EX- DIVIDEND DATE: ABNORMAL RETURN DAN TRADING VOLUME ACTIVITY

Nelli Novyarni, Ranti Handanti

Abstract


This study aims to determine whether there are significant differences in Abnormal Return and Trading Volume Activity before and after the ex-dividend date in the 2017-2020 research period. The population used in this study were all companies listed on the Indonesia Stock Exchange. By using purposive sampling technique, 21 companies have successively distributed cash dividends in the 2017 – 2020 period. The hypothesis testing in this study uses a paired sample t-test for abnormal returns and a Wilcoxon signed rank test for trading volume activity. The results of the analytical tests that have been carried out show that there is no significant difference in abnormal returns before and after the ex dividend date. Meanwhile, the results of the trading volume activity analysis test showed a significant difference before and after the ex dividend date.


Keywords


Announcement of cash dividend, abnormal return, trading volume activity, ex-dividend date

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