Transcript Hasil UTS 2EB06 • Average: 52 • Highest : 100 • Lowest : 10

Hasil UTS 2EB06
• Average: 52
• Highest : 100
• Lowest : 10
Dividend Policy
May 2007
Definisi
Cash Dividend - Payment of cash by the firm to
its shareholders.
Declaration Date – Date when companies
announce to pay dividend
Ex-Dividend Date - Date that determines whether
a stockholder is entitled to a dividend payment;
anyone holding stock before this date is entitled
to a dividend
Record Date - Person who owns stock on this
date received the dividend.
Illustration
Mar 8
Mar 19
Declaration
date
Withdividend
date
Mar 20
Ex-dividend
date
Share
price
falls
Mar 22
Record
date
Apr 18
Payment
date
Dividend Payments
Stock Dividend - Distribution of additional
shares to a firm’s stockholders.
Stock Splits - Issue of additional shares to
firm’s stockholders.
Stock Repurchase - Firm buys back stock
from its shareholders.
Stock Dividend
• Pembagian dividen dalam bentuk saham
• Contoh: PT. MTV membagikan stock
dividend 5% per tahun dalam beberapa
tahun terakhir.
• Artinya tiap pemegang saham PT. MTV
mendapatkan 5 lembar saham tambahan
untuk 100 lembar saham yang dimilikinya
sekarang.
Stock Splits
• Stock split hampir sama dengan stock dividend
• dua-duanya memberikan sejumlah saham
tambahan baru untuk setiap lembar saham yang
dimiliki.
• Contoh: two for one split, artinya setiap
pemegang saham mendapatkan 1 lembar
saham tambahan untuk setiap lembar saham
yang telah dimiliki.
• Stock split dan stock dividend, dua-duanya
mengakibatkan jumlah saham yang beredar
(outstanding shares) menjadi dua kali lipat
jumlahnya.
Stock Splits and Stock Dividend
• Stock split dan stock dividend tidak
mengubah total asset yang dimiliki oleh
perusahaan.
• In both cases, we would expect the stock
price to fall by half, leaving the total market
value of the firm ( price per share times
shares outstanding) unchanged.
Stock Dividend
Example - Amoeba Products has 2 million shares
currently outstanding at a price of $15 per share.
The company declares a 50% stock dividend. How
many shares will be outstanding after the dividend
is paid?
Answer
2 mil x .50 = 1 mil + 2 mil = 3 mil shares
Stock Dividend
Example - cont - After the stock dividend what is
the new price per share and what is the new
value of the firm?
Answer
• The value of the firm was 2 mil x $15 per share,
or $30 mil. After the dividend the value will
remain the same.
• Price per share = $30 mil / 3 mil sh = $10 per
sh.
Stock Repurchase
• Perusahaan membeli kembali saham dari
pemegang saham.
• Biasanya, saham ini disimpan di treasury
dan dijual apabila perusahaan
membutuhkan uang
Stock Repurchase
Example - Cash dividend versus share repurchase
Assets
Liabilities & Equity
A. Original balance sheet
Cash
$150,000
Other assets
850,000
Value of Firm 1,000,000
Debt
0
Equity
1,000,000
Value of Firm 1,000,000
Shares outstanding = 100,000
Price per share = $1,000,000 / 100,000 = $10
Stock Repurchase
• Misalnya, HP mengusulkan untuk membayar dividend
sebesar $1 per lembar saham. Jumlah yg harus dibayar
= $1 x jumlah saham 100.000 lembar = $100.000
• Akibatnya, cash berkurang menjadi $50.000 dan nilai
pasar dari asset perusahaan turun menjadi $900.000
• Karena saham yg beredar masih 100.000 lembar, maka
harga saham akan turun menjadi $9 ($900.000/100.000
lembar)
• Apabila kita sebagai pemegang saham mempunyai
1.000 lbr bernilai $10.000 maka setelah pembayaran
dividen kita akan memiliki $1.000 in cash dan 1.000 lbr
saham bernilai $9.000
Stock Repurchase
Example - Cash dividend versus share repurchase
Assets
B. After cash dividend
Cash
Other assets
$50,000
850,000
Value of Firm 900,000
Liabilities & Equity
Debt
Equity
0
900,000
Value of Firm 900,000
Shares outstanding = 100,000
Price per share = $900,000 / 100,000 = $9
Stock Repurchase
• Daripada membayar dividen sebesar $100.000, HP
dapat menggunakan cash itu untuk membeli sahamnya
kembali sejumlah 10.000 lembar dgn harga $10 per
lembarnya.
• Apabila kita memiliki 1.000 lembar saham sebelum stock
repurchase, artinya kita memiliki 1% HP. Tapi apabila
kita menjual 100 lembar saham ke HP, kita masih
memiliki 1% HP.
• Hasil penjualan kita akan menghasilkan $1.000 in cash
dan kita masih punya 900 lembar saham bernilai $9.000
• Cash dividend dan stock repurchase adalah dua
transaksi yang sama (equivalent). In both cases,
perusahaan membayar menggunakan cash, yang akan
diterima oleh pemegang saham. Semua asset
perusahaan yang tertinggal di perusahaan adalah sama,
entah itu cash nya dipakai untuk membayar cash
dividend atau stock repurchase.
Stock Repurchase
Example - Cash dividend versus share repurchase
Assets
Liabilities & Equity
C. After stock repurchase
Cash
$50,000
Debt
Other assets
850,000
Equity
Value of Firm 900,000
0
900,000
Value of Firm 900,000
Shares outstanding = 90,000
Price per share = $900,000 / 90,000 = $10
The Dividend Decision
Lintner’s “Stylized Facts”
(How Dividends are Determined)
1. Firms have longer term target dividend payout
ratios. (percentage of earnings paid out as
dividends)
2. Managers focus more on dividend changes
than on absolute levels.
3. Dividends changes follow shifts in long-run,
sustainable levels of earnings rather than shortrun changes in earnings.
4. Managers are reluctant to make dividend
changes that might have to be reversed.