Strategi Hasil Dividen Tinggi di Pasar Saham Syariah Indonesia: Apakah Kinerjanya Mengungguli Pasar?
-
Teguh Wijayanto
*
Universitas Islam Negeri Sayyid Ali Rahmatullah, Tulungagung,
Indonesia
- Asrul Jaya Institut Ilmu Hukum dan Ekonomi Lamaddukelleng, Wajo, Indonesia
- Moh. Baqir Ainun Universitas Wiraraja, Sumenep, Indonesia (*) Corresponding Author
Abstract
A high dividend yield is an attractive consideration in stock selection. However, the magnitude of dividend yield does not fully reflect the total return received by investors, as investment outcomes are also affected by changes in stock prices during the holding period. Therefore, the effectiveness of a high dividend yield strategy should be evaluated based on both its total return, which incorporates dividends and capital gains/losses and its ability to outperform the market. This study aims to evaluate the performance of a high dividend yield strategy in the Indonesian Sharia stock market during the 2020–2025 period and examine its ability to outperform the Indonesian Sharia Stock Index (ISSI) as a benchmark. This study employs a quantitative descriptive-comparative approach using 11 Sharia-compliant stocks selected through a screening process based on a five-year average dividend yield above 10%. Investment performance is measured using holding period return, which incorporates dividends and capital gains/losses, and is subsequently compared with the return of the ISSI. The results show that 10 of the 11 selected stocks generated an average holding period return higher than the ISSI's average return of 9.30%. On an annual basis, the majority of the screened stocks outperformed the ISSI in five of the six observation years, demonstrating the effectiveness of the high dividend yield strategy in generating competitive performance relative to the Sharia stock market. The novelty of this study lies in distinguishing the role of dividend yield as a stock screening criterion from that of holding period return as a measure of investment performance, incorporating cash dividends and capital gains/losses, with the strategy's performance evaluated relative to the ISSI as a benchmark. Academically, the findings extend the dividend literature from corporate characteristics and dividend policy toward the evaluation of investment strategies in the Sharia stock market. Practically, the findings provide empirical support for investors to employ high dividend yield as a screening criterion for Sharia-compliant stocks with the ability to generate high total returns and outperform the market.
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