JAAI VOLUME 10 NO. 1, JUNI 2006: 1 – 12
tetapi berhubungan secara negatif
dengan
kesempatan bertumbuh, biaya keagenan dan
leverage keuangan.
Untuk penelitian-penelitian selanjutnya, penelitian ini masih bisa
dikem-
ments on Shareholders’ Wealth”.
Journal of Business. 56, pp. 77-96.
Benartzi, S., Michaely, R. and Thaler, R.
(1997). “Do Changes in Dividends
Signal the Future or the Past?”
Journal of Finance. 52, pp. 1007-
1034.
bangkan dengan misalnya menggunakan
Bhattacharya, S. (1979). “Imperfect
proxy asimetri informasi yang berbeda.
Logaritma nilai pasar aktiva, logaritma nilai
information, dividend policy, and
buku aktiva, logaritma jumlah analis dan
the bird in the hand fallacy”. Bell
rasio biaya riset dan pengemangan terhadap
Journal of Economics and Mannilai buku aktiva juga banyak digunakan
agement Science. 10, pp. 259–270.
sebagai pengukur asimetri informasi. Begitu
Black, F. (1976). “The Dividend Puzzle”.
juga dengan rentang waktu pengamatan,
Journal of Portfolio Management.
penelitian selanjutnya bisa mengamati
2, pp. 5-8.
periode yang lebih panjang dari periode
pengamatan 2000-2004. Penelitian selanjut- D’Mello, R. and S.P. Ferris. (2000). “The
nya juga dapat memasukkan efek jenis
information effects of analyst
industri dalam model asimetri informasi dan
activity at the announcement of new
kebijakan dividen.
equity issues”. Financial Management. Spring, pp. 78–95.
REFERENSI
DeAngelo, H., DeAngelo, L. and D.
Sartono, A. (2001). “Kepemilikan Orang
Dalam (Insider Ownership) Utang
dan Kebijakan Dividen: Pengujian
Empirik Teori Keagenan (Agency
Theory)”. Jurnal Siasat Bisnis. No.
6 Vol. 6, pp. 107-119.
Skinner. (1996). “Reversal of
Fortune: Dividend Policy and the
Disappearance of
Sustained
Earnings Growth”. Journal of
Financial Economics. 40, pp. 341-
371.
Aharony, J. and Swany. I. (1980).
Denis, D. J., Denis, D. K. and Sarin, A.
“Quarterly Dividend and Earnings
(1994). “The information content
Announcements and Stockholder
of dividend changes: Cash flow
Returns: An Empirical Analysis”.
signaling, overinvestment, and
Journal of Finance. 35, pp. 1-12.
dividend clienteles”. Journal of
Aivazian, V., Booth, L. and Cleary, S.
Financial and
Quantitative
(2001). Dividend Policy in
Analysis. 29, pp. 567–587.
Developing
Countries,
Paper
Denter, K. and Warther, V. (1998).
Presented at the Eighth Annual
“Dividends, Asymmetric InforConference, Multinational Finance
mation, and Agency Conflicts:
Conference. Italy, pp. 1- 42.
Evidence from A Comparison of
Amemiya, T. (1973). “Regression analysis
the Dividend Policies of Japanese
when the dependent variable is
and US Firms”. Journal of Finance
truncated normal”.
53, pp. 879-904.
Econometrica
41, pp. 997-1016.
Asquith, P. and Mullins, D. (1983).
“The
Impact of Initiating Dividend
Pay-
10