This study aims to analyze investors' reaction to the announcement of increased dividend and dividend decreased at manufacturing companies listed on the Indonesia Stock Exchange in 2013 - 2016. This research method using event study with menggunkan 5 days before and 5 days after the event. Event that is used in this research is General Meeting of Shareholders (GMS). To test the reactions of investors using abnormal return in the calculated menggunkan market adjusted model. Sampling technique in this research use purposive sampling with various criteria. The number of samples for dividends increased by 45 samples from 34 companies and for dividends decreased by 50 samples from 39 companies. Based on the analysis that has been done obtained the result that investors react with the announcement of dividend increases, investors reacted significantly positive to the announcement. There was no investor reaction with the declining dividend announcement. And there is no difference in investor reaction to the announcement of dividend increases and dividend decreases.