This research target is to examine the effect of changes and patterns of dividend policy on average stock prices. This study was conducted for the Singapore (SSX) and Indonesia (IDX) capital markets. The two markets of these two countries represent a type of capital market that is developing and an advanced capital market. The data used are companies that distribute dividends of 46 in Indonesia and 44 samples of data from Singapore for 2014-2018. This study uses analysis of variance as a test tool. The outcomes presented that there was no divergence in the average stock price seen from the changes in the DPS and the pattern of dividend distribution policies, both in Indonesia and in Singapore. This research concludes that it is set aside that market investors have reacted the same to the dividend information that occurred in the Singapore capital market.