REAKSI PASAR TERHADAP PENGUMUMAN DIVIDEN PADA PERUSAHAAN LQ45 BERDASARKAN SIKLUS BISNIS

This study aimed to test the market reaction to the announcement of dividends and examine the effect of business cycles on the abnormal return.The population in this research are companies included in LQ45 in 2011-2013.The variables used is abnormal return and variable categories used is the business cycle.The analysis technique used are the One sample t test and Simple Regression Analysis. The results of this research indicate that the dividend announcement and the business cycle does not affect the abnormal return during the study period, in other words, investors in making investment decisions are more likely to use other information such as financial performance, business strategy, the uncertain political atmosphere, and so on. Keywords : LQ45, Dividend, Abnormal Return, Market Reaction, and Business Cycles