Islamic Stock Overreaction Phenomenon on Financial Statement: An Event Study

The purpose of this study is to examine whether there is an overreaction phenomenon in the announcement of financial statements during the observation period. The sample used in this study are stocks listed on the Indonesia Stock Exchange in the Jakarta Islamic Index (JII) category during the 2016-2018 period. T test results on the winner category stock prior to the announcement of the financial statement event which AAR value tends to be negative then AAR changed to positive on the date of the announcement of financial statements. On the contrary, AAR was seen to remain positive and statistically significant even to the 10th day after the announcement of the financial statements. After the announcement of the financial statements, investors do not appear to correct stock prices as an indication that they have overreacted. It’s shows that there was no reversal after the announcement of the financial statements. AAR loser and winner shares did not experience a reversal after the announcement of the financial statements. Results indicate that there is no overreaction phenomenon in the announcement of financial statements on the Indonesia Stock Exchange

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Reaksi Pasar Terhadap Peristiwa Pemilihan Presiden Indonesia 2019

E-Jurnal Akuntansi ◽

10.24843/eja.2019.v29.i03.p09 ◽

2019 ◽

Vol 29 (3) ◽

pp. 1026

Author(s):

I Gede Aditya Baskara ◽

Made Gede Wirakusuma

Keyword(s):

Event Study ◽

Presidential Election ◽

Stock Prices ◽

Abnormal Return ◽

Market Reaction ◽

Stock Exchange ◽

Statistical Tests ◽

Abnormal Returns ◽

T Test ◽

Significant Difference

This research is an event study that aims to determine the market reaction arising from the 2019 Indonesian presidential election, against companies listed in the infrastructure stock sector on April 17, 2019, using the abnormal return indicator. This study uses secondary data in the form of daily stock prices per company during the period with the population of the infrastructure sector listed on the Indonesia Stock Exchange. The statistical tests used to test hypotheses are descriptive statistical tests, normality tests and one sample t-test. The results of the one sample t-test on abnormal return is that there is no significant difference, which means the market does not respond to the event. These results indicate that the efficient market is not answered in the 2019 Indonesian presidential election due to the absence of abnormal returns in it. Keywords : Event Study, Market Reaction, Abnormal Return, 2019 Indonesian Presidential Election.

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PENGARUH INTELEKTUAL KAPITAL TERHADAP KINERJA KEUANGAN PADA PERUSAHAAN SECTOR PERBANKAN YANG TERDAFTAR DI BURSA EFEK JAKARTA PERIODE 2008-2012

AdBispreneur ◽

10.24198/adbispreneur.v1i3.11206 ◽

2017 ◽

Vol 1 (3) ◽

Author(s):

Jauhar Arifin

Keyword(s):

Financial Performance ◽

Intellectual Capital ◽

Stock Prices ◽

Stock Price ◽

Historical Data ◽

Stock Exchange ◽

Financial Statements ◽

Component Analysis ◽

Financial Statement ◽

Postal Code

THE INFLUENCE OF INTELLECTUAL CAPITAL ON FINANCIAL PERFORMANCE OF BANK SECTOR COMPANIES LISTED AT JAKARTA STOCK EXCHANGEIN PERIOD 2008-2012 Jauhar ArifinSTIA Tabalong Kalimantan Selatan, Indonesia, Postal Code 71571Email: [email protected] ABSTRACT The unit of analysis in this study is bank sector companies listed at Jakarta Indonesia Stock Exchange in period 2008-2012. This unit data is represented by the audited company's financial statements and historical data of stock prices in Indonesia Stock Exchange. Financial statement data and historical data of the company's stock price used are from the year of 2008 to 2012. Companies sampled in the study only companies which meet the sampling criteria as many as 26 x 5 = 130 companies. Data analysis is Generalized Structured Component Analysis (GSCA). Result of research indicates that Intellectual Capital significantly influences Financial Performance. Keywords: intellectual capital, financial performance PENGARUH INTELEKTUAL KAPITAL TERHADAP KINERJA KEUANGAN PADA PERUSAHAAN SECTOR PERBANKAN YANG TERDAFTAR DI BURSA EFEK JAKARTA PERIODE 2008-2012 ABSTRAK Unit analisis pada penelitian ini adalah perusahaan sektor perbankan yang terdaftar di Bursa Efek Jakarta Periode 2008-2012. Data penelitian ini bersumber dari laporan keuangan yang telah diaudit dan data historis harga saham di Bursa Efek Indonesia. Data keuangan dan data historis harga saham perusahaan yang digunakan adalah dari tahun 2008 sampai 2012. Perusahaan sampel dalam penelitian ini hanya perusahaan yang memenuhi kriteria sampling sebanyak 26 x 5 = 130 perusahaan. Analisis data adalah Generalized structural component analysis (GSCA). Hasil penelitian menunjukkan bahwa intelektual kapital secara signifikan berpengaruh terhadap kinerja keuangan. Kata kunci: intelektual kapital, kinerja keuangan

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Dampak Stock Split terhadap Abnormal Return dengan Pendekatan Event Study pada Emiten yang Terdaftar di Bursa Efek Indonesia

Jurnal Dinamika Ekonomi Pembangunan ◽

10.33005/jdep.v4i2.229 ◽

2021 ◽

Vol 4 (2) ◽

Author(s):

Achmad Azis Fauzi ◽

Ali Mutasowifin

Keyword(s):

Event Study ◽

Sampling Method ◽

Stock Exchange ◽

Abnormal Returns ◽

T Test ◽

Test Results ◽

Study Approach ◽

Stock Split ◽

Range Theory ◽

Sample Category

Investing in stock instruments in the capital market is interesting for many investors, both local and foreign. However, when the price of stocks is considered too expensive, that will reduce the purchasing power of investors towards these shares and the liquidity of the shares will decrease as well that will impact the decreasing returns of investors. Overcoming this condition, companies often take corporate action in the form of a stock split. This study analyzes the effect of stock split on abnormal returns of companies listed on the Indonesia Stock Exchange in 2015-2019. Using a purposive sampling method (nonprobability sampling) we obtained 34 companies as a research sample. We use the event study approach for data processing in finding abnormal returns and t-test as well. This study classifies samples into two categories, complex sample category, and sectoral industries. The result shows that for the complex category, there are three out of eleven days of events that have an impact on abnormal returns marked by the t-test results greater than t-table. Whereas in each sectoral industries there are only five affected sectors, three unaffected sectors and one sector cannot be tested due to insufficient data. This result is also consistent with theories related to the stock split, signaling theory, and trading range theory.

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DETERMINANT OF FRAUD PENTAGON IN DETECTING FINANCE OF FINANCIAL STATEMENTS

Assets : Jurnal Ilmiah Ilmu Akuntansi, Keuangan dan Pajak ◽

10.30741/assets.v4i1.563 ◽

2020 ◽

Vol 4 (1) ◽

pp. 32-41

Author(s):

Muhammad Bagus ◽

Noviansyah Rizal ◽

Siwidyah Desi Lastianti

Keyword(s):

Internal Pressure ◽

Stock Exchange ◽

Financial Statements ◽

Financial Statement ◽

Financial Fraud ◽

Test Results ◽

Financial Statement Fraud ◽

Score Model ◽

Fraudulent Financial Statements ◽

Industry Conditions

This study aims to determine the Pentagon Determinant Fraud in detecting fraudulent financial statements. Fraudulent financial statements are proxied by the Fraud Score Model. Whereas the pressure factor is proxied by insisting from within, for the opportunity factor proxied by industry conditions, the rationalization factor is proxied by the ratio of total accruals, the competency factor is proxied by the change of directors and arrogance is proxied by the duality of quality positions at the CEO. The population in this study amounted to 100 companies incorporated in the compass index 100 contained in the Indonesia Stock Exchange and for the sample of the study were 35 companies belonging to the compass index 100 contained in the Indonesia Stock Exchange, which was selected using the purposive sampling method for the 2017-2018 period. Data were analyzed using multiple linear regression. Based on the test results, it was concluded that the pentagon fraud component included internal pressure (LEV), industry conditions (INVENTORY), rationalization (TATA) influencing financial statement fraud while competence (DCHANGE) and arrogance (DCD) had no effect on financial fraud statement. This proves that internal pressure (LEV), industry conditions (INVENTORY), and rationalization (TATA) can be used to detect fraud in financial statements.

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PENGARUH EPS, ROE, ROA DAN DER TERHADAP HARGA SAHAM PADA PERUSAHAAN SUB SEKTOR SEMEN YANG TERDAFTAR DI BEI

JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi) ◽

10.34204/jiafe.v2i1.521 ◽

2016 ◽

Vol 2 (1) ◽

pp. 1-22

Author(s):

Asep Alipudin

Keyword(s):

Stock Prices ◽

Stock Exchange ◽

T Test ◽

Coefficient Of Determination ◽

Test Results ◽

Return On Assets ◽

Return On Equity ◽

Earnings Per Share ◽

Equity Ratio ◽

Positive Effect

The purpose of this study was to determine the effect of earnings per share (EPS), return on equity (ROE), return on assets (ROA) and debt to equity ratio (DER) to the price of shares in the sub-sector of cement which is listed on the Stock Exchange simultaneously. There is also the test used is the classic assumption test, test the coefficient of determination, t test, and F test results show earnings per share (EPS), return on equity (ROE), return on assets (ROA) and debt to equity ratio (DER) jointly positive effect on stock prices at a cement company listed on the Indonesia stock Exchange (BEI) in the period 2010-2014.Keywords: Earning per Share (EPS), Return on Equity (ROE), Return on Assets (ROA), dan Debt to Equity Ratio (DER)

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Analisis Reaksi Pasar Atas Pengumuman Peringkat Kinerja Perusahaan Dalam Pengelolaan Lingkungan Hidup

E-Jurnal Akuntansi ◽

10.24843/eja.2019.v29.i03.p18 ◽

2019 ◽

Vol 29 (3) ◽

pp. 1152

Author(s):

Komang Winda Trinadewi ◽

Gerianta Wirawan Yasa

Keyword(s):

Event Study ◽

Environmental Performance ◽

Market Reaction ◽

Stock Exchange ◽

Abnormal Returns ◽

T Test ◽

Test Results ◽

Market Reactions ◽

Analysis Technique ◽

The One

This study aims to determine the market reaction to the PROPER announcement event and whether there are differences in market reactions between good ratings and poor PROPER ratings. This research is an event study with a window of events for 5 days. The study was conducted on PROPER participating companies listed on the Indonesia Stock Exchange from 2015 to 2017. The number of samples that met the criteria were 39 companies. PROPER announcements are measured using abnormal returns. The analysis technique used is the one sample t-test and the independent t-test. The test results show that the PROPER announcement was reacted negatively by the capital market, and there was no difference in market reaction between good ratings and bad ratings. Keywords : Event Study; Abnormal Return; Environmental Performance; PROPER.

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PENGARUH EPS, ROE, ROA DAN DER TERHADAP HARGA SAHAM PADA PERUSAHAAN SUB SEKTOR SEMEN YANG TERDAFTAR DI BEI

JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi) ◽

10.34204/jiafe.v2i1.519 ◽

2016 ◽

Vol 2 (1) ◽

pp. 1-22

Author(s):

Asep Alipudin

Keyword(s):

Stock Prices ◽

Stock Exchange ◽

T Test ◽

Coefficient Of Determination ◽

Test Results ◽

Return On Assets ◽

Return On Equity ◽

Earnings Per Share ◽

Equity Ratio ◽

Positive Effect

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RELEVANSI NILAI LEVERAGE, DIVIDEN, DAN PROFITABILITAS TERHADAP HARGA SAHAM PADA PERUSAHAAN-PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI PERIODE 2014-2016

Jurnal Akuntansi ◽

10.46806/ja.v7i1.458 ◽

2018 ◽

Vol 7 (1) ◽

Author(s):

Ericson Wijaya, Amelia Sandra

Keyword(s):

Stock Prices ◽

Value Relevance ◽

Stock Exchange ◽

Accounting Information ◽

Financial Statements ◽

Share Price ◽

Financial Statement ◽

Actual Condition ◽

A Value

Financial statements that have good value relevance can be a benchmark for an enterprise's value increase that can increase stock prices. Accounting information in the form of financial statements is expected to describe the actual condition of the company. Accounting information such as financial statement hopefully can describe the actual condition of the company.This research aims to analyze the influence of the value relevance of accounting information contained in leverage, dividend, and profitability to stock prices. Clean surplus theory is talking about predicting and analyzes function of financial statement. Market efficient theory is talking about quality of the information itself. And signaling theory is talking about how the information impacts the community. The object of this study was 25 companies who registered in manufacturing industries that listed at Indonesia Stock Exchange for the year 2014-2016. Tools that be used for data analysis in this research are pooling, classical assumption, statistic descriptive test, F-test, t-test, and coefficient determination of R square by using SPSS 20.0 . This research shows that leverage doesn’t have a value relevance to the share price, dividend doesn’t have a value relevance to the share price, and profitability has a value relevance to the share price. Keyword : Value Relevance, Leverage, Dividend, Profitability

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ANALISIS LAPORAN KEUANGAN PERUSAHAAN SUB SEKTOR HOTEL, RESTORAN DAN PARIWISATA YANG TERDAFTAR DI BEI TAHUN 2014–2016

National Conference of Creative Industry ◽

10.30813/ncci.v0i0.1274 ◽

2018 ◽

Author(s):

Apriani Simatupang

Keyword(s):

Stock Prices ◽

Stock Exchange ◽

Descriptive Analysis ◽

Financial Statements ◽

Financial Statement ◽

Profitability Analysis ◽

Net Profit ◽

Equity Ratio ◽

Turn Over ◽

Profitability Ratios

<div>are also used by investors to analyze companies in forecasting profits, forecasting dividends and forecasting stock prices. Analysis of financial statements is then used to compare companies with other companies in the same industry. The purpose of this study is to determine the analysis of liquidity ratios, activity ratios, solvabilities ratios, profitability ratios of hotels, restaurants, and tourism sub-sectors listed on the Indonesia Stock Exchange in 2014-2016 in order to compare the company's financial performance so that it can take future decisions.The research method used is descriptive analysis of the results of data analysis of financial statement analysis. The results obtained from the analysis of the financial statements of companies that have the best CR are PT MNC Land Tbk. The company has the best TATO ratio is PT Bayu Buana Tbk. The ratio of DER, the best company is PT Pembangunan Graha Lestari Indah Tbk while the profitability analysis with NPM ratio, the best company in 2014, PT MNC land Tbk, in 2015 PT Pembangunan Jaya Ancol Tbk and 2016 again PT MNC Land Tbk. If investors see the EPS ratio in 2014 and 2015 we recommend that PT Pembangunan Jaya Ancol Tbk and 2016 PT MNC Land Tbk.Keywords: Current Ratio, Total Assets Turn Over, Total Debt to Equity Ratio, Net Profit Margin, Earning per Share.</div>

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PENGARUH KINERJA KEUANGAN TERHADAP HARGA SAHAM PADA PERUSAHAAN SEKTOR JAKARTA ISLAMIC INDEX YANG TERDAFTAR DI BURSA EFEK INDONESIA

AkMen JURNAL ILMIAH ◽

10.37476/akmen.v16i4.794 ◽

2019 ◽

Vol 16 (4) ◽

pp. 516-528

Author(s):

Abdullah Abdullah

Keyword(s):

Stock Prices ◽

Stock Exchange ◽

Financial Statements ◽

Working Capital ◽

Current Ratio ◽

Return On Equity ◽

Share Prices ◽

Equity Ratio ◽

Influential Variable ◽

Observation Period

ABDULLAH, 2019. Effect of Financial Performance on Stock Prices on the Jakarta Islamic Index Sector Companies listed on the Indonesia Stock Exchange in 2016-2019. This study aims to determine the effect of Current Ratio, Debt to Equity Ratio, Return On Equity, and Working Capital Turnover partially, as well as simultaneously on the Stock Prices of the Jakarta Islamic Index Sector Companies listed on the Indonesia Stock Exchange in 2016-2019. The population in this study is the Jakarta Islamic Index Sector Companies listed on the Indonesian stock exchange as many as 30 companies. The sample of this study was 10 (ten) companies selected based on criteria, namely: Jakarta Islamic Index Sector Companies listed on the Indonesia Stock Exchange Period 2016-2019; Publish audited financial statements; Having profit; and have distributed cash dividends during the observation period. The results of this study indicate that the Current Ratio (X1) Debt to Equity Ratio (X2) and Working Capital Turnover (X4) partially have no significant effect. Whereas Return On Equity (X3) has a positive and significant effect on stock prices on the Jakarta Islamic Index Sector Companies listed on the Indonesia Stock Exchange Period 2016-2019. Simultaneously Current Ratio (X1), Debt to Equity Ratio (X2), Return On Equity (X3), and Working Capital Turnover (X4) have a positive and significant effect on the Share Prices of Jakarta Islamic Index Companies in the Indonesia Stock Exchange Period 2016-2019. The dominant influential variable is Return On Equity (X3). ABDULLAH, 2019. Pengaruh Kinerja Keuangan Terhadap Harga Saham pada Perusahaan Sektor Jakarta Islamic Index yang terdaftar di Bursa Efek Indonesia Tahun 2016-2019. Penelitian ini bertujuan untuk mengetahui pengaruh Current Ratio, Debt to Equity Ratio, Return On Equity, dan Working Capital Turnover secara parsial, maupun simultan terhadap Harga Saham pada Perusahaan Sektor Jakarta Islamic Index yang terdaftar di Bursa Efek Indonesia Tahun 2016-2019. Populasi dalam penelitian ini adalah Perusahaan Sektor Jakarta Islamic Index yang terdaftar di bursa efek Indonesia sebanyak 30 perusahaan. Sampel penelitian ini adalah 10 (sepuluh) perusahaan yang dipilih berdasarkan criteria yaitu: Perusahaan Sektor Jakarta Islamic Index yang terdaftar di Bursa Efek Indonesia Periode 2016-2019; Menerbitkan laporan keuangan yang telah diaudit; Memiliki keuntungan (profit); dan pernah membagikan Cash Deviden selama periode pengamatan. Hasil penelitian ini menunjukkan bahwa Current Ratio (X1) Debt to Equity Ratio (X2) dan Working Capital Turnover (X4) secara parsial tidak berpengaruh signifikan. Sedangkan Return On Equity (X3) berpengaruh positif dan signifikan terhadap harga saham pada Perusahaan Sektor Jakarta Islamic Index yang terdaftar di Bursa Efek Indonesia Periode 2016-2019. Secara Simultan Current Ratio (X1), Debt to Equity Ratio (X2), Return On Equity (X3), dan Working Capital Turnover (X4) berpengaruh Positif dan Signifikan terhadap Harga Saham pada Perusahaan Sektor Jakarta Islamic Index yang terdaftar di Bursa Efek Indonesia Periode 2016-2019. Variabel yang berpengaruh dominan adalah Return On Equity (X3).

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