ANALISIS KINERJA KEUANGAN PERUSAHAAN-PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA SEBELUM DAN SESUDAH PEMBAYARAN DIVIDEN KAS
ABSTRACT: The objective of
this study is to empirically examine the financial performance of manufacturing
companies listed on the Indonesia Stock Exchange (IDX) before and after cash
dividend payment. This study also purports to verify that signalling theory is
not an appropriate concept to explain the phenomenon of dividend payment policy
in Indonesia. The signalling theory of dividend policy information is inapt
since it does not fit with Indonesian setting where dividend payment policy is
decided by General Stockholders Meeting rather than by managers. Samples used
in this study are all manufacturing companies listed on the Indonesia Stock
Exchange that paid annual cash dividend on common stocks in the period of
2000-2004 but did not pay annual cash dividend in the period of two years before
and two years after the observed period. This study uses parametric statistics
(paired sample t test). The result shows that the payment of cash dividend will
influence companies’ short-term liquidity ratios (the companies’ short-term
liquidity ratios after paying cash dividend are lower than those before paying cash
dividend). The payment of cash dividend will influence the companies’
short-term financial performance (liquidity), which is one to two years after
the cash dividend payment. Subsequently, this study also finds that the
information of dividend payment as signalling theory is irrelevant as the
statistical tests, indicate that there is of no significant difference of the companies’
profitability such that dividend information cannot be used as signal for
profitability prospect of Indonesian companies in the future.
Keywords: financial
performance, dividend policy, signalling theory
Penulis: J.C. Shanti
Kode Jurnal: jpmanajemendd100143
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