Penelitian mi dilatarbelakangi oleh semakin rneningkatnya jurnlah perusahaan publik di Indonesia yang melakukan tindakan stock repurchase. Dengan metode event study, penelitian mi bertujuan untuk mempelajari reaksi pasar terhadap pelaksanaan RUPS Luar Biasa yang membahas aksi korporasi stock repurchase di Bursa Efek Indonesia (BEI). Lebih spesifiknya, penelitian mi memiliki tujuan khusus untuk mempelajari abnormal return sab am yang muncul akibat adanya event tersebut. Pemilihan RUPS Luar Biasa sebagai event yang akan diteliti didasarkan pada kenyataan bahwa tindakan stock repurchase akan dilakukan dalam j angka waktu tertentu, dirnulai darl tanggal dilaksanakannya RUPS Luar Biasa tersebut. Sampel dalarn penelitian liii adalah saham-saham perusahaan yang mendaftarkan pengumuman mengenai pelaksanaan RUPS Luar Biasa rnenyangkut rencana pelaksanaan aksi korporasi stock repurchase di BET. Periode pengamatan penelitian mi adalah sejak tahun 2003 sarnpai tahun 2007. Hasil penelitian rnenunjukkan bahwa dengan adanya cumulative abnormal return yang dihasilkan pada beberapa harl dalarn event window, maka dapat dikatakan bahwa event RUPS Luar Biasa yang membahas aksi korporasi stock repurchase memberikan keuntungan bagi pemegang saham perusahaan. Berdasarkan nilai rerata cumulative abnormal return, dapat disimpulkan bahwa penelitian mi mendukung dugaan bahwa pasar bereaksi positif atas rencana aksi korporasi stock repurchase. Dalarn pernbuktian Efficient Market Hypothesis khususnya semi-strong form, maka pasar rnenyerap informasi publik berupa pelaksanaan RUPS Luar Biasa tersebut dengan relatif cepat.

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This research was motivated by the increasing number of public company in

Indonesia that buy their share back. Using event study method the purpose of this

research is to study market reaction toward the decision made by shareholders'

meeting to execute stock repurchase in Indonesian Stock Exchange. Specifically, the

special purpose of this research is to study the abnormal return that is caused by the

event

The choosing of shareholders' meeting as the event in this research was based

on the fact that the stock repurchase action would be done in a certain period,

starting from the date of shareholders' meeting. Sample of this research consists of

stocks of listed companies announcing shareholders' meeting to discuss the execution

of stock repurchase. The research period is from 2003 to 2007.

The result of the research showed that there is cumulative abnormal return in

a few days of the event window, so it is considered that the event gave benefit to the

company 's shareholders. Based on the average cumulative abnormal return, it could

be concluded that this research supports the hypothesis that the market would react

positively toward the corporate action. In proving Efficient Market Hypothesis,

especially the semi-strong form, it can be said that market absorbs the public

information, which is the implementation of the shareholders' meeting, relatively fast.

Reaksi Pasar.

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This research was motivated by the increasing number of public company in Indonesia that buy their share back. Using event study method the purpose of this research is to study market reaction toward the decision made by shareholders' meeting to execute stock repurchase in Indonesian Stock Exchange. Specifically, the special purpose of this research is to study the abnormal return that is caused by the event The choosing of shareholders' meeting as the event in this research was based on the fact that the stock repurchase action would be done in a certain period, starting from the date of shareholders' meeting. Sample of this research consists of stocks of listed companies announcing shareholders' meeting to discuss the execution of stock repurchase. The research period is from 2003 to 2007. The result of the research showed that there is cumulative abnormal return in a few days of the event window, so it is considered that the event gave benefit to the company 's shareholders. Based on the average cumulative abnormal return, it could be concluded that this research supports the hypothesis that the market would react positively toward the corporate action. In proving Efficient Market Hypothesis, especially the semi-strong form, it can be said that market absorbs the public information, which is the implementation of the shareholders' meeting, relatively fast.