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Kajian Tentang Dividend Puzzle dan Bukti Empiris

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(1)

! " # $ ! " % & " " & " " " " " & " & ' & " & " " " ' " " " () " * +,,-. / " & " " " " # " " " ' " " ' " " " % " " " " & " " ( . 0 " " & " & " 1 " ( 22 . " " & " 0 " " &

(2)

3 " & " " " & " " " " # & " 1 " & " " & / " " " " " ) " * (+,,-. " "" & " " " ( . " " " ' & " " & " " " # " " & " ' " " " & " " " " " & " " # #$ $ $ %& $ 4 & " " & " 1 & 4 " " " 5 " & & " " " " 1 $" 6$54 " " " & & " ' " " & " " (4 4 -7 -. ' 4 4 (-7 -. & " " " " " " ( . " " & " " & " 0 " ' (-738. " & " " " " " " " " & " " " & " " " " $" " & " & " " " " & " " & " % " " " " "

(3)

9 " & " $ & 0 " & " " & " " " : -73, " " " " " 5 (-733. " " " " " " ( . " " " (-. (+. (;. " " ( . (8. " & " " 5 (-733. " " " " " # 1 & " " " " < " " & " 4 (-79 . & "" & " # " " " & & " $ " & " 4 (-739. & " " 1 5 1 " & " 1 "" " & " " " " 5 " & " " = % " & " & = % " & & & " = $ 4 (+,,+. " " " " 22 > & " " > " " " 0 " & "" " & " ? " & " " 1 " " " & " " ($ +,,,< 0 -793.

(4)

7 ) " & & "" 1 1 " 5 " " 1 " " & " @ " 1 " " & " 0 " & "" " "

& % & & "

& "" -73;1-777 " " & " & " & " 1 % " " & "" " & " (4 -77 . # " " " " & "

& & " " " 5 & "

" ? A " " " " " " " & " " 0 " & "" " " " " " " " & " " " " 1 " 1 " " & & " " $ $# #$ $ ' % " " " & " " & " 5 5 " & " " " ( . " & " % " " & " " " " & " % " ( 1 . " " " " " " & " ( )) ( ) & ) 5 " " " & " " " & " < & " " " " " " " " " ( . " " "

(5)

, " " " ( & & " " . " " " % " " & ' " " " % " " " " " " " ' " & " " -73,1 " 0 (-737. 4 A " (-79 . @ * (-79 . " " " " " " & " " " " 5 " " " " " " " & "" " " # 1 " & " " " ($ 4 +,,+. 0 " " " " 0 (-77-. "" & " % (-799. " ' " " 4 & " 5 " " " " 4 " " " " " ($ 4 +,,+. ( )) ( ) & * +, 44 (-7 -. & "" & " " " & " " " " " : B" C : " 5 " 1 " " % " " $ " " " " " " " " " ' " & " ( . " D < ( . " < ( . " " " "

(6)

-5 " " " " " " % " " " @ " " " " " ' " " " " 5 (-73+. & "" " " " " " " " "

" & $ ' (-79,. & "" &

" " " " " " > 5 (-799. " " & " " & "" " " & " > & & "" " " " " " " " " " " 4 (-77 . & " " 4 " & " " " 5 & " & # & ( . < ( . " " < ( . " " " " 5 " " " " " $ " " " " " & ( 1 1 . 6 (-739. " & 8E " F9E " " > " 4 (-77 . " " 1 & + E

(7)

+ % & ( 5 1 . " " " " " " " " " " : " " 1 " " " " B " C ' " " " & ) " " " ( ". & " " " " " " " 5 & " & " " " & " " " " ' & * (-73;. & " " > " " " ' " : (-739. 5 (-79;. & " " " " 4 " 5 & " " " " " 5 & " " > 5 (-799. " " " & " 0 2 4 # (-773. " " " " " " " : 4 ' (+,,+. & " " & " " 0 " " " " 4 (-793. " C " " " " " 4 & " & " " " @ " " " " " 4 " " " " = @ " D

(8)

; " & " " " " " % " G " H $ " ( " " & . % & 1 " " " " & " 4 " " " " # " " " " " " " " " " " " " @ " " " " " " " " " " " " ! " " ' " & " : 4 ' (+,,+. & " 4 " & " " " ' & " ! " " & " " " " " " 5 " " & " & " " " " " " $" " " " " 4 " " & "" 4 " " " " " " ' & " " = 5 " " 1 " 1 & A " " " "

(9)

8 % " " " " " " @ " & " " " " & "" & " 4 " " " " ( . " " " " & " " " " " " " & " ) " * (+,,-. " " " & "" " " " & " " " " " 5 " " " ( & , # " " & " " " " " " 0 " " " & " " & & (@ 4 " -73 . " " " " & 5 " " " " "1 " " & " " !5? " " & " % & " ) @ (-79;. " " " " " " " / " " % " " " " " & " " 4 " " " & " " " " & " " " " 2 " 6 " " & " " 5 " " " " " & " 5

(10)

" " " " " " " " ( " -798. 0 (+,,,. " " 1 0 " & " " " " " " & ' 0 & " & "" " " " & " " " & " " " % & " " !5? "1 " ( & * +, 0 A (-77;. & " " " " " " " " & ' & " " & " " & & > " & " " " " " " & (> -773. ' > (-793. " " " & > & & "" " " " " " " ! " & "" " " " " " " ' 0 (-778. " " & " " " & " " 4 " & "" " " & " 4 " " " & " " (0 +,,;. A ? (+,, . & " 0 > & "" " " " " " " " " ! " & " & "" " " & "" & " " " & "

(11)

" " & & > " " " - # . - /) - , - & , 4 & " & " " " ! " & " & " " " " " " 5 " " " & " " 0 4 (-7;+. > " @ (-79 . " " " !5? " " " " & 5 " " " " & " " !5? & " & % " & " " & " - # . - /) - , - & * +, ' " & " = @ @ " " " " " " & " !5? " "

& & & " G & H

" " " ! & " " & " " " " " " " & @ " " " " " " & " I & " & " " J J 2 (-797. & " " " ( . " " 4 " " " # H K " " % " " & -,E " " " K " K / " K

(12)

3 & "" " K " " " " " " " I ' " (-77 . & "" " " " K K ) " " K " " / " " " " " J J 2 (-797. 5 : (+,,+. AL$ % " & "" " " " " " > " J (+,,,. " & " " " " " "

& & & ""

" & " " " " # H K > " " " " " " " " " & > " " " " " " " & " J 5 (+,,,. & " " & " ;; 4 " & 5 & " " " ( ". " " " & " " " " % " " ( & " " " "" " " " . & " " " J " " " " " J & " " " " 5 " " " " " " " " " " ' " " " " " " " & " # "

(13)

9 " " & " " G H > " " & " " " " " " " & " # " " " & " " " " & - 0 ) ) 0 & " & " " " 5 " " " (' -798. ' " " " " " "" " " 4 "" " " " & " " " & " " " " " " 1 " & " & " # " & " " & " & " " " 5 " " (' -798. % & " " " " & " & " "" " 5 " " " " 1 & " " " " " " " > & " & " " " & " " " " " " " 4 & " " " " " " " " () " J -77+. 5 " " " " " " & " " " * 0 1 ) J (-7 . 6 L " 6)L " " & " " " " " & " " " & " " " " " "

(14)

7 " & " ) 0 " (-7 9. " " " J " " " " " & 5 " " " & " " + J ( $ -77+. ) " " J ( " . & " & " ? " & " " " " > " * (-73-. " & " " " " " " " & % & " " " " & 4 & " " " " " " " ' 6)L 0 " (-79 . 0 " ) (-799. " J (-7 . 6)L " " " " " & " " " " " 2 " & " 5 & " & " " ;, J < " " & & " 4 & " " " " " " " " % & " " " " " & " " " " - 2 ) - 0 ) ) ) : (-79;. " " " " 5 " & " " " " " " % & & " " " & " " & " % " % " " % " " & " " < & " " " " $" "

(15)

3,

& " "

" " %

" & & " " &

" " "

' ' (-798. & "

" " ( . "

" " 4 " "

& " " " " & & "

" " " 4 " " ( " " & ". " " " 1 " " " < " " " 1 " " $ " " & "" " & " < " " % # " (-79+. " & " " " > " "" & " " " " " @ " % " " " " " " " " @ " " " & " 4 4 (-79 . " " " " & " & 5 " " $ 4 1 " " & " & " " & " 1 " " ( . - " ) ' " " " " " 4 : -7 7 " & ' " 5 4 "

(16)

3-" " " " " " " L " " " & " M " (> -77+. $ : " " " " " " " " " $ & : " " " : ? 4 " " > (-77+. & " " " " " 1 " " 1 " " " # ? ' (-79+. " 6 " (-77,. & "" " " " " " " 5 " " " " " " " " : (+,,+. " " & "" " " " " " " 5 1 " " " " " " " " ! " " " " $ " " " " " " " = $ " " " & " " " = A 2 (-77+. " " " " " " 5 1 " 5 " " " " "

(17)

3+ " " " " 4 1 " " " & " " " " & " " " & " 1 " " " " " " " % & " " " " " " " " 5 " " M " > " " " " : " " " " 0 " & " " " 0 . ( -# & " 0 " * (+,,+. 4 " " & " G " " H % " # " 1 # " " " " " " % " " " " ( . " & " & " " " ' " & " " " " & " " " & " 0 & 0 (+,, . & " " " 4 " " " 5 " " " " " " L (+,, . " " " & " " " " (5 @ @ $ " % . > "

(18)

3; J J (+,, . " " " 4 " " > & "" " " " (% "" +,, . $ 0 " " " & " & " > (+,, . & " " " > " " & ' (+,, . " " & " & ( . " & " ( . " & " " " " 5 " " -9, 0 " @ " " " ' D 4 (' 4. " " " " " " " " " " " " " " " " " " ' " " " " " " & " " " & " " 1 $ " " & " 1 " " " 5 & " " " " " " & " ) " * (-773. % "" (+,, . & " & " " " & > " " "

(19)

38 " " & ' & $ (+,, . " " " " " M " 0 @ > & "" " " 0 " " " " " " & " & " ! " " " " 1 " " > (+,,8. " " " " % " " " & " " " " 5 " & " " = " " & " M & " & " & " 1 " " ' & " " > " " " " " " $ 1 & " " " & " & > " " " " " " " & " ) " * (+,,-. " " & " 5 & " " " " " % " " " " " " " 0 & " & " & " & 4 1 " & " " " " " " " & @ " " "" & " " 5 1 " " & " " % & " " & " " " " " % " " " " " "

(20)

3 & " " & " 4 " " " " " " # $ @ 2 " ' -79, K $ ' " A $ $ @ ) ? ; (-. --+ $ ) 4 A +,,+ 5 5 > " -F-89 $ ) 0 $ * +,,, $ # 0 # 6 @ ) ? ( . +8771+ ; $ J +,, A " 5 5 % " 5 ' 5 / 5 " 5 " 4 " ' ! $" ? 0 " 4 * @ +,,, # D ' ! $ ' " A # @ ) ? ++-7++ 3 0 " 4 * @ +,,8 $ 6 # @ ) ? -,7 + --0 4 -793 # 6 ' " 5 # 0 6 ' " 5 0 # @ ) ? -8 ;-188 0 -77- L 14 " ' " A ' A " 6 @ $ ? -8 +3 1+78 0 2 ' 4 A # A -773 6 ' ) 5 = @ ) ? + (;. -,,31 -,8; 0 0 A J ' +,,- L 4 0 # $ 6 @ 4 ? -, 8 ;1 ,3 0 -77- # 5 5 22 @ ? ++ 8 183

(21)

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

(22)

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

(23)

39 J @ -7 6 $ A # $ A ? 8 (+. 731--; J 2 A A % -79+ # 6 ' " 5 # = @ ) ? ;3 8+7188; 4 A # A > * " % -77 5 A L L = @ ) ? , (+. 3;1 ,9 4 4 -733 # # @ ) ? ;+ (+. + -1 +3 4 4 ' 4 -739 # @ ) ? ;;;; 8 5 ' > -79; # 5 6 ) @ ) ? ;9 (8. --9-1--77 5 A A -73+ $ ' 5 6 4 " @ ) ? +3 ( . 77;1 -,,3 ' 0 +,, ? 1? $ % " % & " 5 " ' 4 $ 6 4 5 : 5 " J 0 " @ " 4 5 5 & / 0 & * & ' -77 6 ' 5 4 @ " 5# @ $" : " I 5 ' ' " J -77 ' L $ A ) ' ? 9 (8. 77 1-,-9

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