UI - Tesis (Membership) :: Kembali

UI - Tesis (Membership) :: Kembali

Pengaruh perubahan tarif pajak dividen terhadap reaksi pasar pada saat cum dan ex dividend date = The effect of dividend tax rate changes towards market reaction at cum and ex dividend date / Muhammad Jaka Hendardi

Muhammad Jaka Hendardi; Irwan Adi Ekaputra, supervisor (Fakultas Ekonomi dan Bisnis Universitas Indonesia, 2014)

 Abstrak

[ABSTRAK
Pada tahun 2009 pemerintah menurunkan tarif pajak dividen. Sejak dikeluarkan
pengumuman dividen sampai dibayarkan ada jeda waktu, yang pada waktu
tertentu pembelian saham pada waktu tersebut tidak mendapatkan hak dividen
yaitu ex dividend date dan satu hari sebelumnya waktu perdagangan aktif
merupakan cum dividend date yaitu hari terakhir investor memiliki hak atas
dividen sebelum dibagikan. Dengan adanya hal tersebut maka peneliti mencoba
meneliti perbandingan reaksi pasar dalam event window sebelum dan setelah
kebijakan tarif pajak yang baru dari beberapa hari menjelang cum dividend date
sampai beberapa setelah ex dividend date. Dari hasil uji beda yang dilakukan
ditemukan tidak ada beda yang signifikan dalam event window sebelum dan
setelah adanya kebijakan perpajakan yang baru namun pada hari terakhir event
window didapati ada perbedaan yang signifikan atas abnormal return pada hari
terakhir menjelang akhir ex dividend date. Dari penelitian juga ditemukan adanya
pengaruh pengumuman dividen terhadap cumulative abnormal return dalam
event window yang membuat pasar bereaksi baik sebelum kebijakan perpajakan
yang baru maupun setelahnya namun tidak adanya reaksi pasar yang berlebihan
dengan adanya kebijakan perpajakan yang baru kecuali menjelang akhir ex
dividend date setelah adanya kebijakan perpajakan yang baru tersebut. Dan
kegiatan pembayaran dividen juga meningkat setelah adanya kebijakan
perpajakan yang baru;

ABSTRACT
In 2009 the government issued a policy dividend tax rate reduction. Since there is
a lag between dividend announcement until dividend payment, there are a certain
time which investor has no right to receive dividend that’s call ex dividend date
and one active transaction day before ex dividend date is cum dividend date is the
last day that the investor has the right for dividends before distribution . Given
these conditions, the authors attempt to do a comparative study of market
reaction in the event window before and after the introduction of the new tax rate
policies on the days leading up to cum dividend date and the days after the ex
dividend date . The results show there is no significant difference in event
window before and after the introduction of the new tax policy but on the last day
of the event window found significant differences over the abnormal return on the
last day before the end of the ex- dividend date . The study also found the effect of
dividend announcement on cumulative abnormal return in the event window
which makes the market reacts well before the new tax policy or thereafter but not
excessive market reaction to the new tax policy except towards the end of the exdividend
date after the new tax policy. And dividend payment policy also rise after
the new dividend tax policy., In 2009 the government issued a policy dividend tax rate reduction. Since there is
a lag between dividend announcement until dividend payment, there are a certain
time which investor has no right to receive dividend that’s call ex dividend date
and one active transaction day before ex dividend date is cum dividend date is the
last day that the investor has the right for dividends before distribution . Given
these conditions, the authors attempt to do a comparative study of market
reaction in the event window before and after the introduction of the new tax rate
policies on the days leading up to cum dividend date and the days after the ex
dividend date . The results show there is no significant difference in event
window before and after the introduction of the new tax policy but on the last day
of the event window found significant differences over the abnormal return on the
last day before the end of the ex- dividend date . The study also found the effect of
dividend announcement on cumulative abnormal return in the event window
which makes the market reacts well before the new tax policy or thereafter but not
excessive market reaction to the new tax policy except towards the end of the exdividend
date after the new tax policy. And dividend payment policy also rise after
the new dividend tax policy.]

 File Digital: 1

Shelf
 T-Muhammad Jaka.pdf :: Unduh

 Metadata

Jenis Koleksi: UI - Tesis (Membership)
No. Panggil : T-Pdf
Entri utama-Nama orang :
Entri tambahan-Nama orang :
Subjek :
Penerbitan : [Place of publication not identified]: Fakultas Ekonomi dan Bisnis Universitas Indonesia, 2014
Program Studi :
Sumber Pengatalogan : LibUI ind rda
Tipe Konten : text
Tipe Media : unmediated ; computer
Tipe Carrier : volume ; online resource
Deskripsi Fisik : xii, 53 pages : illustration ; 28 cm + appendix
Catatan Bibliografi : pages 52-53
Lembaga Pemilik : Universitas Indonesia
Lokasi : Perpustakaan UI, Lantai 3
  • Ketersediaan
  • Ulasan
No. Panggil No. Barkod Ketersediaan
T-Pdf TERSEDIA
Ulasan:
Tidak ada ulasan pada koleksi ini: 20365561