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All Journal Jurnal Akuntansi Indonesia PRESTASI AKRUAL: Jurnal Akuntansi Jurnal Dinamika Ekonomi dan Bisnis Magisma: Jurnal Ilmiah Ekonomi dan Bisnis EconBank : Journal Economics and Banking Abdimas Universal Jurnal Ilmiah Edunomika (JIE) Jurnal Akademi Akuntansi (JAA) EKONOMI, KEUANGAN, INVESTASI DAN SYARIAH (EKUITAS) AKTUAL Jurnal Abadimas Gorontalo
Mekani Vestari
STIE Bank BPD Jateng
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Journal : AKTUAL

 1 
PERBEDAAN REAKSI PASAR TERHADAP PENGUMUMAN CONTINOUS CASH DIVIDEND DAN INITIAL CASH DIVIDEND Muhammad Yusuf; Mekani Vestari
Jurnal AKTUAL Vol 20, No 2 (2022): Jurnal AKTUAL
Publisher : STIE Trisna Negara OKU Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47232/aktual.v20i2.267

Abstract

Dividends and capital gains are income earned by investing in stock. Capital gains have a relatively high risk but promise a high level of profit. While dividends promise profit with a lower level of risk. Risk taker investors will try to get capital gains by making transactions around the announcement of cash dividends so that they will get the profit. Thus the announcement of cash dividends has information content indicated by positive reactions from investors. Announcement of dividends is a signal from the management that is addressed to investors. Various studies related to the information content of dividends have been carried out. These studies use the same window period for all companies. In this study using a window period that varies, that is more specific for each company that starts from the date of announcement of dividends to the date of dividend cum. This study will distinguish 3 (three) periods around dividend announcements, i.e. before, during, and after the announcement of cash dividends. In addition, it distinguishes companies that distribute dividends into 3 (three) groups, i.e. cash dividends with amounts that increase, constant, and decrease. The results showed that all hypotheses were acceptable.Keywords : continous cash dividend, initial cash dividendABSTRAKInvestasi saham memberikan jenis keuntungan berupa dividen dan capital gains. Keuntungan yang berasal dari capital gains memiliki risiko yang relatif tinggi namun menjanjikan tingkat keuntungan yang tinggi pula. Sementara dividen menjanjikan  keuntungan dengan tingkat risiko yang lebih rendah. Investor risk taker akan berupaya mendapatkan capital gains dengan melakukan transaksi di seputar pengumuman dividen kas sehingga akan mendapatkan keuntungan tersebut. Dengan demikian pengumuman dividen kas memiliki kandungan informasi yang ditunjukkan dengan adanya reaksi positif dari para investor. Pengumuman dividen merupakan sinyal dari pihak manajemen yang ditujukan kepada para investor. Berbagai penelitian terkait dengan kandungan informasi dividen telah banyak dilakukan. Penelitian-penelitian tersebut menggunakan periode jendela yang sama untuk seluruh perusahaan. Oleh karena itu dalam penelitian ini menggunakan periode jendela yang bervariasi, yakni menggunakan periode jendela yang lebih spesifik untuk masing-masing perusahaan yang dimulai sejak tanggal pengumuman dividen hingga tanggal cum dividend. Penelitian ini membedakan diantara 3 (tiga) periode di seputar pengumuman dividen, yakni sebelum, selama event, dan sesudah pengumuman dividen kas. Selain itu, membedakan kelompok perusahaan yang membagikan dividen kedalam 3 (tiga) kelompok, yakni dividen kas dengan besaran yang naik, tetap, dan turun. Hasil penelitian menunjukkan hipotesis pertama, kedua, dan ketiga dapat diterima.Kata kunci : continous cash dividend, initial cash dividend
Co-Authors Abd. Rasyid Syamsuri Arina Adilla Hidayat Chusnulia Aryandhita Widayanti Dessy Noor Farida Dessy Noor Farida Khoirul Attiq Muhammad Yusuf Muhammad Yusuf Muliatul Awaliyah Muliawan Hamdani Muliawan Hamdani Nurbaeti Putri Hakim Sarah Nuriela Sabatini Setiyono, Taufiq Andre Setyo Pantawis Sri Imaningati Sri Imaningati