ANALISIS ABNORMAL RETURN DAN TRADING VOLUME ACTIVITY SEBELUM DAN SETELAH PENGUMUMAN DIVIDEN PT.KALBE FARMA SAAT PANDEMI COVID-19

Abstract

PT. Kalbe Farma became one of the issuers that during the Covid-19 pandemic earned a
large profit per share, so this study aims to see if there is abnormal return and trading
volume activity around the date of dividend announcement made by PT. Kalbe Farma during
the Covid-19 pandemic. The event study method is used to study the reaction of the
Indonesian Capital Market during the observation period. The observation period is carried
out five days before the dividend announcement and five days after the dividend
announcement of PT. Kalbe Farma. Secondary data used in this study are data on the closing
price of daily shares, daily JCI, daily trading volume, and the number of outstanding shares.
The results found that there were abnormal differences in returns before and after dividend
announcements, and there were also differences in trading volume of activity before and after
the dividend announcement of PT. Kalbe Farma.