PENGARUH PENGUMUMAN DIVIDEN TERHADAP HARGA SAHAM DI BURSA EFEK JAKARTA (Pengujian EflSiensi Pasar Bentuk Setengah Kuat) Oleh : Hj. Sri Daryanti Zen, Wilda Rahman No. Kontrak : 089/J.16/PL/DIPA/IV/2005. Abstract The purposes of this research is to analyze the influence of dividend announcement toward stock price in Jakarta Stock Exchange by taking 22 stock samples. The samples divided into three parts, dividend increase groups, dividend decrease groups, and dividend no change groups. The periods divided two parts, estimation period and event period. Event study which is observed the stock price movement in is selected as research method. In order to test the price reaction, abnormal return test is used with market model approach. The results indicates that among three groups during the event periods, the investor still able to get abnormal return. Hence, the research conclude that stock price do not influenced by dividend announcement, thus Indonesian capital market is not yet fulfilled the semi strong market efficiency.