Dividend Announcement Effect To Market Reaction in Non-Financial Companies Listed on Indonesia Stock Exchange

JOURNAL OF ACCOUNTING, ENTREPRENEURSHIP AND FINANCIAL TECHNOLOGY (JAEF) Pub Date : 2019-04-02 DOI:10.37715/jaef.v1i2.1467

Alvin Fabian, E. Santoso

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引用次数: 1

Abstract

Abstract: This study aims to examine the differences in market reaction before and after the announcement of dividend omissions and dividend initiations in non- financial companies listed on the Indonesia Stock Exchange in 2016-2018. The sample used in this study was 71 companies consisting of 26 companies that announced dividend omissions and 45 companies that announced dividend initiations. The sample was determined using the purposive sampling method. This study used the event study method with an event window period of 5 days before the announcement, the announcement day, and 5 days after the announcement. The Wilcoxon Signed Ranks Test results in this study indicate that there are no differences in market reaction before and after the announcement of dividend omissions. Meanwhile the announcement of dividend initiations shows that there are differences in market reaction before and after the announcement of dividend initiations. Keywords: Event study, Dividend Omissions, Dividend Initiations, Abnormal Return

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印尼证券交易所非金融类上市公司股利公告对市场反应的影响

摘要:本研究旨在考察2016-2018年印尼证券交易所非金融类上市公司宣布不分红和开始分红前后市场反应的差异。本研究使用的样本是71家公司，包括26家宣布不分红的公司和45家宣布分红的公司。样品采用目的抽样法测定。本研究采用事件研究法，事件窗口期为公告前5天、公告当日、公告后5天。本研究的Wilcoxon sign Ranks检验结果表明，股利遗漏公告前后的市场反应没有差异。与此同时，从新股发行公告来看，新股发行公告前后市场反应存在差异。关键词:事件研究;股利遗漏;股利发起

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JOURNAL OF ACCOUNTING, ENTREPRENEURSHIP AND FINANCIAL TECHNOLOGY (JAEF)

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