to determine the effect of dividend policy announcements on changes in stock prices after the AGM until the cum date on the Jakarta Islamic Index (JII) stocks for the period 2017-2022. This research uses a type of quantitative research with an event study method approach. The data collection method in this study uses secondary data documentation. This study took a sample of issuers that were consistently listed on the Jakarta Islamic Index (JII) for the period 2017-2022 and distributed dividends. In collecting data on dividend policy announcements (X), researchers took the nominal dividends distributed, while for changes in stock prices (Y) researchers took the closing price of shares with a range of AGM dates to cum date. Then the data that has been collected is processed to answer and find out the problems presented in this study. The data analysis method used in this research is panel data regression analysis and simple linear regression, which is processed using descriptive statistical analysis. Furthermore, where the results of the data processing are Announcement of cash dividend policy has a significant and negative effect on changes in stock prices of issuers of the Jakarta Islamic index (JII) for the period 2017-2022. This is evident from the results of the t test with a value of t count> t table, and a negative t value which indicates that the higher the dividend value, the lower the value of stock price changes. As well as the magnitude of the effect of the announcement of the cash dividend policy on changes in the share prices of issuers of the Jakarta Islamic index (JII) for the period 2017-2022 based on the results of the coefficient of determination test is 0.2669 or 26.69%. While the rest is influenced by other factors outside this study. Dividend policy announcements may not have a big effect on stock price changes due to other factors that affect stock price changes. This research, it is hoped that investors will further analyze the issuers to be selected not only from the dividend policy
Downloads
References
Abdul Jabar, A. K., & Cahyadi, I. F. (2020). Pengaruh Exchange Rate, Inflasi, Risiko Sistematis Dan BI Rate Terhadap Return Saham Syariah Di Jakarta Islamic Index (JII) Periode 2015-2018. MALIA: Journal of Islamic Banking and Finance, 4(1), 12. https://doi.org/10.21043/malia.v4i1.8409
Abdullah, Y. A., & Yudawirawan, M. Y. (2023). Pengaruh Pemeriksaan Pajak Sanksi Perpajakan Dan Motivasi Wajib Pajak Terhadap Penggunaan Jasa Konsultan Pajak (Studi Empiris Pada KPP Pratama Kota Depok Tahun 2022). Jurnal Akuntansi, Bisnis Dan Ekonomi Indonesia, 2(1), 103–117.
Adam, P. (2022). Fatwa-Fatwa Ekonomi Syariah (Tarmizi & M. Akbar (eds.); 1st ed.). AMZAH. https://books.google.co.id/books?hl=id&lr=&id=1iteEAAAQBAJ&oi=fnd &pg=PP1&dq=ekonomi+syariah+adalah&ots=buTJnudlh&sig=tU9CaqOXepfCOdUQ_- gTAyFYfDw&redir_esc=y#v=onepage&q=ekonomi syariah adalah&f=false
Adipratama, A. A. N. B. W. (2022). Pengaturan Rapat Umum Pemegang Saham Dalam Anggaran Dasar Perseroan Terbatas. Jurnal Hukum Sasana, 8(2), 303–309
Avwa, P. A., Vidiati, C., Selasi, D., & Pratama, G. (2024). Pengaruh Penggunaan Digital Banking dan Minat Investasi terhadap Pertumbuhan Ekonomi di Jawa Barat. JIOSE: Journal of Indonesian Sharia Economics, 3(2), 179-188.
Berutu, A. G. (2020b). PASAR MODAL SYARIAH INDONESIA (KONSEP dan PRODUK) (F. E. Yudiana (ed.); 1st ed.). Lembaga Penelitian dan Pengabdian kepada Masyarakat (LP2M) IAIN Salatiga. https://books.google.co.id/books?hl=id&lr=&id=csAXEAAAQBAJ&oi=fn d&pg=PR9&dq=sejarah+pasar+modal&ots=ge8Gb1lRzV&sig=KH8YXA_ rEhTFMm96hXCOsaYI4Ww&redir_esc=y#v=onepage&q=sejarah pasar modal&f=false
Damayanti, A. (2021). Analisis Kebijakan Deviden Sebelum Dan Sesudah Uu Omnibus Law Cipta Kerja Diberlakukan Di Era New Normal. RELEVAN : Jurnal Riset Akuntansi, 2(1), 15–29. https://doi.org/10.35814/relevan.v2i1.2815
Dwik Suryacahyani Gunadi, N. L., & Widyatama, J. (2021). Perhitungan Sebagai Seorang Investor Saham Atas Besaran Pajak Yang Harus Dibayarkan Kepada Negara. Jurnal Locus Delicti, 2(1), 13–23. https://doi.org/10.23887/jld.v2i1.455
Fatwa DSN No. 138/DSN-MUI/V/2020 tentang Penerapan Prinsip Syariah dalam Mekanisme Kliring, dan Penjaminan Penyelesaian Transaksi Bursa atas Efek Bersifat Ekuitas di Bursa Efek, 13 (2020). https://dsnmui.or.id/kategori/fatwa/page/2/
Pratama, G., Afifah, N., Putri, A., Fadlillah, N., & Rohmatillah, N. (2026, April). Synergy Of Sharia Banks and Fintech in Supporting Islamic Monetary Policy in The Digital Era. In Proceedings International Conference of Bunga Bangsa (Vol. 4, No. 1, pp. 524-532).
Nurbaeti, N., Khasanah, N., Dillawati, R., Nopiyani, V., & Pratama, G. (2025). Analisis Dampak Inflasi dan Deflasi Terhadap Pengangguran di Indonesia. Jurnal Study Islam, 1(04), 356-372.
Putria, A. C., & Pratama, G. (2023). Empowerment of MSMEs as a Strategy for Improving Welfare in the Indonesian Economic Context. Journal of Islamic Economic Development, 1(1), 13-15.
Rakhmawati, V., Nurfadila, E., & Pratama, G. (2025). Uang dan Mekanisme Bunga: Konsep, Definisi, serta Contoh dalam Sistem Ekonomi Modern. Jurnal Manajemen dan Bisnis Ekonomi, 3(4), 66-79.
Sulaeman, D., Hidayah, D. I., Pratama, G., & Nyoni, F. C. (2025). Survey of Capital Market Investment Interest Among Students. Ecobankers: Journal of Economy and Banking, 6(1), 1-9.
Widjanarko, W., & Safitri, N. (2020). Pengaruh Laba Bersih, Hutang Bank & Arus Kas Operasi Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur Yang Terdaftar Di Bei Periode 2013 – 2015. Jurnal Akuntansi Dan Bisnis Indonesia (JABISI), 1(2), 50–63. https://doi.org/10.55122/jabisi.v1i2.135
Yuni Fransisca, L., & Khuzaimi. (2021). Pengaruh Profitabilitas Terhadap Harga Saham Perusahaan Sektor Perbankan Yang Terdaftar Di Bei. Jurnal Imlu Dan Riset, 10(4), 1–17.
Yunus, & Simamora, S. C. (2021). Pengaruh Debt To Equity Ratio Dan Profitability Ratio Terhadap Harga Saham Pada Bank BUMN. Jurnal Inovatif Mahasiswa Manajemen, 2(1), 55–65. https://jom.universitassuryadarma.ac.id/index.php/jimen/article/view/61/62
Yusuf, M. (2019). Pengaruh Kemajuan Teknologi dan Pengetahuan terhadap Minat Generasi Milenial dalam Berinvestasi di Pasar Modal. Jurnal Dinamika Manajemen Dan Bisnis, 2(2), 86–94. https://doi.org/10.21009/jdmb.02.2.3
