Widiastuti, Retno (2011) Pengaruh Pengumuman Dividen terhadap Reaksi Investor: Tinjauan atas Transfer Informasi Intra Industri. Magister thesis, Universitas Brawijaya.
Abstract
Penelitian ini bertujuan untuk menguji reaksi investor perusahaan announcer dan nonannouncer atas adanya peristiwa pengumuman dividen. Penelitian ini juga menguji faktor-faktor yang menyebabkan adanya transfer informasi intra industri, dengan cara menguji pengaruh tingkat dividend surprise , perubahan dividen, dan tingkat konsentrasi/kompetisi dalam industri terhadap besarnya reaksi investor perusahaan nonannouncer . Sampel penelitian ini dipilih dengan kriteria penyampelan purposive sampling sehingga terpilih 52 perusahaan announcer dan 267 perusahaan nonannouncer. Penelitian dilakukan menggunakan studi peristiwa dan teknik analisis multiple regression . Hasil penelitian menunjukkan bahwa investor perusahaan announcer dan nonannouncer bereaksi terhadap adanya pengumuman dividen, yang ditunjukkan dengan adanya abnormal return pada jendela peristiwa. Hasil penelitian juga menunjukkan bahwa terjadi transfer informasi dengan efek kontagion, yang ditunjukkan dengan adanya abnormal return positif dari investor perusahaan nonannouncer dalam industri sejenis pada saat adanya pengumuman dividen perusahaan announcer . Besarnya transfer informasi dipengaruhi oleh dividend surprise dan tingkat konsentrasi/kompetisi perusahaan announcer . Sementara perubahan dividen tidak dapat menjelaskan besarnya transfer informasi yang terjadi.
English Abstract
The purpose of this study was to examine the announcer and nonannouncer company investors reaction for dividend announcement. This study also examined the factors that led to the existence of intra-industry information transfer, by examining the influence of dividend surprise, dividend changes, and the degree of concentration/competition of the magnitude of nonannouncer company investor`s reactions. The samples were selected by purposive sampling criteria. The number of samples were 52 announcer companies and 267 nonannouncer companies. The study was conducted using event studies and multiple regression analysis techniques. The results showed that the announcer and nonannouncer companies` investor react to the announcement of dividends, which indicated the presence of abnormal return in event window. The results also showed that there was information transfer with contagion effect, which was indicated by a positive abnormal return of investor nonannouncer companies in similar industries during the announcer company dividend announcement. The amount of information transfer was affected by the dividend surprise and the level of concentration/competition announcer company. While the dividend change could not explain the magnitude of information transfer.
| Item Type: | Thesis (Magister) |
|---|---|
| Identification Number: | TES/332.632 21/WID/p/041104529 |
| Subjects: | 300 Social sciences > 332 Financial economics > 332.6 Investment |
| Divisions: | S2/S3 > Magister Akuntansi, Fakultas Ekonomi dan Bisnis |
| Depositing User: | Endro Setyobudi |
| Date Deposited: | 28 Oct 2011 11:17 |
| Last Modified: | 28 Oct 2011 11:17 |
| URI: | http://repository.ub.ac.id/id/eprint/155766 |
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