ANALISIS PERBANDINGAN ABNORMAL RETURN, RETURN SAHAM DAN LIKUIDITAS SAHAM SEBELUM DAN SESUDAH BUYBACK SAHAM
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Published:
Nov 30, 2022
Keywords:
Event Study, Buyback Saham, Return Saham, Likuiditas Saham
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Abstract
Tujuan penelitian ini adalah untuk meneliti kandungan informasi dari pelaksanaan buyback saham pada perusahaan yang listing di Bursa Efek Indonesia. Data yang digunakan adalah data harga penutupan saham harian, harga penutupan IHSG, saham beredar harian 2011-2015, dengan menggunakan alat analisis paired sampel t-test. Hasil penelitian menunjukkan bahwa dalam analisis paired sampel t-test rata-rata abnormal return saham setelah pelaksanaan benilai negatif, hasil yang sama pada return saham setelah pelaksanaan bernilai negatif, likuditas saham setelah pelaksanaan buyback saham bernilai positif
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References
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Huang, H., & Zhou, Z. G. (2007). Stock repurchase and the role of signaling: A comparative analysis between US and China. Journal of Modern Accounting and Auditing, 3(2), 56-62.
Ikenberry, D., Lakonishok, J., & Vermaelen, T. (1995). Market underreaction to open market share repurchases. Journal of financial economics, 39(2-3), 181-208. https://doi.org/10.1016/0304-405X(95)00826-Z
Asquith, P., & Mullins Jr, D. W. (1986). Signalling with dividends, stock repurchases, and equity issues. Financial management, 27-44. https://doi.org/10.2307/3664842
Axelsson, L., & Brissman, P. (2011). Share repurchase announcements and abnormal returns for Swedish listed real estate companies.
Skärfstad, R., & Bergström, C. (2004). Celebrity endorsement: case study of J. Lindeberg.
Brigham, E. F., & Houston, J. F. (2006). Dasar-dasar manajemen keuangan.
Brockman, P., & Chung, D. Y. (2001). Managerial timing and corporate liquidity:: evidence from actual share repurchases. Journal of Financial Economics, 61(3), 417-448. https://doi.org/10.1016/S0304-405X(01)00068-X
Brown, C. (2007). The announcement effects of off-market share repurchases in Australia. Australian Journal of Management, 32(2), 369-385. https://doi.org/10.1177/031289620703200210
De Cesari, A., Espenlaub, S., & Khurshed, A. Stock Repurchases: Do They Stabilize Price and Enhance Liquidity?.
Chemmanur, T. J., & Li, Y. (2014). The role of institutional investors in open-market share repurchase programs. Available at SSRN.
Chen, T. Y., Kao, L. J., & Lin, H. Y. (2011). The long-term wealth effect of share repurchases evidence from Taiwan. The International Journal of Business and Finance Research, 5(2), 21-33.
Chung, D. Y., Isakov, D., & Perignon, C. (2007). Repurchasing shares on a second trading line. Review of Finance, 11(2), 253-285. https://doi.org/10.1093/rof/rfm006
Cook, D. O., Krigman, L., & Leach, J. C. (2004). On the timing and execution of open market repurchases. The Review of Financial Studies, 17(2), 463-498. https://doi.org/10.1093/rfs/hhg028
Hadi, Y. L., & Fahmi, I. (2009). Teori portofolio dan analisis investasi. Bandung: Alfabeta.
Ghozali, I. (2016). Aplikasi analisis multivariete dengan program IBM SPSS 23.
Ginglinger, E., & Hamon, J. (2007). Actual share repurchases, timing and liquidity. Journal of banking & finance, 31(3), 915-938. https://doi.org/10.1016/j.jbankfin.2006.07.006
Grullon, G., & Ikenberry, D. L. (2000). What do we know about stock repurchases?. Journal of applied corporate finance, 13(1), 31-51. https://doi.org/10.1111/j.1745-6622.2000.tb00040.x
Hackethal, A., & Zdantchouk, A. (2006). Signaling power of open market share repurchases in Germany. Financial Markets and Portfolio Management, 20, 123-151. https://doi.org/10.1007/s11408-006-0011-9
Hartono, J. (2013). “Teori Portofolio dan Analisis Investasi”. Edisi kedelapan. BPFE UGM: Yogyakarta.
Howe, J. S., & Lin, J. C. (1992). Dividend policy and the bid‐ask spread: an empirical analysis. Journal of Financial Research, 15(1), 1-10. https://doi.org/10.1111/j.1475-6803.1992.tb00782.x
Huang, H., & Zhou, Z. G. (2007). Stock repurchase and the role of signaling: A comparative analysis between US and China. Journal of Modern Accounting and Auditing, 3(2), 56-62.
Ikenberry, D., Lakonishok, J., & Vermaelen, T. (1995). Market underreaction to open market share repurchases. Journal of financial economics, 39(2-3), 181-208. https://doi.org/10.1016/0304-405X(95)00826-Z