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Dividend Policy, Economic Value Added, Market β, Firm Size and Stock Return

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  • Dwi Asih Surjandari
  • Lela Nurlaela Wati

Abstract

This study aims to analyze the Effect of Dividend Policy, Economic Value Added (EVA), Market β and Firm Size on Stock Return and the existence of Firm Size in moderating these effects of blue-chip stock category listed in Indonesia Stock Exchange (IDX) during 2015 up to 2019 period. This study is a confirmatory research involving secondary data collected from annual report available at IDX website. The sample used is purposive sampling and research object is Dividend Policy, EVA, Market β and Firm Size as independent variables and Stock Return as dependent variable, and Firm Size as moderates variable. The analysis is performed using E-views 11.0 version. The result shows that Dividend Policy has significant negative effects while EVA and Market β has no effect on Stock Return. In addition, Firm Size moderates the relation between Dividend Policy and Stock Return, while having no moderating effect to the relation between EVA, Market β and Stock Return. The findings of this research imply that, for high stock performance like blue-chip stock, Dividend Policy affects the Stock Return and Firm Size moderates this effect.

Suggested Citation

  • Dwi Asih Surjandari & Lela Nurlaela Wati, 2020. "Dividend Policy, Economic Value Added, Market β, Firm Size and Stock Return," Accounting and Finance Research, Sciedu Press, vol. 9(3), pages 1-53, August.
    • Handle: RePEc:jfr:afr111:v:9:y:2020:i:3:p:53
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    References listed on IDEAS

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    1. Kuncová, M. & Hedija, V. & Fiala, R., 2016. "Firm Size as a Determinant of Firm Performance: The Case of Swine Raising," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 8(3), pages 1-13, September.
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    More about this item

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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