PERBEDAAN RETURN SAHAM SEBELUM DAN SESUDAH PENGUMUMAN DIVIDEN PADA PERUSAHAAN YANG TERDAFTAR DI JAKARTA ISLAMIC INDEX (JII)

Abstract

Dividend announcement contains information about management perceptions about the company's prospects in the future, if it is associated with gains expected by the company. This study aims to determine whether there are differences in stock prices before and after the dividend announcement on companies listed in the Jakarta Islamic Index (JII) 2011-2013. The sample used in this study were 14 companies with the calculation of financial analysis are actual returns and expected stock returns. During the 14-day study period, ie 7 days before and 7 days after the dividend announcement were tested using the method of event study through the application of paired samples t-test in SPSS 22.0. The results showed that for the overall test in 2011-2013 against the expected return before and after the dividend announcement there is no difference, while testing for each company in the years 2011-2013 there was only one company that has a difference that is ASII and thirteenth company others do not have differences.