SNA XII - AKPM 12

ANALISIS KEBIJAKAN DIVIDEN: SUATU PENGUJIAN DIVIDEND

SIGNALING THEORY DAN RENT EXTRACTION HYPOTHESIS

(Fakultas Ekonomi Universitas Bengkulu)

ABSTRACT

The research examines the policy of dividend by using dividend signaling theory and rent extraction hypothesis. The policy can be seen from the change of dividend published by company. The first hypothesis is tested by event study, the second hypothesis is tested by the paired samples t test, and the third hypothesis is tested by independent samples t test. The analysis implemented to 121 non financial companies that listed in Indonesia stock exchange at 2002-2006.

The result of this research shows that when the company publishes the increasing of dividend it makes the market act positively and when the company publishes decreasing of dividend at makes the market negatively. This act positively and negatively can be seen from average abnormal return that positive significant and negative significant on the dividend announcement date. The result also shows there is difference between the profitabilitas of company now with profitabilitas of company in the future that published the increasing (decreasing) of dividend. The result can be seen from average ROEt+1 > average ROEt on the increasing of dividend, and average ROEt+1 < average ROEt on the decreasing of dividend with significant 5%. The result supports dividend signaling theory.

But when the market interprets increasing (decreasing) of dividend on the companies have majority stockholders (controlling shareholder) and minority stockholder as the signal of controlling shareholder whether they willing and unwilling to do expropriation toward the minority stockholder. The result of this research shows there is not difference of market reaction that be grown by the companies have controlling shareholder and by the companies have not controlling shareholder on the increasing (decreasing) of dividend. The result does not support rent entraction hypothesis.

Keywords : Dividend signaling theory, rent extraction hypothesis, majority stockholder (controlling shareholder), minority stockholder