REAKSI INVESTOR ATAS PENGUMUMANPEMBAYARAN DEVIDEN(Studi Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia BEI)

This research is a type of empirical research, entitled "Investor Reaction To The Announcement of Dividend Payments (Study In Manufacturing Companies Listed on Indonesia Stock Exchange (IDX))." The purpose of this research is to find empirical evidence that, before and after the announcement of dividend payments affect the reaction of investors who invest their capital in companies in invesnya. The sample used in this study is the company that issued or paid\ud dividends during the 4 (four) years consistently, which began in 2006 until the year 2009. The hypothesis used in this research is the announcement of dividend payment information affects investors' reaction significantly.\ud While to know whether there are significant differences were tested using paired t-test for abnormal returns (abnormal returns) and trading volume in shares (Trading Volume Activity).\ud The test results prove that there is no significant investor reaction between 5 days before and five days later after the announcement of dividend payment. It is concluded that investors who want dividend does not need to sell or reduce some of the shares owned when the dividend payments\ud decline for the foreseeable future due to perediksi would have experienced record profits by analyzing it first, and different again if you want a capital gain, which requires investors to reduce in part or in selling the entire stock owned when the stock price rises