scholarly journals ANALISIS PERBEDAAN RETURN SAHAM SEBELUM DAN SESUDAH PENGUMUMAN RIGHT ISSUE

2014 ◽  
Vol 4 (2) ◽  
pp. 121
Author(s):  
Masdalena Masdalena ◽  
Aftoni Sutanto
Keyword(s):  
Stock Returns ◽  
Stock Exchange ◽  
T Test ◽  
Test Results ◽  
Test Analysis ◽  
Event Window ◽  
Before And After ◽  
Sample Test ◽  
The Right ◽  
Rights Issue

This research aims to determine whether there are differences in stock returns before and after the announcement of the rights issue on the Indonesia Stock Exchange 2009-2013 period. This study was conducted on 43 companies listed in the Indonesia Stock Exchange right issues in the year 2009 to 2013, with a purposive sampling method. This research used the t-test analysis test by way Paired Sample Test with the observation period (event window) there are 20 days, t-10 (10 days prior to the announcement of the rights issue) and t + 10 (10 days after the announcement of the right issue). The announcement of the test results are known to contain information because the announcement led to market tereaksinya indicated by the presence pf abnormal return that occurred and the results of t-test menunjukkan significance value 0.036<α0.05 to distinction stock returns 10 days prior to the stock return 10 days after the announcement of the right issue. This that information is not leaked.

scholarly journals PENGARUH PENGUMUMAN MERGER DAN AKUISISI TERHADAP RETURN SAHAM PERUSAHAAN AKUISITOR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2005-2008

2011 ◽  
Vol 1 (1) ◽  
pp. 13
Author(s):  
Rina Kurniawati ◽  
Hendro Setyono
Keyword(s):  
Mergers And Acquisitions ◽  
Abnormal Return ◽  
Stock Exchange ◽  
Sample Selection ◽  
T Test ◽  
Test Results ◽  
Event Window ◽  
Exchange Event ◽  
Average Abnormal Return ◽  
Before And After

Purpose of this study to prove whether an announcements of mergers and acquisitions responded by market players so produce abnormal return for companies. This study also triying prove whether there abnormal return before and after an announcements of mergers and acquisitions.Data used in this study is companies conducting mergers and acquisitions listed at the Indonesia Stock Exchange period 2005-2008. Sample selection use purposive sampling. Samples obtained amount 11 company.From the analysis, use one sample T-Test obtained results calculation average abnormal return (AAR) shows that of overall average abnormal return (AAR) not found abnormal return significant. So can concluded that there is not differences abnormal return stock acquiring company about information an announcement of mergers and acquisitions announced acquiring company.Other findings in this study is test results by using uji t paired produce significant count is 0,007. Then hypothesis 2 this study able to prove. So it can be concluded that there significant differences abnormal return before and after an announcement of mergers and acquisitions.Limitations in this study is a limited number of samples caused still rare company that does mergers and acquisitions listed at the Indonesia Stock Exchange. Event window short only 21 days is 10 days before and 10 days after an announcement.

scholarly journals Market reaction to the rights issue announcement on the Indonesia stock exchange

2019 ◽  
Vol 6 (6) ◽  
pp. 264-269
Author(s):  
Ni Putu Linsia Dewi ◽  
Ica Rika Candraningrat
Keyword(s):  
Capital Market ◽  
Abnormal Return ◽  
Stock Exchange ◽  
Statistical Tests ◽  
Abnormal Returns ◽  
Analysis Technique ◽  
Before And After ◽  
Parametric Statistical Test ◽  
The Right ◽  
Rights Issue

Rights issue or the issuance of pre-emptive rights are the rights granted by an issuer company made to its existing shareholders to buy new shares issued within a predetermined period of time. This study aims to empirically explain the differences in abnormal returns before and after the announcement of the rights issue and to determine the form of capital market efficiency in Indonesia. Data are collected from 27 listed companies in the Indonesia Stock Exchange (IDX) that conducted a rights issue in 2014-2018. The data analysis technique used is the Kolmogorov-Smirnov Normality Test and the Parametric Statistical Test with a paired sample t-test. Based on the results of hypothesis testing not found differences in abnormal returns both before and after the announcement date indicating the market does not react to the right issue event. The results of statistical tests show a downward trend of abnormal return which is proxied in the Cumulative Abnormal Return (CAR), implying a market tends to react negatively to the announcement of the rights issue. Rights issue information causes a new equilibrium price adjustment in the market, thus making the form of efficiency of the Indonesian capital market a semi-strong form.

scholarly journals Effectiveness Of Baby Massage On The Increase Of Baby Weight Aged 6 - 12 Months In Gayaman Village, Mojoanyar District, Mojokerto Regency

2020 ◽  
Vol 9 (2) ◽  
pp. 708-715
Author(s):  
Titiek Idayanti ◽  
Rina Widiyawati
Keyword(s):  
Health Workers ◽  
Sampling Technique ◽  
Optimal Growth ◽  
T Test ◽  
Test Results ◽  
Before And After ◽  
Study Population ◽  
The Right ◽  
Provide Health Education ◽  
Paired T Test

The study population was all babies aged 6-12 months who experienced underweight. Samples were taken using a total sampling technique of 28 respondents. Data were collected by observation and subsequently tested using paired t-test. The average change in respondents’ weight before and after the baby massage is 114 grams. Paired t-test results show ρ value = 0.011 (95% CI: -.2005 - -. 0281). ρ value = 0.011 < α = 0.05, indicating that H0 is rejected and H1 is accepted. Therefore, there is an effect of baby massage on baby growth aged 6-12 months in Gayaman Village, Mojoanyar District, Mojokerto Regency. It is recommended for health workers to provide health education regarding the way to do the right baby massage to support in providing knowledge and expertise to parents in doing baby massage independently at home to help to reach the optimal growth process, especially the baby’s weight gain.

scholarly journals ANALISIS PENGARUH RASIO KEUANGAN TERHADAP RETURN SAHAM PADA PERUSAHAAN CONSUMER GOODS YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2012-2014

2020 ◽  
Vol 6 (1) ◽  
pp. 13
Author(s):  
Fitri Amalia Azzahra ◽  
Aftoni Sutanto
Keyword(s):  
Stock Returns ◽  
Consumer Goods ◽  
Stock Return ◽  
Stock Exchange ◽  
T Test ◽  
Test Results ◽  
F Test ◽  
Equity Ratio ◽  
Turn Over ◽  
Test Result

This study is entitled Analysis of the Effect of Financial Financial Ratios on Stock Returns on Consumer Goods Companies Listed on the Indonesia Stock Exchange in 2012-2014. The purpose of this study is to determine whether the variable Current ratio (CR), Debt to Equity Ratio (DER), Earning per Share (EPS), and Total Asset Turn Over (TATO) affect the stock return. The analytical tool used is multiple linear regression, t test, F test, and R2. T test results prove that the CR variable has no effect on stock returns with a probability value of 0.9755, the DER variable has no effect on stock returns with a probability value of 0.9442, the EPS variable has an effect on stock returns with a probability value of 0.0049, and TATO has no effect on stock returns with a probability value of 0.9809. The test results with the F test prove that the variables CR, DER, EPS, and TATO simultaneously have no effect on stock returns with a probability value of 0.050589. The R2 test result, 0.278689, shows that the dependent variable of stock returns can be explained by the independent variables CR, DER, EPS, and TATO by 27.8% while the remaining 72.2% is explained by other variables not examined in this study.

scholarly journals THE IMPACT OF IFRS ADOPTION ON EARNINGS MANAGEMENT IN BANKING COMPANIES IN INDONESIA STOCK EXCHANGE

2016 ◽  
Vol 13 (2) ◽  
pp. 176
Author(s):  
Prima Santy ◽  
Tawakkal Tawakkal ◽  
Grace T. Pontoh
Keyword(s):  
Earnings Management ◽  
Stock Exchange ◽  
Research Result ◽  
Control Variable ◽  
T Test ◽  
Test Analysis ◽  
Ifrs Adoption ◽  
Significant Difference ◽  
Before And After ◽  
The Impact

The issue of the IFRSadoption as a standard that can lead to a reduction of earnings management. The research aimed to give empirical evidence concerning the impact of the IFRS adoption on earnings management, and the test of the difference level of earnings management between before and after the IFRS adoption. The research scope focused on the implementation of IFRS adoption particularly in PSAK No. 50 and PSAK No. 55 (revised 2006) concerningfinancial instruments. The research objects were the banking companies listed in Indonesia Stock Exchange for 4 years (2008-2011), i.e. as many as 23 banks. Samples were taken by using the purposive sampling technique. The main variables in this research are IFRS and earnings management,and includes several control variable, among others are, size, financial leverage, market to book value and institutional investors. The data were analyzed usingmultiple regression analysis and different t-test analysis. The research result indicates that the IFRS adoption has not effect the decreaseon the earnings management.Among the four control variables, the variable institutional investor is found not to have theeffect on earnings management, whereas the other three variables haveeffect.The result of the different t-test analysis also indicates that statistically there is not significant difference on the level of the earnings management between before and after IFRS adoption. Thus, based on this study concluded that the adoption of IFRS still allow for the occurrence of earnings management.

scholarly journals Dividend Announcement Effect To Market Reaction in Non-Financial Companies Listed on Indonesia Stock Exchange

2019 ◽  
Vol 1 (2) ◽  
pp. 167-180
Author(s):  
Alvin Fabian ◽  
Eko Budi Santoso
Keyword(s):  
Event Study ◽  
Sampling Method ◽  
Market Reaction ◽  
Stock Exchange ◽  
Test Results ◽  
Event Window ◽  
Event Study Method ◽  
Before And After ◽  
Dividend Initiations ◽  
Dividend Omissions

Abstract: This study aims to examine the differences in market reaction before and after the announcement of dividend omissions and dividend initiations in non- financial companies listed on the Indonesia Stock Exchange in 2016-2018. The sample used in this study was 71 companies consisting of 26 companies that announced dividend omissions and 45 companies that announced dividend initiations. The sample was determined using the purposive sampling method. This study used the event study method with an event window period of 5 days before the announcement, the announcement day, and 5 days after the announcement. The Wilcoxon Signed Ranks Test results in this study indicate that there are no differences in market reaction before and after the announcement of dividend omissions. Meanwhile the announcement of dividend initiations shows that there are differences in market reaction before and after the announcement of dividend initiations. Keywords: Event study, Dividend Omissions, Dividend Initiations, Abnormal Return

Right Issue: The Impact to Abnormal Return, Share Liquidity and Company's Financial Performance (Empirical Study at Companies listed at Indonesia Stock Exchange)

2014 ◽  
Vol 2 (4) ◽  
pp. 01-08
Author(s):  
Nikolas Aldo ◽  
Ratnawati Kurnia
Keyword(s):  
Financial Performance ◽  
Abnormal Return ◽  
Trading Volume ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Volume Activity ◽  
Before And After ◽  
The Right ◽  
Rights Issue ◽  
Normally Distributed

Objective - The aim of this research is to analyse the difference of abnormal returns, shares liquidity proxies by trading volume activity and a company financial performance proxies by current ratio and price earnings ratio before and after the rights issue. Methodology/Technique - Samples were taken by purposive sampling. Number of samples are 26 companies listed on the Indonesia Stock Exchange that take the right issue for the year 2006 -2012. Testing of the hypothesis was done by using paired sample t-test for normally distributed data and Wilcoxon signed rank test for data that are not normally distributed. Findings - The results of this study showed that there is a significant difference in share liquidity proxies by trading volume activity before and after the announcement of the rights issue. After the right issue there are decreasing the number of trading volume activity because shareholders prefer to maintain their proportion of the share capital. Novelty - The increasing number of companies listed on the Indonesia Stock Exchange showed that there is positive growth of capital market in Indonesia. To be sustain in the market, companies need to improve their competitive advantage by optimizing resource utilization such as financial resources. One of the corporate action to raise the capital is the right issue. Type of Paper - Empirical Keywords: Abnormal Return, Company's Financial Performance, Right Issue, Shares Liquidity.

scholarly journals Reaksi Pasar Saham Terhadap Kebijakan Dividen Sebelum dan Sesudah Ex- Dividend Date

2020 ◽  
Vol 4 (1) ◽  
pp. 16-23
Author(s):  
Aulia Azizah
Keyword(s):  
Event Study ◽  
Abnormal Return ◽  
Stock Exchange ◽  
Research Result ◽  
T Test ◽  
Confounding Effect ◽  
Paired Sample ◽  
Before And After ◽  
Sample Test ◽  
Related Sample

Abstract This study aimed to analyzed market reaction caused  the announcement of rising dividend or dividend down before and after Ex-dividend date in Indonesia Stock Exchange (IDX).This research used event study method by using abnormal return on share as research variable and used price data of shares as research unit analysis. As the result, 26 companies as the sample of 45 companies which registered in index LQ45 in Indonesia Stock Exchange period 2016-2018 by purposing sampling technique. Measurement of variable using the calculation of the average abnormal return of shares by testing the hypothesis using different test paired sample t-test and Wilxocon related sample test with the help of SPSS version 22.The research result showed there was no difference in abnormal return on share before and after Ex-dividend date in the companies which announced rising dividend and dividend down in Indonesia Stock Exchange (IDX) period 2016-2018. The results of the different paired sample t-test obtained a significance value of 0,486 which was greater than 0,05 and in the Wilxocon test the related sample test obtained z score of 1,478 which was greater than z table which was 1.458. For the next research, it is recommended to test the different indexes and regard to the confounding effect which can lead to bias.Key words: Dividend, Abnormal Return, Ex- Dividend date, Event StudyAbstrak Penelitian ini bertujuan untuk menganalisis reaksi pasar saham yang ditimbulkan oleh  pengumuman dividen naik atau pengumuman dividen turun sebelum dan sesudah ex- dividend date di Bursa Efek Indonesia (BEI). Metode penelitian ini menggunakan event study dimana menggunakan abnormal return saham sebagai variabel pengujian yang menggunakan data harga saham harian sebagai unit analisi penelitiian. Hasil pengumpulan data  diperoleh 26 perusahaan sebagai sampel dari populasi sebanyak 45 perusahaan yang terdaftar di indeks LQ45 di Bursa efek Indonesia periode 2016-2018 dengan teknik sampling secara purposive sampling. Pengukuran variabel menggunakan penghitungan rata- rata abnormal return saham dengan pengujujian hipotesis menggunakan uji beda paired sample t-test dan uji Wilxocon releted sample test dengan bantuan aplikasi SPSS versi 22. Hasil peneltian menyimpulkan tidak terdapat  perbedaan abnormal return saham sebelum dan sesudah Ex-dividend date pada perusahaan yang mengumumkan dividen naik atau dividien turun di Bursa Efek Indonesia periode tahun 2016-2018 Hasil uji beda paired sample t-test diperoleh nilai signifikansi sebesar 0,486 yang atinya lebih besar dari 0,05 dan pada uji Wilxocon releted sample test diperoleh z-hitung sebesar 1,478 dimana lebih besar dari z tabel yaitu 1,458. Untuk peneliti selanjutnya disarankan melakukan pengujian pada indeks berbeda dan memperhatikan confounding effect yang dapat memunculkan bias. Kata Kunci : Dividend, Abnormal Return, Ex- Dividend date, Event Study

scholarly journals ANALISIS REAKSI PASAR BURSA EFEK INDONESIA SEBELUM DAN SESUDAH PENGUMUMAN RIGHT ISSUE TERHADAP ABNORMAL RETURN DAN LIKUIDITAS SAHAM (Studi Kasus Pada Perusahaan-Perusahan Yang Terdaftar Di Bursa Efek Indonesia Tahun 2015-2018 Sektor Infrastruktur)

2019 ◽  
Vol 3 (2) ◽  
pp. 245
Author(s):  
Yehofa Wajin
Keyword(s):  
Stock Returns ◽  
Trading Volume ◽  
Quantitative Methods ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Sampling Technique ◽  
Stock Liquidity ◽  
Significant Difference ◽  
Before And After ◽  
Rights Issue

Go public companies in order to increase funds, companies can conduct corporate actions, namely rights issues. Right issue is a new share offering from the company for old investors with a system offering it to an old investor first. The information about the rights issue was published as an announcement that could be used to see market reactions. This market reaction is measured by abnormal returns to see stock returns and trading volume activity to see stock liquidity.This research intend to see abnormal stock returns and stock liquidity before and after the announcement of the rights issue with a sample of infrastructure sector companies in the Indonesia Stock Exchange for the period 2015-2018 with purposive sampling technique of sample selection, according to predetermined criteria then obtained 6 companies.This research is a descriptive study using quantitative methods. The test used in this study is the normality test then using a paired sample t-test. The results of this study show no significant difference from abnormal returns and stock liquidity before and after the announcement of the rights issue.

scholarly journals THE IMPACT OF IFRS ADOPTION ON EARNINGS MANAGEMENT IN BANKING COMPANIES IN INDONESIA STOCK EXCHANGE

2016 ◽  
Vol 13 (2) ◽  
pp. 176
Author(s):  
Prima Santy ◽  
Tawakkal Tawakkal ◽  
Grace T. Pontoh
Keyword(s):  
Earnings Management ◽  
Stock Exchange ◽  
Research Result ◽  
Control Variable ◽  
T Test ◽  
Test Analysis ◽  
Ifrs Adoption ◽  
Significant Difference ◽  
Before And After ◽  
The Impact

The issue of the IFRSadoption as a standard that can lead to a reduction of earnings management. The research aimed to give empirical evidence concerning the impact of the IFRS adoption on earnings management, and the test of the difference level of earnings management between before and after the IFRS adoption. The research scope focused on the implementation of IFRS adoption particularly in PSAK No. 50 and PSAK No. 55 (revised 2006) concerningfinancial instruments. The research objects were the banking companies listed in Indonesia Stock Exchange for 4 years (2008-2011), i.e. as many as 23 banks. Samples were taken by using the purposive sampling technique. The main variables in this research are IFRS and earnings management,and includes several control variable, among others are, size, financial leverage, market to book value and institutional investors. The data were analyzed usingmultiple regression analysis and different t-test analysis. The research result indicates that the IFRS adoption has not effect the decreaseon the earnings management.Among the four control variables, the variable institutional investor is found not to have theeffect on earnings management, whereas the other three variables haveeffect.The result of the different t-test analysis also indicates that statistically there is not significant difference on the level of the earnings management between before and after IFRS adoption. Thus, based on this study concluded that the adoption of IFRS still allow for the occurrence of earnings management.

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