EX-DIVIDEND DATE DAN PERUBAHAN HARGA SAHAM

Taungke, Novriyanthi ( Fakultas Ekonomika dan Bisnis Universitas Kristen Satya Wacana)
Supramono, S ( Fakultas Ekonomika dan Bisnis Universitas Kristen Satya Wacana)

Jurnal Keuangan dan Perbankan
Vol 19, No 3 (2015): September 2015

The aim of this study is to analyze whether the stock prices decrease at ex-dividend date in Indonesia Stock Exchange (IDX) that is determined by amount of dividend drop-off ratio (DDR). This study also attempts to investigate the differences the stock prices decrease at ex-dividend date based on Investment Opportunity Set (IOS). Sample consist of  the companiesthat announced the dividend during 2010-2012 periods. By using non-parametric tests, especially Chi-square Test and Mann Whitney Test,  the result of this study showed the stock prices decreased less than dividend amount on ex-dividend date. Besides, the non-growth firms experienced decrease more than growth firms.