Hypothetical Test

Hypothetical first of this research is the difference between the average dividend rate variability before and after the dividend increase announcement. Differences in test results of the average dividend rate variability with Wilxocon Sign Rank Test 5 days before and 5 days after the announcement of dividend increase can be seen in table 4.8 below:


Table 4.8
Test Results Differences Level Mean variability Benefits Shareholders

BEFORE After
Mean 9.14 Mean 6.57
Standard deviation 26.95 Standard deviation 19.53
Z-countdown -0.840
Probability 0.401
Source: Results Processing SPSS 10:00
Based on the results of testing different variability levels of profit shares between before and after the dividend announcement, the value obtained by calculating z-probability of 0.401 is greater extent of significance 5%. So that it can be concluded that there are no significant differences between mean variability level of dividend before and after the dividend increase. This result can also be interpreted that investor expectations of stock prices does not differ between before and after the dividend announcement. Or in other words the dividend announcement does not affect the return received by investors.

2. The two hypothetical
Hypothetical second of this research is the difference between the average dividend rate variability before and after the dividend reduction announcement. Differences in test results of the average dividend rate variability with Wilxocon Sign Rank Test 5 days before and 5 days after the dividend reduction announcement can be seen in table 4.9 below:

Table 4.9
Test Results Differences Level Mean variability Benefits Shareholders

BEFORE After
Mean 2.89 Mean 3.06
Standard deviation 5.64 Standard deviation 5.09
z-countdown -0.817
Probability 0.414
Source: Results Processing SPSS 10:00
Based on the results of testing different variability levels of profit shares between before and after the dividend announcement, the value obtained by calculating the probability of t-0.414 a greater extent of significance 5%. So that it can be concluded that there are no significant differences between mean variability level of dividend before and after the dividend reduction. This result can also be interpreted that investor expectations of stock prices does not differ between before and after the dividend reduction announcement. Or in other words a decrease in the dividend announcement does not affect the return received by investors.


conclusion of the absence of cargo information in the fall increased cash dividend. The lack of information content on the increase decrease in the cash dividend were alleged to be caused by the first, the investors more stocks to consider the movement to obtain capital gain rather than gain dividend as dividend announcement is not considered to reflect the performance of the company directly. Second, many other information beyond the information increased the decrease in dividend is estimated to affect investors' decisions affect the price movement and trading volume of stocks such as the financial reports.