Resumen
It had been known that the presence of dividend will affect the value of shares in the stock market. But since the dividend payers also belief, the stock price will increase by paying dividends to investors, then it seems the phenomenon is becoming very complex to explain. This study is want to investigate these phenomenon and to give an empirical evidence whether dividend plays the main role for fluctuation of stock price or vice versa in the stock market. The results are shows, dividends have significant effect to stock price, conversely, the stock price also have significant effect to dividends. These results make the implications of this study are fit for signaling effect, bird in the hand effect, and catering effect. In further analysis, this study also find, the characteristics of dividend payers are usually represented by number of shares, fixed assets, total assets, total debt, retained earnings, total equity, revenue, and net income.