AKTIVITAS PERDAGANGAN SAHAM SEBELUM DAN SESUDAH PENGUMUMAN STOCK BUYBACK (Studi pada Perusahaan yang Terdaftar di Bursa Efek Indonesia (BEI) yang Melakukan Stock Buyback Periode 2015-2016)

Dyah Retno Wulan, Sri Sulasmiyati

Abstract


The purpose of the company is to maximize shareholder value. Management's achievements in managing the company are accounted to shareholders. The decline in stock prices caused shareholder concerns to their profits. Stock buyback policy is one of the company's actions to prevent the stock price stability by reducing the number of shares outstanding. Reducing the number of shares outstanding can raise earnings per share also the stock prices. The purpose of this research is testing and analyzing the differences of average abnormal return, average trading volume activity, and average trading frequency activity before and after stock buyback announcement on the period 2015-2016. This research is a quantitative research with paired sample approach using Paired Sample T-Test and Wilcoxon Sign Rank Test at level of significance 0,05. The sample of research is 35 companies using purposive sampling method. Data Analysing using Statistical Package of Social Science 21. The results showed  insignificant differences in average abnormal return, average trading volume activity, and average trading frequency activity before and after stock buyback announcement.

Keywords: Stock Price, Stock Buyback, Average Abnormal Return, Average Trading Volume Activity, Average Trading Frequency Activity

ABSTRAK

Tujuan perusahaan adalah untuk memaksimumkan nilai pemegang saham. Prestasi manajemen dalam mengelola perusahaan dipertanggungjawabkan kepada pemegang saham. Penurunan harga saham menyebabkan kekhawatiran pemegang saham akan keuntungan yang mereka peroleh. Kebijakan stock buyback merupakan salah satu tindakan perusahaan untuk menjaga kestabilan harga saham dengan mengurangi jumlah saham yang beredar. Berkurangnya jumlah saham beredar membuat earnings per share (EPS) meningkat sehingga harga saham juga meningkat.  Tujuan penelitian ini adalah untuk menguji dan menganalisis average abnormal return, average trading volume activity, dan average trading frequency activity sebelum dan sesudah pengumuman stock buyback periode 2015-2016. Penelitian ini berupa penelitian kuantitatif dengan pendekatan uji sampel berpasangan menggunakan Paired Sample T-Test dan Wilcoxon Sign Rank Test pada tingkat signifikansi 0,05. Sampel penelitian sebanyak 35 perusahaan diperoleh menggunakan metode purposive sampling. Alat analisis data menggunakan Statistical Package of Social Science (SPSS) versi 21. Hasil penelitian menunjukkan tidak terdapat perbedaan yang signifikan average abnormal return, average trading volume activity, dan average trading frequency activity sebelum dan sesudah pengumuman stock buyback.

Kata Kunci: Harga Saham, Stock Buyback, Average Abnormal Return, Average Trading Volume Activity, Average Trading Frequency Activity



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