Reaksi Pasar Terhadap Pengumuman Dividen PT Total Bangun Persada, Tbk Tahun Buku 2022-2024
DOI:
https://doi.org/10.63607/jcmb.v14i1.60Keywords:
Abnormal Return, Dividen, Volume Perdagangan SahamAbstract
Penelitian ini bertujuan untuk mengetahui dampak pengumuman dividen terhadap harga saham yang terlihat dari abnormal return dan volume perdagangan saham di pasar modal. Penelitian dilakukan secara kuantitatif melalui event study yang mengambil event window lima hari sebelum pengumuman dividen (t-5 sampai t-1) dan lima hari setelah pengumuman dividen (t+1 sampai t+5) pada PT Total Bangun Persada, Tbk tahun buku 2022-2024 dengan estimation window 35 hari sebelum t-5. Teknik analisis data menggunakan uji beda parametrik (paired sample t-test) dan non-parametrik (Wilcoxon signed rank test). Hasil penelitian menunjukkan tidak ada perbedaan abnormal return sebelum dan setelah pengumuman dividen pada tahun buku 2022-2024. Adapun volume perdagangan saham menunjukkan reaksi yang berbeda-beda. Tahun buku 2022 dan 2023 menunjukkan tidak ada perbedaan volume perdagangan saham. Namun pada tahun buku 2024 menunjukkan terdapat perbedaan volume perdagangan saham sebelum dan setelah pengumuman dividen. Hal tersebut dapat dipengaruhi oleh ekspektasi investor dan nilai informatif dividen. Perusahaan perlu mempertimbangkan konsistensi dan besaran pembagian dividen sebagai sinyal penting bagi investor dengan tetap memperhatikan kondisi pasar. Investor perlu memperhatikan pola historis dividen perusahaan dengan tetap mempertimbangkan faktor fundamental perusahaan.
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