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JURNAL BISNIS DAN AKUNTANSI
Vol. 10, No. 3, Desember 2008, 161-171
ISSN: 1410-9875

REAKSI PASAR TERHADAP PENGUMUMAN
DIVIDEN PADA PERUSAHAAN YANG MASUK CORPORATE GOVERNANCE PERCEPTION INDEX

 EVI GANTYOWATI dan YAYUK SULISTIYANI
Universitas Sebelas Maret Surakarta, Jl. Ir. Sutami 36 A, Surakarta 57126
adouf06@yahoo.com

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Official URL: http://www.tsm.ac.id/JBA/JBA10.3Desember2008/5_Artikel_JBA10.3Desember2008.pdf

ABSTRACT:

The objective of this research is to empirically examine about the market reac-tion to dividend announcement at the firms included Corporate Governance Perception Index (CGPI). The analysis includes two aspects: Security Return Variability (SRV) and Trading Volume Activity (TVA) of dividend announcement. The sample of this research is the firms that included Corporate Governance Perception Index (CGPI) at the period of 2003–2005 and they have dividend announcement at the period of 2004–2006. Based on purposive sampling method, the sample used in this research is 58 firms. Data were analyzed using one sample t-test. The results of this research show that dividend announce-ment at the firms included Corporate Governance Perception Index (CGPI) has information content and statistically significant responded by the market around the date dividend announcement.

Keywords: Dividend announcement, Corporate Governance Perception Index, Security Return Variability and Trading Volume Activity
 
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