scholarly journals Comparative analysis of company market reactions on right issue for pay debt and investment

2019 ◽  
Vol 6 (3) ◽  
pp. 29-37
Author(s):  
Putu Sri Arta Jaya Kusuma ◽  
Gerianta Wirawan Yasa
Keyword(s):  
Comparative Analysis ◽  
Market Reaction ◽  
Stock Exchange ◽  
T Test ◽  
Market Reactions ◽  
Analysis Techniques ◽  
The Right ◽  
Rights Issue ◽  
Right To Buy ◽  
Rights Issues

The right issue is the issuance of new shares conducted by companies where the right to buy new shares is given to the old shareholders. Funds from the rights issue can be used by companies for various purposes, namely paying off debt and investment. In this study wanted to test the market reaction to the announcement of the rights issue aimed at paying off debt and rights issues aimed at investment and comparing the market reaction to the rights issue aimed at paying off debt and investment. The research was conducted on companies listed on the Indonesia Stock Exchange (IDX) and which issued rights issues in 2015-2017 with a sample of 76 rights issues. The analysis techniques used were one sample t-test and independent sample t-test. Based on the results of the study, it was found that there was a positive market reaction to the rights issue aimed at investment. Whereas in the rights issue aimed at paying debt there is no market reaction. This research also proved that there was no difference in the market reaction to the rights issue aimed at paying off debt and investment.

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 EFFECT OF KAP SUBSTITUTION AND ANNUAL REPORT DISCLOSURE ON MARKET REACTIONS

2019 ◽  
Vol 2 (2) ◽  
pp. 149
Author(s):  
Nita Nurul Fajar ◽  
Listiya Ike Purnomo
Keyword(s):  
Sampling Method ◽  
Annual Report ◽  
Market Reaction ◽  
Stock Exchange ◽  
Financial Statements ◽  
Total Sample ◽  
Annual Reports ◽  
Manufacturing Companies ◽  
Market Reactions ◽  
Analysis Techniques

The purpose of this study is to find out how much the market reaction is influenced  by the substitution of KAP and disclosure of annual reports in a given period. Abnormal Return is used as a measurement for market reactions while the variables used in this study are Substitution of KAP and mandatory disclosures used to measure disclosure of annual reports. The data use form of audited financial statements by an independent auditor obtained from the official IDX website www.IDX.com using a purposive sampling method based on certain criteria. Samples in this study were 16 manufacturing companies listed on the Indonesia Stock Exchange in 2012-2016. So that the total sample obtained is 80 company data. Hypothesis testing is done by using multiple linear regression data analysis techniques. Data is collected, then processed and analyzed using the SPSS 22.0 for Windows application program. The results of this study are Substitution of KAP had a significant effect while the disclosure of the annual report had no effect, but the two variables simultaneously had an effect on the market reaction. 

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

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.

scholarly journals BAGAIMANA REAKSI PASAR TERHADAP PERISTIWA AMANDEMEN AKUNTANSI IMBALAN KERJA

2021 ◽  
Vol 15 (1) ◽  
pp. 71-85
Author(s):  
Rahmi Izzati Putri ◽  
Iman Haymawan
Keyword(s):  
Abnormal Return ◽  
Market Reaction ◽  
Stock Exchange ◽  
Research Approach ◽  
Cumulative Abnormal Return ◽  
Test Analysis ◽  
Market Reactions ◽  
Analysis Techniques ◽  
Significant Difference ◽  
Before And After

The purpose of this study is to see the market reaction before and after the event of the work imbalance accounting amendment ratification. This study uses a total of 311 observations of companies listed on the Indonesia Stock Exchange (IDX) during 2013 and uses the Event Study research approach and Paired Sample T-test analysis techniques to test differences in market reactions as indicated by Cumulative Abnormal Return (CAR) before and after. event ratification of the work imbalance accounting amendment. This study found that there was a positive and significant difference in CAR between before and after the event of ratification of the work imbalance accounting amendment. This research has implications for investors to get a picture of the market reaction that occurs as a result of the ratification of the work imbalance accounting amendment. The results of this study indicate that there are differences in market reactions between prior to the ratification of the work imbalance accounting amendment

scholarly journals Reaksi Pasar Modal Terhadap Pengumuman Right Issue pada Perusahaan yang Terdaftar di Bursa Efek Indonesia

2019 ◽  
pp. 159
Author(s):  
Pita Qurnia Amir ◽  
I. G. N. Agung Suaryana
Keyword(s):  
Abnormal Return ◽  
Market Reaction ◽  
Stock Exchange ◽  
Participant Observation ◽  
Sample Selection ◽  
Sampling Technique ◽  
Analysis Technique ◽  
Observation Method ◽  
Rights Issue ◽  
Rights Issues

This research aims to determine whether there is a market reaction to the announcement of the rights issue. This research was conducted on the Indonesia Stock Exchange (IDX) in publicly listed companies that conducted rights issues during the period 2011-2017 with a population of 143 companies. The sample selection uses non-participant observation method with purposive sampling technique, obtained a sample of 103 companies. The analysis technique used is to test one sample t-test on the cumulative abnormal return. Based on the results of the analysis conducted, it was found that there is no market reaction to the announcement of the rights issue, which means the announcement of the rights issue does not have information content so it does not affect the investor's preference in making decisions. Keywords: Right issue, abnormal return, market reaction.

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 Financial Ratios, Economic Value Added and Market Reaction: A Quantitative Study on Indonesia Stock Exchange

2020 ◽  
Vol 7 (2) ◽  
pp. 82-91
Author(s):  
Indrawan Azis ◽  
Dara Ayu Nianty ◽  
Andi Marlinah
Keyword(s):  
Market Reaction ◽  
Stock Exchange ◽  
Economic Value ◽  
Value Added ◽  
Secondary Data ◽  
Partial Least Square ◽  
Least Square ◽  
Economic Value Added ◽  
Manufacturing Companies ◽  
Market Reactions

Reflecting on the phenomenon of stock market movements on the Indonesia Stock Exchange, this study was appointed to examine the effect of the effect of liquidity, solvency, and Economic Value Added (EVA) on market reactions in manufacturing companies listed on the IDX. The research method uses a quantitative approach, and types are categorized in explanatory research. The population in this study is manufacturing companies listed on the Indonesia Stock Exchange in the period 2017-2019. Determination of the sample to be tested in this study using a purposive sampling method and obtained 36 companies. Secondary data were obtained from the Capital Market Information Center (PIPM) the Indonesia Stock Exchange (IDX). The analytical method is Partial Least Square (PLS) with the assistant of SmartPLS 3.0 software. The results of the study showed that all exogenous variables positively and significantly influenced endogenous variable (EVA and Market Reaction). Research findings enrich previous studies on understanding market reactions and their impact on the development of corporate financial strategies in Indonesia.

scholarly journals RIGHT ISSUE: HUTANG ATAU INVESTASI?

2017 ◽  
Vol 14 (2) ◽  
pp. 1
Author(s):  
Deny Dwi Hartomo
Keyword(s):  
Abnormal Return ◽  
Stock Exchange ◽  
Event Window ◽  
The Difference ◽  
Adjusted Model ◽  
Rights Issue ◽  
Offering Price ◽  
Investor Reaction ◽  
Rights Issues ◽  
Debt Payment

<p><em>The objective of this study is to examine the difference of investor reaction on rights issue announcement pursuant to the purpose of using fund in Indonesia capital market. Investor react positively if the most using fund of right issue for investment and investor react negatively if the most using fund of right issue for debt payment. This study also examine influence offering price of right issue to investor reaction.</em></p><p><em>The samples are 55 firms that listing the rights issues in Indonesia Stock Exchange. Event study with 21 event window (from day -10 to day +10) are used to investigate the investor's reaction. Investor reaction is proxyed by abnormal return that was calculated by market-adjusted model. To investigate the determinants in investor's reactions are used linier regression between cumulative abnormal return for several days (determined based on significant abnormal return) as dependent variable and the purpose of using fund with dummy and offering price as independent variables.</em></p><p><em>The conclusions of this study are: (1) </em><em>investor react to right issue announcement, proved by significant abnormal return around right issue announcement date; (2) </em><em>investor react positively to right issue announcement that mostly using fund for investment; (3) investor react negatively to right issue announcement that mostly using fund for debt payment; (4) offering price of right issue have positively influential to investor reaction.</em></p>

scholarly journals PENGARUH METODE WAFA TERHADAP KEMAMPUAN ANAK MEMBACA AL-QUR’AN DI MI AL-HIDAYAH MANGKUJAJAR KEMBANGBAHU LAMONGAN

2019 ◽  
Vol 1 (1) ◽  
pp. 33
Author(s):  
Musa'adatul Fithriyah
Keyword(s):  
Elementary Education ◽  
Mean Value ◽  
T Test ◽  
Paired Sample ◽  
Analysis Techniques ◽  
A Value ◽  
Post Test ◽  
Experimental Type ◽  
The Mean ◽  
The Right

The Qur'an learning is very fundamental in Islamic education, especially in elementary education. The Qur'an is one of the subjects that must be taught to children. Early education in the Qur'an is expected to produce young people having a strong mental foundation, education not only makes children as prosperous in the world, but also provides sufficient provisions to both improve their religion and practice their scriptures. To be able to practice the Holy Qur'an correctly, children must be guided and taught how to read the Qur'an properly in accordance with the rules of true recitation. In fact the Qur'an learning at MI AL-Hidayah Mangkujajar Kembangbahu Lamongan initially tended to be monotonous for being dominated by conventional learning methods. As a result,  the Qur'an learning only produced generations that could read the Qur'an with the average ability without any sense of love and closeness to the Qur'an instead of having enthusiasm in learning it well. As time goes by, the Qur'an learning at MI Al-Hidayah has increasingly developed by applying the so-called Wafa method. This method teaches children to be able to read and memorize the Qur'an by maximizing the right brain. This is classified as a new method, but it is quite practical and fun in the learning process. The research was aimed at determining the effect of the Wafa method on the ability of children to read the Qur'an at MI Al-Hidayah Mangkujajar Kembangbahu Lamongan. The research method is quantitative with the experimental type of one group pretest-post test, data analysis techniques use the mean pretest and posttest, in addition, to testing the hypothesis it uses the Paired Sample T-Test with the SPSS 16. The results showed the influence of the Wafa method on the children ability to read the Qur'an at MI Al-Hidayah Mangkujajar Kembangbahu Lamongan. It was proven from the results of the analysis through the mean pretest formula, it was obtained a value of 82.92 and increased in the acquisition of the mean value of posttest amounted to 85.75. In addition, in the Paired Sample T-Test based on significance values with SPSS 16, it is known that the Sig. (2-tailed) value is 0,000 <0,05, because sig. (2-tailed) of 0,000 is smaller than 0.05, then the hypothesis is accepted and it could be concluded that there is an influence of the WAFA Method on the ability to read the Qur'an at MI Al-Hidayah Mangkujajar Kembangbahu Lamongan.

scholarly journals Reaksi Pasar atas Pengumuman Dividen: Sebuah Tinjauan Ulang

Performance ◽  
2020 ◽  
Vol 27 (2) ◽  
pp. 23
Author(s):  
Fransisca Astuti Mutiara ◽  
Leo Indra Wardhana
Keyword(s):  
Event Study ◽  
Abnormal Return ◽  
Stock Exchange ◽  
Statistical Tests ◽  
T Test ◽  
The Other ◽  
Market Reactions ◽  
Dividend Payment ◽  
Event Study Method ◽  
Dividend Announcements

This study revisits the market reactions on the dividend payment events, cum-dividend date and payment date, using the event study method. The sample of this study includes all dividend announcements from 2017 to 2018 in the Indonesia Stock Exchange. This study performs various robust statistical tests proposed by Harrington and Shrider (2007), who point out that standard classical t-test is not enough to ensure abnormal return on an event because of the bias due to volatility caused by an event. Using various statistical tests for testing the abnormal return, this study shows that the market indeed reacts to the cum-dividend date and dividend payment date, as well as showing that the classical t-test showing the same conclusion as the other tests.    

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