Determinants Of Stock Price Variability (Empirical Study On Energy Sector Companies 2016—2020 Period)

Alifa Jauzaa, Axel Giovanni, Dian Marlina Verawati

Abstract


Stock is a sheet of paper that states ownership of a part of the company. The stock price shows the amount of supply and demand that shows the proportion of company ownership. The share price of energy sector companies fluctuates every year. Stock prices are influenced by various factors, including Earnings per Share (EPS), dividends, and shareholder equity. Several previous studies stated that these three variables had a significant effect on stock prices. But there are other studies which state that the three have no significant effect. The existence of a research gap supported by the gap phenomenon makes research on the determinants of stock price variability still needs to be done. This study aims to provide empirical evidence regarding the effect of Earnings per Share (EPS), dividends, and shareholder equity in predicting stock prices. The research population is all energy sector companies listed on the Indonesia Stock Exchange (IDX). The research sample obtained as many as 195 observations through purposive sampling method. The study used secondary data with analytical techniques using multiple linear regression analysis. The results of this study provide evidence of a positive and significant role between dividends and shareholder equity on stock prices. The study also provides empirical evidence regarding the insignificant role of Earnings per Share (EPS) on stock prices. Simultaneously, the variables of Earning per Share (EPS), dividends, and shareholder equity have a significant effect on stock prices.


Keywords


stock price; Earning per Share (EPS); dividends; shareholder equity. JEL Classification:

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References


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