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    Therefore,  based  on  the supporting theories  and  previous studies  above,  the 
  first and second hypothesis is developed as follows : 
    H1: Dividend yield has negative relationship with stock return 
    H2: Dividend Payout Ratio has positive relationship with stock return
  2.3.2   Relations between size and stock return
    The size  of firm  is one of  the crucial consideration  in  determining the  total
  stock return. There are some previous studies related to the issues of relations between 
  firm size and stock return. 
    Hussainey et al., (2011) used firm size as control variable to analyze its impact 
  on  stock  return.  The  finding  from  his  research  was  there  is  a  negative  relationship 
  between  firm  size  and  stock  return.  This  finding  is  coherent  with  the  other  study 
  which  was  conducted  by  Yuningsih  &  Yudaruddin  (2007).  They  investigated  the 
  impact of three factor models on stock return , by using 26 companies engaged in real 
  estate  and property business, that are listed in Indonesia  Stock Exchange during the 
  period of 2002-2006. The result also showed negative relationship between firm size 
  and  stock  return.  It  means that  if  there  is  an increase in  size of  firm,  the it  will  be 
  followed  by  the  decrease  in  stock  return.According  to  Yuningsih  &  Yudaruddin 
  (2007),  this  is  because  the  investors’  characteristic  who  are  doing  investment  on 
  stocks  in  property  and  real  estate  industr y  are  generally  prefer  to  avoid  risk 
  (risk  averter). Firm size tend to be ignored for  the  reason  investors prefer  to invest 
  on small companies, which is less risky and more possible to receive higher return. 
    Thus, the elaboration above lead to the development of the third hypothesis : 
    H3: Firm size has negative relationship with stock return
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