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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Christian Herdinata_abstract_1612012

REAKSI PASAR TERHADAP PENGUMUMAN EMPLOYEE STOCK OWNERSHIP PROGRAM

Christian Herdinata

Fakultas Ekonomi Jurusan International Business Management
Universitas Ciputra Surabaya
Jl. Waterpark, Boulevard Citra Land, Surabaya, 60216.

Korespondensi dengan Penulis:
Christian Herdinata: Telp. + 62 31 745 1699, Faks. +62 31 745 1699
E-mail: christian.herdinata@ciputra.ac.id

 

Abstract

In Indonesia, the increasing of Employee Stock Ownership Program (ESOP) was relative known new, so it needed any evidence for the market reaction in Indonesia stock exchange. From the latest problem, the purpose of this research was to know how the market reaction for the announcement of ESOP in Indonesia Stock Exchange. Samples on this research were the companies which were listed in BEI that had announced ESOP for period January 1st, 2000 – December 31st, 2010. Analysis technique on hypotesis test related with market reaction for ESOP announcement was done by event study to calculate abnormal return. Research result showed that market tended to ignore ESOP announcement. And it meant that ESOP announcement was not considered as a signaling, which gave a good information for the investor in Indonesia to achieve profit.

Key words: ESOP (Employee Stock Ownership Program), marker reaction, signaling hypothesis, event study.

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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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