PENGARUH KEBIJAKAN PEMBAYARAN DIVIDEN TERHADAP INFORMASI ASIMETRI DI BURSA EFEK INDONESIA
ABSTRACT: Bid ask spread
theory suggest a positive relationship between the level information asymmetry
and the magnitude of the spread. As suggested by the agency and signalling
theory for concentrated ownership, payment of dividends conveys information to
the market and should reduces information asymmetry. Thus, dividend policy may
influence the bid ask spread. But most of companies listed in Jakarta Stock
Exchange (now Indonesian Stock Exchange) have concentrated owner-ship. Maybe
rent extraction theory more relevant for information asymmetry in Indonesia.
Based on this reasoning, I explore the empirical proposition that a positive
effect between dividend yield and bid ask spread exists, cateris paribus.
Evidence is consistent with this theory. Even though has positive sign, spread
is not affected by dividend cash information.
Keywords: bid-ask spread,
information asymmetry
Penulis: Efraim Ferdinan Giri
Kode Jurnal: jpmanajemendd080040
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