The fluctuation of equity value in capital market in Indonesia which is relatively high is affected by several factors, such as dividend announcement. The information about the fluctuation of cash dividend which is issued by the company is very important for the investors. This research is conducted to find out whether return stock shows certain reaction towards manufacture companies which are registered in Indonesia Stock Exchange in 2013-2015, triggered by dividend announcement. It is possibly caused by the abnormal return which is found around the announcement. The abnormal return will be calculated by one sample t-test calculation. The cash dividend which consisted of 66 companies is chosen by purposive sampling method. The analysis device used in this research is event study with 11 days windows period, consists of 5 days before the cash dividend announcement and 5 days after the cash dividend announcement. The results are: 1) one sample t-test calculation shows there is no abnormal return before and after cash dividend announcement, therefore the market shows no reaction towards dividend announcement. 2) one sample t-test reveals that the market reacts positively two days after the cash dividend is declared. The rising cash dividend shows that there is significant abnormal return. 3) one sample t-test shows that there is no abnormal return before and after the announcement of cash dividend in sharing falling cash dividend.