ABSTRAK Penelitian ini bertujuan untuk menguji respon harga saham terhadap adanya pengumuman dividen dengan menggunakan sampel pada perusahaan yang terdaftar di bursa efek indonesia berdasarkan periode 2012-2014. Pengujian hipotesis dilakukan dengan menggunakan alat uji analisis uji- t sampel berpasangan (paired sample t-test). Rata-rata abnormal return berdistribusi normal kriteria yang di ambil dalam pemilihan sampel meliputi (1) perusahaan yang terdaftar di bursa efek Indonesia sampai tahun 2014 (2) Mengumumkan dividen pada periode tersebut (3) Tersedia data harga saham harian tersedia selama 100 hari periode estimasi dan 10 hari periode jendela di sekitar peristiwa (4) Data harga indeks saham gabungan tersedia selama 100 hari periode estimasi dan 21 hari periode jendela di sekitar peristiwa. Hasil penelitian menunjukkan bahwa pengumuman dividen tidak memberikan sinyal positif untuk pasar berdasarkan hasil uji t sampel berpasangan antara rata-rata abnormal return sebelum dan sesudah pengumuman dividen. Hasil riset ini menguji Implikasi bahwa investor di Bursa Efek Indonesia telah menggunakan pengumuman dividen sebagai semestinya dalam melakukan investasi. Kata kunci : Pengumuman dividen, event study, abnormal return, average abnormal return, Signaling theory ABSTRACT This study aimed to test the response of stock prices to their dividend announcements by using a sample of the companies listed on the stock exchange Indonesia by 2012-2014. Hypothesis testing is done by using test equipment uji- analysis of paired samples t (paired sample t-test). The average abnormal return normal distribution criteria taken in the selection of the sample includes (1) a company listed on the Indonesian stock exchange until 2014 (2) Announced dividend for the period (3) Available stock price data daily for 100 days estimation period and the 10-day window period around the event (4) Data provided composite stock price index during the 100-day period and 21-day estimation window period around the event. The results showed that the dividend announcement did not give a positive signal to the market based on paired sample t test results between the average abnormal return before and after the dividend announcement. The results of this research tested the implication that investors in the Indonesia Stock Exchange had been using as a dividend announcement should invest. Keywords: dividend announcement, event study, abnormal return, average abnormal return, Signaling theory