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Banking & Finance

Exploring the relationship between dividend policy, the COVID-19 crisis, and stock market reaction: empirical insights from Indonesian real estate and property firms

ORCID Icon, ORCID Icon, ORCID Icon &
Article: 2302204 | Received 03 Oct 2023, Accepted 29 Dec 2023, Published online: 13 Feb 2024

Figures & data

Table 1. Descriptive statistics in the dynamic panel data regression model.

Table 2. Correlation between two variable proxies.

Table 3. Dynamic panel data regression estimation to assess the impact of the COVID-19 crisis on dividend policies using DPS as a proxy of response variable, covering the period of 2014–2021.

Table 4. Dynamic panel data regression estimation to assess the impact of the COVID-19 crisis on dividend policies using DPR as a proxy of response variable, covering the period of 2014–2021.

Table 5. Dynamic panel data regression estimation to assess the impact of the COVID-19 crisis on dividend policies according to model 1, 2, and 3, covering the Period of 2014–2020.

Table 6. Dynamic panel data regression estimation to assess the impact of the COVID-19 crisis on dividend policies according to model 4, covering the period of 2014–2020, and according to model 1 and 3, covering the period of 2014–2019.

Table 7. Calculation of descriptive statistics for abnormal returns and cumulative abnormal returns in testing stock market response to dividend announcements.

Table 8. Estimation of abnormal returns using one-sample T-test for the period spanning 5 days prior to dividend announcement to 5 days after dividend announcement.

Table 9. Estimation of cumulative abnormal returns using one-sample T-test for the period spanning 5 days prior to dividend announcement to 5 days after dividend announcement.

Data availability statement

The corresponding author can be contacted to request access to the datasets used and/or analyzed during the current study. The availability of the datasets is subject to reasonable requests.