EFEK INTRA INDUSTRI, DAMPAK PERUSAHAAN REPORTER DAN NONREPORTER DIVIDEN TERHADAP KANDUNGAN INFORMASI
Emrinaldi Nur DP
Fakultas Ekonomi, Universitas Riau
Kampus Bina Widya Km.12,5 Simpang Baru Pekanbaru, 28293.
St. Dwiarso Utomo
Enny Susilowati Mardjono
Fakultas Ekonomi, Universitas Dian Nuswantoro,
Jl. Nakula I No.5-11 Semarang, 50131.
Korespondensi dengan Penulis:
Emrinaldi Nur DP: Telp.+62 76163266; Fax. +62 761 63279
The influence of information not only for company itself which announcement company policy like financial statement, divident or others, but also the other company in same industry or same market. The purpose of the research was to investigate the information content and intra industry effect of dividend announcement. The analysis include four aspects: information content, risk (beta), intra industry effect of dividen bybig and small size firms, and impact firm characteristics to abnormal return nonreporter firm.The analysis for information content, risk (beta), intra industry effect used event study and for impact of firm characteristics used multiple linier regressions.Result of this research showed that there was information content around the date of dividend announcement, but there was no difference between abnormal return by big and small size firms. The difference between beta before and after dividend announcement is not significant. The difference between beta big size firms and small size firms after dividend announcement is not significant. The intra industry effect of dividend announcement showed abnormal return with two effects: competitive effect and contagion effect. The firm specific characteristics used in this research were not significant to explain the fenomena intra industry.
Keywords: competitive effects, contagion effects, dividend, information content, intra industry effect.