Putra, Aloysius Gonzaga (2015) Perbandingan Reaksi Pasar Saham Antara Saham Bumn Dengan Saham Bums Sebelum Dan Setelah Pengumuman Pembagian Dividen (Sektor Primer, Sekunder, Dan Tersier) Pada Tahun 2013. Sarjana thesis, Universitas Brawijaya.
Abstract
Program privatisasi yang telah dilaksanakan pemerintah terhadap BUMN telah menunjukkan beberapa hasil positif. Hal ini dapat dilihat dari kinerja BUMN yang go public dan dicerminkan dari kenaikkan harga saham mereka. Bukan hanya BUMN saja yang mengalami kenaikkan harga saham setelah IPO di Bursa Efek Indonesia, namun demikian juga dengan BUMS. Penelitian ini akan menganalisis apakah terdapat perbedaan reaksi pasar terhadap informasi pengumuman pembagian dividen yang dilakukan oleh BUMN dan BUMS. Dimana dividen sendiri dapat digunakan oleh manajer perusahaan untuk memberikan sinyal kepada investor tentang prospek perusahaannya di masa depan sesuai dengan signalling theory. Penelitian ini mengambil 6 saham sebagai sampel yang terdiri dari 3 saham perusahaan milik pemerintah yaitu; BBRI, PTBA, dan SMGR, dan 3 saham perusahaan milik swasta yaitu; BBCA, ITMG, dan UNVR. Metode yang digunakan dalam penelitian ini adalah event study dengan alat analisis uji t dan uji paired sample t-test. Dari kedua uji tersebut diketahui bahwa pasar bereaksi negatif terhadap informasi pengumuman pembagian dividen baik yang dilakukan oleh perusahaan pemerintah maupun swasta yang tercermin dari adanya abnormal return negatif yang signifikan selama periode penelitian.
English Abstract
The privatization program which has been implemented by the government of the state-owned enterprises have shown some positive results. It can be seen from the performance of SOEs to go public and reflected in their share prices rise. Not only SOEs are experiencing increase in the stock price after the IPO in the Indonesia Stock Exchange, however, also with private enterprises. This study will analyze whether there are differences in market reaction to the announcement of the dividend distribution of information carried by the state-owned enterprises and private enterprises. Where the dividend itself can be used by corporate managers to provide a signal to investors about the future prospects of the company in accordance with the signaling theory. This study took six shares as a sample consisting of 3 shares of the company owned by the government, namely; BBRI, PTBA, and SMGR, and 3 share a private owned company, namely; BBCA, ITMG, and UNVR. The method used in this research is event study with analysis tools t test and paired sample t-test. From both trials it was found that the market reacted negatively to the announcement of dividend distribution information whether conducted by government or private companies which reflected the significant negative abnormal returns during the study period.
| Item Type: | Thesis (Sarjana) |
|---|---|
| Identification Number: | SKR/FE/2015/846/051802666 |
| Uncontrolled Keywords: | Pengumuman Dividen BUMN dan BUMS, Reaksi Pasar terhadap Dividen |
| Subjects: | 300 Social sciences > 332 Financial economics > 332.6 Investment > 332.63 Specific forms of investment > 332.632 Securities, real estate, commodities > 332.632 2 Stocks (Shares) > 332.632 22 Prices |
| Divisions: | Fakultas Ekonomi dan Bisnis > Ilmu Ekonomi |
| Depositing User: | Yusuf Dwi N. |
| Date Deposited: | 05 Apr 2018 03:11 |
| Last Modified: | 02 Nov 2021 05:56 |
| URI: | http://repository.ub.ac.id/id/eprint/9204 |
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