Reaksi Pasar Terhadap Pengumuman Right Issue pada Perusahaan-perusahaan Yang Terdaftar di BEI Periode 2008

• Main Authors: , Harmoko Dadisaputro, , Dr. Hardo Basuki, M.Soc.Sc.
• Format: Theses and Dissertations NonPeerReviewed
• Published: [Yogyakarta] : Universitas Gadjah Mada 2013
• Subjects: ETD
• Online Access: https://repository.ugm.ac.id/119118/; http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=59110
• Institution: Universitas Gadjah Mada

Right issue is one of the corporate action taken by the issuer to obtain additional funding sources. Announcement of right issue would theoretically have a negatif influence on stock prices. The objective of this study is to determine whether there is information content and market reaction to the announcement of right issue in indonesia stock exchange by testing the presense or absense of abnormal return difference between before and after the issuance of the right issue announcement and examine the differences between stock trading volume before and after the announcement. This study uses event study methodology with the windows period of 21 days: 10 days before the announcement, at the time of the announcement, and 10 days after the announcement. Determination of abnormal return using the market model approach, so it requires the estimation period and in this study are set for 100 days or 110 days before the announcement. Selected sample is all companies listed at Indonesia stock exchange conducting a right issue without another corporate action activities in which there are 15 companies that qualified as sample during 2008. Chosen in 2008 because that year there has been a financial crisis impact the decline in stock price index in Indonesia stock exchange by more than 50%. The results indicate that at the time of the right issue announcement, market reacted negatively by generate negative abnormal return. Different things indicated there is no abnormal return between before and after the right issue announcement. This suggests that the announcement of a right issue does not contain information that may affect investor preferences. In terms of trading volume there are no difference as well between before and after the announcement of right issue.