IBRAHIM, IBRAHIM (2009) REAKSI PASAR TERHADAP PENGUMUMAN KENAIKAN DIVIDEN PERUSAHAAN MANUFAKTUR INDONESIA. KAJIAN AKUNTANSI, 4 (2). pp. 137-146. ISSN 1907 - 1442
Abstract
The Purpose of this research was to test dividend informational content forward market reaction, and to test the variables of corporate specific characteristics that influence market reaction. This study compare market reactions to dividend announcements of Manufacture Firm. The analysis uses data from 25 Manufacture Firms during the period 2003-2007. This research employed event study method to analyse market reaction and regression analysis to tets the influence of the variables of corporate specific characteristics. The empirical result indicate that dividend announcement convey information to the market. This means that investors in Indonesia Stock Exchange use information of the announcement of the change of dividend payment to executive dicison making. Other result of the study show that the sixe of company has positive influence toward magnitude of market reaction (abnormal return). It has long been known that announcements of unexpected changes in dividend payments provide information affecting the market values of the companies making the change. Keywords : Forward market reaction, dividend, Abnormal return.
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