Transfer Informasi Intra-Industri: Efek Pengumuman Inisiasi Deviden oleh Perusahaan Reporter
Christina Tri Setyorini
##article.abstract##
Numerous studies have examined the information content of dividendshypothesis. While much of the empirical evidence indicates that dividend changesconvey unanticipated information to the market, but the effect of the dividend initiationannouncement in the context of intra industry information transfer has not beenextensively examined. This study focus on dividend announcement since the eventsare more likely to be unexpected than subsequent regular dividend announcements.This paper investigates the stock price behavior of rival firm (nonreporterfirm) in the same industry as firm announcing dividend initiation (reporter firm).Using a sample of 32 dividend initiation announcement and 215 nonannouncing firms,spesifically dividend initiation announcement have a significantly impact on thevaluations of industry-related firm. This announcement evoke a contagion (positive)response. This response suggest that industry-related firm view the dividendinitiation as a reflection/signal of favorable firm-spesific corporate development andas a sign of industry-wide condition. Market response to dividend initiations areexamined using event study methodology. To reduce bias effects on Jakarta StockExchange as a thin market, this study using Fowler and Rorke 4 lag, 4 lead to correctthe beta.This study also empirically test the influence of dividend surprise, size andlevel of competition in industry to the security price reaction of nonannouncing firm.Furthermore, the level of competition in the industry, as measured by HerfindahlIndex, has a negative effect to nonreporter’s abnormal return.In sum, dividend initiation announcement has a rich information content notonly for the firm making the announcement but also for other firms in the industry. Inexamining how investors of industry- related firm react to these announcement, thisstudy sheds light on the nature of intra-industry information transfers and the investorpsychology driving these reactions.
Jurnal Akuntansi dan Bisnis (JAB) ISSN 1412-0852 (print), 2580-5444 (online) Published by Accounting Study Program, Faculty of Economics and Business, Universitas Sebelas Maret, Indonesia
SELECT * FROM sessions WHERE session_id = 2ajiuk3kcqbkg8bs7qfr5e3er4
Speed: 2.253 ms
INSERT INTO sessions
(session_id, ip_address, user_agent, created, last_used, remember, data, domain)
VALUES
(2ajiuk3kcqbkg8bs7qfr5e3er4, 3.129.216.15, Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com), 1732765791, 1732765791, 0, , jab1.fe.uns.ac.id
Speed: 11.401 ms
SELECT * FROM journals WHERE path = ja
Speed: 1.710 ms
Speed: 1.424 ms
Speed: 3.825 ms
SELECT last_run FROM scheduled_tasks WHERE class_name = plugins.generic.pln.classes.tasks.Depositor
Speed: 1.108 ms
SELECT last_run FROM scheduled_tasks WHERE class_name = plugins.generic.usageStats.UsageStatsLoader
Speed: 0.844 ms
SELECT last_run FROM scheduled_tasks WHERE class_name = plugins.importexport.crossref.CrossrefInfoSender
Speed: 0.737 ms
SELECT last_run FROM scheduled_tasks WHERE class_name = plugins.importexport.crossref.CrossrefInfoSender
Speed: 0.689 ms
SELECT last_run FROM scheduled_tasks WHERE class_name = classes.tasks.ReviewReminder
Speed: 0.872 ms
SELECT last_run FROM scheduled_tasks WHERE class_name = classes.tasks.SubscriptionExpiryReminder
Speed: 0.711 ms
SELECT last_run FROM scheduled_tasks WHERE class_name = classes.tasks.OpenAccessNotification
Speed: 1.372 ms
SELECT pa.*,
a.*,
COALESCE(stl.setting_value, stpl.setting_value) AS section_title,
COALESCE(sal.setting_value, sapl.setting_value) AS section_abbrev
FROM published_articles pa
INNER JOIN articles a ON pa.article_id = a.article_id
LEFT JOIN sections s ON s.section_id = a.section_id
LEFT JOIN section_settings stpl ON (s.section_id = stpl.section_id AND stpl.setting_name = title AND stpl.locale = en_US)
LEFT JOIN section_settings stl ON (s.section_id = stl.section_id AND stl.setting_name = title AND stl.locale = en_US)
LEFT JOIN section_settings sapl ON (s.section_id = sapl.section_id AND sapl.setting_name = abbrev AND sapl.locale = en_US)
LEFT JOIN section_settings sal ON (s.section_id = sal.section_id AND sal.setting_name = abbrev AND sal.locale = en_US) INNER JOIN article_settings ast ON a.article_id = ast.article_id
WHERE ast.setting_name = pub-id::publisher-id AND ast.setting_value = 4
Speed: 2.352 ms
SELECT pa.*,
a.*,
COALESCE(stl.setting_value, stpl.setting_value) AS section_title,
COALESCE(sal.setting_value, sapl.setting_value) AS section_abbrev
FROM published_articles pa,
articles a
LEFT JOIN sections s ON s.section_id = a.section_id
LEFT JOIN section_settings stpl ON (s.section_id = stpl.section_id AND stpl.setting_name = title AND stpl.locale = en_US)
LEFT JOIN section_settings stl ON (s.section_id = stl.section_id AND stl.setting_name = title AND stl.locale = en_US)
LEFT JOIN section_settings sapl ON (s.section_id = sapl.section_id AND sapl.setting_name = abbrev AND sapl.locale = en_US)
LEFT JOIN section_settings sal ON (s.section_id = sal.section_id AND sal.setting_name = abbrev AND sal.locale = en_US)
WHERE pa.article_id = a.article_id
AND a.article_id = 4
Speed: 1.633 ms
Speed: 1.807 ms
SELECT * FROM article_settings WHERE article_id = 4
Speed: 1.312 ms
Speed: 1.182 ms
SELECT i.* FROM issues i WHERE issue_id = 1
Speed: 1.159 ms
SELECT * FROM issue_settings WHERE issue_id = 1
Speed: 1.100 ms
SELECT iss.subscription_id
FROM
institutional_subscriptions iss,
subscriptions s,
subscription_types st
WHERE POSITION(UPPER(LPAD(iss.domain, LENGTH(iss.domain)+1, '.')) IN UPPER(LPAD(ec2-3-129-216-15.us-east-2.compute.amazonaws.com, LENGTH(ec2-3-129-216-15.us-east-2.compute.amazonaws.com)+1, '.'))) != 0
AND iss.domain != ''
AND iss.subscription_id = s.subscription_id
AND s.journal_id = 1
Speed: 2.025 ms
SELECT isip.subscription_id
FROM
institutional_subscription_ip isip,
subscriptions s,
subscription_types st
WHERE ((isip.ip_end IS NOT NULL
AND 58841103 >= isip.ip_start AND 58841103 <= isip.ip_end
AND isip.subscription_id = s.subscription_id
AND s.journal_id = 1
AND s.status = 1
AND s.type_id = st.type_id
AND st.institutional = 1 AND ((st.non_expiring = 1) OR (st.non_expiring = 0 AND ('2024-11-28 10:49:51' >= s.date_start AND '2024-11-28 10:49:51' <= s.date_end))) AND (st.format = 1
OR st.format = 17))
OR (isip.ip_end IS NULL
AND 58841103 = isip.ip_start
AND isip.subscription_id = s.subscription_id
AND s.journal_id = 1
Speed: 1.620 ms
SELECT * FROM sections WHERE section_id = 1
Speed: 1.180 ms
SELECT * FROM section_settings WHERE section_id = 1
Speed: 1.005 ms
SELECT * FROM sections WHERE section_id = 1
Speed: 0.919 ms
SELECT * FROM section_settings WHERE section_id = 1
Speed: 0.928 ms
SELECT g.*,
a.file_name, a.original_file_name, a.file_stage, a.file_type, a.file_size, a.date_uploaded, a.date_modified
FROM article_galleys g
LEFT JOIN article_files a ON (g.file_id = a.file_id)
WHERE g.galley_id = 0 AND g.article_id = 4
Speed: 1.093 ms
SELECT pa.*,
a.*,
COALESCE(stl.setting_value, stpl.setting_value) AS section_title,
COALESCE(sal.setting_value, sapl.setting_value) AS section_abbrev
FROM published_articles pa
INNER JOIN articles a ON pa.article_id = a.article_id
LEFT JOIN sections s ON s.section_id = a.section_id
LEFT JOIN section_settings stpl ON (s.section_id = stpl.section_id AND stpl.setting_name = title AND stpl.locale = en_US)
LEFT JOIN section_settings stl ON (s.section_id = stl.section_id AND stl.setting_name = title AND stl.locale = en_US)
LEFT JOIN section_settings sapl ON (s.section_id = sapl.section_id AND sapl.setting_name = abbrev AND sapl.locale = en_US)
LEFT JOIN section_settings sal ON (s.section_id = sal.section_id AND sal.setting_name = abbrev AND sal.locale = en_US) INNER JOIN article_settings ast ON a.article_id = ast.article_id
WHERE ast.setting_name = pub-id::publisher-id AND ast.setting_value = 4
Speed: 2.152 ms
SELECT pa.*,
a.*,
COALESCE(stl.setting_value, stpl.setting_value) AS section_title,
COALESCE(sal.setting_value, sapl.setting_value) AS section_abbrev
FROM published_articles pa,
articles a
LEFT JOIN sections s ON s.section_id = a.section_id
LEFT JOIN section_settings stpl ON (s.section_id = stpl.section_id AND stpl.setting_name = title AND stpl.locale = en_US)
LEFT JOIN section_settings stl ON (s.section_id = stl.section_id AND stl.setting_name = title AND stl.locale = en_US)
LEFT JOIN section_settings sapl ON (s.section_id = sapl.section_id AND sapl.setting_name = abbrev AND sapl.locale = en_US)
LEFT JOIN section_settings sal ON (s.section_id = sal.section_id AND sal.setting_name = abbrev AND sal.locale = en_US)
WHERE pa.article_id = a.article_id
AND a.article_id = 4
Speed: 1.530 ms
Speed: 1.285 ms
SELECT * FROM article_settings WHERE article_id = 4
Speed: 1.251 ms
Speed: 1.011 ms
SELECT iss.subscription_id
FROM
institutional_subscriptions iss,
subscriptions s,
subscription_types st
WHERE POSITION(UPPER(LPAD(iss.domain, LENGTH(iss.domain)+1, '.')) IN UPPER(LPAD(ec2-3-129-216-15.us-east-2.compute.amazonaws.com, LENGTH(ec2-3-129-216-15.us-east-2.compute.amazonaws.com)+1, '.'))) != 0
AND iss.domain != ''
AND iss.subscription_id = s.subscription_id
AND s.journal_id = 1
Speed: 1.299 ms
SELECT isip.subscription_id
FROM
institutional_subscription_ip isip,
subscriptions s,
subscription_types st
WHERE ((isip.ip_end IS NOT NULL
AND 58841103 >= isip.ip_start AND 58841103 <= isip.ip_end
AND isip.subscription_id = s.subscription_id
AND s.journal_id = 1
AND s.status = 1
AND s.type_id = st.type_id
AND st.institutional = 1 AND ((st.non_expiring = 1) OR (st.non_expiring = 0 AND ('2024-11-28 10:49:51' >= s.date_start AND '2024-11-28 10:49:51' <= s.date_end))) AND (st.format = 1
OR st.format = 17))
OR (isip.ip_end IS NULL
AND 58841103 = isip.ip_start
AND isip.subscription_id = s.subscription_id
AND s.journal_id = 1
Speed: 1.293 ms
SELECT *
FROM citations
WHERE assoc_type = 257 AND assoc_id = 4 AND citation_state >= 0 AND citation_state <= 5
Speed: 1.144 ms
SELECT * FROM sections WHERE section_id = 1
Speed: 1.013 ms
SELECT * FROM section_settings WHERE section_id = 1
Speed: 1.114 ms
Speed: 3.840 ms
SELECT COUNT(*) FROM plugin_settings WHERE plugin_name = block visitor AND setting_name = enabled AND journal_id = 1
Speed: 1.207 ms
UPDATE plugin_settings SET
setting_value = 1,
setting_type = bool
WHERE plugin_name = block visitor AND setting_name = enabled AND journal_id = 1
Speed: 0.978 ms
SELECT setting_name, setting_value, setting_type FROM plugin_settings WHERE plugin_name = block visitor AND journal_id = 1
Speed: 1.054 ms
SELECT COUNT(*) FROM plugin_settings WHERE plugin_name = block indexed AND setting_name = enabled AND journal_id = 1
Speed: 1.087 ms
UPDATE plugin_settings SET
setting_value = 1,
setting_type = bool
WHERE plugin_name = block indexed AND setting_name = enabled AND journal_id = 1
Speed: 1.162 ms
SELECT setting_name, setting_value, setting_type FROM plugin_settings WHERE plugin_name = block indexed AND journal_id = 1
Speed: 1.124 ms
SELECT COUNT(*) FROM plugin_settings WHERE plugin_name = block issn AND setting_name = enabled AND journal_id = 1
Speed: 1.210 ms
UPDATE plugin_settings SET
setting_value = 1,
setting_type = bool
WHERE plugin_name = block issn AND setting_name = enabled AND journal_id = 1
Speed: 0.973 ms
SELECT setting_name, setting_value, setting_type FROM plugin_settings WHERE plugin_name = block issn AND journal_id = 1
Speed: 1.112 ms
SELECT COUNT(*) FROM plugin_settings WHERE plugin_name = block template AND setting_name = enabled AND journal_id = 1
Speed: 1.082 ms
UPDATE plugin_settings SET
setting_value = 1,
setting_type = bool
WHERE plugin_name = block template AND setting_name = enabled AND journal_id = 1
Speed: 1.012 ms
SELECT setting_name, setting_value, setting_type FROM plugin_settings WHERE plugin_name = block template AND journal_id = 1
Speed: 1.140 ms
SELECT COUNT(*) FROM plugin_settings WHERE plugin_name = menu bar AND setting_name = enabled AND journal_id = 1
Speed: 1.037 ms
UPDATE plugin_settings SET
setting_value = 1,
setting_type = bool
WHERE plugin_name = menu bar AND setting_name = enabled AND journal_id = 1
Speed: 1.064 ms
SELECT setting_name, setting_value, setting_type FROM plugin_settings WHERE plugin_name = menu bar AND journal_id = 1
Speed: 1.181 ms
SELECT COUNT(*) FROM plugin_settings WHERE plugin_name = plagiat checker AND setting_name = enabled AND journal_id = 1
Speed: 14.544 ms
UPDATE plugin_settings SET
setting_value = 1,
setting_type = bool
WHERE plugin_name = plagiat checker AND setting_name = enabled AND journal_id = 1
Speed: 1.184 ms
SELECT setting_name, setting_value, setting_type FROM plugin_settings WHERE plugin_name = plagiat checker AND journal_id = 1
Speed: 0.990 ms
SELECT COUNT(*) FROM plugin_settings WHERE plugin_name = member block AND setting_name = enabled AND journal_id = 1
Speed: 1.015 ms
UPDATE plugin_settings SET
setting_value = 1,
setting_type = bool
WHERE plugin_name = member block AND setting_name = enabled AND journal_id = 1
Speed: 0.896 ms
SELECT setting_name, setting_value, setting_type FROM plugin_settings WHERE plugin_name = member block AND journal_id = 1
Speed: 1.020 ms
SELECT COUNT(*) FROM plugin_settings WHERE plugin_name = references block AND setting_name = enabled AND journal_id = 1
Speed: 0.977 ms
UPDATE plugin_settings SET
setting_value = 1,
setting_type = bool
WHERE plugin_name = references block AND setting_name = enabled AND journal_id = 1
Speed: 1.009 ms
SELECT setting_name, setting_value, setting_type FROM plugin_settings WHERE plugin_name = references block AND journal_id = 1
Speed: 1.057 ms
SELECT COUNT(*) FROM plugin_settings WHERE plugin_name = sertifikat akreditasi AND setting_name = enabled AND journal_id = 1
Speed: 1.133 ms
UPDATE plugin_settings SET
setting_value = 1,
setting_type = bool
WHERE plugin_name = sertifikat akreditasi AND setting_name = enabled AND journal_id = 1
Speed: 0.948 ms
SELECT setting_name, setting_value, setting_type FROM plugin_settings WHERE plugin_name = sertifikat akreditasi AND journal_id = 1
Speed: 1.068 ms
Speed: 1.511 ms
SELECT * FROM author_settings WHERE author_id = 4
Speed: 1.338 ms
Speed: 1.230 ms
SELECT * FROM author_settings WHERE author_id = 4
Speed: 1.015 ms
Speed: 1.119 ms
SELECT * FROM author_settings WHERE author_id = 4
Speed: 0.895 ms
Speed: 0.960 ms
SELECT * FROM author_settings WHERE author_id = 4
Speed: 0.813 ms
Speed: 0.865 ms
SELECT * FROM author_settings WHERE author_id = 4
Speed: 0.777 ms
Speed: 1.134 ms
SELECT * FROM author_settings WHERE author_id = 4
Speed: 0.956 ms
Speed: 0.969 ms
SELECT * FROM author_settings WHERE author_id = 4
Speed: 0.922 ms