Open AccessEFEK PENGUMUMAN KEBIJAKAN DIVIDEN TERHADAP RETURN SAHAM YANG TERGOLONG JAKARTA ISLAMIC INDEXS
Author(s) -
Endri Endri
Publication year - 2018
Publication title -
ekuitas
Language(s) - English
Resource type - Journals
eISSN - 2548-5024
pISSN - 1411-0393
DOI - 10.24034/j25485024.y2009.v13.i4.187
Subject(s) - dividend , dividend policy , event study , dividend yield , abnormal return , stock price , financial economics , index (typography) , share price , value (mathematics) , business , economics , stock (firearms) , business administration , stock exchange , accounting , actuarial science , finance , statistics , mathematics , engineering , computer science , mechanical engineering , paleontology , context (archaeology) , series (stratigraphy) , world wide web , biology
This research aims to test dividend signaling theory in the Jakarta Islamic Index groups. Signaling theory states that dividend policy has information content that can influence to share price. This research usesamples in the form of company allocating dividend for period 2006-2007 which listed on Jakarta Islamic Index. Final samples which are utilized in this research are equal to 12 firms observation. Using the event-study method, the result of our research shows that at the significant level of 5%, there is only one working days which yield the abnormal return that is significant at the dividend announcements. Those are the sixth day before the event date with the value of 0.00889 or around 0.9%. The final conclusion is that stock price will negatively reacted to the announcement of dividend. Overall, the evidence tends to support the dividend irrelevancy hypothesis, but does not provide a support for the signaling theory. Evidence also indicates that dividend payment does not signal any information to the investors, which needs to be further investigated.