# Strategic Dividend Policy Adaptation and Stock Market Reactions in State-Owned Enterprises Across Crises
> Tinungki G.M.

URL kanonis: https://discover.unhas.ac.id/publications/pub_scopus_105035913312
Jurnal / Konferensi: Emerging Science Journal
Tahun terbit: 2026
DOI: https://doi.org/10.28991/ESJ-2026-010-02-012
ISSN: 26109182
Kuartil SJR: Q1
Citations: 0

## Authors
- Tinungki G.M.

## Abstract
This study investigates the strategic adaptation of dividend policy in Indonesian state-owned enterprises across the pre-crisis, crisis, and recovery phases. Adaptation is operationally defined as firm-level, measurable changes in cash dividend indicators during the crisis and post-crisis phases relative to the pre-crisis average. Empirically, dividend behavior is estimated using a dynamic panel framework with system GMM, and an event-study approach evaluates abnormal returns and cumulative abnormal returns around dividend announcement dates in each phase. The results indicate that SOEs increased dividends during the crisis relative to pre- and post-crisis periods, and that the market exhibited stronger positive reactions in the crisis and recovery phases than in the pre-crisis phase. These patterns suggest adaptive choices consistent with managing uncertainty and reinforcing policy credibility within Indonesia’s state-ownership setting. The findings highlight the strategic role of dividend signals in shaping investor perceptions during economic shocks, while theoretically challenging the core cash-conservation premise of the pecking order and reinforcing the relevance of signaling theory for state-controlled firms with complex fiscal and political mandates.

## Keywords
- Dividend
- Dividend policy
- Credibility
- Economics
- Monetary economics
- Financial economics
- Panel data
- Abnormal return
- Stock market
- Capital market
- Financial crisis
- Relevance (law)
- Dividend payout ratio
- Order (exchange)
- Business
- Shareholder
- Stock exchange
- Adaptation (eye)
- Stock (firearms)
- Event study
- Premise
- Cash flow
- Cash
- Corporate governance

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Sumber: Discover Unhas — RIMS Universitas Hasanuddin.
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