THE EFFECT OF DIVIDEND POLICY, INDEPENDENT COMMISSIONERS, AND GDP TO SHARE PRICES: A CASE STUDY ON STATE-OWNED COMPANIES LISTED IN THE INDONESIA STOCK EXCHANGE

Abstract

This research was carried out to find out whether there is an influence of dividend policy, change in independent commissioners, and GDP on share prices: case studies on state-owned companies on the Indonesia share exchange. Samples of this research is state-owned companies listed on the Indonesia Share Exchange, which issued dividends over some time. The observation period is 2018-2022 (5 years). It was found that 16 companies met the three criteria above with a total of 90 observations. To process the data, researchers used Stata 17 software with the analysis used, namely descriptive analysis, classical assumption testing, panel data regression testing, and hypothesis testing. The results of the research are: 1) Dividend policy has a positive and insignificant influence on share prices. 2) Changes in independent commissioners have a positive and significant effect on share prices, and 3) GDP has a negative and insignificant effect on share prices.