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Event Analysis of Dividend Policy in SOEs: evidence from the Indonesia Stock Exchange
Darmawan Management Science Indonesia University of Education Bandung, Indonesia darmawanmpa@windowslive.com The foundation of the company's fundamentals State Owned Enterprises (SOEs) were consider strong enough because the strengthening of the state-owned infrastructure supports it. Therefore, many stock analysts advise investors to collect these stocks for the long term. Many observers of the stock market, state-owned shares worth collected, in addition to controlling more than 30% of the market capitalization of the IHSG, even this year the government is eager to improve and augment infrastructure in Indonesia. The use dividends as a signaling are likely to be the story of how the information can be passing on to the market. Manager, as the person in the lane that has monopolistic information about the company's cash flow, will choose to create a clear signaling about the future of the company, if they have the urge to do it. There is some debate on how dividend policy affects the value of the company. The first opinion states that dividend policy does not affect the value of the company, called the dividend irrelevance theory. The second opinion states that the higher dividend will increase the value of the company, called the Bird in the Hand Theory. The third opinion states that the higher dividend payout ratio of a firm, the firm's value will be lower. The main objective of this paper is to find out event analysis of dividend policy in State Owned Enterprises. It is restricted to the Declaration Date, Record Date, Ex-Dividend and Dividend Payment date at around. Keywords: devidend, company value, SOEs

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