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It had been known that the presence of dividend will affect the value of shares in the stock market, but since the dividend payers also belief that, their stock price will increase by paying dividend to investors, then it seems these phenomenon are becoming very complex to explain. The objective of this study is want to give an empirical evidence whether dividend plays the main role for fluctuation of stock price or vice versa in the stock market. The results show that, dividend has significant effect to stock price, and conversely, stock price also has significant effect to dividend. The implications of this study are fit for signaling effect, bird in the hand effect, and catering effect which is dominated by dividend payers who paying dividend continuously. In further analysis, this study find, the most specific characteristics for dividend payers who paying dividend continuously compared to other dividend payers are larger number of shares, larger fixed assets, largest total assets, largest total debt, largest retained earnings, largest revenue, and largest net income.

SIGNALING, BIRD IN THE HAND, AND CATERING EFFECT IN INDONESIA