ANALISIS REAKSI INVESTOR ATAS RIGHT ISSUE SELAMA CUM-DATE (Studi pada Perusahaan yang terdaftar di Bursa Efek Jakarta)

Salamah, Robby Helmi (2007) ANALISIS REAKSI INVESTOR ATAS RIGHT ISSUE SELAMA CUM-DATE (Studi pada Perusahaan yang terdaftar di Bursa Efek Jakarta). Other thesis, University of Muhammadiyah Malang.

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Abstract

Business competition is increasingly competitive, demanding the company management to make efforts to keep the existence of the company. These efforts include the expansion, restructuring and other things that require additional funding. For companies that have gone public, there are few alternative sources of funding, such as through existing instruments in the capital market. Capital market instruments in principle is that all securities (securities) are generally traded through the stock market (Siamat, 1995). Obtaining funds by issuing shares to new or commonly referred to as rights issue Right issue is the issuance of new shares in order to increase the company's capital, but first offered to current shareholders (existing shareholders) (Darmadji and Fakhrudin, 2001; 133). The aim is to obtain additional funds from investors or the public good for the sake of expansion, restructuring and other. The existence of the rights issue may affect the ownership of the old stockholders if it does not do its conversion rights (dillution) and the theoretical stock price will decline. This type of research conducted include the event study. The variables are operationalized include rights issues, stock prices and the abnormal return. The population of this research is already publicly traded company listed on the PT. Jakarta Stock Exchange (JSE) with a selection of the sample using purposive sampling method, ie companies that are doing the right issue in the period 2004-2005. The data used are secondary data with data acquisition using the method of documentation. This study analyzes the changes in stock prices before and after the announcement of rights issue in terms of abnormal return and test hypotheses through different test paired samples to determine differences in stock prices before and after the rights issue. Count results showed a negative abnormal return in the days before, during, and after the implementation of the rights issue. So that can be known that investors react negatively on the rights issue made by the issuer during the cum date. The results of calculations with different test paired sample t test showed t table for 1294 with 1960, while a significant level of counting results of 0198 which significantly exceeds the predetermined level that is equal to 0.05. The results showed t count is smaller than the t table, so accept Ho and reject Ha which means there is no significant difference in stock price in terms of abnormal returns before and after the rights offering.

Item Type: Thesis (Other)
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Economic > Department of Accounting
Depositing User: Rayi Tegar Pamungkas
Date Deposited: 22 Jun 2012 02:18
Last Modified: 22 Jun 2012 02:18
URI: http://eprints.umm.ac.id/id/eprint/9013

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