“…Based on Weng, Chin, Yee, Ann, and Leng (2010) research in Malaysia and Singapore, the results showed that abnormal returns were significant to the dividend announcement. The same results were also revealed by Suwanna (2012) in Thailand, Laabs and Bacon (2013) in America, Kadioglu, Telceken, and Ocal (2015) in Turkey, Ngoc and Cuong (2016) in Vietnam, and Damayanti and Pratama (2018) in Indonesia. Meanwhile, research conducted by Md.…”