Investor Preferences Around Cum-Dividend Date Beforeand During the Covid-19 Pandemic
DOI:
https://doi.org/10.24843/Keywords:
Investor Preferences, Cum-Dividend, Covid-19Abstract
This study aims to determine investor preferences around cum-dividenddate before and during the Covid-19 pandemic. The population in thisstudy were companies registered in IDX30 before the pandemic with120 companies and 90 companies during the pandemic. The sample ofthis study was determined by purposive sampling and obtained 70companies before the pandemic as well as 61 companies during thepandemic. The data analysis technique used is paired sample t-test andindependent sample t-test. The results of this study showed that therewas no significant difference in trading volume activity and bid-askspread around the cum-dividend date before and during the Covid-19pandemic. However, there was a significant difference in trading volumeactivity before and after cum-dividend date before the pandemic. Theresults of this study also showed that investors preferences for dividendsare more likely to be attracted during the Covid-19 pandemic.
References
E-JURNAL AKUNTANSIVOL 34 NO 2 FEBRUARI 2024 HLMN. 282-295292dapat terjadi karena adanya peraturan baru yang ditetapkan Menteri Keuangansejak 1 Maret 2021 yaitu dihapuskannya pajak dividen sebagai objek pajak. Hasilpenelitian ini mendukung bird in the hand dan sejalan dengan Lavista & Utami(2017) yakni ditemukan perbedaan yang signifikan antara sebelum dan sesudahcum-dividend date.Berdasarkan pengujian hipotesis 4 dengan independent sample t-testmemeroleh hasil bahwa bid-ask spread di sekitar cum-dividend date sebelumpandemi lebih besar dari saat pandemi dan tidak adanya perbedaan signifikan bid-ask spread di sekitar cum-dividend date sebelum dan saat masa pandemi Covid-19.Hasil penelitian ini menunjukkan bahwa investor lebih memerhatikan perbedaanspread saat pandemi daripada sebelum pandemi. Hasil penelitianmengindikasikan bahwa terjadi penurunan spread di sekitar cum-dividend date padasaat pandemi yang berarti likuiditas saham meningkat saat masa pandemi. Hasilpenelitian ini mendukung tax differential theory. Hal tersebut dapat dikarenakanadanya pandemi ini yang memengaruhi kinerja para emiten sehingga alokasi labadapat dimanfaatkan kembali guna menunjang kinerja emiten agar tetap dapatbertahan di masa pandemi. Hasil penelitian ini selaras dengan penelitianCelinawati & Isbanah (2019).Implikasi teoritis dari penelitian ini yaitu dapat memberikan kontribusiterhadap penerapan bird in the hand theory dan tax differential theory mengenaipreferensi investor di sekitar cum-dividend date pada emiten IDX30 sebelum dansaat pandemi. Implikasi praktis yaitu reaksi investor terhadap dividen tidak hanyaberasal dari investor tetapi juga trader saham.SIMPULANBerdasarkan hasil pengujian hipotesis dapat ditarik suatu kesimpulan yaitu tidakterdapat perbedaan signifikan trading volume activity dan bid-ask spread sebelum,saat, dan sesudah cum-dividend date pada emiten IDX30 sebelum dan saat masapandemi. Namun, ada perbedaan signifikan TVA sebelum dan sesudah cum-dividend date sebelum masa pandemi Covid-19. Preferensi investor terhadapdividen lebih cenderung tertarik saat masa pandemi dimana dapat terlihat dariditemukannya peningkatan TVA dan penurunan spread saat masa pandemiCovid-19.Penelitian ini terdapat keterbatasan, yaitu data volume perdagangan yangtidak dapat menunjukkan perbedaan antara investor dan trader sehingga penelitiselanjutnya diharapkan dapat membedakan data volume perdagangan antarainvestor dengan trader untuk dapat melihat preferensi investor terhadap dividendan/atau capital gain.REFERENSIAndini, N. W. L., Suputra, I. D. . D., & Wirakusuma, M. G. (2017). Reaksi HargaSaham Saat Pengumuman Dividen Tunai Dimoderasi Oleh Free Cash Flow.E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 11, 4015.https://doi.org/10.24843/EEB.2017.v06.i11.p10Bursa Efek Indonesia. (2021). Perpajakan dalam Investasi Saham.https://www.idx.co.id/investor/perpajakan/Celinawati, A., & Isbanah, Y. 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