ojs2 has produced an error Message: WARNING: Invalid argument supplied for foreach() In file: /home/jab1/public_html/lib/pkp/classes/core/Core.inc.php At line: 149 Stacktrace: File: /home/jab1/public_html/lib/pkp/classes/core/Core.inc.php line 149 Function: PKPApplication->errorHandler(2, "Invalid argument supplied for foreach()", "/home/jab1/public_html/lib/pkp/classes/core/Core.inc.php", 149, Array(6)) File: /home/jab1/public_html/lib/pkp/classes/core/PKPRequest.inc.php line 463 Function: Core->isUserAgentBot("Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)") File: /home/jab1/public_html/plugins/generic/usageEvent/UsageEventPlugin.inc.php line 353 Function: PKPRequest->isBot() File: /home/jab1/public_html/plugins/generic/usageEvent/UsageEventPlugin.inc.php line 106 Function: UsageEventPlugin->_buildUsageEvent("TemplateManager::display", Array(5)) File: (unknown) line (unknown) Function: UsageEventPlugin->getUsageEvent("TemplateManager::display", Array(5)) File: /home/jab1/public_html/lib/pkp/classes/plugins/HookRegistry.inc.php line 89 Function: call_user_func(Array(2), "TemplateManager::display", Array(5)) File: /home/jab1/public_html/lib/pkp/classes/template/PKPTemplateManager.inc.php line 332 Function: HookRegistry->call("TemplateManager::display", Array(5)) File: /home/jab1/public_html/pages/article/ArticleHandler.inc.php line 224 Function: PKPTemplateManager->display("article/article.tpl") File: (unknown) line (unknown) Function: ArticleHandler->view(Array(1), Object(Request)) File: /home/jab1/public_html/lib/pkp/classes/core/PKPRouter.inc.php line 362 Function: call_user_func(Array(2), Array(1), Object(Request)) File: /home/jab1/public_html/lib/pkp/classes/core/PKPPageRouter.inc.php line 220 Function: PKPRouter->_authorizeInitializeAndCallRequest(Array(2), Object(Request), Array(1), False) File: /home/jab1/public_html/lib/pkp/classes/core/Dispatcher.inc.php line 134 Function: PKPPageRouter->route(Object(Request)) File: /home/jab1/public_html/lib/pkp/classes/core/PKPApplication.inc.php line 178 Function: Dispatcher->dispatch(Object(Request)) File: /home/jab1/public_html/index.php line 64 Function: PKPApplication->execute() Server info: OS: Linux PHP Version: 5.6.40-38+ubuntu18.04.1+deb.sury.org+1 Apache Version: N/A DB Driver: mysql DB server version: 5.7.33-0ubuntu0.16.04.1-log
Transfer Informasi Intra Industri di Sekitar Pengumuman Inisiasi dan Omisi Dividen | Cahyaningsih | Jurnal Akuntansi dan Bisnis

Transfer Informasi Intra Industri di Sekitar Pengumuman Inisiasi dan Omisi Dividen

Cahyaningsih Cahyaningsih

##article.abstract##


This research focuses at announcement of dividend initiations and dividend omissions. This research investigates stock prices reaction of rival firms (nonreporter) in the same industry with the announcing firms (reporter) from firms that have active trading share. This study used sample of 18 reporter and 79 nonreporter for dividend initiation, 9 reporter and 53 nonreporter for dividend omission during 2000-2004 time periods. The result of the study shows that on the announcement of dividend initiations and omissions have significant effects on valuation of nonreporter firms in the same industry. Those announcement cause competitive effect. This research also investigates characteristic variables of reporter firms that influence on stock prices reactions nonreporter firms (as investors reaction), that are size, growth, and risk. The statistic methods used to test hypothesis are t-test and multiple regression analysis. The result of the study shows that size and growth are significant, that can explain the magnitude of the transfer information intra-industry, but variable risk is not significant.

References


Ambarwati, Sri Dwi Ari. 2003. Pengaruh Pengumuman Dividend Initiations dan Dividend Cut/Ommisions terhadap Return Saham di Bursa Efek Jakarta. Tesis. Program Pasca Sarjana, Universitas Gadjah Mada, Yogyakarta.

Dyl, Edward A., dan Robert A. Weigand. 1998. The Information Content of Dividend Initiations: Additional Evidence. Financial Management, Vol. 27. No. 3 (Autumn): 227-235.

Firth, M. 1996. Dividend Changes, Abnormal Return, and Intra-Industry Firm Valuations. Journal of Financial and Quantitative Analysis: 189-221.

Fitrijanti, Tettet dan Jogiyanto Hartono. 2000. Analisis Korelasi Pokok IOS dengan Realisasi Pertumbuhan, Kebijakan Pendanaan dan dividen. Makalah Simposium Nasional Akuntansi III: 851-877.

Giyartiningrum, Eko. 2000. Pengaruh Inisiasi Dividen Terhadap Kandungan Informasi Pengumuman Laba. Tesis. Program Pasca Sarjana, Universitas Gadjah Mada, Yogyakarta.

Gujarati, Damodar. 2000. Basic Econometrics. Forth Edition, McGraw-Hill.

Hartono, Jogiyanto. 2003. Teori Portofolio dan Analisis Investasi. Edisi III. Yogyakarta: BPFE.

Howe, J.S, dan Y. She. 1998. Information Associated with Dividend Initiations: Firm-Specific or Industrywide?. Financial Management: 17-26.

Jin, Zhenhu. 2000. On The Differential Market Reaction to Dividend Initiations. The Quarterly Review of Economics and Finance 40: 263-277.

Kohers, N., G. L. Caton, dan J. Goh. 2003. Dividend Omissions and Intraindustry Information Transfers. The Journal of Financial Research (Spring):51-64.

Kohers, Ninon. 1999. The Industry-Wide Implications of Dividend Omission and Initiation Announcements and the Determinants of Information Transfer. The Financial Review 34: 137-158.

Laux, P., L. Starks, dan P. S. Yoong. 1998. The Relative Importance of Competition and Contagion in Intra-Industry Information Transfers: An Investigation of Dividend Announcements. Financial Management (Autumn): 5-16.

Michaely, R.H. Thaler, dan Womack. 1995. Price Reaction to Dividend Initiations and Omissions: Overreaction of Drift. Journal of Finance. Vol. L. No.2.

Mitra, Dhevashis, dan James E. Owers. 1995. Dividend Initiations Announcement Effects and The Firm’s Information Environment. Journal of Business Finance and Accounting (June): 551-573.

Prasetio, Januar E., dan Nardi A. Wibowo. 2003. Kandungan Informasi Pengumuman Omisi Dividend Terhadap Harga Saham. Wahana. Vol.6 (Agustus): 139-147.

Purnomo, Imam Teguh. 2000. Pengaruh Kebijakan Dividen Terhadap Kinerja Saham Jangka Panjang Perusahaan Go Public di Bursa Efek Jakarta. Skripsi. Program S1 Extension, Universitas Gadjah Mada, Yogyakarta.

Schipper, K. 1990. Commentary on Information Transfer. Accounting Horizons (December): 97-107.

Sekaran, Uma. 2000. Research Methods for Business. Third Edition. United States of Amerika: John Wiley & Sons, Inc.

Setyorini, Christina Tri. 2001. Transfer Informasi Intra-Industri: Efek Pengumuman Inisiasi Dividen oleh Perusahaan Reporter. Tesis. Program Pasca Sarjana, Universitas Gadjah Mada, Yogyakarta.

Widayanti, Rita, dan Maria Rio Rita. 2004. Reaksi Pasar dan Pertumbuhan Investasi Perusahaan yang Mengumumkan Dividend Initiations dan Dividend Omissions. Jurnal Ekonomi dan Bisnis (Maret): 76-91.




DOI: http://dx.doi.org/10.20961/jab.v7i1.51

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


Creative Commons License
JAB on http://jab.fe.uns.ac.id/index.php/jab is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License

Visitor Statistic