REAKSI PASAR TERHADAP PENGUMUMAN DIVIDEN KAS (Studi pada Perusahaan yang Terdaftar Di Bursa Efek Indonesia)
ABSTRACT: The purpose of this
research is to obtain empirical evidence of how the average abnormal stock
returns before and after the announcement of cash dividend, whether announcements
of increasing cash dividend,
constant cash dividend, and
decreasing cash dividend on listed companies at
the Indonesia Stock Exchange. This research uses census method. The
research population are 51 companies. Abnormal return is measured based on
individual stock returns using market
returns. Individual stock return is obtained from the daily closing price and
market return is measured using the Composite Index of BEI.
The results show that: (1) the
average abnormal stock return 10 days after the announcement of increasing cash
dividends s is not higher than the average abnormal stock return 10 days before
the announcement of increasing cash dividend (0.00460 <0.00519), (2) the
average abnormal stock return 10 days after the announcement of constant cash dividends
is not higher than the average abnormal stock return
10 days before the announcement of constant cas h dividend (0.00098
<0.01617), (3) the average abnormal stock return 10 days after the
announcement of decreasing cash dividend is not lower than the average abnormal
stock return 10 days before the announcement of decreasing cash dividend
(0.00151> 0.00026). The conclusion of this research is that the announcement
of cash dividend does not give abnormal return to investors.
Keywords: Dividend announcement,
abnormal return, increasing cash dividend, constantncash dividend, and
decreasing cash dividend
Penulis: Iman Rafiyal Putra, Muhammad
Arfan
Kode Jurnal: jpakuntansidd130165
