Analisis Kebijakan Dividen : Pengujian Dividend Signaling Theory dan Rent Extraction Hypothesis

PROGRAM PASCASARJANA JURUSAN MANAJEMEN
MAGISTER SAINS ILMU-ILMU EKONOMI UNIVERSITAS GADJAH MADA
YOGYAKARTA 2007

AUTHOR:
Suluh Pramastuti

ABSTRACT:

The research examines the policy of dividend using the dividend signaling theory and rent extraction hypothesis. The policy can be seen from the change of dividend published by the company. The first hypothesis is tested by the event study, the second hypothesis is tested by the paired test and the third hypothesis is tested by  the regression method. The result shows that when the company publishes the increasing (decreasing) of dividend it makes the market act positively (negatively). 

All that’s facts support the rent extraction hypothesis because the market interpret that company which publish the increasing (decreasing) of dividend has the  majority and also the minority stockholder. This fact is being used as the signal of the majority stockholder whether they willing or unwilling to do the expropriation toward the minority stockholder. This is showed in the group of dividend which increases, the  company who has the majority stock holder will response the market stronger than the company who doesn’t have the majority stock holder. Meanwhile in the group  of dividend which decrease, the company who has the majority stockholder will response the marker less than the company who doesn’t have the majority stockholder.  

Key word : dividend signaling theory, rent extraction hypothesis, majority stockholder, minority stockholder.

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