This study aims to determine (1) Earnings Response Coefficient, Dividend Payout Ratio, and Stock Price, (2) the effect of Dividend Payout Ratio on Earnings Response Coefficient, and (3) the effect of Earnings Response Coefficient and Dividend Payout Ratio partially and simultaneously on Stock Price in technology sector companies listed in the Nikkei 225 Index. Samples from this study are 57 technology sector companies listed in the Nikkei 225 Index which were selected using the technique sampling saturated (census). The analysis technique used is path analysis. The results showed that: (1) Earnings Response Coefficient, Dividend Payout Ratio, and Stock Price show varying results for each company, (2) Dividend Payout Ratio has a negative effect on Earnings Response Coefficient, and (3) Earnings Response Coefficient and Dividend Payout Ratio partially and simultaneously have a positive effect on Stock Price in technology sector companies listed in the Nikkei 225 Index.