Article Per Year (5 Year)
p-Index From 2020 - 2025
2.096
P-Index
This Author published in this journals
All Journal Jurnal Keuangan dan Perbankan Papua Law Journal Idaarah: Jurnal Manajemen Pendidikan Alauddin Law Development Journal (ALDEV) El-Iqtishady Iqtishaduna : Jurnal Ilmiah Mahasiswa Hukum Ekonomi Syariah Jurnal Iqtisaduna
Muhammad Yaasiin Raya
Universitas Islam Negeri Alauddin Makassar
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Social Sciences Other

Published : 13 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 1 Documents
Search
Journal : Jurnal Keuangan dan Perbankan

 1 
COVID-19 Pandemic, Dividend Policy, and Stock Market Reaction: Evidence from the Manufacturing Companies in Indonesia Powell Gian Hartono; Muhammad Yaasiin Raya
Jurnal Keuangan dan Perbankan Vol 26, No 4 (2022): OCTOBER 2022
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v26i4.8226

Abstract

This study aimed to examine the impact of the COVID-19 crisis on the dividend policy of Indonesia’s manufacturing companies and the stock market reaction to this corporate action in 2020. The purposive sampling technique was used to select 87 manufacturing companies to examine the impact of the crisis on dividend policy from 2014 to 2020, while the market reaction was tested on 42 companies. Data were analyzed using the dynamic panel data regression with the SYS-GMM estimation method, as well as the one sample T-test and the Wilcoxon sign-ranked tests. The findings showed that Indonesia’s manufacturing companies formulated a positive dividend policy during the COVID-19 pandemic. The stock market reaction to this corporate action was weak, meaning it became sluggish during a crisis. These results indicate that the effort to signal the market positively was ineffective. Therefore, companies must formulate corporate actions or other managerial policies to reduce capital market sluggishness in crisis. They should also implement an optimal dividend policy to increase their value to contribute to the Indonesian economy, specifically in crisis conditions, such as the COVID-19 pandemic.
Co-Authors A. Meriam Residen Ade Darmawan Basri Akramunnas Akramunnas Eskawati Melinda Usman Hasmita Heri Iswandi Hilal mubarak, Muhammad Irwansyah Irwansyah Muh. Taufiq Amin Musha, Musvira Musyfikah Ilyas Pananrang, Asbar Powell Gian Hartono Putri, Faizah Sri Anggraeni Putri Sri Rahma Syarifuddin Syarifuddin Taufiq Hidayat Yuspiani