American International Journal of Business Management (AIJBM)

ISSN- 2379-106X, www.aijbm.com Volume 07, Issue 01 (January -2024), PP 09-15

The Influence of Dividend Policy, Market Value Added, and

Economic Value Added on Stock Returns Listed on the
Indonesian Stock Exchange

Amir1, Akhmad1, Andi Rustam1, Naidah1, Asdi1, Zainal Abidin2

1
Fakultas Ekonomi dan Bisnis, Universitas Muhammadiyah Makassar, Indonesia
2
Sekolah Tinggi Ilmu Ekonomi (STIE-YPUP) Makassar, Indonesia
*Corresponding Author: Amir, (e-mail: amir unismuh.ac.id)

ABSTRACT : Investors who add capital definitely expect a return or return in the form of profits. Investors
need to use various considerations to assess the type of company that is worth investing in and can provide
optimal profits for investors. So that investors can make strategic steps by analyzing investments in companies
where the investor invests. One aspect that investors can assess is the company's financial performance as seen
from the financial reports. This research aims to determine the influence of dividend, market value added and
economic value added policies on stock returns in companies listed on the Indonesia Stock Exchange for the
2019-2022 period. This research uses panel data from 10 companies listed on the Indonesia Stock Exchange
(BEI) in 2019-2022. The analytical method used in this research is multiple linear regression analysis. The
research results show that partially the Market Value Added variable has a positive and significant effect on
stock returns, while dividend policy and Economic Value Added have a negative but not significant effect on
stock returns)

KEYWORDS - Dividend Policy, Market Value Added, Economic Value Added

I. INTRODUCTION
The development of the capital market in Indonesia is increasing, along with the increasing number of
companies listed on the Indonesian Stock Exchange (ISE). Thus, investors are increasingly choosing to invest in
shares in the hope of making a profit. In a business world that continues to develop and competition is
increasingly fierce, business actors are becoming more professional in managing their companies. To support
the development and improvement of the Company's performance, additional capital is required. This capital
can be obtained from internal or external parties to the company, through debt or by increasing the amount of
ownership by issuing securities, such as shares and bonds [1].
Investments can be made by purchasing securities from a company that has good performance and can
return the investment according to the agreement [2]. Companies that need funds can issue shares and sell on the
capital market. The capital market is a financial market that trades long-term financial instruments, one of which
is shares. The capital market provides an opportunity for parties who have excess funds to channel their funds to
parties who lack funds through the capital market, companies can absorb investment from the public who are
then called investors. By investing, people have participated in economic development [3].
Dividends are compensation that must be received by shareholders, in addition to capital gains.
Dividends are a portion of the company's profits distributed to shareholders at the end of each accounting period
[4]. Shareholders hope to receive dividends in large or relatively the same amount every year. Meanwhile,
companies also want relatively large retained earnings to carry out reinvestments which are assumed to produce
capital gains. Therefore, companies must be able to allocate profits wisely to fulfil these two interests [5].
Dividend policy is a decision whether the profits earned by the company will be distributed to
shareholders in the form of dividends or will be retained in the form of retained earnings which will be used for
future investment [6]. If the company chooses to distribute profits as dividends, it will reduce retained profits
and reduce the total source of internal financing funds. If the company chooses to retain the profits it earns, its
ability to form internal funds will be greater. Dividend policies that result in dividend increases from year to
year can increase investor confidence [7]. Indirectly, this provides information that the company has good
performance. This information also affects the demand and supply of shares due to an increase in company
value. Thus, dividend policy must be analysed in relation to spending decisions or determining the overall
capital structure [8].
Performance research using accounting data in the form of financial report analysis is not fully in line
with the aim of maximizing shareholder prosperity [9]. One of the weaknesses of financial report analysis is that
it ignores the cost of capital, making it difficult to know whether a company has succeeded in creating economic

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The Influence of Dividend Policy, Market Value Added, and Economic Value Added on Stock…

value or not [10]. To overcome these weaknesses, financial analysts developed new concepts as performance
measures, namely Economic Value Added (EVA) and Market Value Added (MVA) [11].
EVA is an estimate of the actual economic profit of the business for the year in question [12]. EVA
reflects the residual profit remaining after the cost of all capital, including equity capital, has been deducted.
EVA provides a good measure of the extent to which a company has provided additional value to shareholders.
In other words, if company management focuses on EVA, then they will make financial decisions that are
consistent with the aim of maximizing shareholder prosperity or wealth. Companies that have a high (positive)
EVA value can attract more investors to invest in that company. The higher the EVA value reflects the
company's high profits [13].
Apart from Economic Value Added, Market Value Added is also used which functions as a measure of
financial performance. MVA is the difference between the market value of a company's shares and the amount
of investor equity capital that has been provided by shareholders [14]. Shareholder wealth will be maximized by
maximizing the MVA value. The higher the MVA, the better the job the manager has done for the company's
shareholders.
One of the service industries listed on the Indonesian stock exchange is infrastructure, utilities and
transportation which includes energy supply, transportation and telecommunications services, as well as
construction services. The lack of available infrastructure in the country is seriously hampering the economy. In
fact, a country is considered developed if sufficient infrastructure is available, such as energy, transportation,
toll roads, ports, airports and telecommunications. Therefore, the growth and development of a country is
largely determined by the infrastructure sector [15].
Investors who want to invest in the infrastructure sector will be very careful, especially those whose
share values fluctuate, because share prices are a measure of the success of company management. Stock prices
also depend on supply and demand. The higher the demand for shares, the higher the share price. The
continuous increase in the share price of an industry makes potential investors willing to invest their capital in
that company [16].
Based on the background of this problem, this research aims to determine the influence of dividend
policy, Market Value Added and Economic Value Added on companies listed on the BEI for the 2019-2022
period).

II. CONCEPTUAL FRAMEWORK

Return is the result obtained from investment [17]. Total return is the overall return from an investment
in a certain period. Total return is often referred to simply as return. Total return consists of capital gains and
dividends. The effect of dividend policy on stock returns can be seen from research conducted [15], namely the
profitability ratio is only the Return On Equity (ROE) variable, which has a positive and significant effect on
stock returns partially, whereas.
To create value, a company must obtain a return on invested capital that is greater than the cost of
capital, through the concept of Economic Value Added [14]. The influence of Economic Value Added on stock
returns can be seen through the results of research conducted by [18], namely the influence of Economic Value
Added and Market Value Added on stock returns, where the results of the research show that Economic Value
Added has a positive effect on stock returns. In research conducted by [19] namely the influence of earnings per
share, operating cash flow, economic value added and market value added on stock returns (case study in the
basic industry and chemical sectors listed on the Indonesia Stock Exchange in 2018).
Market Value Added (MVA) is the amount by which the total value of the company has appreciated
above the amount of money invested into the company by shareholders [20]. That Market Value Added (MVA)
is the difference between the market value of shares and the equity (own capital) handed over to the company by
shareholders. The results of research conducted by [21] are the influence of Economic Value Added (Eva),
Market Value Added (MVA), Leverage Analysis of Company Financial Performance Using Economic Value
Added (EVA) and Market Value Added (MVA) Methods in Transportation Companies where the results The
research is that Economic Value Added (EVA), Market Value Added (MVA), Leverage and Dividend Policy
have a significant positive effect on stock returns.

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The Influence of Dividend Policy, Market Value Added, and Economic Value Added on Stock…

Dividend Policy

Economic Value Added Stock Returns

Market Value Added

Figure 1. Conceptual Framework

III. METHODOLOGY
Population and Sample
The population in this research is all companies registered on the IDX for the 2019-2022 period. The
sampling technique used in this research was purposive random sampling. The criteria that were met in
selecting the sample in this study were that it was registered on the Indonesian Stock Exchange in the 2019-
2022 period. Complete audited financial reports for the 2019-2022 period. Financial reports are presented in
rupiah currency for the 2019-2021 period. From the sample selection criteria, 10 companies were randomly
selected that met the criteria. The time span chosen is 4 years (2019-2022). The total sample size of this
research is 40 data (10 companies x 4 years).
Data Types and Sources
The type of research used is quantitative. The data used in this research is secondary data in the form of
audited financial reports and share prices at the end of period closing for companies listed on the Indonesian
stock exchange for the 2019-2022 period. This data has been published and documented on the official website
of the Indonesian Stock Exchange. This data was taken from the Indonesia Stock Exchange website
https://www.idx.co.id.
Analysis Method
The analytical tool used in this research is multiple linear regression with the dependent variable namely
Stock Return and independent variables consisting of EVA, MVA, Dividend Policy and Market Beta. Multiple
linear regression analysis techniques are used to explain the relationship and how much influence the
independent (free) variables have on the dependent (dependent) variable. The multiple linear regression
equation can be stated as follows:
Y = a + a1.𝑋1 + a2.𝑋2 + a3.𝑋3 + + 𝑒
Description:
Y = Stock Return Variable
a = Constant
a1 = Regression coefficient of the independent variable Dividend Policy
𝑋1 = Dividend Policy Variable
a2 = Regression coefficient of the independent variable EVA
𝑋2 = EVA variable
a2 = Regression coefficient of independent variable MVA
𝑋3 = Variable MVA
𝑒 = error term

IV. RESULTS AND DISCUSSION

Descriptive Statistical Analysis
Descriptive statistical analysis describes what should have happened when the research was conducted.
Table 1 shows the results of descriptive statistics that stock returns have the smallest (minimum) value of -99
and the largest (maximum) value of 17.67, this shows that in the 2019-2021 period stock returns have
increased. The average (mean) stock return is 1.3486 with a standard deviation value of 3.87722. Meanwhile,
the dividend policy has a minimum value of 5.00 and the largest (maximum) value of 68005527952.00, this
shows that during the 2019-2021 period the dividend policy has increased. The average (mean) dividend policy
is 30127016437.8000 with a standard deviation value of 49985173732.2906. Furthermore, MVA has the
smallest (minimum) value of -2602490.00 and the largest (maximum) value of 24998568442.00, this shows
that during the 2019-2021 period MVA has increased. The average (mean) MVA is 3365520367.6000, with a
standard deviation value of 7500632072.60764.
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The Influence of Dividend Policy, Market Value Added, and Economic Value Added on Stock…

Table 1. Descriptive StatisticsDescriptive Statistics

Description N Minimum Maximum Mean Std.
Deviation
Dividend Policy 40 5.00 168005527952.00 30127016437.800 49985173732.29062
Eva 40 -571432732.00 159579632904.00 5303068038.0667 29139286398.62599
Mva 40 -2602490.00 24998568442.00 3365520367.6000 7500632072.60764
Stock Returns 40 -.99 17.67 1.3486 3.87722
Source: SPSS 29 data output processed

Multiple Linear Regression Analysis

Multiple Linear Regression Analysis is used to determine the influence of Economic Value Added,
Market Value Added and Dividend Policy on Stock Returns. The results of data processing using SPSS obtained
model estimation results as shown in Table 2.

Table 2. Results of Multiple Linear Regression Test Coefficients

Model Unstandardized Standardized t Sig.
Coefficients Coefficients
B Std. Error Beta
1 (Constant) .854 .761 1.123 .272
Dividend Policy -1.439 .000 -.186 -1.202 .240
EVA -1.389 .000 -.104 -.676 .505
MVA 2.976 .000 .576 3.749 .001
a. Dependent Variable: Y
Data source: SPSS 29 data output processed

Table 1 shows that the regression model for the influence of Economic Value Added, Market Value
Added and Dividend Policy on Stock Returns is:
Y = 0,854 + (-1,389)(X1) + 2,976 (X2) + (-1,439)(X3) + e
Description:
a. Constant value of 0.854, b
b. The regression coefficient value for the dividend policy variable is -1.439 which means that if the dividend
policy increases by one percent, stock returns will decrease by -1.439%.
c. The regression coefficient value for the Economic Value Added variable is -1.389 which means that if
Economic Value Added increases by one percent, stock returns will decrease by 1.389%.
d. The Market Value Added coefficient value of 2.976 means that if Market Value Added increases by one
percent, stock returns will increase by 2.978%.

Partial Regression Coefficient Test (t Test)

The T test was carried out to see whether the partial influence of the independent variables had a
significant effect on the dependent variable. This test is carried out at a confidence level of 5% with the
condition that the significance level is <0.05 then there is a significant influence and if the significance level is
>0.05 then there is no significant influence. Based on the test results in this test, it can be explained as follows:
The Effect of Dividend Policy on Stock Returns: Market Value Added, and Economic Value Added.
The Dividend Policy variable has a significant value of 0.240, greater than 0.05. This shows that the
Dividend Policy is negative but not significant on stock returns in companies listed on the IDX for the 2019-
2022 period.
The Economic Value Added variable has a negative but not significant value of 0.505, which is smaller
than 0.05. This shows that Economic Value Added has a negative but significant influence on stock returns in
companies listed on the IDX for the 2019-2022 period.
The Market Value Added variable has a positive and significant value of 0.001, which is smaller than
0.05. This shows that Market Value Added has a positive and significant influence on stock returns in
companies listed on the IDX for the 2019-2022 period.

Coefficient of Determination (R2)

The Coefficient of Determination (R2) basically measures the extent to which the model is able to
explain variations in the independent variables. Coefficient of Determination (R2) = 0.391 which shows that the
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The Influence of Dividend Policy, Market Value Added, and Economic Value Added on Stock…

variation in Stock Return (Y) in companies listed on the IDX can be explained by Dividend Policy, MVA and
EVA variables amounting to 39.1%, while the remaining 60.9% is influenced by factors other.

Table 3. Coefficient of Determination Test Results

Model Summaryb
Model R R Square Adjusted R Std. Error of the Durbin- Watson
Square Estimate
1 .625a .391 .321 3.19506 2.699
a. Predictors: (Constant), Dividend policy, MVA, EEVA
b. Dependent Variable: Y
Data source: SPSS 29 data output processed

V. DISCUSSION
The results of statistical analysis for the dividend policy variable show that the regression coefficient is
negative at -1.439. The t statistical test for the dividend policy variable obtained a Sig value of 0.240 which is
greater than 0.005. So it can be concluded that dividend policy has no significant effect on stock returns in
companies listed on the IDX for the 2019-2022 period.
Based on the results of research conducted, dividend policy does not have a significant effect on stock
returns. This proves that the signal theory states that the greater the dividend distributed by the company, the
lower the shares received by investors. Larger dividend payments will reduce the company's ability to invest so
that it will reduce the company's growth which in turn will reduce share prices [22]. The results of this research
are in line with research conducted by (Fitriana, 2022) which states that dividend policy has no effect on stock
returns.
The results of statistical analysis for the Economic Value Added variable show that the regression
coefficient is negative at -1.389. The t statistical test for the EVA variable obtained a value of 0.272 which is
greater than the specified significant value, namely Sig 0.05, so it can be concluded that EVA does not have a
significant effect on stock returns in companies listed in the Infrastructure, Utilities and Transportation Sectors
listed on the BEI 2019-2022 period. The research results also show that EVA has no significant effect on stock
returns. This proves the signal theory which states that even though the EVA value of a company increases, it
does not necessarily mean that the stock returns received by investors will also increase, and vice versa. This
kind of thing might happen because the cost of capital is higher compared to the net profit obtained by the
company [23]. The lack of influence of EVA on stock returns is likely caused by several factors, for example
Indonesia's unstable political economy, resulting in higher business risks and uncertainty in the level of income
that investors will receive when making investment decisions. As well as other examples such as social
conditions and so on. The results of this research are in line with research conducted by [24] which states that
EVA does not have a significant effect on stock returns.
The results of statistical analysis for the Market Value Added variable show that the regression
coefficient is 2.976. The t statistical test for the MVA variable obtained a Sig value of 0.001, which is smaller
than the specified significant value, namely Sig 0.05. So it can be concluded that MVA has a significant effect
on stock returns in Infrastructure, Utility and Transportation sector companies listed on the IDX for the 2019-
2022 period. A positive MVA regression coefficient value indicates that the company's market value will be
higher than the company's book value. This should encourage interested investors to increase the number of
requests for these shares so as to increase the share price. Rising stock prices will have a positive influence on
company stock returns in terms of capital gains.
Based on the research results, it was found that Market Value Added had a significant effect on stock
returns. This proves the signal theory which states that if the Market Value Added value of a company increases,
the stock returns received by investors will also increase, and vice versa. This can show that the MVA
calculation is appropriate when used as a basis for decision making for investors to buy and sell shares in the
company [25] [26]. The results of this research are in line with research conducted by [27] which states that
MVA has a significant effect on stock returns.

VI. CONCLUSIONS AND SUGGESTIONS

Conclusion
Based on the results of research and discussion regarding the influence of Dividend Policy, Market
Value Added, and Economic Value Added, on stock returns, the following conclusions can be drawn:
1. Based on the results of the research conducted, it was found that it partially stated that dividend policy had a
negative but not significant effect on stock returns. This means that dividend policy and stock returns are

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The Influence of Dividend Policy, Market Value Added, and Economic Value Added on Stock…

inversely related, the greater the dividend distributed by the company, the lower the stock returns received
by investors.
2. The regression results also show that Economic Value Added has a negative but not significant effect on
stock returns in companies listed on the IDX for the 2019-2022 period. This means that changes in stock
returns are more influenced by changes in the company's share price. If share prices increase, the share
returns received by investors will also tend to increase.
3. The regression results also show that Market Value Added has a positive and significant effect on stock
returns in companies listed in sectors on the IDX for the 2019-2022 period. This means that the high Market
Value Added value is in line with the increase in share prices.
Suggestion
The results of this research show that the Market Value Added variable has a positive and significant
effect on stock returns, while dividend policy and Economic Value Added have a negative but not significant
effect on stock returns. Therefore, before making an investment decision. Investors and potential investors are
advised to consider Market Value Added factors in making investment decisions.

ACKNOWLEDGEMENTS
On this occasion the author would like to thank the Chancellor of the Muhammadiyah University of
Makassar, the Chair of the LP3M of the Muhammadiyah University of Makassar and the Dean of the Faculty of
Economics and Business, the University of Muhammadiyah Makassar and his staff, for the opportunity given.
The Influence of Dividend Policy, Market Value Added, and Economic Value Added on Stock Returns Listed
on the Indonesian Stock Exchange.

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*Corresponding Author: Amir

1
(Fakultas Ekonomi dan Bisnis, Universitas Muhammadiyah Makassar, Indonesia)

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