Analisa Pengaruh Kebijakan Dividend Terhadap Reaksi Pasar Berdasarkan Dividend Signaling Theory

Dividend policy changes in the amount of dividend (increase / decrease) does not distribute dividends or have any impact on market reaction. The dividend policy also has a positive signal and negative signal. If a company that usually each period is always distribute a dividend to shareholder and suddenly in the current period does not distribute dividends, or an increase or decrease the value of dividends it will cause a signal. Signal can be interpreted positively or negatively.This study will examine the banking sector in Indonesia which distribute dividends in 2004, to determine the market reaction to dividend policy adopted by the company. And from the survey results revealed that there was no market reaction caused by the presence of dividend policy by firms in the banking sector in Indonesia.