Pengaruh Pengumuman Dividen Terhadap Return Saham Sebelum Dan Sesudah Ex-Devidend Date Di Bursa Efek Indonesia (Bei)

Abstract

This research s aims to analize whether the announcement of dividend increase and decreaase give positive effect on stock return before and after ex- dividend date in Indonesian Stock Exchange. In this research, sample consisted of 25 companies that joined in the 50 biggest market capitalization on the Indonesian Stock Exchange. Testing the influence of dividend announcements made through observation of the abnormal return during the 11 days observation at 5 days before the announcement day and 5 days after the date of the dividend announcements. Research results show that the 5 % significance level generate significant abnormal returns.The company announced a dividend increase is a significant abnormal return there on third day (t + 3) after the announcement of 3.325% with t values ,calculated for 1.815 > t-table values are only for 1.771,and thus Ho was rejected. While the company announced a dividend reduction, significant abnormal returns are on the day (t-1) before the announcement, of -9.251% for the t-calculated value of 1.165 < t-table value of its registration -1,79 and thus Ho accepted. From these test results , it can be concluded that the announcement of dividend increases is positive , while the dividend reduction announcement negatively effect the stock return before and after ex-devidend rate on the Indonesia stock exchange.