REAKSI PASAR TERHADAP PENGUMUMAN DIVIDEND INITIATION DAN DIVIDEND OMISSION

Subkhan -, Pratiwi Kusuma Wardani

Abstract


Tujuan penelitian ini adalah menguji apakah pasar bereaksi positif terhadap dividend initiation dan dividend omission. Sampel yang digunakan sebanyak 43 saham perusahaan yang terdiri dari 29 perusahaan yang melakukan dividend initiation dan 14 perusahaan yang melakukan dividend omission. Hasil penelitian menunjukkan bahwa pasar tidak bereaksi terhadap pengumuman kebijakan dividend initiation. Disekitar hari pengumuman, ditemukan abnormal return yang negatif maupun positif tetapi tidak ditemukan average abnormal return positif maupun negatif signifikan. Selain itu pasar bereaksi negatif terhadap pengumuman kebijakan dividend omission pada hari pengumuman (t-10, t-5, t-4, t+4) dan t+6 memberikan average abnormal return negatif yang signifikan.

 

The objective of study is to know whether the market reacts positively to dividend initiation and dividend omission. The samples are 43 copmanies’ shares. They   consists of 29 companies that have dividend initiation and 14 companies that have dividend omission. The results show that the market does not react to the announcement of dividend initiation policy. Then, it is found that around the announcement day, abnormal return is negatif and positive. However, both significant negatif and positive abnormal return average are not found.  The market reacts negatifly to the announcement of dividend omission policy on the day it is  published ( t-10, t-5, t-4, t +4, and +6 t give the average of negatif  and significant abnormal return.


Keywords


Dividend Initiatios; Dividend Omission; Abnormal Return

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DOI: https://doi.org/10.15294/jda.v4i1.1957

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