TOFEDU: The Future of Education Journal
Vol 5 No 1 (2026): #2 IN PROGRESS

Examining The Relationship Between Dividend Policy and Stock Price Movements

Nofryanti, Nofryanti (Unknown)
Narendro, Wika Nandayana (Unknown)
Salsabila, Jihan Qanita (Unknown)



Article Info

Publish Date
21 Feb 2026

Abstract

This study examines and summarizes the relationship between dividend policy and stock price movements in the consumer non-cyclicals sector. The research aims to determine whether dividend policy contributes to investor confidence and influences stock price behavior. The study employs a panel data approach with a two-year observation period (2023–2024) and uses purposive sampling to select 26 companies listed on the Indonesia Stock Exchange. Descriptive statistical analysis is applied to capture variations in stock prices and dividend payout ratios. This research adopts a quantitative descriptive approach, which systematically and structurally describes relevant phenomena and characteristics based on numerical data. The findings indicate that a high Dividend Payout Ratio (DPR) is not necessarily accompanied by an increase in stock prices. This result suggests that investors’ decisions in valuing company shares are not solely influenced by the magnitude of dividends distributed, but also by other fundamental and market-related factors.

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Journal Info

Abbrev

journal

Publisher

Subject

Education Languange, Linguistic, Communication & Media Mathematics Other

Description

TOFEDU Journal is a scientific journal related to research results, conceptual studies, critical/comprehensive studies in the field of education. The results of the work of the researchers are expected to make a positive contribution in the field of education in order to achieve equitable, inclusive ...