Christine, Stefani Fabiola (2018) Analisis Risiko dan Return Saham Sebelum dan Sesudah Cross-Listing (Studi dilakukan pada perusahaan yang terdaftar di New York Stock Exchange 2011-2017). Sarjana thesis, Universitas Brawijaya.
Abstract
Perusahaan selalu berusaha untuk bergerak tumbuh dan maju. Dalam pertumbuhannya, perusahaan membutuhkan dana yang cukup besar. Pasar modal dianggap sebagai sumber pendanaan perusahaan. Ketika kebutuhan pendanaan perusahaan tidak mampu dipenuhi oleh pasar modal dalam negeri maka perusahaan memilih untuk melakukan cross-listing. Cross-listing adalah pencatatan saham di lebih dari dua bursa selain bursa domestiknya. Hal ini dilakukan untuk meningkatkan likuiditas, memperluas basis investor, mengurangi asimetri informasi dan hambatan investasi internasional serta meningkatkan standar dan image perusahaan. Keputusan perusahaan ini bertujuan untuk meningkatkan kinerja saham perusahaan sehingga berpengaruh pada likuiditas sahamnya. Semakin likuid suatu saham maka investor semakin tertarik untuk menanamkan modalnya. Hal ini berpengaruh pada jumlah pendanaan yang diperoleh perusahaan. Dampak cross-listing akan diukur dengan risiko dan abnormal return yang diperoleh perusahaan. Penelitian ini bertujuan untuk mengetahui apakah terdapat perbedaan antara risiko dan abnormal return sebelum dan sesudah cross-listing. Penelitian ini dilakukan pada perusahaan yang terdaftar dan melakukan cross-listing di New York Stock Exchange (NYSE) antara periode 2011-2017. Analisis data dilakukan dengan analisis uji beda. Berdasarkan hasil penelitian dan analisis data dapat diketahui bahwa tidak terdapat perbedaan signifikan risiko sebelum dan sesudah cross-listing dengan nilai sebesar (0,709 > 0,05) dan tidak terdapat perbedaan signifikan abnormal return sebelum dan sesudah cross-listing dengan nilai sebesar (0,057 > 0,05). Sebaiknya perusahaan mengumpulkan informasi sebanyak-banyaknya sebelum melakukan cross-listing. Perusahaan harus mempertimbangkan urgensi dari melakukan cross-listing dan tingkat keuntungan yang diperoleh dibandingkan dengan beban yang harus dikeluarkan. Faktor-faktor eksternal juga harus dipertimbangkan seperti faktor ekonomi dan politik serta kondisi pasar.
English Abstract
Companies are always trying to move and grow. In its growth, the company needs substantial funds. The capital market is considered as a source of funding for the company. When the company's financing needs are not met by the domestic capital market, the company chooses to cross-list. Cross-listing is a listing of shares in more than two exchanges other than its domestic stock. This is done to improve liquidity, expand investor base, reduce information asymmetry and international investment barriers and improve company's standards and branding. The company's decision aims to improve the company's stock performance which could affects its stock liquidity. The more liquid a share the more interested investors to invest. This affects the amount of funding obtained by the company. The impact on cross-listing will be measured by the risk and abnormal return earned by the company. This study is meant to find out whether there is difference between risk and abnormal return before and after cross-listing. This study was conducted on the New York Stock Exchange (NYSE) period 2011-2017. The data analysis done with paired sample t-test. Based on the results of the study and analysis data can be known that there is no significant difference of risk before and after cross-listing with a value of (0,709 > 0,05) and there is no significant difference of abnormal return with value of (0,057 > 0,05). Companies should collect information as much as possible before crosslisting. Companies should consider the urgency of cross-listing and the level of profit earned compared to the expenses incurred. External factors should also be considered such as economic and political factors as well as market conditions.
| Item Type: | Thesis (Sarjana) |
|---|---|
| Identification Number: | SKR/FIA/2018/367/05185798 |
| Uncontrolled Keywords: | Risiko, Abnormal Return, Cross-listing. Risk, Abnormal Return, Cross-listing. |
| Subjects: | 300 Social sciences > 332 Financial economics > 332.6 Investment > 332.67 Investments in specific industries, in specific kinds of enterprises, by specific kinds of investors > 332.673 International investment |
| Divisions: | Fakultas Ilmu Administrasi > Ilmu Administrasi Bisnis / Niaga |
| Depositing User: | Budi Wahyono Wahyono |
| Date Deposited: | 20 Aug 2019 01:45 |
| Last Modified: | 16 Oct 2021 03:01 |
| URI: | http://repository.ub.ac.id/id/eprint/165990 |
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