scholarly journals Pengaruh Akuisisi dan Right Issue terhadap Abnormal Return Saham

2020 ◽  
Vol 4 (1) ◽  
pp. 278-289
Author(s):  
Elsye Fatmawati ◽  
Laela Nur Azizah
Keyword(s):  
Stock Price ◽  
Abnormal Return ◽  
Quantitative Methods ◽  
Sample Selection ◽  
Secondary Data ◽  
Rank Test ◽  
Market Reactions ◽  
Significant Difference ◽  
Before And After ◽  
Rights Issues

Rights issues and acquisitions are important information for shareholders that can be used to gain future profits and measure market reactions. This reaction can be measured using an abnormal return. This study aims to see whether there are significant differences before the acquisition and rights issues. The population in this study were companies listed on the IDX that carried out acquisitions and rights issues in 2015-2019. This research is a descriptive study using quantitative methods. The sample selection technique in this study is purposive sampling. By following the predetermined criteria, 9 companies were selected as samples. The type of data used is secondary data from yahoo finance 2015-2019, daily stock price data, and daily Composite Stock Price Index (IHSG) (Close Price). Hypothesis testing Paired Sample T-Test and Wilcoxon Signed Rank Test using the SPSS 22.0 program. The results of this study indicate that there is no significant difference in returns in the period before and after the announcement of the acquisition and the rights issue.

scholarly journals The Announcement of Sharia Bank’s Conditional Merger Agreement. How Investor Reacted?

2021 ◽  
Vol 2 (2) ◽  
pp. 136-146
Author(s):  
Syamsuddin Syamsuddin ◽  
Versiandika Yudha Pratama
Keyword(s):  
Event Study ◽  
Stock Price ◽  
Abnormal Return ◽  
Secondary Data ◽  
T Test ◽  
Event Window ◽  
Paired Sample ◽  
Average Abnormal Return ◽  
Significant Difference ◽  
Before And After

This study aims to determine there is a difference in average abnormal return of BRI Syariah before and after the signing of the Conditional Merger Agreement (CMA), which is on October 12th, 2020. This research used event study for method and the data in this study are secondary data in the form of stock price data of BRI Syariah. The event window in this study for 11 (eleven) working days which is 5 (five) days before the event, 1 (one) day when the event occurs and 5 (five) days after the signing of the Conditional Merger Agreement (CMA) BUMN sharia bank. Meanwhile, the estimated period is set for 120 exchange days, namely at t-125 to t-6. Test conducted by paired sample t-test. The results of the paired sample t-test showed that there is no significant difference between the average abnormal return of BRI Syariah shares before and after the signing of the Conditional Merger Agreement. It can be concluded that neither the market nor investors reacted to the signing of the Conditional Merger Agreement (CMA) that occurred at BRI Syariah Bank.

scholarly journals THE PHENOMENON OF RATIFYING REVISION OF THE KPK LAW: HOW INVESTOR REACTED?

2021 ◽  
Vol 11 (1) ◽  
pp. 51-63
Author(s):  
Versiandika Yudha Pratama ◽  
Happy Sista Devy
Keyword(s):  
Event Study ◽  
Stock Price ◽  
Abnormal Return ◽  
Abnormal Returns ◽  
Secondary Data ◽  
Sampling Technique ◽  
T Test ◽  
Average Abnormal Return ◽  
Significant Difference ◽  
Before And After

This research aimed to determine there are difference in average abnormal returns of companies in the Jakarta Islamic Index (JII) before and after phenomenon the revised Corruption Eradication Commission Act, which is on September 17th, 2019. This research use event study for method and the data in this study are secondary data in the form of stock price. Sampling technique uses purposive sampling method. Determined sampling technique, 27 companies were obtained as research samples. Tests conducted are one sample t-test and paired sample t-test. The result of the one sample t-test showed that the phenomenon of ratifying the revision of the KPK law becomes meaningful information to investors and investors show that reactions to these event. It showed by the result of significant and negative abnormal returns in the few day before and several days after phenomenon. The result of the second hypothesis testing indicate that there is no significant difference the average abnormal return before and after the ratification of revised Corruption Eradication Commission Act   Keywords: Revision of KPK Law, Average Abnormal Return, Event Study

scholarly journals ANALISIS KINERJA KEUANGAN SEBELUM DAN SESUDAH AKUISISI PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA (PERIODE 2011 – 2016 )

Kinerja ◽  
2020 ◽  
Vol 2 (02) ◽  
pp. 149-172
Author(s):  
Meindro Waskito ◽  
Dewi Hidayat
Keyword(s):  
Stock Exchange ◽  
Sample Selection ◽  
Secondary Data ◽  
Rank Test ◽  
Current Ratio ◽  
Return On Equity ◽  
Earnings Per Share ◽  
Significant Difference ◽  
Before And After ◽  
Equity Ratio

Abstract : The purpose of this research to determine the difference between the financial performance before and after the acquisition of a nonfinancial company listed on the Indonesia Stock Exchange using which is proxied with the ratio of finance current ratio, total assets turn over, return on equity, debt to equity ratio, earnings per share. The research period used is 2011-2016. The population in this study are companies that do acquisitions listed on the BEI. The sample selection of this research using non-probability sampling techniques, with purposive sampling approach. The sample size is 17 samples. The data used are secondary data. Tests conducted are the descriptive statistical test, normality test, and test wilcoxon signed-rank test. The data analysis used to test the hypothesis is by using a paired sample analysis differentiation technique. Based on the result of research indicate that there were significant differences in total assets turnover, return on equity, and earnings per share, while the current ratio and debt to equity ratio did not have a significant difference between before and after the acquisition.

scholarly journals Analysis of Indonesian Islamic and Conventional Banking Before and After 2008

2016 ◽  
Vol 8 (11) ◽  
pp. 193 ◽  
Author(s):  
Arfianti Novita Anwar
Keyword(s):  
Secondary Data ◽  
Rank Test ◽  
Islamic Banking ◽  
Positive Contribution ◽  
Islamic Banks ◽  
Significant Difference ◽  
Before And After ◽  
Signed Rank Test ◽  
The Law ◽  
Conventional Banks

<p>This study aims to analyze the performance of Islamic banks and conventional banks before and after the implementation of Islamic Banking Act 2008. The performance will be measured using CAMEL ratio selected. This research is considered essential in examining the positive contribution of the application of the Act to improve the performance of Islamic banks in Indonesia. By using secondary data, this study compared the performance of Islamic banks with that conventional bank selected as samples during the study period. Data were analyzed using the Wilcoxon Signed Rank Test for inter-temporal and Mann-Whitney test for inter-bank. Inter-temporal Tests conducted on Islamic Banking showed that a significant difference was only seen in the NPF ratio of 2 years before and after implementation of Islamic Banking Act. As for conventional banks showed a more diverse ie for 1 year before and after the application of the Law on Islamic Banking there are significant differences for the ROA and ROE, two years before and after implementation of the Law Islamic banking there are significant differences for the CAR, ROA, ROE and NIM and for the overall test a significant difference to CAR, ROA, ROE, NIM and efficiency. Inter-bank testing showed that prior to the application of Islamic Banking Act there are significant differences between conventional banks and Islamic banks to CAR, ROA and efficiency. Furthermore, after the application of Islamic Banking Act there is a significant difference for the CAR and LDR / FDR.</p>

scholarly journals REAKSI PASAR MODAL INDONESIA TERHADAP PERISTIWA PENGESAHAN UU CIPTA KERJA 2020 (STUDI KASUS PERUSAHAAN YANG TERDAFTAR PADA LQ45)

2021 ◽  
Vol 8 (2) ◽  
pp. 168-188
Author(s):  
Rya Indriani ◽  
Mariana Mariana
Keyword(s):  
Hypothesis Testing ◽  
Abnormal Return ◽  
Trading Volume ◽  
Abnormal Returns ◽  
Job Creation ◽  
Rank Test ◽  
Volume Activity ◽  
Security Return ◽  
Significant Difference ◽  
Before And After

This study aims to analyze reaction of the Indonesian capital market about difference of average abnormal returns, trading volume activity, and security return variability between before and after the legalization of the Job Creation Act on October 5, 2020. This study used quantitative research with event study approach. The research sample is stocks registered in LQ45 with certain criteria determined used the purposing sampling method. Hypothesis testing used paired sample t-test and wilcoxon signed rank test. The results of the hypothesis testing show that: (1) There’s a significant difference in the average abnormal return between the period before and after the Job Creation Act legalization. (2) There’s no significant difference in the average trading volume activity between the periodsbefore and after the Job Creation Act legalization. (3) There’s a significant difference in the average security return variability between the period before and after the Job Creation Act legalization.Keywords: The Job Creation Act, Abnormal Return; Trading Volume Activity; SecurityReturn Variability

scholarly journals Indonesian Capital Market Reaction To The Announcement Of A Recession Due To The Pandemic Covid-19

Academia Open ◽  
2021 ◽  
Vol 5 ◽  
Author(s):  
Vani Aryani ◽  
Nurasik
Keyword(s):  
Capital Market ◽  
Abnormal Return ◽  
Trading Volume ◽  
Rank Test ◽  
Volume Activity ◽  
The Third ◽  
Security Return ◽  
Average Abnormal Return ◽  
Significant Difference ◽  
Before And After

On November 5, 2020, Indonesia was declared a recession after the Central Statistics Agency announced that the Indonesian economy experienced a decline in the third quarter of 2020. The Indonesian economy experienced a decline in the third quarter of 2020, which was minus 3.49 percent. In the second quarter of 2020, the Indonesian economy was already minus 5.32 percent. The announcement of the recession event gave rise to various perceptions for capital market participants. So the purpose of this study is to find out and compare the differences in the average Abnormal Return, Trading Volume Activity, and Security Return Variability of IDX 30 issuers before and after the announcement of the recession due to the COVID-19 pandemic. The research method used is quantitative research with an event study approach. The type of data in this study is secondary data with data collection techniques using the documentation method. The sample used is IDX30 stock issuers on the Indonesia Stock Exchange for the period August 2020 - January 2021. The data analysis technique in this study is descriptive statistical analysis, paired t-test and Wilcoxon signed rank test. The results of this study indicate that: (1) there is a significant difference in the average abnormal return of IDX 30 issuers before and after the announcement of the recession due to the covid-19 pandemic. (2) there is a significant difference in the average Trading Volume Activity of IDX 30 issuers before and after the announcement of the recession due to the covid-19 pandemic. (3) there is no significant difference in the average Security Return Variability of IDX 30 issuers before and after the announcement of the recession due to the covid-19 pandemic.

scholarly journals Analisis Buyback Saham Tanpa Rapat Umum Pemegang Saham di PT. Aneka Tambang (Studi Pada Surat Edaran Nomor 3/SEOJK.04/2020)

2021 ◽  
Vol 14 (1) ◽  
pp. 9-21
Author(s):  
M. Boy Singgih Gitayuda
Keyword(s):  
Abnormal Return ◽  
Trading Volume ◽  
Secondary Data ◽  
Data Types ◽  
Volume Activity ◽  
Stock Trading ◽  
Significant Difference ◽  
Before And After ◽  
Stock Buyback ◽  
Descriptive Approach

In early 2020, stock trading in Indonesia was under significant pressure, as indicated by the decline in the IHSG. This is due to the pressure and global economic slowdown due to the Covid-19 pandemic and weakening world oil prices. The purpose of this study was to find out how the effect of share buyback announcements without the RUPS on the response to the market at PT. Aneka Tambang Tbk. based on Surat Edaran OJK Nomor 3/SEOJK.04/2020. This research is structured with a quantitative method with a descriptive approach using secondary data types obtained from finance.yahoo.com and other relevant sources. This study will assess whether a significant difference is found before the announcement of the stock buyback and afterwards on the return, abnormal return, and trading volume activity of the stock. The results of the study stated that there was no significant difference before and after the announcement of the stock buyback on the return and abnormal return at PT. Aneka Tambang Tbk. However, a significant difference was found in the trading volume activity (TVA) before the announcement of the share buyback at PT. Aneka Tambang Tbk. and after.

scholarly journals ANALISIS REAKSI PASAR ATAS KEBIJAKAN TAX AMNESTY: STUDI PADA BURSA EFEK INDONESIA

2018 ◽  
Vol 1 (2) ◽  
pp. 97
Author(s):  
Bq. Anggun Hilendri ◽  
Eni Indriani ◽  
Rento Dewi H
Keyword(s):  
Stock Price ◽  
Abnormal Return ◽  
Stock Exchanges ◽  
Test Results ◽  
Market Participants ◽  
Tax Amnesty ◽  
Average Abnormal Return ◽  
Significant Difference ◽  
Before And After ◽  
Return Value

Economic  events  frequently  determine  stock  price  fluctuations  in  stock exchanges. Sometimes, these economic events tend to get negative responses from market participants. This study uses event study analysis, where the event analyzed was the announcement of government policy in the fiscal sector, the tax amnesty. The announcement of the tax amnesty policy implementation is considered to provide information that elicits reaction in the capital market, which can be measured by the abnormal return on the stock before and after the announcement of tax amnesty policy. This event window of this study was 6 trading days i.e. t-3 to t + 3 since tax amnesty policy became published on July 14, 2016. The sample used in this study consisted of 45 companies listed in LQ-45 index during July 2016. Analysis of average abnormal return is performed based on paired sample t test on three days before and three days after the announcement of tax amnesty policy. The test results show that there is a significant difference in market reaction as  indicated  by  abnormal  return  value.  However,  the  result of  abnormal return  shows  negative  value.  It  means  that  tax  amnesty  policy  provides negative information for investor, which is contrary to the objective of tax amnesty policy to increase investment.

scholarly journals ANALISIS FENOMENA JANUARY EFFECT PADA SAHAM SEKTOR PERTAMBANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI)

2019 ◽  
Vol 22 (1) ◽  
pp. 39-50
Author(s):  
Indrayani Indrayani
Keyword(s):  
Stock Prices ◽  
Abnormal Return ◽  
Stock Exchange ◽  
Secondary Data ◽  
Sampling Technique ◽  
January Effect ◽  
Rank Test ◽  
Average Abnormal Return ◽  
Significant Difference ◽  
Difference Test

This study aims to analyze the January Effect phenomenon based on the presence or absence of significant difference between the 5-days average abnormal return in the end of December and 5 days in early January on mining stocks listed on the Indonesia Stock Exchange during the period 2011-2015. The January effect is the tendency of rising stock prices between 31 December to the end of the first week in January. The population of this study is 41 companies and the samples are 35 companies taken using purposive sampling technique. The data used are secondary data in the price of the daily closing of stocks and JCI during the observation period. Data analysis method used is descriptive statistical analysis. The hypothesis testing is conducted using non-parametric difference test which is called as WilcoxonSigned Rank Test. The results showed that there is a significant difference between the 5-days average abnormal return in the end of December and 5 days in early January on mining stocks listed on the Indonesia Stock Exchange during the period 2011-2015, so the January Effect phenomenon has occurred.

scholarly journals Analysis of Covid-19 Impact on Stock’s Abnormal Return in Sub Cigarette Sector Companies Listed on BEI

2021 ◽  
Vol 03 (01) ◽  
Author(s):  
May Mulyaningsih ◽  
◽  
Sri Hartini Sri Hartini ◽  
Resta Anggraeni ◽  
Denis Putra Mahendra ◽  
...  
Keyword(s):  
Stock Price ◽  
Abnormal Return ◽  
Stock Exchange ◽  
Hypothesis Test ◽  
Abnormal Returns ◽  
Secondary Data ◽  
Analysis Data ◽  
Test Analysis ◽  
Significant Difference ◽  
The Impact

Covid-19 is an international pandemic that has paralyzed the national economic sector. This study aims to analyze the impact of Covid-19 on stock’s abnormal return in cigarette sub sector companies listed on the Indonesia Stock Exchange in the January to May 2020 period. The population of this study is 5 cigarette sub sector companies listed on the Indonesia Stock Exchange in 2020. The research sample selection uses census method so as to obtain 5 sample companies with an observation period of 5 months (January to May 2020). Secondary data in this study regarding stock’s abnormal returns with actual return and market return proxies. Data obtained from the company's daily stock price and composite stock price index. Descriptive statistical analysis, data normality test analysis and hypothesis test analysis are processed using SPSS 25. Statistical test with paired sample t test showed no significant difference in abnormal return between the period of 52 days before and when WFH with a significant level of 95% (α = 0.05). From the SPSS test results it is known that the significance value obtained is equal to 0.911. When compared with the significance value that has been set. The value is greater (α> 0.05). So H1 which states there are differences in stock’s abnormal returns before and during the WFH Covid-19 is rejected.

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