ANALISIS REAKSI PASAR TERHADAP PENGUMUMAN DIVIDEN(Perusahaan yang Terdaftar di Bursa Efek Indonesia Tahun 2006-2012)

This study aims to examine the differences in the market reaction before and after the dividend announcement in Indonesia. Testing in this study can be divided into market reaction to the announcement of dividend increases, the market reaction to the announcement of dividend fixed and the market reaction to the announcement of dividend decreases. This study used a sample of events in the company's dividend announcement period 2006 to 2012. Samples in this study were 562 announcements of dividend increases, 78 announcements of dividend fixed, and 195 announcements of dividend decreases. The results of this study indicate that there are differences in the market reaction at the time before and after the dividend announcement. Other results in this study is the lack of difference in the market reaction at the time before and after the dividend announcement for the type of fixed and declining dividend announcements. Keywords: dividend policy, dividend announcement, market reaction. Data Avaibility: Indonesia Capital Market Directory