ANALYSIS OF THE EFFECT OF DIVIDEND ANNOUNCEMENTS AND EX DIVIDENDS ON STOCK PRICES BEFORE AND DURING THE PANDEMIC IN INDONESIA IN 2018 – 2021

Abstract

The many different views on the influence of dividend announcements and ex-dividend dates on share prices are still being debated. Apart from that, the Covid-19 pandemic that has occurred over the past few years has also affected the Indonesian economy, including the stock market. Therefore, this research was conducted to analyze the influence of dividend announcements and ex-dividend dates on stock prices, as well as the influence of investor response on share prices when dividends are distributed before and during the pandemic. The population of this research are companies registered on the IDX and distributing dividends during 2018 - 2021. The sampling technique used was purposive sampling and produced 181 observation data. Data was processed using SPSS software with descriptive analysis and hypothesis testing. The results obtained are that dividend announcements and the pandemic have a positive effect on stock prices, while the ex-dividend date does not have an effect on stock prices.