OVERREACTION ANOMALY DI PASAR MODAL INDONESIA (STUDI PADA SAHAM-SAHAM LQ-45 TAHUN 2014-2018)

2019 ◽  
Vol 24 (1) ◽  
pp. 88-99
Author(s):  
Herly Hadimas
Keyword(s):  
Abnormal Return ◽  
Sampling Method ◽  
Stock Exchange ◽  
Investment Strategy ◽  
Cumulative Abnormal Return ◽  
Purposive Sampling ◽  
Car Market ◽  
Loser Portfolio

This study aims to analyze whether market overreaction symptoms occur in Indonesia Stock Exchange, specifically on the LQ-45 Index from 2014 to 2018. This research was separated over 6 and 12 months. The sample was consistent stocks of LQ-45 index companies period 2014 to 2018, it is determined by purposive sampling method. Stocks were classified into two portfolios based on the value of Cumulative Abnormal Return (CAR). Winner portfolio was 3 stocks with the highest value of CAR, and loser portfolio was 3 stocks with the lowest value of CAR. Market overreaction is measured by Average Cumulative Abnormal Return (ACAR) loser portfolio outperformed of winner portfolio ACAR. As a result, the research found that overreaction indications were evidence, but no significance statistically. The result absence of market overreaction symptoms on the Indonesia Stock Exchange showed that the contrarian investment strategy was inappropriate to use, especially on LQ-45 index stocks. Keywords: Overreaction, winner-loser anomaly, LQ-45 Index.

scholarly journals Analisis Reaksi Pasar Terhadap Pengumuman Merger dan Akuisisi Pada Perusahaan Akuisitor yang Terdaftar di BEI

2018 ◽  
pp. 1870
Author(s):  
Ika Putri Adnyani ◽  
Gayatri Gayatri
Keyword(s):  
Abnormal Return ◽  
Trading Volume ◽  
Sampling Method ◽  
Stock Exchange ◽  
Cumulative Abnormal Return ◽  
Test Results ◽  
Volume Activity ◽  
Paired Sample ◽  
Analysis Technique ◽  
Before And After

This research is conducted on all acquisition companies that conduct acquisitions listed on Indonesia Stock Exchange 2011-2016 period. Sampling method using purposive sampling. The number of samples of this research is 50 companies. The market reaction in this study used abnormal return and trading volume activity. The testing of information content will be done by looking at differences in cumulative abnormal return and the average trading volume of shares five days before and five days after the announcement of the acquisition. Data analysis technique used is paired sample t-test. Based on the test results, found there are significant differences in the abnormal return of the acquirer company before and after the announcement of the acquisition. However, there is no difference in trading volume activity of the acquirer's stock before and after the acquisition announcement   Keywords: acquisitions, stock market, abnormal return, trading volume activity

scholarly journals Investor’s Mood at ASIAN Games Event

2019 ◽  
Vol 7 (2) ◽  
pp. 177
Author(s):  
Happy Sista Devy ◽  
Bahrain Pasha Irawan
Keyword(s):  
Event Study ◽  
Abnormal Return ◽  
Sampling Method ◽  
Stock Exchange ◽  
Purposive Sampling ◽  
Event Study Method ◽  
Before And After ◽  
Wait And See ◽  
The Many ◽  
Observation Period

<p>Goals of the research to analyze whether occurred abnormal return of ASIAN Games phenomena and see how investors react to the big ASIAN Games 2018 event in Indonesia. . This reseach uses a sample of companies included in the hotel, restaurant and tourism sub-sector on the Indonesia Stock Exchange (IDX) during the observation period, based on the purposive sampling method which obtained 22 companies and used the event study method. There is a significant abnormal return but not on the phenomenon of the Asian Games 2018. This shows that investors still wait and see to the organization of the Asian Games in 2018. No difference of abnormal return before and after the Asian Games 2018. This is because, as investors look to the many tourists who have started to flock to Indonesia before the Asian Games in 2018 took place.<em></em></p><p><strong><em></em></strong><em><br /></em></p>

scholarly journals PERBANDINGAN ABNORMAL RETURN DAN LIKUDITAS SAHAM SEBELUM DAN SEDUDAH STOCK SPLIT: STUDI PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

2017 ◽  
Vol 20 (2) ◽  
pp. 254
Author(s):  
Kornel Munthe
Keyword(s):  
Abnormal Return ◽  
Sampling Method ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Purposive Sampling ◽  
Signed Rank ◽  
Split Test ◽  
Stock Split ◽  
The Difference

Tujuan dari penenilitan ini adalah unutk mengetahui perbedaan abnormal return dan likuiditas saham sebelum dan sesudah stock split pada perusahaan yang terdaftar di Bursa Eefek Indonesia periode 2011-2014. Dengan menggunakan metode purposive sampling maka dipilih 24 sampel perusahaan yang memenuhi kriteria. Periode pengamatan selama 5 hari sebelum dan 5 hari sesudah stock split. Uji Wilcoxon Signed Rank menunjukkan adanya perbedaan yang signifikan rata-rata abnormal return dan likuiditas saham sebelum dan sesudah stock split, hal ini mengindikasikan bahwa pasar bereaksi positif atas stock split.The main objective of this research is know the differences in abnormal returns and liquidity of shares before-after stock split at companies listed Indonesian Stock Exchange during the period of 2011-2014. By using purposive sampling method then selected 24 samples of companies that meet the criteria. The period of observation for 5 days before - 5 days after stock split. Test of Wilcoxon Signed Rank showed significant the difference in average abnormal returns and liquidity of shares before- after stock split, this indicates that the market reacted positively to the stock split.

scholarly journals PENGARUH PERUBAHAN KOMPOSISI KEPEMILIKAN SAHAM SEBAGAI AKIBAT STOCK SPLIT TERHADAP LIKUIDITAS SAHAM

2018 ◽  
Vol 14 (1) ◽  
pp. 1
Author(s):  
Nuri Lesmono Hidayah ◽  
Harits Noordin
Keyword(s):  
Abnormal Return ◽  
Trading Volume ◽  
Stock Exchange ◽  
T Test ◽  
Stock Ownership ◽  
Cumulative Abnormal Return ◽  
Stock Trading ◽  
Stock Liquidity ◽  
Purposive Sampling ◽  
Stock Split

Abstrak: Pengaruh Perubahan Komposisi Kepemilikan Saham Sebagai Akibat Stock Split terhadap Likuiditas Saham. Penelitian ini bertujuan untuk mengetahui dampak pemecahan saham terhadap perdagangan saham di Bursa Efek Indonesia (BEI) dengan memperhatikan komposisi kepemilikan saham. Komposisi kepemilikan saham publik dan perubahannya dalam kegiatan stock split diduga memiliki pengaruh terhadap likuiditas saham. Populasi penelitian ini adalah seluruh perusahaan di Bursa Efek Indonesia. Sampel penelitian sebanyak 48 perusahaan yang melakukan stock split pada periode 2010 – 2015. Pemilihan sampel menggunakan metode purposive sampling. Metode pengujian hipotesis menggunakan metode paired sampled t test dan analisis regresi. Hasil penelitian ini menunjukkan bahwa peristiwa stock split memberikan dampak terhadap perdagangan saham. Stock split menyebabkan terjadinya perbedaan yang signifikan dari cumulative abnormal return (CAR) dan rata-rata trading volume activity sebelum pemecahan saham dibandingkan setelah pemecahan saham. Berkenaan dengan komposisi saham publik dan perubahannya dalam peristiwa stock split ternyata tidak berpengaruh terhadap likuiditas perdagangan saham. Kata kunci: pemecahan saham, likuiditas, kepemilikan publik Abstract: The Effect of Change in Stock Ownership because of Stock Split on Stock Liquidity. This study aimed to determine the effect of the stock split on stock trading by considering stock ownership proportion in companies listed in the Indonesian Stock Exchange (IDX). This study hypotesized that stock ownership proportion and its change in later date affected stock liquidity. The population of this study was companies in the Indonesia Stock Exchange. The samples were 48 companies which conducted stock split in 2010-2015. The sample was selected by purposive sampling method. Hypotesis was tested by using paired sampelled t-test and regression analysis. The study found that stock split indeed affected stock trading. Stock split significantly affected Cumulative Abnormal Return (CAR) and trading activity, compared to data before stock split occurred. However, the studi also found that stock ownership proportion and its changes in later date did not affect stock liquidity. Keywords: stock split, liquidity, public shareholder

scholarly journals Factors Affecting the Audit Delay and Its Impact on Abnormal Return in Indonesia Stock Exchange

2018 ◽  
Vol 10 (2) ◽  
pp. 48
Author(s):  
Syarifa Yunindiah Lestari ◽  
Muhammad Nuryatno
Keyword(s):  
Firm Size ◽  
Stock Price ◽  
Abnormal Return ◽  
Sampling Method ◽  
Stock Exchange ◽  
Financial Statements ◽  
Research Needs ◽  
Factors Affecting ◽  
Audit Opinion ◽  
Purposive Sampling

This study aims to study the phenomenon of audit delay that still Occurs in various companies in Indonesia Stock Exchange, Thus affecting the decision of the users of financial statements. This study secondary uses of data in 2009-2015 from 20 companies selected by purposive sampling method, which is to determine the company as a sample according to research needs. This research found that firm size (X1), leverage (X3), and audit opinion (X5) have the significant effect on the audit delay of the company in Indonesia Stock Exchange. While the variable profitability (X2) and reputation audit (X4) have no significant effect on audit delay in companies listed on Indonesia Stock Exchange. Audit delay (Y) does not affect stock price fluctuations, so it does not have a significant impact on the company’s abnormal return (AR) on the Indonesia Stock Exchange.

PENGARUH UMUR PERUSAHAAN, LIKUIDITAS DAN PROFITABILITAS TERHADAP KETEPATAN WAKTU PENYAMPAIAN LAPORAN KEUANGAN “(TIMELINESS)”

Equity ◽  
2015 ◽  
Vol 18 (1) ◽  
pp. 71
Author(s):  
Retna Sari
Keyword(s):  
Sampling Method ◽  
Stock Exchange ◽  
Financial Report ◽  
Purposive Sampling

This research was conducted to examine the effect age of company, likuidity and profitability to timeliness in the submission of the financial report of manufacturing in Indonesia Stock Exchange period 2012. Sample that as many as 92 companies. Sample determination technique using purposive sampling method. Hypotesis testing using a logistic anlysis. The result showed that all variables are not significantly to the timeliness. 

Pengaruh Perubahan Laba, Arus Kas Operasi, DER dan DAR Terhadap Financial Distress pada Perusahaan Sub Sektor Semen, Keramik Porselin dan Kaca yang Terdaftar di BEI Tahun 2015 – 2019

2021 ◽  
Vol 11 (1) ◽  
pp. 1-14
Author(s):  
Ananda Rama Dhani ◽  
Nolla Puspita Dewi
Keyword(s):  
Cash Flow ◽  
Financial Distress ◽  
Sampling Method ◽  
Stock Exchange ◽  
Sample Selection ◽  
Manufacturing Companies ◽  
Purposive Sampling ◽  
Equity Ratio

This study aims to (1) determine the effect of Profit Changes on Financial Distress in Manufacturing companies in the cement, porcelain and glass sub-sector listed on the Indonesia Stock Exchange (2) determine the effect of Operational Cash Flow on Financial Distress in Manufacturing companies in the cement, porcelain and glass sub-sector listed on the Indonesia Stock Exchange (3) determine the effect of Debt To Equity Ratio (DER) on Financial Distress in Manufacturing companies in the cement, porcelain and glass sub-sector listed on the Indonesian Stock Exchange (4) determine the effect of Debt To Asset Ratio (DAR) on Financial Distress in Manufacturing companies in the cement, porcelain and glass sub-sector listed on the Indonesia Stock Exchange (5) determine the effect of Profit Changes, Operational Cash Flow, Debt T Equity Ratio (DER), Debt To Asset Ratio (DAR) on Financial Distress in Manufacturing companies in the cement, porcelain and glass sub-sector listed on the Indonesia Stock Exchange. The period used in this study is the period 2015-2019.The population in this study were Manufacturing companies in the sub-sector of cement, porcelain and glass which are listed on the Indonesia Stock Exchange. The sample selection used purposive sampling method.

scholarly journals KEBIJAKAN PEMBAGIAN DIVIDEN KAS DI PERUSAHAAN SUB SEKTOR PERDAGANGAN ECERAN

2021 ◽  
Vol 7 (2) ◽  
pp. 175-186
Author(s):  
Rochman Marota ◽  
Vinna Oktaviani ◽  
Amelia Rahmi
Keyword(s):  
Cash Flow ◽  
Firm Size ◽  
Sampling Method ◽  
Stock Exchange ◽  
Net Income ◽  
Investment Opportunity ◽  
Purposive Sampling ◽  
Investment Opportunity Set ◽  
Operating Cash Flow ◽  
Retail Trading

ABSTRAKTujuan dari penelitian ini adalah untuk menganalisis pengaruh laba bersih, arus kas operasi, investment opportunity set, dan firm size terhadap dividen kas. Penelitian ini dilakukan pada perusahaan sub perdagangan eceran yang terdaftar di Bursa Efek Indonesia periode 2015–2019. Sampel terdiri dari lima perusahaan yang dipilih dengan menggunakan metode purposive sampling. Penelitian ini menggunakan uji regresi linear berganda untuk menguji hipotesis. Hasil pengujian menunjukkan bahwa laba bersih berpengaruh positif terhadap dividen kas, sedangkan arus kas operasi, investment opportunity set, dan firm size tidak berpengaruh. Hal ini dapat menjadi perhatian bagi perusahaan untuk terus meningkatkan kinerja perusahaan dalam menghasilkan laba bersih. Dengan laba yang tinggi, para investor akan lebih tertarik untuk menginvestasikan dananya. ABSTRACTThe purpose of this study is to analyze the effect of net income, operating cash flow, investment opportunity set, and firm size on cash dividends. This research was conducted on sub-retail trading companies listed on the Indonesia Stock Exchange for the 2015–2019 period. The sample consists of five companies, selected using the purposive sampling method. It uses multiple linear regression to test the hypotheses. Results show that net income affects positively cash dividends. While cash flow, investment opportunity set, and firm size does not affect cash dividends. This can be a concern for the company to continue to improve the company's performance in generating net income. With high profits, investors will be more interested in investing their funds.

scholarly journals PENGARUH PENERBITAN SUKUK TERHADAP REAKSI PASAR (SURVEY TERHADAP PERUSAHAAN-PERUSAHAAN YANG MENERBITKAN OBLIGASI SYARIAH YANG TERDAFTAR DIBURSA EFEK INDONESIA SELAMA TAHUN 2015)

2019 ◽  
Vol 4 (3) ◽  
pp. 496-503
Author(s):  
Mulya Iskandar ◽  
Ridwan Ridwan
Keyword(s):  
Stock Returns ◽  
Abnormal Return ◽  
Research Method ◽  
Quantitative Research ◽  
Stock Exchange ◽  
Secondary Data ◽  
Cumulative Abnormal Return ◽  
Market Reactions ◽  
Independent Variables ◽  
The Relationship

This study aims to determine how the influence of a sukuk instrument issuance on market reactions listed on the Indonesia Stock Exchange (IDX) during 2015. The research method used in this study is quantitative research. Quantitative research contains a relationship between cause and effect. The type of data used is secondary data, data collection used by the author is to know the relationship between two or more variables. The object to be examined in this study is the total value and rating of the issuance of Islamic bonds (sukuk) companies as independent variables and cumulative abnormal return shares of companies that issue Islamic bonds (sukuk) listed on the Indonesia Stock Exchange in 2015. The results of this study indicate the value of sukuk bond issuance and sukuk bond issuance ratings jointly affect stock returns. The value of issuing sukuk bonds partially affects stock returns and the rating of bond issuance has an effect on return.

scholarly journals ANALISIS PENGARUH KEBIJAKAN HUTANG, KEBIJAKAN DIVIDEN, DAN PERTUMBUHAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN PEMBIAYAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

BISMA ◽  
2019 ◽  
Vol 13 (1) ◽  
pp. 43
Author(s):  
Febriani Florentin Sinaga
Keyword(s):  
Path Analysis ◽  
Sampling Method ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Financial Data ◽  
Factors Affecting ◽  
Purposive Sampling ◽  
Company Value ◽  
Company Growth ◽  
Debt Policy

This study aims to analyze the effect of debt policy, dividend policy, and company growth on company value, with profitability as the intervening variable, in the finance companies listed on the Indonesia Stock Exchange (IDX). The population of this study was all finance companies listed on IDX for the period of 2015 and 2016. The purposive sampling method was used in this study with the sample consisted of 12 finance companies. Data used were financial data sourced from the website of IDX. Data were analyzed using path analysis with two equations, i.e., the factors affecting company value and the factors affecting company profitability. Results of the study showed that debt policy, dividend policy, company growth, and profitability have no significant effect on company value. This study also found that debt policy and company growth  have no significant effect on profitability, while dividend policy significantly affects profitability. Keywords : Debt policy, dividend policy, company growth, profitability

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