Sugeng Haryanto_abstract_1522011

REAKSI INVESTOR TERHADAP PENGUMUMAN DIVIDEN DI BURSA EFEK INDONESIA
Sugeng Haryanto
Program D-3 Keuangan dan Perbankan Universitas Merdeka Malang
Jl. Terusan Raya Dieng No. 57 Malang, 65146
 
Telp. +62 341 568 396 Ext. 544
E-mail: p3et@yahoo.com
 
Abstract
This study analyzed the  investor reaction to dividend announcements. The sampling technique used was purposive sampling with the criteria that these companies entered LQ45 2007-2009 and distributed cash dividends continuously. The purpose of this study was to investigate investor reaction to announcements of cash dividends at Indonesia Stock Exchange. This research was an event study, the research analyzed the market reaction to an event. This study aimed to test whether the information dividend announcements was important information for investors and it affected investor reaction. Statistical analysis techniques was used in different test against the Average Abnormal Return (AAR) before and after the dividend announcement. The results showed that investors did not react to that information. This was indicated by the absence of differences in AAR before and after the dividend announcements.
 
Key words: dividend announcement, abnormal return, event study

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