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The research’s aim is to analyze whether announcement of dividend increase and decrease will be positively influence to the shares return before and after ex-dividend date in the Indonesia Stock Exchange (IDX). In this research, the samples used consist of 24 companies which incorporated in LQ45 group for the period of August 2008 until January 2009 in IDX. Testing the influence of dividend announcement have done by observing the abnormal return during the period 11 days, which are 5 days before the dividend announcement and 5 days after the dividend announcement.  The research results show that on the significance level 5% exist the weekdays which produce significance abnormal return. The company which announce the increase of dividend having significance abnormal return, it can be found on (t+3) days after the announcement. The company which announce the dividend decrease, the significance abnormal return existed at the (t+1) day after the announcement.