摘要：It had been known that the presence of dividend will affect the value of shares in the stockmarket, but since the dividend payers also belief that, their stock price will increase by payingdividend to investors, then it seems these phenomenon are becoming very complex to explain. Theobjective of this study is want to give an empirical evidence whether dividend plays the main role forfluctuation of stock price or vice versa in the stock market. The results show that, dividend hassignificant effect to stock price, and conversely, stock price also has significant effect to dividend. Theimplications of this study are fit for signaling effect, bird in the hand effect, and catering effect whichis dominated by dividend payers who paying dividend continuously. In further analysis, this study find,the most specific characteristics for dividend payers who paying dividend continuously compared toother dividend payers are larger number of shares, larger fixed assets, largest total assets, largesttotal debt, largest retained earnings, largest revenue, and largest net income.
关键词：Dividend; Stock Price; Signal; Bird In The Hand; Catering Effect
