the purpose of this study was to determine the market reaction of the dividend announcement. This study using event study approach, which made observations on the significance of abnormal returns during the event period, at five days before (t-5), at the day (t0), and five days after the date of devidend announcement (t+5). This research uses secondary data dioperoleh of BEI, this study used a total of 37 financial companies listed on the Stock Exchange and announced a dividend in the year 2012 to 2014, until taken by using purposive sampling method. The results of this study concluded that events dividend announcement given by the whole company into the sample returns are not normal positive and negative during the event period and the results are significant, while for the company making the distribution increases also returns abnormally positive and negative, and the results are significant and the company paying the dividends increase at the company grow too abnormal returns are positive and negative, and the results are significant,