Emrinaldi Nur DP_19215252262

PERBANDINGAN TINGKAT DAN RUANG LINGKUP PENGUNGKAPAN PELAPORAN KEUANGAN BASIS INTERNET TERHADAP HARGA SAHAM

Emrinaldi Nur DP
Prodi Akuntansi Fakultas Ekonomi Universitas Riau
Kampus Bina Widya Km.12,5 Simpang Baru Pekanbaru, 28293, Indonesia
Enny Susilowati
Prodi Akuntansi Fakultas Ekonomi Universitas Dian Nuswantoro
Jl. Nakula I No.5-11 Semarang, 50131, Indonesia

Korespondensi dengan Penulis:
Emrinaldi Nur DP: Telp. +62 761 632 66; Fax.+62 761-632 79
E-mail: enurdp@yahoo.co.uk

Abstract
Applications of Internet financial reporting (IFR) by companies have reduced the asymmetry of information and facilitate investor access to corporate information. IFR application is considered a good news that allegedly able to influence the market by watching the stock price, the value of stocks and abnormal stock returns. The purpose of this study was to observe the practice of IFR influence on stock prices by making comparisons against companies that do not apply to IFR and comparison of the company with defferent degree and scope of disclosure. The study was conducted on the companies included in the index compass 100 and tested using event study approach and independent sample t-test between two groups of samples. Results of tests performed showed no difference between the market reaction to the company and which do not apply IFR. There is also a difference in price saha and stock value for the company with the different degree and scope of IFR disclosure, while the abnormal returnnya got no support.

Keywords: abnormal return, disclosure, Internet Financial Reporting, market reaction

19215252262_Emrinaldi Nur DP (Full Text)

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Tarsisius R.Suganda_Abstract_1832014

SINYAL PROFITABILITAS DAN REAKSI PASAR MODAL TERKAIT PENINGKATAN DIVIDEN SAAT LABA MENINGKAT

Tarsisius Renald Suganda
El Hezekiah Sabbat
Fakultas Ekonomi dan Bisnis Universitas Ma Chung Malang
Villa Puncak Tidar N-01, Malang, 65151, Indonesia.

Korespondensi dengan Penulis:
T. Renald Suganda: Telp. +62 341 550 171; Fax. +62 341 550 175
E-mail: renald.suganda@machung.ac.id

Abstract
Dividend policy was a topic that still caused the pros and cons. Based on signaling theory, the announcement of dividend would be reacted by the market. The purposes of this study were to investigate the effect of the company’s profitability as a result of dividend announcement, to examine the market reaction (using abnormal return and trading volume activity as the indicators) toward the announcement of dividend increase when the earning or profit was increasing. Event study method was used to answer the research questions. The result showed that there was a significant ROE decreasing in a year after the announcement. The market reaction showed that there was a negative abnormal return during the period of the announcement of dividend increase when the earning or profit was increasing. The study also showed that the average trading volume was insignificantly increasing after the announcement. This study showed that the announcement indicated a bad signal for the Indonesian market. However, the findings of the research gave some suggestions for the same researches in Indonesia capital market.

Keywords: abnormal return, dividend, event study, ROE, signaling theory, trading volume activity

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Lydia Angela Natasya_Abstract_1732013

KANDUNGAN INFORMASI PENGUMUMAN SAHAM BONUS:
STUDI EMPIRIS DI BURSA EFEK INDONESIA
  
Lydia Angela Natasya
Tarsisius Renald Suganda
Fakultas Ekonomi dan Bisnis Universitas Ma Chung Malang
Villa Puncak Tidar N-01, Malang, 65151.

Korespondensi dengan Penulis:
Tarsisius Renald Suganda: Telp. + 62 341 550 171;  Fax. +62  341 550 175
E-mail:renald.suganda@machung.ac.id

Abstract
The aim of this paper was to investigate the market reaction of bonus share announcement in Indonesia Stock Exchange. Bonus share was the signal given by company to public or stockholders. If bonus shares announcement consisted of the information, it would be reacted by the market. There were pro’s and con’s about the finding of bonus share’s announcement. The Standard of event study method had been used for the purpose of studying the bonus share issues announcement reaction. The proxies of market reaction were abnormal return and trading volume activity. In this study, the researcher found a significant negative abnormal return and it meant that the announcement of bonus share had negative information content. This finding probably meant that most companies had liquidity problem. The study also found that the average of trading volume activity was insignificantly decreased after bonus share announcement. This empirical study showed that bonus share indicated a bad signal for the Indonesia market.

 Keywords: abnormal return, bonus share, information content, trading volume activity  

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C.Erna Susilawati_Abstract_1712013

INFORMASI INTELLECTUAL CAPITAL DALAM LAPORAN ANALIS SEKURITAS:  BERMANFAATKAH BAGI INVESTOR?
 
 C. Erna Susilawati
Fakultas Bisnis Unika Widya Mandala Surabaya
Jl.Dinoyo 42-44 Surabaya, 60265

Korespondensi dengan Penulis:
C.Erna Susilawati: Telp./Fax.+62 31 567 8578
E-mail: erna_msi@yahoo.com

Abstract

The role of intellectual capital to increase value of the firm, prompting securities analyst to include information about that into securities analyst report. The value of analyst report explored by previous researchers. However, information about intellectual capital in securities analyst report is not widely studied. The purpose of this research to investigate the value of  intellectual capital information in the securities analyst report for investor and tries to explore the role of securities analyst to reduce asymmetry information. The result showed that intellectual capital information used by investor and thus effects the trading volume. The other findings show that intellectual capital information reinforces the influence of the revision of stocks recommendation to trading volume. Abnormal return of stock when the analyst reports contain intellectual capital information is higher than that do not contain such information. 

Key words: abnormal return, intellectual capital, securities analyst report

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Suryo Luhur_abstract_1422010

REAKSI PASAR MODAL INDONESIA SEPUTAR
PEMILIHAN UMUM 8 JULI 2009 PADA SAHAM LQ-45

Suryo Luhur
Jurusan Manajemen Fakultas Ekonomi UPN “Veteran” Yogyakarta
Jl. Lingkar Utara (SWK)  No. 104 Condong Catur, Sleman, Yogyakarta-55283

Korespondensi dengan Penulis:
Suryo Luhur: Telp. + 62 274  486 372
E-mail : karno_upn@yahoo.co.id

Abstract
This research used event study methodology to investigate the stock price reaction to domestic political events, Indonesian presidential and vice election on July 8th, 2009 on stock of LQ-45 category listed in BEI. Data analysis used one sample t-test and paired samples t-test. The result of the analysis revealed that abnormal returns were:  (1) not significantly different before and after presidential election announcement, (2) Significantly negative on day t-10, t-5, t-4, t0, and t+7 and significantly positive  on t-10 and t+7 3, (3)  Not Significantly different on day 0  Trading Volume Activity before and after presidential election announcement. This results reported here indicated that Indonesian Capital Market was little sensitive to political events.

Key words: event study, domestic political events, abnormal return, trading volume activity.

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Dyah Ani Pangastuti_abstract_1422010

ABNORMAL RETURN DAN TRADING VOLUME ACTIVITY
PADA PERISTIWA AMBRUKNYA FANNIE MAE DAN
FREDDIE MAC

Dyah Ani Pangastuti
Program Studi Akuntansi Fakultas Ekonomi Universitas Merdeka Malang
Jl. Terusan Raya Dieng 62-64 Malang

Korespondensi dengan Penulis:
Dyah Ani Pangastuti: Telp. + 62 341 717 092
E-mail: pangastuti.dyah@yahoo.co.id

Abstract
The global economic crisis was a disaster for all nations in the world due to its impact once seemed to hamper the economy of a nation. This research studied the events that would see if there was an effect of global economic crisis preceded by the U.S. Financial crisis was triggered by the collapse of Fannie Mae and Freddie Mac in the property business (subprime mortgages) on September 7th, 2008. This study used samples that had been publicly traded company listed on the Indonesia Stock Exchange and entered into the sequence of LQ-45 in the year of 2008. Hypothesis testing used was t-test on the average abnormal return and average trading volume of activity. Test results for the average abnormal return showed there were no significant differences before and after the Subprime Mortgage. The test results for the average trading volume of activity indicated the presence of a significant difference before and after the Subprime Mortgage.

Key words: event study, abnormal return, the average abnormal return, trading volume of activity and average trading volume of activity

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Sugeng Haryanto_abstract_1522011

REAKSI INVESTOR TERHADAP PENGUMUMAN DIVIDEN DI BURSA EFEK INDONESIA
Sugeng Haryanto
Program D-3 Keuangan dan Perbankan Universitas Merdeka Malang
Jl. Terusan Raya Dieng No. 57 Malang, 65146
 
Telp. +62 341 568 396 Ext. 544
E-mail: p3et@yahoo.com
 
Abstract
This study analyzed the  investor reaction to dividend announcements. The sampling technique used was purposive sampling with the criteria that these companies entered LQ45 2007-2009 and distributed cash dividends continuously. The purpose of this study was to investigate investor reaction to announcements of cash dividends at Indonesia Stock Exchange. This research was an event study, the research analyzed the market reaction to an event. This study aimed to test whether the information dividend announcements was important information for investors and it affected investor reaction. Statistical analysis techniques was used in different test against the Average Abnormal Return (AAR) before and after the dividend announcement. The results showed that investors did not react to that information. This was indicated by the absence of differences in AAR before and after the dividend announcements.
 
Key words: dividend announcement, abnormal return, event study

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