Dividend Policy Analysis to Manufacturing Company Stock Price Changes Before and After Ex-Dividend Date in Indonesia Stock Exchange (BEI) Period 2008-2012

This study aims to analyze the dividend policy (ex-dividend date) to manufacturing company share price changes listed in Indonesia Stock Exchange (BEI). Study period during 30 days, namely 15 days before and 15 days after dividend announcement date (ex-dividend date), analysis method using event study method through application paired sample T-test. Sample data in this study used were as many as 21 companies listed in Indonesia Stock Exchange that performs dividend announcements since 2008-2012. So that study result obtained showed share price average before and after announcement date (ex-dividend date) and abnormal return average before and after announcement date (ex-dividend date) that needs to be tested statistically. Based on data processing results indicate that no changes and stock price differences and significant abnormal returns during observation two periods which caused dividend announcement.