ANALISIS DAMPAK KEBIJAKAN DIVIDEN PADA HARGA SAHAM DAN PERBEDAAN PPROFITABILITAS PERUSAHAAN SETELAH PERUBAHAN KEBIJAKAN DIVIDEN DI PERUSAHAAN MANUFAKTUR DI INDONESIA

KURNIAWAN , ADDY (2010) ANALISIS DAMPAK KEBIJAKAN DIVIDEN PADA HARGA SAHAM DAN PERBEDAAN PPROFITABILITAS PERUSAHAAN SETELAH PERUBAHAN KEBIJAKAN DIVIDEN DI PERUSAHAAN MANUFAKTUR DI INDONESIA. Masters thesis, Universitas Sebelas Maret.

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    Abstract

    This research has a purpose to analyze the effect of dividend policy to the stock prices and profitability in Indonesia Stock Exchange. Dividend signaling theory said that dividend policy has information content so that it can effect to the stock value and profitability. The sample of this research is manufacturing company listed in Indonesia Stock Exchange and share the dividend for minimum 2 years serially from 2004 to 2008. The dividend that be shared must be has an effect, increasing or decreasing. The independent variable of this research is dividend policy, and the dependend variable is stock value and the profitability. The policy showed by the changing of stock value that released from the company. Dividend policy will be marked by the changing of manufacture’s DPS, excistence effect of the stock value that seen on abnormality return around the day of policy announcement, and company’s profitability based on the REO of the company. The number of sample in this research is 41 samples for increasing dividend company’s group, and 32 samples for decreasing dividend company’s group. The hypothesis 1 and 2 then will check the effect of dividend policy to the stock value. Hypothesis 1 is for the effect of increasing dividend, and hypothesis 2 is for the effect of the decreasing dividend. Both of hypothesis will be tested by the event study. Observation period for hypothesis 1 is 11 days, 5 days before and 5 days after the announcement of dividend policy. There are also hypothesis 3 and 4 that will check the effect of dividend changing to the profitability. Hypothesis 3 is for the effect of increasing dividend, and hypothesis 4 is for the effect of decreasing dividend. Hypothesis 3 and 4 will be tested by Paired Sample Test. It will be compared between company’s REO when it shares the dividend and company’s REO later, in the next year. The result of the research showed, for hypothesis 1, the market will give a positive respond by increasing the stock prices when the company announce the increasing dividend. For hypothesis 2, when the company announce the decreasing dividend, there will be no significant negative responses from the market for that. The result of this study also showed that the changing of dividend policy of the company will impact to the changing of company’s profitability later. In the hypothesis 3, when the company increases the dividend, then the profitability will be increase in the next year. Similarly in hypothesis 4 when the company decreases the dividend, the profitability will be decrease also later, in the next year. Based on the results above, it can be concluded that hypothesis 1, 2, 3, and 4 support the dividend signaling theory because the changing of dividend policy done by the company will give the information of the changing in stock value and also in company’s profitability. Keywords : dividend signaling theory, dividend policy, stock value, profitability

    Item Type: Thesis (Masters)
    Subjects: H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
    Divisions: Fakultas Ekonomi
    Fakultas Ekonomi > Manajemen
    Depositing User: Na'imatur Rofiqoh
    Date Deposited: 21 Jul 2013 03:53
    Last Modified: 21 Jul 2013 03:53
    URI: https://eprints.uns.ac.id/id/eprint/7365

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