The capital market is not only a funding facility for the companies but also means for investment activities. So many roles of the capital market in economic activities will have an impact on the sensitivity of the market reaction to events that occur. At the end of 2019, a new virus emerged in China, called the Corona Virus Disease 2019 or COVID-19. In Indonesia, the first case of COVID-19 was approved directly by President Joko Widodo on March 2020. The purpose of this research is to discover informations regarding the first reporting of COVID-19 in Indonesia, as well as abnormal return, frequency of trade, and market capitalization before and after the event. The observation began 30 days before the event and 30 days after the event. This study uses quantitative research in the comparative method. The sample uses judgment sampling with total of 22 food and beverage companies listed on the Indonesia Stock Exchange. The finding show did not contain information that caused the market to be disapproved. This is proven by the absence of significant results in daily tests on the indicators. The results were also not significant in the combined abnormal return test and the combined market capitalization test. The trade comparison test results show a significant difference which means there was a market-panic towards trading activities after the event that caused some frequency differences, before and after the event in terms of trade transactions.Keywords: Event Study, Abnormal Return, Trading Frequency, Market Capitalization
Penelitian ini bertujuan untuk mengetahui Pengaruh Umur Perusahaan, Likuiditas, Ukuran Perusahaan dan Leverage terhadap Nilai perusahaan Textil dan Garmen yang terdaftar di BEI 2013-2018. Jenis penelitian menggunakan metode penelitian asosiatif. Sampel penelitian sebanyak 17 Perusahaan dengan metode yang digunakan adalah metode sampel jenuh dimana semua populasi dijadikan sampel. Metode analisis data yang digunakan adalah analisis jalur (path analysis). Hasil menunjukkan bahwa hubungan Umur Perusahaan Signifikan terhadap Likuiditas, Umur Perusahaan Signifikan Terhadap Ukuran Perusahaan, Umur Perusahaan Signifikan terhadap Leverage, Likuiditas Signifikan terhadap Nilai Perusahaan, Ukuran Perusahaan Tidak Signifikan terhadap Nilai Perusahaan, Leverage Tidak Signifikan terhadap Nilai Perusahaan, dan Umur Perusahaan Signifikan terhadap Nilai Perusahaan, dimana pembahasan ini masuk dalam hasil analisis Hipotesis. Perusahaan harus terus mampu memaksimalkan nilai perusahaan dengan memperhatikan segala kondisi keuangan yang terjadi baik naik ataupun turun maupun kinerja perusahaan, maka dengan demikian akan dapat diketahui dimana kelemahannya dan apa yang sudah kuat pada perusahaan tersebut dibandingkan dengan perusahaan lain yang sejenis.
Abstrak: Pasar modal merupakan salah satu indikator kemajuan perekonomian. Gambaran keadaan politik mencerminkan keadaan pasar, sehingga mempengaruhi psikologi Investor dalam mengambil keputusan Investasi. Pasar Modal bereaksi terhadap peristiwa yang mengandung informasi. Peristiwa berpengaruh terhadap terbentuknya fluktuasi harga saham, misalnya peristiwa 22 Mei 2019. Penelitian ini dilakukan dengan tujuan untuk mengetahui Reaksi Pasar terhadap pengumuman kemenangan, berbasis data pergerakan harga saham 14 hari sebelum dan sesudah peristiwa. Jenis Penelitian yang digunakan berupa penelitian kuantitatif menggunakan data sekunder, return dan volume harga saham perusahaan BUMN go public, kemudian diuji beda paired samples test. Hasil Penelitian menunjukkan terdapat perbedaan Abnormal Return yang signifikan. Artinya, pasar bereaksi terhadap Pengumuman Kemenangan, dikarenakan pergerakan harga saham masih dipengaruhi oleh suatu informasi dan peristiwa. Sedangkan, indikator Abnormal TVA menunjukkan hasil yang unik, yaitu tidak terdapat perbedaan aktivitas perdagangan abnormal secara parsial namun terdapat perbedaan signifikan dalam uji ATVA gabungan. Investor pada saham BUMN mempercayai value saham BUMN sehingga tidak mudah terpengaruh informasi jangka pendek. Akan tetapi, dalam transaksi saham BUMN (uji Abnormal TVA gabungan), sebagian kecil aktivitas dari Investor saham BUMN yang panik, serta aktivitas trader, dapat terlihat, sehingga terdapat perbedaan yang signifikan pada rata-rata aktivitas perdagangan Investor.Kata Kunci: Event Study, Abnormal Return, dan Abnormal TVA
Kepemimpinan memainkan peranan yang penting dalam mewujudkan transformasi digital. Pemimpin yang memiliki kemampuan dalam memimpin dan memafaatkan teknologi disebut pemimpin digital. Era perkembangan teknologi informasi, kecerdasan buatan dan penggunaan data besar dalam sektor pemerintah akan membantu dalam meningkatkan pelayanan dan mempercepat pekerjaan. Tujuan dari penelitian ini yaitu untuk mencari tahu peran kepemimpinan digital dalam transformasi digital disektor pemerintahan. Metode penelitian yang digunakan yaitu metode kualitatif dengan pendekatan studi Pustaka. Hasil penelitian menunjukan bahwa peranan kempimpinan digital sangat krusial dalam mewujudkan transformasi digital. Dengan memanfaatkan teknologi informasi proses kerja dalam sektor pemerintahan akan semakin terbantu. Selain itu dengan adanya penggunaan data besar proses pengambilan keputusan oleh pimpinan akan lebih dipermudah. Kata Kunci : Transformasi Digital, Kepempimpinan Digital, Pemerintahan
The evolution of traditional companies into modern one is characterized by the separation of ownership and control (Berle & Means 1932) and has two main characteristics of (1) limited liability and (2) transferability ownership (Williamson 1981). This separation of ownership will result in a condition where the interests of the owner and the ultimate manager will always be different and a lot of checking/monitoring efforts are needed to limit the use of power to maximize the profits and wealth of shareholders. A modern company is complex because the complexity in the principal hierarchical structure depends on (1) size (2) diversity and (3) internal organization (Williamson 1981). In modern companies, financial management decisions (financing decisions, investment, and dividends), can function as a tool to control management behavior by the owner in order to create common goals in achieving profit maximization and owner's wealth. This is important because, in modern companies, the separation of ownership will cause inequality of interests between owners and management or agency conflict (Jensen & Meckling 1976). The modern enterprise model developed by Jensen & Meckling (1976) sees companies as legal entities connected by a network of contracts between managers, shareholders, consumers, and other groups within the company (including employees). This model analyzes the impact of agency conflict in company decisions. This conflict can occur between managers and shareholders, shareholders with creditors, and creditors with management. Settlement of agency conflicts will contain costs (for example: costs for monitoring management activities by shareholders). Dividend policy, investment decisions, and spending are ways that can be taken by management to avoid conflicts of interest with shareholders so that market price increases and the value of shareholders increases. 2 RESEARCH METHODS Basically, investment decisions in the company consist of two forms, namely investment in fixed assets (capital budgeting) and current assets (investment in securities). Optimal investment decisions are investment decisions that are able to provide optimal
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