Pengujian Efisiensi Pasar Semi Strong Form Secara Keputusan terhadap Pengumuman Inisiasi Dividen

ABSTRACT TEST OF SEMI STRONG FORM-DECISIONALLY EFFICIENCY MARKET TOWARDS THE DIVIDEND INITIATION ANNOUNCEMENTS by: Rezinatun Chommufi NIM. F0312101 This paper examines the semi strong form-decisionally efficient capital market in Indonesia towards the dividend initiation announcements. This examination focused on the effort to show the influence of dividend initiation announcement towards abnormal return at the event date and the around of that announcement and the speed of adjustment of stock price to the equilibrium price. This research using 81 firms which was identified announcing dividend initiation as samples during the period 2010 until 2015 after be selected according to the conditional that stated in this research. This research was an event study that take 3 days before and 3 days after the date of announcement. The result of this research shows that capital market of Indonesia not already decisionally- semi strong form efficient market to the dividend initiation announcement. This result was indicated by the market reaction that negative and significant in the event date. Keywords: decisionally-semi strong form efficient market, abnormal return, dividend initiation