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13
The
firm started
to accumulate retained earnings
from the early and
growth stage. At
the
maturity
stage,
the
firm
may
have
a
large
portion
of
retained
earnings
in
the
equity.
2.1.4.Typical Date and Type of Payment
In
Indonesian
Stock
Exchange,
there’s
typical
dividend
date
of payment
as
shown
in
Figure
2.1.
A
firm
can
pay
more
than
one
dividend
during
a
fiscal
year.
However, the most common
found practice in Indonesia is dividends paid
in once per
fiscal
year.
Exceptions
are with
some
established
companies
like
PT.
Astra
International,  Tbk  and  its  subsidiaries  which  usually
pay
dividend  twice
a  year,
interim
and
final
dividend.  Interim
dividends
are
usually
paid
during
the
end
of
second quarter to early of first quarter of the next fiscal year. Final dividend is usually
paid during a
month after the announcement of
last
year’s earning to the end of third
quarter. The announcement of dividend payment
is
usually done after Stockholder’s
Annual General Meeting which takes place after the publishing of annual report.
Figure 2.1
Typical Dividend Date of Payment
Start of Fiscal Year
End of Fiscal Year
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Des
Jan
Annual Report
Publishing
Final Dividend Announcement and Distribution
Interim Dividend Announcement and
Distribution
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