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All Journal Jurnal Informasi dan Teknologi International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS)
Amraeni
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Computer Science & IT Economics, Econometrics & Finance

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ANALYSIS OF THE INFLUENCE OF DIVIDEND POLICY ON STOCK VOLATILITY OF MANUFACTURING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE Andi Izatul Fiddah; Amraeni; Nursinah Amrullah; Ririn Mardhani Syakur
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 6 No. 2 (2026): April
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.19972342

Abstract

This study aims to examine how the dividend payout ratio and dividend yield impact stock price volatility, with inflation as a moderating variable, in manufacturing companies listed on the Indonesia Stock Exchange from 2018 to 2023. Secondary data are used in this study, drawn from financial statements and annual reports. This study includes manufacturing companies listed on the Indonesia Stock Exchange from 2018 to 2023, as well as those that have held an IPO since at least 2018. Forty-four companies met the research criteria, selected using a purposive sampling method. This study used multiple regression analysis. The results show that only the dividend payout ratio significantly influences stock price volatility. Stock prices are riskier when the dividend payout ratio is more dynamic, and vice versa. The study also shows that the dividend payout ratio and dividend yield do not affect stock price volatility.
The Influence of QRIS and E-Wallet Adoption on Transaction Efficiency and Profitability of MSMEs in Makassar City Rahmawaty; Rachmawaty; Amraeni; Nursinah Amirullah; Ririn Mardhani Syakur
Jurnal Informasi dan Teknologi 2025, Vol. 7, No. 2
Publisher : SEULANGA SYSTEM PUBLISHER

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60083/jidt.vi0.686

Abstract

This study aims to examine the influence of QRIS and e-wallet adoption on transaction efficiency and profitability of Micro, Small, and Medium Enterprises (MSMEs) in Makassar City. Digital payment systems are increasingly recognized as key drivers of business transformation, yet many MSMEs still rely heavily on cash-based transactions. Using a quantitative survey method, data was collected from 150 MSME respondents across various sectors including trade, culinary, and services. The research employed multiple linear regression analysis and Sobel test to evaluate both direct and indirect effects. The results demonstrate that QRIS adoption significantly improves transaction efficiency by accelerating payment processes, reducing cash-handling costs, and minimizing recording errors. Similarly, e-wallet adoption has a positive effect on transaction efficiency by offering flexibility and convenience to customers, thereby strengthening MSME competitiveness. Transaction efficiency itself has the strongest effect on profitability, indicating that operational improvements directly translate into higher revenues and profit margins. In addition, both QRIS and e-wallet adoption exhibit direct positive effects on profitability, showing that digital payments not only enhance efficiency but also attract more customers and expand sales opportunities. Still, the analysis confirms that transaction efficiency mediates the relationship between adoption and profitability, suggesting that efficiency gains are a crucial mechanism through which digital payments improve financial outcomes. These findings highlight the strategic role of digital payments in enhancing MSME performance and provide valuable implications for policymakers, financial institutions, and service providers to accelerate financial inclusion and digital transformation among MSMEs in Indonesia.
Co-Authors Andi Izatul Fiddah Muhlis Nursinah Amirullah Nursinah Amrullah Rachmawaty Rahmawaty Ririn Mardhani Syakur