摘要：This research is aimed to examine the influence of ex-dividend date on stock price movements in the Jakarta Stock Exchange. A 30-days of observation%2C divided into a 15-days period before and a 15-days period after the ex-dividend date%2C is analized by using an event study method applying the Paired Sample T-test.The result shows that the average price of stocks before the ex-dividend date are significantly different with those after the ex-dividend date. It indicates that there is a significant movement in the stocks prices between the both periods of observation due to dividend announcement. Far more than that%2C the research also reveals that the amount of the stocks price alteration is statistically the same as the amount of their dividend per share. Abstract in Bahasa Indonesia : Penelitian ini bertujuan untuk menganalisis pengaruh ex-dividen date terhadap perubahan harga saham di Bursa Efek Jakarta. Periode penelitian selama 30 hari%2C yaitu 15 hari sebelum dan 15 hari sesudah ex-dividend date yang dianalisa dengan menggunakan metode event study melalui aplikasi uji beda dua rata-rata berpasangan. Hasil penelitian menunjukkan bahwa nilai rata-rata harga saham sebelum ex-dividend date dan nilai rata-rata harga saham sesudah ex-dividend date secara statistik berbeda signifikan. Hal ini mengindikasikan%2C bahwa terjadi pergerakan harga saham yang signifikan selama antara dua periode observasi tersebut akibat pengumuman pembagian dividen. Lebih lanjut%2C besarnya perubahan harga saham tersebut secara statistik tidak berbeda dengan nilai dividen per lembar saham yang dibagikan. dividend%2C ex-dividend date%2C stock price.
