PENGARUH PEMBAYARAN DIVIDEN TUNAI, PELUANG INVESTASI DAN UKURAN PERUSAHAAN TERHADAP ABNORMAL RETURN PADA SEKTOR MANUFAKTUR DI BURSA EFEK INDONESIA
Abstract: This
study aim to discuss the impact of dividend announcement to changes in stock prices
on the manufacturing sector Indonesia Stock Exchange for 2011-2015 period. Event
study used in the first section to examine abnormal retrun around cash dividend
announcement date. Meanwhile panel regression used to examine the impact of
cash dividend payment, investment opportunity and firm size to cummulative
abnormal return. The data used was the financial report of manufacturing sector
firm for 2011-2015 period that pay cash dividend 5 years consecuitvely. The
result show that there was significant abnormal return after the announcement.
Meanwhile on the second section the result show that partially cash dividend
payment has significant impact to cummulative abnormal return. The implication
of this study was there were found positive cummulative abnormal return around
dividend announcement date which is caused significantly by dividend yield thus
prove the bird in hand theory.
Keyword: Cash
dividend announcement, abnormal return, dividend yield, firm size investment
opportunity
Penulis: Isnurhadi,
Billy Ramadha dan Marlina Widiyanti
