The Effect of Financial Performance and Dividend Policy on Cumulative Abnormal Return

Abstract

The purpose of this study was to determine the effect of financial performance and dividend policy on Cumulative Abnormal Return for company shares in Jakarta Islamic Index. The population was all company stocks listed on The Jakarta Islamic Index from 2009 to 2018. The samples were selected by purposive sampling with the criteria the companies were consistently included in JII (not delisted and relisted) during the 2009-2018 period and those that met the criteria were five companies. Financial performance was proxies by Earning per Share, Price Earnings Ratio, Current Ratio, and Return on Equity. Meanwhile, dividend policy was proxies by the Dividend Payout Ratio. This research type was quantitative by using the panel data regression method. The results showed that Earning per Share effect on Cumulative Abnormal Return, while the Price Earnings Ratio, Current Ratio, Return On Equity and Dividend Payout Ratio variables had no effect on Cumulative Abnormal Return. The implications of this research for other parties consists of scientific development, especially in the field of financial management, and can be an input for investors in investing in shares on the Indonesia Stock Exchange (IDX) so that it can have a positive impact in the form of dividends or capital gains to investors. And can be used as a reference for further researchers by adding other variables that are not included in this study.

Influence of Financial Knowledge and Religiosity Towards Financial Management Behavior With Financial Attitude as a Moderation Variable

“…The item with the highest average value is the one that indicates higher awareness, with the statement "To deal with everyday problems, I take a broad view or holistic perspective." These findings are in line with the concept of the theory of planned behavior, which describes how a person tends to act based on figures who have significant influence in 185 their life (Rahayu & Wardana, 2021). The results of this research are relevant because the study focuses on Kopontren administrators, who have a high level of confidence in Allah.…”

Stock Selection and Analysis Based on Valuation, Growth, Profitability and Payout

“…Due to changes in U.S. economic policy and changes in the international situation, data for 2022 are listed separately. In order to pursue timeliness, the cumulative abnormal return (CAR) of 2022 [13] will be introduced. Because of the sluggish U.S. stock market in 2022, CAR of 2022 will be the most important indicator to measure the ability of growth.…”

The Pengaruh Kebijakan Dividen Terhadap Abnormal return dengan Informasi Laba sebagai Variabel Pemoderasi

“…Kebijakan dividen merupakan keputusan yang diambil oleh sebuah perusahaan untuk membagi sebagian dari labanya kepada investor dalam bentuk dividen (Rahayu & Wardana, 2021). Kebijakan dividen terutama besaran dividen yang digambarkan dalam Dividend Payout Ratio (DPR) dapat berdampak pada abnormal return.…”

“…Abnormal return positif terjadi pada saat sebelum tanggal ex-Dividend. Dan sebaliknya, abnormal return negatif terjadi pada saat setelah tanggal ex-Dividend.Penelitian yang dilakukan olehRahayu & Wardana (2021) menyatakan bahwa kebijakan dividen yang digambarkan melalui DPR tidak memiliki pengaruh terhadap Cumulative Abnormal return (CAR). Hal tersebut dikarenakan ketika perusahaan melakukan pembagian dividen dalam jumlah besar, maka laba ditahan perusahaan akan semakin kecil yang membuat kemampuan perusahaan untuk melakukan ekspansi lebih kecil dibandingkan jika perusahaan tidak melakukan pembagian dividen.…”