Pengujian Efisiesni Pasar Bentuk Setengah Kuat Secara Keputusan: Analisis Pengumuman Dividen Meningkat
| Main Authors: | Setiawan, Doddy; Universitas Sebelas Maret, Hartono, Jogiyanto; Universitas Gadjah Mada |
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| Format: | Article info eJournal |
| Bahasa: | eng |
| Terbitan: |
The Indonesian Journal of Accounting Research
, 2013
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| Subjects: | |
| Online Access: |
http://ijar-iaikapd.or.id/index.php/ijar/article/view/95 |
Daftar Isi:
- This research aims at examining the decisionally efficient market by analyzing dividend increase announcement at Jakarta Stock Exchange. The analysis includes three aspects: information content, speed of market reaction and accuracy of market reaction.The sample for this research is 132 firms during the period of 1992-1996. The analysis shows that on the announcement date market significantly gave positive reaction to dividend increase announcement. This reaction resulted in abnormal return of 0,3838%. This fact shows that the dividend increase announcement in Indonesia has an information content and market react quickly. To analyze the accuracy of market reaction, the sample is divided into 2 parts: growth and non-growth firms. The analysis then shows that market did not react significantly to growth firms and gave positive reaction to non-growth firms. Actually, market should give positive reaction to the growth firms only and negative reaction to the non-growth firms. Finally, the conclusion is that Jakarta Stock Exchange is not a decisionally efficient market.