Path: Top Journal Jurnal_Keuangan_dan_Perbankan 2007

Studi empiris reaksi pasar terhadap publikasi pembayaran dividen

Jurnal Keuangan dan Perbankan, Tahun XI, Nomor 2, Mei 2007
Journal from JIPTUNMERPP / 2008-10-26 21:45:02
Oleh : Sawitri, Faculty of Information Technology Merdeka University Malang (jurkeubank@telkom.net)
Dibuat : 2007-05-01, dengan file

Keyword : Dividend, market reaction

Dividend policy become an important element because that what shareholders hoped, either in the form of infestment returns or capital gain. This paper tried to evaluate market reaction towards publication of a dividend payment, as well as the signal conveyed by a company. The study adopted market model provided by Brown and Warner (1985), by using abnormal return as the parameter. The result showed that market/ investors had negative responses/ reactions toward company publication that decided not to pay dividend. On the contrary, market/ investors gave positive response toward company publication that decided to pay dividend. It was also found that market did not react based on the profit volume of the company, but it was focused more on signals conveyed by the company. The signal was in the form of company decision publication of whether it would or would not pay the dividend.

Deskripsi Alternatif :

Dividend policy become an important element because that what shareholders hoped, either in the form of infestment returns or capital gain. This paper tried to evaluate market reaction towards publication of a dividend payment, as well as the signal conveyed by a company. The study adopted market model provided by Brown and Warner (1985), by using abnormal return as the parameter. The result showed that market/ investors had negative responses/ reactions toward company publication that decided not to pay dividend. On the contrary, market/ investors gave positive response toward company publication that decided to pay dividend. It was also found that market did not react based on the profit volume of the company, but it was focused more on signals conveyed by the company. The signal was in the form of company decision publication of whether it would or would not pay the dividend.

Copyrights : Copyright (c) 2008 by Digital Library Universitas Merdeka Malang. Verbatim copying and distribution of this entire article is permitted by author in any medium, provided this notice is preserved.

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PropertiNilai Properti
ID PublisherJIPTUNMERPP
OrganisasiF
Nama KontakDra. Wiwik Supriyanti, SS
AlamatJl. Terusan Halimun 11 B
KotaMalang
DaerahJawa Timur
NegaraIndonesia
Telepon0341-563504
Fax0341-563504
E-mail Administratorperpus@unmer.ac.id
E-mail CKOwsupriyanti@yahoo.com

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  • Editor: Wiwik Supriyanti, Dra. SS.