ANALYSIS OF ABNORMAL RETURN AND TRADING VOLUME ACTIVITY BEFORE AND AFTER THE LQ45 COMPANY CASH DIVIDEND ANNOUNCEMENT FOR THE 2020 PERIOD

An increase in the trading volume of dividend-declaring shares at a particular moment may indicate that company is performing well and has promising prospects. The dividend announcement includes crucial information for investors seeking abnormal returns. This study seeks to determine assess whether there difference between AR TVA before following release cash dividends. study's data analysis method parametric statistical method. used statistically evaluate population parameters, or other words, test size using pre-selected sample significance level () 0.05 5%. A set considered regularly distributed if asym.sig less than 0.05. Sig. 0.277 > indicates no change average return after declaration dividends LQ45 Company 2020. findings evaluating activity indicate, with 0.000 < 0.05, significant negative value t-4, t-1, t0, t+3, t+4, t+5 conveyed bad news, therefore overreacted alter stock prices, resulting disparities distributions. Indirectly, can impact activities Index-listed businesses.