MARKET REACTIONS TO DIVIDENDS ANNOUNCEMENT: AN EVENT STUDY OF BRIS AND BTPS

Introduction: A dividend announcement is an information disclosed by a public company regarding the distribution of its corporate profits, whether in form dividends or retained earnings to strengthen funding future investments. Dividend announcements might have either positive negative effect on market.
 Methods: This quantitative research uses event study method data collection period 20 days, ten days before and after ex-dividend date. The analysis used descriptive statistical test, Shapiro-Wilk normality hypothesis test.
 Results: results indicate that market reaction change share price PT. Bank Syariah Indonesia Tbk (BRIS), there no significant difference between date but at National Sharia Pension Savings (BTPS) changes stock prices date, difference. Furthermore, for abnormal returns (BRIS) difference, as well trading volume activity difference.
 Conclusion suggestion: because policy not factor investor interest investing determined through earning power company's assets