Pengaruh Perubahan Dividen terhadap Profitabilitas Masa Mendatang (Studi Empiris Pada Perusahaan Sektor Keuangan Bursa Efek Indonesia Periode 2009-2013)
| Main Authors: | , AYU MENTARI, , Prof. Dr. Indra Wijaya Kusuma, M.B.A., CMA. |
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| Format: | Thesis NonPeerReviewed |
| Terbitan: |
[Yogyakarta] : Universitas Gadjah Mada
, 2014
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| Subjects: | |
| Online Access: |
https://repository.ugm.ac.id/130878/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=71311 |
Daftar Isi:
- Changes in a company's dividend is an information that is capable of triggering the movement of stock prices in the capital market. That is because dividend changes are considered a signal from the company�s management regarding their forecasts over the future prospects of the company. Positive dividend changes are considered as a good signal and negative dividend changes are considered as a bad signal over the company's future prospects. Future prospects of the company is represented by future profitability. This research is an empirical study that addresses the effect of dividend changes on future profitability. Future profitability is measured through the future earnings of the company. Changes in dividend covers positive, negative, and no dividend changes. Hypothesis testing is performed using the t test in multiple linear regression towards the samples of 34 financial companies listed in the Indonesian Stock Exchange in the period 2009-2013. After controlling for the company's size and leverage, we found that dividend changes are positively related to the level of future profitability. By doing so, the company needs to consider its dividend policy very well, where as an error in the decision-making related to the dividend policy may signal the wrong condition of the company. Investor�s response towards the wrong signal might then be able to impact the decline in the stock price of the company concerned.