DATA ANALYSIS AND DISCUSSION

DATA ANALYSIS AND DISCUSSION

A. Data Description
This study aims to determine the influence of the review of the cash dividend increase and dividend decrease of the variability in the level of dividend Indonesia Stock Exchange. The sample in this research is that all companies go public in the registered Bei 2004 until the year 2007 that made dividend announcements. The sampling process can be seen in table 4.1 below.
Table 4.1
The Sampling Process:


Based on the criteria of the research samples that had been presented in the previous chapter, obtained by 33 companies that meet the criteria as the sample. List of 33 sample companies with a code share with the announcement date are presented in Appendix 1. No description available for Number of


1

2

3

4 Companies go public listing in the tongs Bei years 2004-2007, less:
Companies that are not active
Companies that make dividend 4 consecutive years (2004-2007)
Companies that are active

Companies that make the stock split, Right issue and other announcements.
287

(157)

(44)

(43)

(10)
Number of sample 33
number of hypothetical sample is divided in two categories, namely the company


Based on the criteria of the research samples that had been presented in the previous chapter, obtained by 33 companies that meet the criteria as the sample. List of 33 sample companies with a code share with the announcement date are presented in Appendix 1. To test the number of hypothetical sample is divided in two categories, namely the company.

The average dividend rate variability five minutes before the announcement of dividend increase of 9.14 with the lowest value of 0.2567 and the highest value of 170.82. While the average level of variability dividend five days after the announcement of dividend increase of 6.59 with the lowest value of 0.0535 and the highest value of 126.65.
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2. Description dividend rate variability Company To decrease dividend announcement.
Description variability level dividend companies that do dividend decrease announcements still can be seen in table 4.6 below.



The average dividend rate variability five minutes before the dividend reduction announcement of 2.89 with a value of 0.0868 and the lowest value of 30.43. While the average level of variability dividend five days after the dividend reduction announcement of 3.06 with a value of 0.2058 and the lowest value of 27.60.
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