Effect of Dividen Policy on Abnormal Return with Earning Information as a Moderating Variable

Alwan Ayyasyi; Etty Gurendrawati; Dwi Handarini

doi:10.21009/wahana.17.017

Authors

Alwan Ayyasyi Universitas Negeri Jakarta
Etty Gurendrawati Universitas Negeri Jakarta
Dwi Handarini Universitas Negeri Jakarta

DOI:

https://doi.org/10.21009/wahana.17.017

Keywords:

Dividend Policy, Earning Information, Abnormal Return, Siganling Theory, Efficient Market

Abstract

This research was conducted with the aim of knowing the effect of dividend policy on abnormal returns with earnings information as a moderating variable. The purposive sampling method was used as a sampling technique with 22 selected companies from 45 companies listed on the LQ45 index on the Indonesia Stock Exchange (IDX) from 2016 to 2020. This study used secondary data source obtained through the Mirae Asset Home Online Trading System software to obtain information related to dividends and share prices, and IDX website to obtain the publication of annual reports to obtain information related to company profits. The results of this study indicate that dividend policy has a negative effect on abnormal returns. Meanwhile, earnings information has not been able to moderate the effect of dividend policy on abnormal returns.

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