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KALENDER AKADEMIK Pokok Bahasan Mata kuliah Keuangan Internasional FEB INSTITUT AsiA MALANG Pertemuan 1: Perusahaan Multinasional dan Manajemen Keuangan Internasional 1. Oleh: Afdhol Abdul Hanaf, dkkBAB IPENDAHULUANManusia merupakan makhluk sosial yang membutuhkan orang lain dan memiliki dorongan untuk hidup bersama. Tidak ada satu orang pun yang dapat hidup. Majasari31 adalah blog inovatif dan inspiratif yang memuat info bisnis,strategi marketing, manajemen dan politik.

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We invite unpublished novel, original, empirical and high quality research work. A) The whole manuscript has to be in ONE MS WORD FILE only, which will start from the covering letter, inside the manuscript. Chudi jo khanki haatho me mp3 song download. Manajemen Keuangan: Teori dan Penerapan, Buku 1, Edisi 4, BPFE Yogyakarta. Sartono, Agus. Buku ini terlahir dari gabungan materi-materi kuliah dari ketiga penulis sampaikan pada perkuliahan dalam mata kuliah Manajemen Keuangan Internasional pada S1 dan S2 pada Fakultas Ekonomi dan Bisnis Universitas Haluoleo, selama kurun waktu 5 tahun.

Download 'The Dividend Tax Effect on Share Price on Companies in Indonesia Stock Exchange'

119 DAFTAR PUSTAKA Agus, Sartono. Manajemen Keuangan Teori dan Aplikasi Edisi Empat. Yogyakarta: BPFE Ang. Buku Pintar Pasar Modal.

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1 Journal of Applied Accounting and Taxation Article History Vol. 3, No. 1, March 2018, Received March, 2018 e-issn: Accepted March, 2018 The Dividend Tax Effect on Share Price on Companies in Indonesia Stock Exchange Ely Kartikaningdyah a*, Dudi Aditya b a Jurusan Manajemen Bisnis, Politeknik Negeri Batam, Indonesia b Jurusan Manajemen Bisnis, Politeknik Negeri Batam, Indonesia Abstract. The purpose of this research is to analyze the effect of tax dividend on share price. The research was conducted for non-financial firms on Kompas 100 category listed on the Indonesia Stock Exchange period 2007 to In this research share price is measured by price earning ratio, tax dividend by tax rate on Indonesia Tax Law, and dividend policy by dividend payout ratio. Analysis of panel data with random effect model was used to analyze the influence of independent variable and the dependent variable. The result of this study indicate that the tax dividend has an effects to the share price with controlled by dividend policy. Keywords: share price, tax dividend, dividend policy, price earning ratio Introduction One of the investments that generate sizeable profits for investors is an investment in equity shares. Returns from equity investments are influenced by rhe performance of a particular stock and market conditions. The possible impact on stock prices will help investors make a wise decision and allow the company to increase the value of the market (Nirmala, Sanju, and Ramachandran, 2011). Shares are securities whose ownership by a person or an entity to a company (Hin, 2008). Gains from stock prices as a result of the dividend payment will be offset by a decrease in share price for their purchase of new shares, thus shareholders are not affected by dividend policy today and in the future (Sartono, 2008). The share price is the nominal value of the closing of the investment or ownership of a person and an entity in a company that applies regularly in the capital markets in Indonesia (Kesuma, 2009). When the dividend increased, the stock prices also increased and the cash dividend decreased, the stock prices also decreased respectively (Akbar and Baig, 2010). Dividend policy is a part of company s funding decisions. The dividend payout ratio determines the amount of retained earnings as a source of funding, if retained earnings is greater, then the amount of profit allocated to dividend payments is getting low. Allocation determination of the profits as retained earnings and dividend payments is an essential aspect of dividend policy (Van Horne and Wachowicz, 2007). Dividends are distributions to shareholders of the business in a given period; it is the company s revenue and recommendations made by the directors of the company. If the profit is not obtained, the dividend is not declared, when profit is obtained, the company must pay taxes to another companies including the tax of the dividend to the government. This is an important responsibility of a company, especially in the profit companies (Nnadi and Akpomi, 2008). Taxes are a very fundamental thing; the tax collection should be based on legislation. People are bears the tax. Problems on tax base and tax rate must be approved by the people who are represented by the people s representative legislation and the results are set forth in the approval of a law that must be obey with by all parties subject to tax obligations. A tax levied by the government is implemented so as not to harm the community needed tax rates so that the tax collection balanced between the public and the * Corresponding author.

2 E. Kartikaningdyah, D. Aditya Journal of Applied Accounting and Taxation 3 (1) government so that there are no losers and no error occurs between people and goverment (Rahayu, 2010). Tax rate that implemented in Indonesia is propotional tax rate which has constant percentage to the taxable income so that the amount of the tax and the income are propotional. Fixed tax rate is a rate that the tax rate and the amount of taxable are remain the same of the amount so that the tax payable is constant. Progresiff tax rate is a percentage of tax rate which use to higher taxable income with higher tax rate (Waluyo and Ilyas, 2003). If the capital gain is charged with lower tax rate than tax on dividend, the shares will be have a higher growth, but if the capital gain (Sartono, 2008). Tax dividend has a crucial role on management to take a company s policy in term of investment and has a directly effect to company s capital expense (Zodrow, 1991). Based on above explanation which state that tax dividend is on of the main variable which determine the share prices, so that this study focused on effect of tax dividend on share prices on companies in Indonesia stock exchange. This study provides empirical evidence that the effect of tax dividend on share prices which measure by dividend policy as control variable. Literature Review Signaling Theory Elkington (1997) said that signaling theory emphasize the importance of information that stated by company to the decisions of investor. Information is a important element for investor and businessmen because information is essentially gave information, notes or future state of the companie s past, present and future to survive from their business and how the effect to the market. Complete, relevant, accurate, and timely informations are needed by the investor in stock market as an analytical tool for making decisions. Information in form of management policy, management plan, product development, secret strategy, and more which is not available for public it will reflected on the earnings per share in the published financial statement. Profit is a signal from management which is not publicly published. Profit has important information to the stock market. Meanwhile, the investors are trying to get the information to predict profit that will be announced based on the data published in public. Thus, profit information is highly expected by the analyst to capture private information or unpublished report and to confirm the expected profit of investors (Suwardjono, 2005). Information which is published as an announcement will give a signal to the investor to take an action on investment. If the announcement has a positive value, it is expected that the market will react when the announcement is accepted by the market. When the informations are announced and all the investors had those information, the investors will interpret and analyze those information as a good signal (good news) or bad signal (bad news). If the announcements of those informations are a good signal for the investor, there will be a change on the stock tradings volume (Jogiyanto, 2000). Announcement of accounting information giva a signal that state the company has a good prospect in the future (good news) so that the investors interest to trading the stock, which is the market will react and reflected on the changes of stock tradings volume. Relationship between publicly information, financial statement, fi

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