Transfer Informasi Intra-Industri: Efek Pengumuman Inisiasi Deviden oleh Perusahaan Reporter

TL;DRAbstract

Numerous studies have examined the information content of dividendshypothesis. While much of the empirical evidence indicates that dividend changesconvey unanticipated information to the market, but the effect of the dividend initiationannouncement in the context of intra industry information transfer has not beenextensively examined. This study focus on dividend announcement since the eventsare more likely to be unexpected than subsequent regular dividend announcements.This paper investigates the stock price behavior of rival firm (nonreporterfirm) in the same industry as firm announcing dividend initiation (reporter firm).Using a sample of 32 dividend initiation announcement and 215 nonannouncing firms,spesifically dividend initiation announcement have a significantly impact on thevaluations of industry-related firm. This announcement evoke a contagion (positive)response. This response suggest that industry-related firm view the dividendinitiation as a reflection/signal of favorable

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