Published online on the journal’s webpage: https://jbe-upiyptk.org/ojs/index.php/jbe

UPI YPTK Journal of Business
and Economics (JBE)
Vol. 8 No. 3 Sept (2023)

ISSN Electronic Media: 2527-3949

Determination of Dividends and Their Implications for Share Prices in
Property and Real Estate Companies in 2016-2020
Yanelsis Nurmala Aziz*, Elfiswandi Elfiswandi, Yulasmi Yulasmi
Faculty of Economics and Business, Universitas Putra Indonesia “YPTK” Padang
Email: elis110321@gmail.com
Abstract
After conducting a simple study of 41 property and real estate companies listed on the Indonesia Stock Exchange
in Indonesia for five years (2016-020), the results of the description of the analysis of the effect of company size
on financial performance and inflation on stock prices by dividend policy as an intervening variable, the data
processing application used is SPSS.25 Based on research it is known that: (1) The variable company size and
finacial performance partially has no positive and significant effect on dividend policy (2) The inflation variable
partially has a positive and significant effect on dividend policy (3) The variable company size and financial
performance partially has no positive and significant effect on stock prices (4) The inflation variable partially has
a positive and significant effect on stock prices (5) The dividend policy variable partially has no positive and
insignificant effect on stock prices (6) The dividend policy variable is unable to mediate the relationship between
company size and share prices (7) The dividend policy variable is able to mediate the relationship between financial
performance and share prices (8) The dividend policy variable is unable to mediate the relationship between
inflation and share prices.
Keywords: Company Size, Financial Performance, Inflation, Stock Prices and Dividend Policy.
1. Introduction
the stock exchange/capital market, such as the financial
In general, investors assess an investment based on its condition/performance of a company, will influence the
share price. Investors need to consider the suitability of share price offered to the public and various other issues
the company to buy its shares, so that the profits obtained that can directly affect the company's profitability in the
can be maximized. The stock price is defined as the future. Like share price fluctuations experienced by
closing price of each type of stock on the stock market property companies. A Property and Real Estate
during the observation period whose movements are Company is a company that provides various consumer
continuously observed by investors. Apart from that, the needs in the form of houses or other property.
stock price is an indicator that is widely used by Public demand for residential homes has caused the
investors to determine changes in trends in the capital volume of property sales to increase. This can cause
market. “Share prices are a form of all information property companies to be in great demand, both by
available to the public and are based on expected cash people who need housing/a place to live, as well as
flows in the current year and in the years to come. Stock investors who want to invest in shares. In general,
price fluctuations occur at a certain time related to the company value is described by the development of the
company's prospects experiencing changes in conditions company's share price in the capital market. The higher
and new information obtained by investors.
the share price of a company, the higher the value of the
Share price is the value or price of a share that occurs on company. Share price fluctuations can be caused by
the stock exchange at a certain time. "Share prices are various factors such as economics, politics, security, etc.
determined by market players, demand and supply of the We can find this phenomenon of fluctuating share prices
shares concerned in the capital market." Measuring share in Property and Real Estate companies. To illustrate the
prices uses the closing price (Putranto & Darmawan, phenomenon of fluctuating share prices in property and
2018). Fluctuations in share prices in the capital market real estate companies, the author presents it in the form
can be influenced by the level of demand and supply for of tables and graphs, namely as follows (Fahlevi et al.,
share prices. Apart from that, information circulating on 2018).
Accepted by editor: July 02, 2023 | Final Revision: Aug 20, 2023 | Online Publication: Sept 30, 2023
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Yanelsis Nurmala Aziz, Elfiswandi Elfiswandi, Yulasmi Yulasmi
UPI YPTK Journal of Business and Economics (JBE) Vol. 8 No. 3 Sept (2023)
According to (Mangkunegara, 2017) A large company
size will have a good influence on the company's level
of quality and performance. This can convince investors
to invest their capital. The company's share price will
also increase due to the large demand for the company's
shares.
A company's financial performance is a financial
condition that is influenced by the management
decision-making process. Financial performance is a
complex matter because it involves the effectiveness of
capital utilization and the efficiency of company
activities. On the other hand, shareholders make
business investments with the main aim of achieving
increased welfare. Thus, measuring the company's
financial performance must be able to provide indicators
Figure 1. Conceptual Framework
of changes in the level of welfare of shareholders as a Large companies' access to the capital market tends to
result of investment over a certain period of time be easier, enabling companies to maintain their dividend
(Kristiani & Werastuti, 2020)
payout ratio (Profitability, Size, et al., 2019). Research
Inflation is a continuous increase in the prices of conducted by (Akbar Firlana & Fahmi Irhan, 2020)
products and services or can be interpreted as a decline found a positive influence of company size on dividend
in the overall value of money and can affect economic policy.
growth. High inflation is a negative signal for issuers H : company size has a significant effect on dividend
1
because raw material prices have increased and the policy.
higher the price increase, the lower the value of money. According to (Rasyid, 2018) Dividend policy is a
If raw materials increase, production costs will also decision made by the company, especially to determine
increase, followed by an increase in product prices. If the amount of profit distributed in the form of dividends.
product prices increase, it will cause the level of sales Dividend policy involves two interested and conflicting
within the company to decrease, followed by a decrease parties, namely the interests of shareholders with their
in company profits
dividends and the interests of the company with its
Share prices are prices that are formed from the retained earnings. Research conducted by (Rivandi &
interaction of share sellers and buyers based on their Indriati, 2022) found a positive influence of financial
hopes for company profits. Therefore, investors must performance on dividend policy.
know information about the formation of share prices in H : financial performance has a significant effect on
2
order to make decisions about buying or selling shares. dividend policy.
Share prices also reflect the value of a company, because Inflation is an increase in the price of goods that is
if the company achieves good performance, the general in nature and occurs continuously or is a
company's shares will be in great demand by investors. monetary event that shows a tendency for the price of
Dividend policy is determining the appropriate profit goods to rise in general, which means a decrease in the
between dividend payments and additional retained value of money. (Pramitha, 2017) results of research
earnings of the company. Companies make dividend conducted by (Laksono et al., 2019) where inflation
policy decisions based on how much of the company's influences dividend policy.
quarterly profits should be retained or distributed as
dividends to owners, because this can affect the amount H : inflation has a significant positive effect on dividend
3
of additional funding the company must obtain. policy
Investors want companies to retain the company's net
profits for business expansion. There are groups of Company size is the size of the company, a large, wellshareholders who want capital gains due to tax established company will have easy access to the capital
considerations.
market. This convenience is quite significant for its
To produce a stock price model, several approaches are flexibility and ability to obtain larger funds, so that
taken, studying the theoretical framework, identifying companies are able to have a higher risk of paying
stock price factors, company size, financial performance dividends than small companies. So the bigger the
and inflation, developing and formulating hypotheses. company size, the bigger the dividends distributed.
(Wijaya, 2017)
H4: company size has a significant effect on share prices
The influence of Debt to Equity Ratio on share prices.
Debt to Equity Ratio (DER) shows that one of the ratios
DOI: https://doi.org/10.35134/jbe.v8i3.247
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Yanelsis Nurmala Aziz, Elfiswandi Elfiswandi, Yulasmi Yulasmi
UPI YPTK Journal of Business and Economics (JBE) Vol. 8 No. 3 Sept (2023)
contained in the solvency ratio is the ratio to measure the H9: dividend policy is able to mediate the influence of
company's ability to pay off its debts. Debt can be financial performance on stock prices.
compared with assets or own capital. The relationship
between the interest arising from debt and the profit According to (Nurtyas & Yudiantoro, 2023) Inflation is
generated can also be seen. The results of this research a situation that occurs when the price of goods rises
are supported by research (Khasanah & Suwarti, 2022) comprehensively and sustainably. In investing, inflation
which found that DER has a significant influence on has quite a big impact on investors. In this regard, if there
stock prices.
is a cancellation of investment, it is because inflation has
increased much greater than the return on investment.
H5: financial performance has a significant positive based on previous research conducted by (V.A.R.Barao
effect on stock prices.
et al., 2022) the research results show that inflation
affects stock prices
Inflation is a tendency to increase the price of goods and
services in general continuously. It can be seen from the H10: dividend policy is able to mediate the effect of
increase in prices of goods and services that occurred in inflation on stock prices.
the country. Increasing inflation causes goods and
services to become more expensive so that more money 2. Method
must be spent to buy these goods and services. This has
an impact on decreasing the amount of money that can In this research, the population is 49 property and real
be saved or invested, including in the form of shares estate companies listed on the Indonesia Stock Exchange
(Riwoe & Setiawan, 2015)
(BEI) in 2016-2020. The sampling was carried out using
purposive sampling, namely taking sample criteria
H6: inflation has a significant effect on stock prices
according to the research to be conducted. A total of 41
companies were selected as research samples.
Dividends are an investor's right to obtain company
profits. Dividends can be given after the GMS. Dividend Descriptive statistics are statistics that function to
policy is one of the company's decisions regarding describe or describe the object being studied through
company financing. Dividend policy concerns a sample or population data as it is, without carrying out
company's policy regarding the distribution of company analysis and making conclusions that apply to the
profits, whether profits are shared with investors in the general public. Descriptive statistics provide a
form of dividends or company retained funds which are description of the phenomenon or characteristics of the
used for reinvestment.
data. The use of the classical assumption test aims to
determine and test the feasibility of the regression model
H7:dividend policy has a significant effect on stock used in this research. Another aim is to ensure that the
prices
regression model used has data that is normally
distributed, free from autocorrelation, multicollinearity
According to (Wijaya, 2017) company size can be and heteroscedasticity. Multiple regression analysis is
determined based on the company's total assets used to determine the influence of independent variables
according to the company's last financial report. For in influencing dependent variables jointly or partially.
companies that have large total assets, it shows that the The multiple linear regression equation in this research
company has reached the maturity stage. So the cash is: The multiple regression equation used in this research
flow is positive because there is not much need for funds is:
for investment and it is considered to have good
prospects in the relatively long term. This condition will Model 1
benefit shareholders in terms of dividend distribution
Y = a + β1x1 + β2x2 + β3x3 + e
H8: company size is able to mediate the effect of dividend Model 2
policy on share prices.
Y = a + β1x1 + β2x2 + β3x3 + β4x4 + e
According to (putri, 2019) the financial performance of Information :
a company is one that is carried out, namely by analyzing Y : Share Price
financial reports. Based on previous research conducted a : Constant
by (Marwanto, 2009) the results of the research show β1 : Regression coefficient for variable X1
that financial performance does not affect share prices β2 : Regression coefficient for variable X2
while total asset turnover is able to influence stock β3 : Regression coefficient for variable X3
returns, for the intervening variable, namely dividend β4 : Regression coefficient of variable Z
policy, is unable to mediate the influence of financial x1 : Company Size
performance on stock prices.
x2 : Financial Performance
x3 : inflation
DOI: https://doi.org/10.35134/jbe.v8i3.247
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Yanelsis Nurmala Aziz, Elfiswandi Elfiswandi, Yulasmi Yulasmi
UPI YPTK Journal of Business and Economics (JBE) Vol. 8 No. 3 Sept (2023)
Z : Dividend Policy
Regression analysis is used to see the influence of
e : Error Term
independent variables: company size (X1), financial
performance (X2) and inflation (X3) simultaneously on
3. Result and Discussion
the intervening variable: dividend policy (Z) with the
Result
assumption that other independent variables are
considered constant
Tabel 1
Regression Analysis Test for Model 1
Coefficientsa
Unstandardized
Coefficients
Model
B
Std. Error
1
(Constant)
-57.667
556.402
Company_Size
-1.059
.000
Financal_Performance
-.137
.342
Inflation
.034
.047
a. Dependent Variable: Dividend Policy
Source: Secondary Data (processed) SPSS 25

Standardized
Coefficients
Beta
-.008
-.029
.052

T
-.104
-.118
-.399
2.723

Sig.
.918
.906
.690
.047

T
.793
.045
-.616
13.398
-.141

Sig.
.429
.964
.539
.018
.888

Tabel 2
Regression Analysis Test for Model 1
Coefficientsa
Unstandardized
Coefficients
B
Std. Error
218.145
275.169
1.996
.000
-.104
.169
.031
.024
-.005
.035

Model
(Constant)
Company_Size
Financal_Performance
Inflation
Dividend Policy
a. Dependent Variable: Stock Price
Source: Secondary Data (processed) SPSS 25
1

Standardized
Coefficients
Beta
.003
-.044
.096
-.010

Table 3
Coefficient Determination Test for Model 1
Model Summary
Model
R
R Square
Adjusted R Square
1
.687a
.585
.558
a. Predictors: (Constant), Inflation, Company Size, Financial Performance
Source: Secondary Data (processed) SPSS 25

Std. Error of the Estimate
1755.23709

Table 4
Coefficient Determination Test for Model 2
Model Summary
Model
R
R Square
Adjusted R Square
Std. Error of the Estimate
1
.711a
.698
.652
1755.23709
a. Predictors: (Constant), Inflation, Company Size, Financial Performance, Dividend policy
Source: Secondary Data (processed) SPSS 25
Discussion
The influence of company size on dividend policy

Based on table 4.16, the research results show that
company size has a t value of -0.118 with a significance
of 0.918 > 0.05. Because the significance value is large

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Yanelsis Nurmala Aziz, Elfiswandi Elfiswandi, Yulasmi Yulasmi
UPI YPTK Journal of Business and Economics (JBE) Vol. 8 No. 3 Sept (2023)
from the 5% significance level, it shows that the research that company size greatly influences the
company size variable does not have a positive and company's share price. If the company size is large,
significant effect on dividend policy in property and real investors will choose and buy shares in that company
estate companies listed on the Indonesia Stock Exchange and conversely, if the company size is small, investors
in 2016-2020. Thus H0 is accepted and H1 is rejected. will not want to invest capital in the company and the
The results of this research are in line with research share price will decrease.
(Mnune & Purbawangsa, 2019) which found that
company size does not have a significant effect on Influence of financial performance on share prices
dividend policy. It can be said that size is a factor that Based on the research results, it shows that financial
does not influence the company's ability to determine performance has a t-value of 0.616 with a significance
dividend policy. The larger the size of a company, the of 0.539 > 0.05. Because the significance value is large
lower the dividends distributed. The larger the size of the from the 5% significance level, it shows that the
company, the greater the global shock that is felt and financial performance variable does not have a positive
causes the burden borne by the company to become and significant effect on share prices in property and real
heavier so that the company will reduce the proportion estate companies listed on the Indonesia Stock Exchange
of dividends distributed to shareholders.
in 2016-2020. Thus H0 is accepted and H5 is rejected.
The results of this research are in line with research
Influence of financial performance on dividend conducted by (Mustaqim, 2021) which also found that
policy
financial performance did not have a positive effect on
Based on the research results, it shows that financial stock prices.
performance has a t-value of -0.399 with a significance
of 0.906 > 0.05. Because the significance value is large Effect of Inflation on Stock Prices
from the 5% significance level, it shows that the Based on the research results, it shows that inflation has
financial performance variable does not have a positive a t value of 0.13398 with a significance of 0.018 < 0.05.
and significant effect on dividend policy in property and Because the significance value is small from the 5%
real estate companies listed on the Indonesia Stock significance level, it shows that the inflation variable has
Exchange in 2016-2020. Thus H0 is accepted and H2 is a positive and significant effect on share prices in
rejected. The results of this research are in line with property and real estate companies listed on the
research (Saputra et al., 2022) which also found that Indonesia Stock Exchange in 2016-2020. Thus H0 is
financial performance had no effect on dividend policy. rejected. H6 is accepted.
The results of this research are in line with research
Effect of inflation on Dividend Policy
conducted by (Lintang et al., 2019) which also found that
Based on the research results, it shows that inflation has inflation had a positive effect on stock prices.
a t value of 0.2723 with a significance of 0.047 < 0.05.
Because the significance value is small from the 5% Effect of dividend policy on share prices
significance level, it shows that the inflation variable has Based on the research results, it shows that the dividend
a positive and significant effect on share prices in policy has a t-value of -0.141 with a significance of
property and real estate companies listed on the 0.888 > 0.05. Because the significance value is large
Indonesia Stock Exchange in 2016-2020. Thus H0 is from the 5% significance level, it shows that the
rejected and H3 is accepted. The results of this research dividend policy variable does not have a positive and
are in line with research (Harahap & Kristanti, 2021) significant effect on share prices in property and real
which also found that inflation has an effect on dividend estate companies listed on the Indonesia Stock Exchange
policy. Inflation occurs because the prices of basic goods in 2016-2020. Thus H0 is accepted and H7 is rejected
increase and the purchasing power of products The results of this research are in line with research
decreases, but overall high and low inflation affects the (Mendrofa & Maharani, 2022) which found that
size and size of the company's dividend percentage.
dividend policy had no effect on stock prices. This
means that the cash dividend policy is not the only factor
The influence of company size on share prices
that influences a company's share price, but there are
Based on the research results, it shows that company size other factors that influence it. This research is in line
has a t value of 0.045 with a significance value of 0.964 with the Irrelevance Theory by Modigliani-Miler which
> 0.05. Because the significance value is large from the considers that dividend policy does not have any impact
5% significance level, it shows that the company size on the company, both share prices and capital costs. So
variable does not have a positive and significant effect investors think that dividends are not the only
on share prices in property and real estate companies benchmark for stock increases. So based on the theory
listed on the Indonesia Stock Exchange in 2016-2020. above, the author can draw the conclusion that cash
Thus H0 is accepted and H4 is rejected. The research dividend policy is not the only factor that influences
results are in line with (Khairunisa & Nazir, 2022) who share prices, because dividend policy does not have any
also found that company size does not have a significant impact on the company, especially on share prices. Share
effect on share prices. It can be interpreted in this prices are more influenced by external factors such as
DOI: https://doi.org/10.35134/jbe.v8i3.247
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Yanelsis Nurmala Aziz, Elfiswandi Elfiswandi, Yulasmi Yulasmi
UPI YPTK Journal of Business and Economics (JBE) Vol. 8 No. 3 Sept (2023)
macroeconomic conditions, inflation levels or other The Effect of Inflation on stock prices through
factors that influence share price movements.
dividend policy
Based on the results of the analysis, the value of the
The influence of company size on share prices indirect effect of inflation on stock prices through
through dividend policy.
dividend policy was obtained. If inflation directly affects
Based on the results of the analysis, the value of the stock prices, the estimated coefficient value obtained is
indirect effect of company size on share prices through 0.096. Meanwhile, if it is through indirect influence or
dividend policy was obtained. If company size directly the influence of inflation on stock prices through
influences share prices, the estimated coefficient value dividend policy, the additional estimated coefficient
obtained is 0.003. Meanwhile, if it is through indirect value obtained is -0.00052. Thus the total effect of this
influence or the influence of company size on share hypothesis is 0.09548, namely a direct influence of 0.096
prices through dividend policy, the additional estimated plus indirect influence through policy. dividend of coefficient value obtained is 0.00008. Thus, the total 0.00052 or 0.096 + (-0.00052 )= 0.09548. So it can be
effect of this hypothesis is 0.00308, namely a direct concluded that the direct influence value is greater than
effect of 0.003 plus an indirect effect through dividend the indirect influence or 0.096 > -0.00052. This means
policy of 0.00008 or 0.003 + 0.00008 = 0.00308.
that the direct relationship is greater than the indirect
So it can be concluded that the direct influence value is relationship, which means that dividend policy is unable
greater than the indirect influence or 0.003 > 0.00008, to mediate the relationship between inflation and stock
meaning the direct relationship is greater than the prices. Thus H0 is accepted and H10 is rejected. The
indirect relationship, which means dividend policy is results of this research are in line with research (Putri,
unable to mediate the relationship between company size 2019) which found that Dividend Policy cannot mediate
and share prices. Thus H0 is accepted and H8 is rejected. the effect of inflation on Stock Prices. The results of this
The results of this research are in line with research research also prove that Dividend Policy does not
(Haryanto et al., 2018) that dividend policy cannot be mediate the effect of inflation on share prices.
mediated by the relationship between company size and
share prices.
Conclusions
After conducting simple research on 41 property and real
The influence of financial performance on share estate companies listed on the Indonesia Stock Exchange
prices through dividend policy
in Indonesia for five years (2016, 2017, 2018, 2019,
Based on the results of the analysis, the value of the 2020), the results of the description of the analysis of the
indirect effect of financial performance on share prices influence of company size, financial performance and
through dividend policy was obtained. If financial inflation on share prices are as follows: Dividend policy
performance directly influences share prices, the as an intervening variable can be concluded as follows:
estimated coefficient value obtained is -0.004. The variable company size does not partially have a
Meanwhile, if it is through indirect influence or the positive and significant effect on dividend policy. The
influence of financial performance on share prices financial performance variable does not partially have a
through dividend policy, the additional estimated positive and significant effect on dividend policy. The
coefficient value obtained is 0.00029. Thus the total inflation variable partially has a positive and significant
effect of this hypothesis is -0.00371, namely the direct effect on dividend policy p. The variable company size
influence is -0.004 plus the indirect influence through a does not partially have a positive and significant effect
dividend policy of 0.00029 or (-0.004) + 0.00029 = - on share prices. The financial performance variable does
0.00371. So it can be concluded that the direct influence not partially have a positive and significant effect on
value is smaller than the indirect influence or -0.004 < stock prices. The inflation variable partially has a
0.00029. This means that the direct relationship is positive and significant effect on stock prices. The
smaller than the indirect relationship, which means that dividend policy variable partially has no positive and
dividend policy is able to mediate the relationship insignificant effect on stock prices. The dividend policy
between financial performance and share prices. Thus variable is not able to mediate the relationship between
H0 is rejected and H9 is accepted. The results of this company size and share prices. The dividend policy
research are in line with research (Haryanto et al., 2018) variable is able to mediate the relationship between
which found that Dividend Policy can mediate the financial performance and share prices. The dividend
influence of CR, DER, ROA (financial performance) on policy variable is unable to mediate the relationship
share prices. The results of this research also prove that between inflation and stock prices.
Dividend Policy mediates the influence of CR, DER
(financial performance) on share prices.
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