PENGARUH PENGUMUMAN PEMBELIAN KEMBALI SAHAM (BUY BACK) TERHADAP REAKSI PASAR (Studi pada Perusahaan Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2013-2015)

Authors

  • Neola Delphinea
  • . Suhadak
  • Sri Sulasmiyati

Abstract

Share repurchases (buy-back) is a corporate action where issuers repurchase shares that have been outstanding. Implementation of the buyback aims to increase the liquidity of the shares, reducing the paid-up capital, and the gain on the sale of buy-back shares. The purpose of this study was to analyze the effect of the announcement of the buy back of the market reaction is reflected in the abnormal return and trading volume activity in 2013-2015. Samples were tested in this quantitative research of 50 companies listed on the Stock Exchange and buy back in the period of observation. Analysis of the data used is descriptive analysis, is One Sample t-Test, and Paired Sample t-Test with a significance level of 0.05. The results showed no significant effect of average abnormal return and average trading volume activity before and after the announcement of the buy back. It occurs as a result of information obtained in common investors; economic, political and other aspects related to the buy-back; and the factor of the study period. Based on the results, it can be concluded that the announcement of buy-back does not give a significant effect on the market reaction, both before and after the announcement of buyback. Keyword: Buy Back, Average Abnormal Return, Average Trading Volume Activity ABSTRAK Pembelian kembali saham (buy back) adalah aksi korporasi dimana emiten melakukan pembelian kembali saham yang telah beredar. Pelaksanaan buy back bertujuan untuk meningkatkan likuiditas saham, mengurangi modal disetor, dan memperoleh keuntungan atas penjualan kembali saham buy back. Tujuan penelitian ini adalah menganalisis pengaruh pengumuman buy back terhadap reaksi pasar yang tercermin dalam abnormal return dan trading volume activity tahun 2013-2015. Sampel yang diuji dalam penelitian peristiwa ini sebesar 50 perusahaan yang terdaftar di BEI dan melakukan buy back pada periode pengamatan. Analisis data yang digunakan adalah analisis deskriptif, yaitu uji One Sample t-Test, dan uji t (Paired Sample t-Test) dengan tingkat signifikansi 0,05. Hasil penelitian menunjukan tidak terdapat pengaruh signifikan average abnormal return dan average trading volume activity sebelum dan sesudah pengumuman buy back. Hal tersebut terjadi akibat dari kesamaan informasi yang didapatkan investor; pengaruh keadaan ekonomi, politik dan aspek lain yang berhubungan dengan buy back; serta faktor periode penelitian. Berdasarkan hasil penelitian, dapat disimpulkan bahwa pengumuman buy back tidak memberikan pengaruh yang signifikan terhadap reaksi pasar, baik sebelum maupun sesudah pengumuman buy back. Kata Kunci: Buy Back, Average Abnormal Return, Average Trading Volume Activity

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Published

2016-09-14

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