This paper aims to analyze the market reactions on corporate actions in the form of split-up, reverse split, right issue, and mergers and acquisitions in growing and non-growing energy consuming companies in Indonesia. The market reaction is analyzed based on stock price, trading volume, and abnormal returns movements using paired sample t-tests from the results of the event study for 5 days before and after corporate actions in the form of split-up, reverse split, right issue, and mergers and acquisitions. The results showed that stock prices reacted positively on the split-up in growing energy consuming companies, while in non-growing energy consuming companies, stock prices did not react significantly. However, the abnormal returns of growing and non-growing energy consuming companies both showed a negative movement, while the trading volumes did not react significantly. This paper specifically analyzes the market reaction on corporate actions in growing and non-growing energy consuming companies to provide interesting insights about the different reactions given by the market to corporate actions carried out by the companies with different growth categories.
Penelitian ini bertujuan untuk menguji dan menganalisis adanya peningkatan harga, volume perdagangan dan abnormal return saham sebelum dan sesudah stock split pada perusahaan bertumbuh dan tidak bertumbuh, serta menguji dan menganalisis adanya harga, volume perdagangan dan abnormal return saham sesudah stock split pada perusahaan bertumbuh yang lebih besar daripada perusahaan tidak bertumbuh. Populasi yang digunakan dalam penelitian ini adalah perusahaan yang terdaftar di Bursa Efek Indonesia dan melakukan stock split berjenis split up pada periode 2011-2015. Dengan menggunakan metode purposive sampling, sampel penelitian terdiri dari 45 perusahaan yang diklasifikasikan ke dalam 36 perusahaan bertumbuh dan sembilan perusahaan tidak bertumbuh. Dengan menggunakan uji beda dua rata-rata, penelitian ini menemukan bahwa terdapat peningkatan harga dan abnormal return saham yang signifikan sebelum dan sesudah stock split pada perusahaan bertumbuh, tidak terdapat peningkatan volume perdagangan saham yang signifikan sebelum dan sesudah stock split pada perusahaan bertumbuh, tidak terdapat peningkatan harga, volume perdagangan dan abnormal return saham yang signifikan sebelum dan sesudah stock split pada perusahaan tidak bertumbuh, terdapat harga, volume perdagangan dan abnormal return saham sesudah stock split pada perusahaan bertumbuh yang lebih besar daripada perusahaan tidak bertumbuh. Kata kunci: Stock split, split up, harga saham, volume perdagangan saham, abnormal return saham, perusahaan bertumbuh, perusahaan tidak bertumbuh, uji beda dua ratarata ABSTRACT This study aims to test and analyze the existence of increases in stock price, trading volume and abnormal return before and after stock split on grow and non grow companies, and to test and analyze the existences of stock price, trading volume and abnornal return after stock split on grow companies that higher than non grow companies. Population that used in this study was companies that listed in Indonesia Stock Exchange and did stock split with split up type in 2011-2015 period. By used purposive sampling method, samples of study contained of 45 companies that classified into 36 grow companies and nine non grow companies. By used the difference of two average test, this study found that there are significant increases in stock price and abnormal return before and after stock split on grow companies, there are no significant increases in stock trading volume before and after stock split on grow companies, there are no significant increases in stock price, trading volume and abnormal return before and after stock split on non grow companies, and there are stock price, trading volume and abnormal return after stock split on grow companies that higher than non grow companies.
Penelitian ini bertujuan untuk menganalisis perbandingan kinerja finansial PT Astra International Tbk sebelum dan sesudah akuisisi terhadap PT General Electric Services. Dalam hal ini, kinerja keuangan tersebut direpresentasikan oleh Current Ratio (CR), Total Assets Turnover (TATO), Return on Investment (ROI), Earning per Share (EPS), dan Debt to Equity Ratio (DER). Dengan mempergunakan Wilcoxon Signed Rank Test, hasil penelitian membuktikan bahwa perusahaan mengalami peningkatan kinerja finansial dalam bentuk penurunan DER yang signifikan pasca akuisisi. Akan tetapi, ROI, EPS, TATO, dan CR juga terbukti tidak mengalami perubahan yang signifikan pasca akuisisi.
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