PENGARUH KEBIJAKAN DIVIDEN, UKURAN PERUSAHAAN, DAN KINERJA KEUANGAN TERHADAP REAKSI PASAR

Abstract

This research aims to examine: (1) the influence of dividend policy on market reaction, (2) the influence of firm size on market reaction and (3) the influence of financial performance on market reaction. In this research dividend policy sized with dividend payout ratio, firm size is measured using total asset's natural logarithm, and financial performance is measured using liquidity ratio, leverage, and profitability. The population in this research is a manufacturing company which listed in the Indonesia Stock Exchange in 2012-2016. In this research, determined sampling technique using purposive sampling, and obtained as many as 180 samples from 36 companies for 5 years. This research uses multiple linear regression analysis technique. The results of this research indicates that: (1) dividend policy has a negative infuence on market reaction. (2) firm size has no influence on market reaction. (3) liquidity has a positive influence on market reaction. (4) leverage has a positive influence on market reaction. (3) profitability has a positive influence on market reaction.
Keywords: dividend policy, company size, financial performance, market reaction