Pengujian Dividend Signaling Hypothesis di Pasar Modal Indonesia

Sari, Farida Kartika, Dr. Suad Husnan, M.B.A.

2007 | Skripsi | S1 Management

The purpose of this research is to test dividend signaling hypothesis in the Indonesian Capital Market. The research process is divided into two stages. First, to test market reaction for dividend changes. Second, to test companies performance after changes in dividend policy. This research used event study method to analyze market reaction and T-test to analyse changes in companies performance. The sample consist of 59 companies that pay increasing dividend payment and 50 companies that pay decreasing dividend listed in the Jakarta Stock Exchange for the period of 2001-2005. The empirical results show that there are positive market reaction for dividend increase announcement and dividend decrease announcement. Meanwhile, there is no significant changes in companies performance for dividend increase companies but a significant decrease in companies performance for dividend decrease companies is identified. Keywords : dividend changes, market reaction, performance

Kata Kunci : Pasar Modal Indonesia, Dividend Signaling, dividend changes, market reaction, performance