ANALISIS ABNORMAL RETURN DAN TRADING VOLUME ACTIVITY SEBELUM DAN SETELAH PENGUMUMAN DIVIDEN PT.KALBE FARMA SAAT PANDEMI COVID-19
DOI:
https://doi.org/10.32663/crmj.v5i1.2461Kata Kunci:
Abnormal Return, Trading Volume Activity, PT. Kalbe Farma, Covid-19Abstrak
PT. Kalbe Farma became one of the issuers that during the Covid-19 pandemic earned a
large profit per share, so this study aims to see if there is abnormal return and trading
volume activity around the date of dividend announcement made by PT. Kalbe Farma during
the Covid-19 pandemic. The event study method is used to study the reaction of the
Indonesian Capital Market during the observation period. The observation period is carried
out five days before the dividend announcement and five days after the dividend
announcement of PT. Kalbe Farma. Secondary data used in this study are data on the closing
price of daily shares, daily JCI, daily trading volume, and the number of outstanding shares.
The results found that there were abnormal differences in returns before and after dividend
announcements, and there were also differences in trading volume of activity before and after
the dividend announcement of PT. Kalbe Farma.
Referensi
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Peterson, C., Fredriksson, J., & Nilfjord, A. (2003). Common stock repurchases : a first year Swedish sample and comparative reactions on the US and the Finnish markets. Liiketaloudellinen Aikakauskirja, 52(4), 455–474.
Setiawan, A. R., & Bandi, B. (2015). Reaksi Pasar Terhadap Perubahan Dividen Dengan Indikator Abnormal Return Dan Trading Volume Activity. Jurnal Economia, 11(2), 200. https://doi.org/10.21831/economia.v11i2.8291
Tastaftiani, M., & Moh, K. (2015). Analisis Pengaruh Pengumuman Dividen Tunai Terhadap Abnormal Return Dan Variabilitas Tingkat Keuntungan Saham. Management Analysis Journal, 4(4), 333–340
Amin, M. A. N. (2020). Apakah Stock Split Memberikan Keuntungan Tidak Normal? Permana: Jurnal Perpajakan, Manajemen, Dan Akuntansi, 12(1), 9–17. https://doi.org/https://doi.org/10.24905/permana.v12i1.90
Amin, M. A. N. (2022). Analisis Potensi Abnormal Return Positif Terbesar Saham PT. Kalbe Farma Selama Pandemi Covid-19. Jurnal Valuasi: Jurnal Ilmiah Ilmu Manajemen Dan Kewirausahaan, 2(February 2021), 223–233.
https://doi.org/https://doi.org/10.46306/vls.v2i1.93
Amin, M. A. N. (2022). Reaksi Pasar atas Pengumuman Dividen PT . Kalbe Farma saat Pandemi. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 3(4), 917–921. https://doi.org/10.47065/ekuitas.v3i4.1585
Amin, M. A. N., Indriasih, D., & Wahyudi, C. (2022). Perbandingan Buyback Stock Perusahaan Swasta dan Perusahaan Badan Usaha Milik Negara (BUMN) saat Pandemi Covid-19. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 3(3), 621–629. https://doi.org/10.47065/ekuitas.v3i3.1329
Amin, M. A. N., & Irawan, B. P. (2021). Apakah Buyback Stock dapat memberikan Keuntungan Tidak Normal saat Pandemi ? PERMANA, 13(1), 46–59. https://doi.org/https://doi.org/10.24905/permana.v13i1.159
Amin, M. A. N., & Ramdhani, D. (2017). Analysis of Abnormal Return, Stock Return and Stock Liquidity Before and After Buyback Share: Case Study of Companies Listed in Indonesia Stock Exchange in Period of 2011-2015. Rjoas, 11(November), 312–323. https://doi.org/https://doi.org/10.18551/rjoas.2017-11.37
Event Study Tools. (2014). Introduction to the Event Study Methodology | Event Study Tools. http://www.eventstudytools.com/event-study-methodology
Ghozali, I. (2012). Aplikasi Analisis Multivariate dengan Program IBM. Undip : SEMARANG., 2018.
Hindayani, N. (2020). Analisis Reaksi Pasar Saham Atas Peristiwa Covid-19 Di Indonesia. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 4(3), 1645–1661. http://journal.stiemb.ac.id/index.php/mea/article/view/647
Hong, H. (2016). Information Cascade and Share Market Volatility: A Chinese Perspective. The Journal of Asian Finance, Economics and Business, 3(4), 17–24. https://doi.org/10.13106/jafeb.2016.vol3.no4.17
Jogiyanto, H. (2017). Teori portofolio dan analisis investasi (11th ed.). BPFE. Junizar, M. L. (2013). Pengaruh Pengumuman Pembelian Kembali Saham (Buy Back) Terhadap Respon Pasar: Studi Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia (Bei). Diponegoro Journal of Accounting.
Morris, R. D. (1987). Signaling, Agency Theory and Accounting Policy Choice. Accounting and Business Research. https://doi.org/10.1080/00014788.1987.9729347
Ong, T. S., & Ng, P. S. (2018). The Effects of Share Repurchase Announcements on Returns in the Malaysia Stock Market. Indonesian Journal of Business Finance and Accounting, 1(1), 1. https://doi.org/10.32455/ijbfa.v1i1.44
Peterson, C., Fredriksson, J., & Nilfjord, A. (2003). Common stock repurchases : a first year Swedish sample and comparative reactions on the US and the Finnish markets. Liiketaloudellinen Aikakauskirja, 52(4), 455–474.
Setiawan, A. R., & Bandi, B. (2015). Reaksi Pasar Terhadap Perubahan Dividen Dengan Indikator Abnormal Return Dan Trading Volume Activity. Jurnal Economia, 11(2), 200. https://doi.org/10.21831/economia.v11i2.8291
Tastaftiani, M., & Moh, K. (2015). Analisis Pengaruh Pengumuman Dividen Tunai Terhadap Abnormal Return Dan Variabilitas Tingkat Keuntungan Saham. Management Analysis Journal, 4(4), 333–340
