REAKSI PASAR TERHADAP PENGUMUMAN DIVIDEN KAS (Studi pada Perusahaan yang Terdaftar Di Bursa Efek Indonesia)

REAKSI PASAR TERHADAP PENGUMUMAN DIVIDEN KAS (Studi pada Perusahaan yang Terdaftar Di Bursa Efek Indonesia)

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 cash 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, constant cash dividend, and decreasing cash dividend

Putra, Iman Rafiyal; Fakultas Ekonomi Universitas Syiah Kuala

Arfan, Muhammad; Fakultas Ekonomi Universitas Syiah Kuala

Jurnal Telaah dan Riset Akuntansi; Vol 6, No 1 (2013): Jurnal Telaah & Riset Akuntansi; 40- 53

1693-3397

1693-3397

Program Magister Akuntansi Unsyiah

2013-01-01

http://jurnal.unsyiah.ac.id/TRA/article/view/1317/1200

application/pdf

eng

info:eu-repo/semantics/article

info:eu-repo/semantics/publishedVersion

Peer-reviewed Article

http://jurnal.unsyiah.ac.id/TRA/article/view/1317