Analisis reaksi pasar modal sebelum dan sesudah pengumuman pembelian kembali saham (BUY BACK): Studi pada Perusahaan yang Listing dalam LQ-45 Tahun 2014-2015
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Institusion
Universitas Islam Negeri Maulana Malik Ibrahim Malang
Author
Fitria, Nafisatul
Subject
Datestamp
2018-04-05 08:18:54
Abstract :
?????? ????? ??????? ???? ???? ????? ?? ????? ???????? ? ???? ?????? ?? ???? ??????? ??? ????? ???? (????? ???? ????). ????? ???? ???? ?? ???? ????? ???? ???? ????????? ?? ??? ????? ??????? ???????? ????? ??????. ?? ????? ???? ??????? ??????? ???? ?? ???? ????? ????? (earning per share). ????? ??? ??????? ??? ????? ?????? ?? ????? ?????? ??? ?????? abnormal return ?????? ?????? ??? ??????? trading volume activity ??? ???? ??????? ?? ????? ????. ?????? ??? ??????? ?????? ?????? ??? ??? ???? ??? ????? ?? ???? ??????? ??????? ?? LQ-45 ???? ???? ????? ???? ????? ?? 2014-2015. ???? ??? ???? ????? ??? 5 ?????? ?? ???? ????? ??? ??????? ?????????. ??? ??????? ???????? ????? ????? ????? ?? ???? ????? ???? 10 ????? ?? ??? ???? ???? ?? ????? ???? 5 ???? ?? ??????? ?? ????? ????. ??? ?? ????? ???????? ???????? ?????? ?????? ???????? ??? ?? ?????? ??? ??????? ?? ????? ?????? (? ??????) ???????? ???????? ????? ???? T-?????? ????? SPSS for Windows Versi 16.0 ?????? ??????? ?? ??????? ?? ????? ???? ???????? ?? ????? ?????? ??? ?????? ?????? ?????? ??? ??????? ??? ???? ??????? ?? ????? ????? ????. ??? ????? ??? ????????? ?? ????? ??? ??? ????? ?? ?? ???? ?? ?????? ???? ???? ??????? ????????? ???? ?? ????? ????? ?? ????? ??????. ???? ??? ??????? ??? ?????? ?????? ??? ????? ????? ??????? ??? ???? ?? ?????????? ??????? ?? ???? ?? ??????? ????? ??? ?????? ?? ?????????? ???? ?? ????? ????? ???? ?????? ?? ??????? ?????? ???? ???? ?? ???? ??????? ?????? ????????? ??????????. ????? ????? ???? ?? ????? ?????? ???? ????????? ABSTRACT The company whose stock price fell in the secondary market, can take action such as buy back (repurchase of shares). Buy back can be an alternative that can be used by issuers to raise stock price back. With the buy back of stock may increase profit per share (earnings per share.) This research aims to know the difference in the average abnormal return and the average trading volume activity before and after the announcement of the buy back. This research uses a quantitative approach, the population of this research is all companies listed in the LQ-45 whose buy back in years of 2014-2015. The research sample are 5 companies that obtained through the method of purposive sampling. This research using event study method with a 10-day window period, which is five days before the announcement and 5 days after the announcement of buyback. The data were analyzed using normality test and then test the hypothesis with a different test (t test) using Paired Sample T-Test analysis and assisted by SPSS for Windows Version 16.0. The results showed that the announcement of the buy back there is a difference in average abnormal return and the average trading volume activity before and after the announcement of the buy back. This information was included in a strong half of market efficiency, then no investor can use the published information to gain an advantage in a long period of time. This is due to the abnormal return has decreased after the announcement of the buy back which means investors have been anticipating the existence of new information published to the market, or the investors assume that the events of the stock repurchase is good news so it can change the preference of investors against investment decisions. Further research can be developed by extending the observation period. ABSTRAK Perusahaan yang harga sahamnya mengalami penurunan di pasar sekunder, dapat melakukan aksi perusahaan seperti melakukan buy back (pembelian kembali saham). Buy back dapat dijadikan alternatif yang dapat dipakai oleh emiten untuk meningkatkan kembali harga sahamnya. Dengan buy back saham dapat meningkatkan laba per saham (earning per share.) Penelitian ini bertujuan untuk mengetahui perbedaan rata-rata abnormal return dan rata-rata trading volume activity sebelum dan sesudah pengumuman buy back. Penelitian ini menggunakan pendekatan kuantitatif, populasi penelitian ini adalah seluruh perusahaan yang listing dalam LQ-45 yang melakukan buy back tahun 2014-2015. Sampel penelitian sejumlah 5 perusahan yang diperoleh melalui metode purposive sampling. Penelitian ini menggunakan metode event study dengan 10 hari periode jendela, yaitu 5 hari sebelum pengumuman dan 5 hari sesudah pengumuman buy back. Data dianalisis menggunakan uji normalitas kemudian dilakukan uji hipotesis dengan uji beda (uji t) menggunakan analisis Paired Sample T- Test dan dibantu SPSS for Windows Versi 16.0. Hasil penelitian menunjukkan bahwa pengumuman buy back terdapat perbedaan rata-rata abnormal return dan rata-rata trading volume activity sebelum dan sesudah pengumuman buy back dilaksanakan. Informasi ini termasuk dalam efisiensi pasar setengah kuat, maka tidak ada investor yang dapat menggunakan informasi yang dipublikasikan untuk mendapatkan keuntungan dalam jangka waktu yang lama. Hal ini dikarenakan abnormal return mengalami penurunan setelah pengumuman buy back yang berarti investor telah mengantisipasi adanya
?????? ????? ??????? ???? ???? ????? ?? ????? ???????? ? ???? ?????? ?? ???? ??????? ??? ????? ???? (????? ???? ????). ????? ???? ???? ?? ???? ????? ???? ???? ????????? ?? ??? ????? ??????? ???????? ????? ??????. ?? ????? ???? ??????? ??????? ???? ?? ???? ????? ????? (earning per share). ????? ??? ??????? ??? ????? ?????? ?? ????? ?????? ??? ?????? abnormal return ?????? ?????? ??? ??????? trading volume activity ??? ???? ??????? ?? ????? ????. ?????? ??? ??????? ?????? ?????? ??? ??? ???? ??? ????? ?? ???? ??????? ??????? ?? LQ-45 ???? ???? ????? ???? ????? ?? 2014-2015. ???? ??? ???? ????? ??? 5 ?????? ?? ???? ????? ??? ??????? ?????????. ??? ??????? ???????? ????? ????? ????? ?? ???? ????? ???? 10 ????? ?? ??? ???? ???? ?? ????? ???? 5 ???? ?? ??????? ?? ????? ????. ??? ?? ????? ???????? ???????? ?????? ?????? ???????? ??? ?? ?????? ??? ??????? ?? ????? ?????? (? ??????) ???????? ???????? ????? ???? T-?????? ????? SPSS for Windows Versi 16.0 ?????? ??????? ?? ??????? ?? ????? ???? ???????? ?? ????? ?????? ??? ?????? ?????? ?????? ??? ??????? ??? ???? ??????? ?? ????? ????? ????. ??? ????? ??? ????????? ?? ????? ??? ??? ????? ?? ?? ???? ?? ?????? ???? ???? ??????? ????????? ???? ?? ????? ????? ?? ????? ??????. ???? ??? ??????? ??? ?????? ?????? ??? ????? ????? ??????? ??? ???? ?? ?????????? ??????? ?? ???? ?? ??????? ????? ??? ?????? ?? ?????????? ???? ?? ????? ????? ???? ?????? ?? ??????? ?????? ???? ???? ?? ???? ??????? ?????? ????????? ??????????. ????? ????? ???? ?? ????? ?????? ???? ????????? ABSTRACT The company whose stock price fell in the secondary market, can take action such as buy back (repurchase of shares). Buy back can be an alternative that can be used by issuers to raise stock price back. With the buy back of stock may increase profit per share (earnings per share.) This research aims to know the difference in the average abnormal return and the average trading volume activity before and after the announcement of the buy back. This research uses a quantitative approach, the population of this research is all companies listed in the LQ-45 whose buy back in years of 2014-2015. The research sample are 5 companies that obtained through the method of purposive sampling. This research using event study method with a 10-day window period, which is five days before the announcement and 5 days after the announcement of buyback. The data were analyzed using normality test and then test the hypothesis with a different test (t test) using Paired Sample T-Test analysis and assisted by SPSS for Windows Version 16.0. The results showed that the announcement of the buy back there is a difference in average abnormal return and the average trading volume activity before and after the announcement of the buy back. This information was included in a strong half of market efficiency, then no investor can use the published information to gain an advantage in a long period of time. This is due to the abnormal return has decreased after the announcement of the buy back which means investors have been anticipating the existence of new information published to the market, or the investors assume that the events of the stock repurchase is good news so it can change the preference of investors against investment decisions. Further research can be developed by extending the observation period. ABSTRAK Perusahaan yang harga sahamnya mengalami penurunan di pasar sekunder, dapat melakukan aksi perusahaan seperti melakukan buy back (pembelian kembali saham). Buy back dapat dijadikan alternatif yang dapat dipakai oleh emiten untuk meningkatkan kembali harga sahamnya. Dengan buy back saham dapat meningkatkan laba per saham (earning per share.) Penelitian ini bertujuan untuk mengetahui perbedaan rata-rata abnormal return dan rata-rata trading volume activity sebelum dan sesudah pengumuman buy back. Penelitian ini menggunakan pendekatan kuantitatif, populasi penelitian ini adalah seluruh perusahaan yang listing dalam LQ-45 yang melakukan buy back tahun 2014-2015. Sampel penelitian sejumlah 5 perusahan yang diperoleh melalui metode purposive sampling. Penelitian ini menggunakan metode event study dengan 10 hari periode jendela, yaitu 5 hari sebelum pengumuman dan 5 hari sesudah pengumuman buy back. Data dianalisis menggunakan uji normalitas kemudian dilakukan uji hipotesis dengan uji beda (uji t) menggunakan analisis Paired Sample T- Test dan dibantu SPSS for Windows Versi 16.0. Hasil penelitian menunjukkan bahwa pengumuman buy back terdapat perbedaan rata-rata abnormal return dan rata-rata trading volume activity sebelum dan sesudah pengumuman buy back dilaksanakan. Informasi ini termasuk dalam efisiensi pasar setengah kuat, maka tidak ada investor yang dapat menggunakan informasi yang dipublikasikan untuk mendapatkan keuntungan dalam jangka waktu yang lama. Hal ini dikarenakan abnormal return mengalami penurunan setelah pengumuman buy back yang berarti investor telah mengantisipasi adanya
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