Daftar Isi:
  • This research is purposed to examined market reaction that is positive reaction towards the announcement of increase dividend, market reaction that is negative reaction towards the announcement of decrease dividend, market reaction that is positive reaction towards the announcement of increase dividend by the growth company, market reaction that is negative reaction towards the announcement of increase dividend by ungrowth company, market reaction that is positive reaction towards the announcement of decrease dividend by the growth company, market reaction that is negative reaction towards decrease dividend by ungrowth company. The sample are the manufacture company that listed in BEI and have cash dividend in period 2005 - 2007. The technique of analysis used are event study. The conclusion are : First, market have positive reaction towards the announcement of increase dividend. Second, market have negative reaction towards the announcement of decrease dividend. Third, market have positive reaction towards the announcement of increase dividend by growth company. Fourth, market have negative reaction towards the announcement of increase dividend by ungrowth company. Fifth, market have positive reaction towards the announcement of decrease dividend by growth company. Sixth, market have negative reaction towards the announcement of decrease dividend by ungrowth company.