Hasil Pencarian  ::  Simpan CSV :: Kembali

"Penelitian ini menggunakan metode studi peristiwa dengan tujuan mengetahui adanya perbedaan rata-rata yield spread. Sampel yang dipergunakan adalah perusahaan terdaftar di Bursa Efek Indonesia periode 1 Januari 2014 – 31 Desember 2018 yang menerbitkan obligasi dan mengalami perubahan peringkat yang dikeluarkan oleh PT Pefindo. Analisis yang digunakan dengan menggunakan uji t berpasangan, dan Wilcoxon Signed Rank Test . Hasil penelitian menunjukan bahwa : 1) Di hari pengumuman perubahan peringkat upgrade terjadi pelebaran average yield spread obligasi pada sampel upgrade, 2) Di hari pengumuman perubahan peringkat downgrade terjadi pelebaran average yield spread obligasi pada sampel downgrade. 3) Tidak terdapat perbedaan yang signifikan di sub sampel upgrade. 4) Terdapat perbedaan signifikan di sub sampel downgrade antara t dan t-2; t dan t-1; t dan t+1; t dan t+2, 5) Tidak terdapat perbedaan yang signifikan antara t-1 dan t+1 baik sub sampel upgrade maupun sub sampel downgrade.

---

This research uses event study method with the aim of knowing the difference in average yield spread. The sample used was a company listed on the Indonesia Stock Exchange for the period January 1, 2014 - December 31, 2018, which issued bonds and experienced a change in rankings issued by PT Pefindo. The analysis used was the paired t test, and the Wilcoxon Signed Rank Test. The results of the study show that: 1) On the day of announcement of upgrade rating upgrade, the average yield spread widening on the upgrade sample, 2) On the day of announcement of the downgrade rating change, the average yield spread widening on the downgrade sample. 3) There is no significant difference in the upgrade sub-sample. 4) There is a significant difference in the downgrade sub-sample between t and t-2; t and t-1; t and t + 1; t and t + 2, 5) There is no significant difference between t-1 and t + 1 in both the upgrade sub-sample and the downgrade sub-sample."

"Tujuan utama dari penelitian ini adalah menganalisa pengaruh volatilitas suku bunga dan likuiditas pada yield spread obligasi korporasi di Indonesia. Pengaruh yang diberikan oleh volatilitas suku bunga diharapkan berhubungan positif karena semakin tinggi volatilitas suku bunga maka volatilitas utang perusahaan juga semakin membesar sehingga perusahaan rentan terhadap risiko gagal bayar (default risk) oleh karena itu yield spread diekspektasikan akan membesar. Sedangkan pengaruh yang diberikan oleh likuiditas adalah negatif karena risiko investor yang memegang obligasi yang tidak likuid lebih besar dari obligasi yang likuid, sebagai kompensasinya yield obligasi illikuid akan lebih besar dan pada akhirnya yield spread juga semakin membesar. Dalam mengukur likuiditas, peneliti menggunakan pengukuran Amihud (2002) dan Corwin & Schultz (2012) sehingga model penelitian ini terbagi menjadi dua. Penelitian yang dilakukan terhadap 629 obligasi dengan periode 2012-2014 menggunakan Generalized Pooled Least Squared pada kedua model penelitian berhasil menunjukkan hasil yang konsisten dengan teori yang ada.

---

The main purpose in this research is to identify the impact of interest rate volatility and liquidity on corporate bond yield spread in Indonesia. The expected impact given by interest rate volatility is positive because greater interest rate volatility will likely to increase volatility of the firm’s debt making the firm more vulnerable to default risk. Thereby yield spread is expected to increase as the volatility of interest rate increases. On the other hand, liquidity is expected to have negative impact because the risk of holding illiquid bonds is greater than liquid one. To compensate the risk, investor ask for greater yield, thus the yield spread on illiquid bonds are greater. This research has two research models because the liquidity measurement used are Amihud (2002) and Corwin & Schultz (2012). By doing research on 629 bonds in 2012-2014 using Generalized Pooled Least Squares we come by the results are consistent to the theory."

"Stock split atau pemecahan saham pada umumnya dilakukan untuk meningkatkan jumlah saham yang beredar di sebuah perusahaan. Tetapi, terdapat beberapa reaksi pasar setelah pengumuman stock split yang terjadi sebagai akibat dari kandungan informasi yang diberikan perusahaan pada saat melakukan pengumuman stock split. Tujuan penelitian ini adalah untuk menganalisis kandungan informasi yang terdapat pada saat pengumuman stock split, serta perubahan kepemilikan institusional sebagai reaksi pasar dapat dijadikan pengukuran bahwa suatu pengumuamn stock split memiliki kandungan informasi yang diberikan. Penelitian menggunakan 40 sampel perusahaan stock split, dan 40 matching firms. Metode penelitian yang digunakan adalah event study, serta regresi linear berganda untuk mengetahui pengaruh kandungan informasi tersebut terhadap perubahan kepemilikan institusional. Hasil penelitian menunjukan bahwa perusahaan hanya memberikan informasi mengenai kinerja operasional perusahaan, dan perubahan luas kepemilikan institusional dapat dijadikan sebagai pengukuran kandungan informasi pengumuman stock split. Untuk meningkatkan hasil penelitian lanjutan, diharapkan dapat menggunakan variabel abnormal return kurang dari 12 bulan untuk mengetahui kandungan informasi yang diberikan, dan pengaruhnya terhadap perubahan kepemilikan institusional.

---

Stock split is basically used only to increase the number of outstanding shares in a company. But, the announcement of stock split will be followed by some market reaction as the effect of the information content that a company gives along stock split announcement. This study aims to know if there is any information content on stock split announcement, and to know that the institutional change in breadth as a market reaction that can be used as a measurement of the information content on a stock split announcement. The sample of this study consists 40 split firms, and 40 matching firms. The method of this study is an event study to know the information content of stock split announcement, and multiple linear regression to know the effect of the information content to the institutional change in breadth. The result of this study shows that stock split announcement only has an information about the future operational performance of a firm, and the institutional change in breadth can be used as a measurement to know whether a stock split contains information or not. To improve the results of further research, a change in variable such as abnormal return less than 12 month after the stock split announcement can be used, and the effect of it to the institutional change in breadth."

"[ABSTRAKPenelitian ini bertujuan untuk mengetahui keberadaan volatility effect di BursaEfek Indonesia tahun 2011-2013. Metode yang digunakan dalam penelitian inimengacu pada penelitian Ang, Hodrick, Zing, dan Zhang (2006) denganmembandingkan return dan alpha (CAPM dan model tiga faktor Fama-French)antara portofolio high volatility dengan low volatility. Hasil penelitianmenunjukkan bahwa tidak terdapat volatility effect di Bursa Efek Indonesia.Walaupun demikian, penelitian ini menemukan adanya return premium pada lowvolatility stock. Adanya return premium pada low volatility stock tersebut terjadisebagai akibat dari premium atas kinerja perusahaan dan limit to arbitrage.

---

ABSTRACTThe objective of this study is to show the volatility effect in Indonesia StockExchange for the period 2011-2013. This study is using the method from Ang,Hodrick, Zing, and Zhang (2006) by comparing return and alpha (CAPM andFama-French three factors model) between high and low volatility portfolio. Theresults do not find volatility effect in Indonesia Stock Exchange. Nevertheless,this study shows that low volatility stock has a return premium. The returnpremium on low volatility stock is the result of premium on firm?s performanceand limit to arbitrage.;The objective of this study is to show the volatility effect in Indonesia StockExchange for the period 2011-2013. This study is using the method from Ang,Hodrick, Zing, and Zhang (2006) by comparing return and alpha (CAPM andFama-French three factors model) between high and low volatility portfolio. Theresults do not find volatility effect in Indonesia Stock Exchange. Nevertheless,this study shows that low volatility stock has a return premium. The returnpremium on low volatility stock is the result of premium on firm?s performanceand limit to arbitrage., The objective of this study is to show the volatility effect in Indonesia StockExchange for the period 2011-2013. This study is using the method from Ang,Hodrick, Zing, and Zhang (2006) by comparing return and alpha (CAPM andFama-French three factors model) between high and low volatility portfolio. Theresults do not find volatility effect in Indonesia Stock Exchange. Nevertheless,this study shows that low volatility stock has a return premium. The returnpremium on low volatility stock is the result of premium on firm?s performanceand limit to arbitrage.]"

"ABSTRAKPenelitian ini bertujuan untuk melihat pengaruh Asset Growth Rate terhadap future stock return di mana dalam penelitian terdahulu diketahui bahwa asset growth rate memiliki kekuatan dalam memprediksi keuntungan masa depan dari sebuah saham. Penelitian ini juga menggunakan dua variabel kontrol yaitu, size dan book-to-market ratio. Penelitian ini menggunakan regresi data panel pada 309 perusahaan yang tercatat di Bursa Efek Indonesia (BEI) selama periode 2014-2018. Diperoleh bahwa Asset growth rate tidak memiliki pengaruh pada future stock return pada perusahaan yang tercatat di BEI namun variabel kontrol yang berupa size memiliki pengaruh pada future stock return

---

ABSTRACTThis study discusses the impact of asset growth rate on future stock return of listed companies in Indonesia Stock Exchange (IDX). Asset growth rate is one of the strongest predictors to predict future stock returns. Furthermore, this study also used two control variabels which has been proved to be one of the best predictors for future stock return such as size and book-to-market ratio. This study is quantitative research study with multiple regression method for data panel with 309 listed companies during the period 2014-2018 for the sample. The result of this study provides evidence that independen variabel included in the model (asset growth rate) show no significant impact to future stock return of listed companies in IDX. On the other hand, the control variabels which is size gave a positive and significant impact to stock return."

"ABSTRAKEdukasi pasar modal menjadi prioritas regulator dalam melakukan pengembangan pasar modal di Indonesia. Penelitian dalam skripsi ini dilakukan dengan mempelajari perilaku mengikut herding yang dilakukan oleh 18 tipe investor detail melalui pengamatan terhadap pola aliran investasi bersih dalam transaksi perdagangan ekuitas saham di Bursa Efek Indonesia dengan pembentukan model Vector Autoregression VAR . Berdasarkan pengamatan data bulanan pada periode Januari 2010 s.d. Oktober 2016, diperoleh kesimpulan bahwa perilaku herding terdapat pada jenis investor asing dan investor domestik. Adapun fokus edukasi pasar modal sebaiknya dilakukan pada jenis investor domestik dana pensiun LPF , karena memiliki hubungan kausalitas dengan tingkat pengembalian IHSG, investor domestik individual LID dan investor domestik investment banking LIB karena menunjukkan pola herding terhadap investor asing.

---

ABSTRACTCapital market education has become the focus of Indonesian Capital Market Regulator in recent years. This study take focus on the analysis of herding behavior between 18 investor types in Indonesian Stock Exchange. During the observation through monthly data of Nett Investment Flow during January 2010 up until October 2016, this study concludes several outputs. Herding behavior exist between foreign investor and domestic investor type. Domestic capital market educations could give attention to domestic Pension Fund LPF due to its causality relationship to IHSG return. The focus could also be on domestic individual investor LID and domestic investment banking LIB investors since the forementioned types shows herding behavior towards foreign investors rsquo type. "

"Penelitian ini bertujuan untuk mengetahui pengaruh penerapan Penutupan Kode AB terhadap kualitas pasar saham di Bursa Efek Indonesia (BEI). Penerapan penutupan Kode AB diukur dengan indikator dummy atas periode sebelum dan setelah penutupan Kode AB. Pengukuran kualitas pasar terdiri dari volatilitas high low saham, bid-ask-spread, total depth Value dan volume transaksi. Pengujian hipotesis dilakukan dengan menggunakan model regresi Fixed Effect Ordinary least squares (OLS) dan Fixed Effect Two-Stage Least Square (2SLS) dan menggunakan sampel seluruh saham yang aktif bertransaksi selama periode 04 Desember 2020 s.d. 06 Desember 2022. Hasil penelitian memberikan bukti empiris bahwa Penutupan Kode AB berpengaruh positif atau meningkatkan volatilitas 330 saham teraktif, berpengaruh negatif terhadap bid-ask-spread Volume atau bid-ask spread kecil. Di sisi lain, penerapan penutupan kode AB berpengaruh positif atau meningkatkan Total depth Value akan tetapi berpengaruh negatif sangat kecil pada volume transaksi.

---

This study aims to determine the effect of the implementation of Anonymity Broker ID on the quality of the stock market on the Indonesia Stock Exchange (IDX). The application of Anonymity Broker ID is measured by dummy indicators over the period before and after Anonymity Broker ID. Market quality measurement consists of high low volatility of stocks, bid-ask-spread, total depth Value and volume. Hypothesis Testing was carried out using Fixed Effect Ordinary least squares (OLS) and Fixed Effect Two-Stage Least Square (2SLS) regression models and using a sample of all stocks that were actively transacting during the period 04 December 2020 to 06 December 2022. The results provide empirical evidence that Anonymity Broker ID has a positive effect on the volatility and Total depth Value of the 330 most active stocks, negatively effects on Bid Ask Spread and Volume. It can generally be concluded that Anonymity Broker ID can effectively dampen excessive market reaction during enactment."

"ABSTRAKPenelitian ini bertujuan untuk melihat adanya pengaruh pengungkapan kinerja corporate social responsibility (CSR) menurut pedoman Global Reporting Initiative (GRI) terhadap asimetri informasi. Pengungkapan kinerja CSR diukur berdasarkan informasi pengungkapan kinerja CSR dengan pedoman GRI G4 didalam laporan keberlanjutan dan laporan tahunan perusahaan. Hipotesis diuji menggunakan model regresi linear dengan sampel 38 perusahaan yang menerbitkan laporan perusahaan dan terdaftar di Bursa Efek Indonesia selama tahun 2014.Hasil penelitian ini memberikan bukti empiris bahwa pengungkapan kinerja tanggung jawab sosial memiliki pengaruh negatif dan signifikan terhadap asimetri informasi. Temuan ini sejalan dengan penelitian Cho et al. (2013) yang menyatakan bahwa terdapat hubungan negatif dan signifikan antara kinerja tanggung jawab sosial dengan asimetri informasi.

---

ABSTRACTThis research is conducted to prove if there is any effect of performance corporate social responsibility disclosure based on Global Reporting Initiative (GRI) on asymemetric information. Corporate social responsibility perfomance disclosure is measured by GRI G4 guidelines in company?s sustainability reports and annual reports. Hypothesis is tested using multiple regression analysis with 38 companies of listed in Indonesia Stock Exchange in 2014 which published sustainability reports and annual reports.The results of this research give empiric evidence that CSR performance disclosure have negative significant effect on asymmetric information. This result is consistent with Cho et al. (2013) findings which indicate that there is a negative significant effect between CSR performance with asymmetric information."

"ABSTRAKPenelitian ini berfokus pada apakah corporate investment, financing dan cash policies saling berhubungan dan dipengaruhi oleh pola life-cycle pada masing-masing tahapan perusahaan. Hasil penelitian ini menunjukan investment dan equity turun seiring dengan tahapan life-cycle sedangkan debt dan cash holding naik dari tahapan introduction menuju growth dan turun dari growth ke shake-out/decline. Penelitian ini meneliti pada perusahaan publik terdaftar di Indonesia. Penelitian ini menggunakan berbagai proksi life-cycle. Dari hasil tersebut menunjukan corporate policies mengukuti tahapan life-cycle perusahaan.

---

ABSTRACTThis research examine life cycle impact whether on corporate investment, financing and examine pattern of corporate policies in each of life cycle stage. Result of this research find that investments and equity issuance decrease with firm life cycle, while debt issuance and cash holdings increase in the introduction and growth stages and decrease in the mature and shake out decline stages of the firm rsquo s life cycle. The analysis of this research using public companies in Indonesia. These results using various proxies for life cycle. The results show that corporate policies follow a firm life cycle. "

"ABSTRAKPenelitian ini menguji kinerja jangka pendek atas perusahaan yang mengakuisisi target perusahaan privat selama periode tahun 2004 hingga 2015, untuk mengidentifikasi dampak pengumuman akuisisi terhadap harga saham perusahaan pengakuisisi. Penelitian ini merupakan penelitian event study dengan metode market model dan periode estimasi 120 hari, dengan indikator Average Abnormal Return dan Average Cumulative Abnormal Return yang dilihat selama 43 hari sekitar pengumuman akuisisi, dan secara kumulatif terbagi menjadi 3 periode yaitu, pre announcement, announcement dan post announcement. Pada Average Abnormal Return selama 43 hari tersebut dan Average Cumulative Abnormal Return pada masa pre announcement, announcement, dan post announcement, perusahaan pengakuisisi perusahaan privat tidak mendapatkan abnormal return.

---

ABSTRACT

This study examines announcement of the acquisition of private target acquirer companies in year 2004-2015, to identify the impact of the acquisition announcement to the stock price of acquirer?s companies. This study used event study methodology with market model and 120 days estimation period with indicators of Average Abnormal Return in 43 days event period around acquisition announcements and Average Cumulative Abnormal Return in three periods of event windows, which are pre announcement, announcement and post announcement period. Average Abnormal Returns around those 43 days and Average Cumulative Abnormal Return in pre announcement, announcement and post-announcement period shows no abnormal returns."