期刊名称：JAKI (Jurnal Akuntansi dan Keuangan Indonesia)
印刷版ISSN：1829-8494
电子版ISSN：2406-9701
出版年度：2008
卷号：5
期号：1
页码：77-101
DOI：10.21002/jaki.2008.04
语种：Indonesian
出版社：Universitas Indonesia
摘要：This research aims at examining dividend-signaling hypothesis by testing the relationship between dividend changes and operational performance as well as market performance.The sample consists of 75 firms fo r the period 2000-2005.The analysis employed are multiple regressions and event study.The results on operational performance show that (1) dividend increase (with earnings increase or earnings decrease) correlates significantly with the increase of next period company ’s profitability,(2) dividend decrease and earnings decrease negatively correlate with next period company's profitability,(3) dividend decrease and earnings increase positively correlate with next period company ’s profitability,and (4) unchanged dividend does not correlate with next period company’s profitability.The evidence on market performance (cumulative abnormal return surrounding dividend announcement date) shows that dividend changes have significant effect on cumulative abnormal return fo r five and ten days around announcement date.Evidences from this research show that dividend signaling hypothesis is not fully supported.
关键词：dividend per share;earnings;cumulative abnormal return;company profitability
