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All Journal Jurnal Kajian Manajemen Bisnis Jurnal Widya Manajemen & Akuntansi Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal Journal of Economic, Bussines and Accounting (COSTING) JOURNAL OF APPLIED ACCOUNTING AND TAXATION J-MAS (Jurnal Manajemen dan Sains) Owner : Riset dan Jurnal Akuntansi Procuratio : Jurnal Ilmiah Manajemen Jurnal Ekonomi Manajemen Sistem Informasi Jurnal Informatika Ekonomi Bisnis Jurnal Manajemen Universitas Bung Hatta Enrichment : Journal of Management Jurnal Literasi Akuntansi Jurnal Ekonomika Dan Bisnis Jurnal Manajemen Stratejik dan Simulasi Bisnis Journal of Accounting and Finance Management (JAFM) Maqdis: Jurnal Kajian Ekonomi Islam Jurnal Informatika Ekonomi Bisnis Atestasi : Jurnal Ilmiah Akuntansi
Tafdil Husni
Universitas Andalas
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Engineering Social Sciences

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Ex-Dividend Date and Stock Price Adjustment: A Systematic Literature Review of Global Market Reactions Rinda Fithriyana; Tafdil Husni; Rida Rahim; Fajri Adrianto; Wahyu Febri Ramadhan Sudirman
Jurnal Aplikasi Bisnis dan Manajemen Vol. 12 No. 1 (2026): JABM, Vol. 12 No. 1, January 2026
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.12.1.93

Abstract

Background: The ex-dividend date anomaly remains relevant in modern finance because, despite the predictions of the Efficient Market Hypothesis (EMH) that such arbitrage opportunities should be eliminated, empirical studies consistently show their persistence across different markets and time periods. This endurance highlights the role of real-world frictions, such as taxation differences between dividends and capital gains, transaction costs, and short-sale constraints, which prevent the complete arbitrage of price discrepancies.Purpose: This study aims to analyze the effect of the ex-dividend date on stock price adjustments using the Systematic Literature Review (SLR) approach to identify general patterns, empirical findings, and factors that influence this phenomenon.Design/methodology/approach: This study uses the SLR method by systematically reviewing relevant academic literature from various countries and time periods. The analysis is based on three main theories: Signaling Theory, Efficient Market Hypothesis (EMH), and the Clientele Effect. From an initial 101 articles retrieved (2000–2024), a rigorous screening and eligibility review resulted in 10 studies meeting the inclusion criteria, all of which examined the relationship between ex-dividend dates and stock price adjustments.Findings/Results: The results show that abnormal returns consistently occur around the ex-dividend date across different markets, indicating that price adjustments are not fully explained by dividend payouts. However, the magnitude, direction, and statistical significance of these abnormal returns are not uniform; they vary depending on market characteristics, such as the level of market development, the efficiency of trading systems, and the presence of dividend taxation rules. Company-specific conditions also play a role, with firms with higher liquidity tending to exhibit smoother price adjustments.Conclusion: The findings show that although the efficient market theory states that dividend information is directly reflected in stock prices, there are market anomalies around the ex-dividend date. This indicates that psychological factors and market structure also influence stock price dynamics.Originality/value (State of the art): This study offers originality by conducting a comprehensive global synthesis of research on ex-dividend dates and stock price adjustments, bridging insights from both classical finance theories, such as the Efficient Market Hypothesis and tax clientele effect, and behavioral perspectives that emphasize investor psychology and market frictions. Unlike earlier reviews that focused on single countries or limited periods, this study integrates evidence from diverse markets, including developed and emerging economies, and incorporates recent findings from periods of financial crises, thereby capturing how external shocks shape ex-dividend anomalies in the UK. Keywords:   abnormal return, dividend policy, efficient market, market anomalies, signaling theory
The Influence of Digital Financial Literacy and Government Support on the Financial Performance of Retail MSMES in Padang City With Digital Payment Adoption as a Mediating Variable Fadhillatul Hidayati; Tafdil Husni; Fajri Adrianto
Jurnal Manajemen Stratejik dan Simulasi Bisnis Vol. 7 No. 1 (2026): Jurnal Manajemen Stratejik dan Simulasi Bisnis
Publisher : Fakultas Ekonomi Universitas Andalas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25077/jmassbi.7.1.16-30.2026

Abstract

This study aims to examine the effect of digital financial literacy and government support on the financial performance of micro, small, and medium enterprises (MSMEs) in the retail sector in Padang City, with digital payment adoption as a mediating variable. Digital payments in this study include the use of e-wallets and QRIS. This research employs a quantitative approach using non-probability sampling with a purposive sampling technique. A total of 100 respondents were obtained through the distribution of questionnaires via Google Forms to retail-sector MSME owners in Padang City who have adopted digital payment systems. Data analysis was conducted using the Structural Equation Modeling– Partial Least Squares (SEM-PLS) method with SmartPLS version 4.0 software. The results indicate that digital financial literacy and government support have a positive and significant effect on digital payment adoption. Furthermore, digital financial literacy, government support, and digital payment adoption have a positive and significant effect on financial performance. Mediation analysis reveals that digital payment adoption significantly mediates the relationship between digital financial literacy and financial performance. However, digital payment adoption does not significantly mediate the relationship between government support and financial performance, indicating that the influence of government support on financial performance is more dominantly exerted through a direct pathway rather than through the mechanism of digital payment adoption.
The Influence of Corporate Social and Governance Pillars on Green Innovation in Southeast Asian Energy Sector Public Companies Amelia Putri; Tafdil Husni; Fajri Adrianto
Jurnal Ekonomi Manajemen Sistem Informasi Vol. 6 No. 3 (2025): Jurnal Ekonomi Manajemen Sistem Informasi (Januari - Februari 2025)
Publisher : Dinasti Review

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jemsi.v6i3.3745

Abstract

This research aims to analyze the relationship between Corporate Social and Governance pillars and green innovation in the Southeast Asian energy sector. It is a quantitative study that relies on secondary data from Refinitiv Eikon and relevant websites, analyzed using panel data regression with STATA 14 software. The research focuses on public companies in the Southeast Asian energy sector, using purposive sampling based on specific criteria, including operating between 2020-2023, having complete ESG data, and issuing financial statements during this period. This research provides a structured approach to understanding the impact of corporate social pillar includes workforce, human rights, community, and product responsibility, while the governance pillar comprises management, shareholders, and CSR strategies on green innovation in the Southeast Asian energy sector. The results of the study indicate a significant relationship between company performance and green innovation in the ASEAN energy sector. Analysis of sustainable performance variables, based on the ESG categories from the Refinitiv Eikon Database, reveals that social and governance-related scores influence green innovation in companies. Specifically, the workforce score, human rights score, and product responsibility score have a positive and significant relationship with the company’s green innovation, while the community score shows a negative and significant relationship. In terms of governance, the management score has a negative and significant relationship with green innovation, whereas the shareholder score is positively and significantly related to green innovation. The CSR strategy score, although positive, does not have a significant relationship with green innovation in the ASEAN energy sector. This study highlights the importance of social and governance factors in driving green innovation and the need to pay close attention to specific elements that can support the successful implementation of green innovation in this sector.
Peran Literasi Keuangan dan Self-Control dalam Perencanaan Keuangan Generasi Sandwich: Moderasi Tingkat Pendapatan Leoni Zahra Ireviana; Tafdil Husni; Rida Rahim
Jurnal Literasi Akuntansi Vol 6 No 3 (2026): September 2026
Publisher : Yayasan Literasi Ilmiah Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55587/jla.v6i3.401

Abstract

Purpose: This study aims to analyze the effects of financial literacy and self-control on the financial planning of the sandwich generation in Indonesia and to examine the moderating role of income level in the relationship between financial literacy and financial planning. Method: This study employed a quantitative approach with a causal-associative research design. The population consisted of the sandwich generation in Indonesia. A total of 91 respondents were selected using purposive sampling. Data were collected through an online questionnaire and analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS 4. Finding: The findings reveal that financial literacy has no significant effect on financial planning, while self-control and income level have a positive and significant effect on financial planning. In addition, income level does not significantly moderate the relationship between financial literacy and financial planning. Novelty: The novelty of this study lies in examining the financial planning behavior of the sandwich generation in Indonesia by integrating financial literacy and self-control within a single research model while investigating the moderating role of income level. This study provides empirical evidence that self-control and income level play a more important role in financial planning than financial literacy alone. Unlike mainstream financial literacy research which consistently identifies knowledge as the primary determinant of financial planning, this study uncovers a different pattern for Indonesia's sandwich generation: self-control operates as the stronger and more consistent predictor of planning behavior. This counter-intuitive finding contradicts the conventional assumption that "more financial education" is the solution for improving financial planning. Additionally, the study clarifies the inconsistent findings regarding income's role in previous research by demonstrating that income acts as a direct resource enabler rather than conditioning the effectiveness of financial literacy. These insights suggest that effective financial interventions for populations facing multi-generational obligations require emphasis on behavioral capacity-building and structural economic support, not knowledge enhancement alone.  
Co-Authors Abel Tasman Adiandra Wiransyah Adrianto, Fajri Alfarisi, Fany Alfarisi, M. Fany Alfarisi, Mohamad Fany Almaidah Ana Oktavia Besri Amelia Putri Aprayuda, Riyadi Besri, Almaidah Ana Oktavia Ciseta Yoda, Tilawatil D, RIZKI FADHEL Das, Nidia Anggreni Dimas Tristiyono Eka Rosalina Elvira Luthan Fadhillatul Hidayati Fajri Adrianto Fani Elfarisy Fany Alfarisi Frima, Rini Gustina Gustina Hadya, Rizka Husni, Sari Fatul Leoni Zahra Ireviana M. FANY ALFARISI M. Fany Alfarisi Mardiani, Sari Masyhuri Hamidi, Masyhuri Miranda Nuraini Miranda Sjofian, Devina Mohamad Fany Alfarisi Nova Begawati Rahmahtika, Rahmahtika Rida Rahim Rinda Fithriyana Rizki Fadhel Rizquha, Yaktiha Sari Mardiani Syukri Lukman Wahyu Febri Ramadhan Sudirman Yanti Yanti