Reaksi Pasar Sektor Properti dan Real Estat atas Penjualan Perdana Mega Proyek Meikarta
Abstract
The launching of Meikarta mega project gained positive response from customers. As many as 17,435 apartment units was sold on the day the project was launched. Because of its huge scale, the Meikarta has the potential to boost the property and real estate sector that was down at the time. The aim of this research is to analyze the information content of Meikarta project, especially for firms in the property and real estate sector. The information content is to be identified by market response, which in turn to be measured by abnormal return using market-adjusted model with five-day event windows around the launching date. Sample consists of 48 firms in the property and real estate sector. The results of the analysis show that there is no statistically significant market response to the launching of Meikarta project. Therefore, it is concluded that the Meikarta project does not have any information content.
Keywords: Meikarta; Property and Real Estate Sector; Information Content; Market Reaction; Abnormal Return.
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References
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Brown, S. J., & Warner, J. B. (1980). Measuring Security Price Performance. Jurnal of Financial Economics, 8(3), 205--258.
Brown, S. J., & Warner, J. B. (1985). Using Daily Stock Returns. Jurnal of Financial Economics, 14, 3–31.
Deva B, K., Sharon, S., & Maria, J. E. (2015). Empirical Study on Effects of the Lok Sabha Election on Stock Market Performance (BSE SENSEX). Research Journal of Management Sciences, 4(2), 1–9.
Dewi, I. G. A. A. P., Wirama, D. G., & Sari, M. M. R. (2018). Reaksi Pasar Modal atas Kebijakan Tax Amnesty. Jurnal Buletin Studi Ekonomi, 23(2), 61–76.
Fama, E. F. (1970). Efficient Capital Markets : A Review of Theory and Empirical Work. Journal of Finance, 25(2), 1–36.
Ferawati. (2016). Analisis Studi Peristiwa Pengaruh Peraturan Menteri Perhubungan Nomor 32 Tahun 2016 Terhadap Kinerja Saham Perusahaan Sub Sektor Transportasi. universitas gadjah mada.
Fitra, S. (2015). Sektor Properti Terimbas Daya Beli Yang Rendah. Katadata.Co.Id. Retrieved from https://katadata.co.id/berita/2015/06/16/sektor-properti-terimbas-daya-beli-yang-rendah
Foster, G. (1986). Financial Statement Analysis (second edi). New Jersley: Prentice Hall- Internattional Inc.
Gajewski, J.-F., & Ginglinger, E. (2002). Seasoned Equity Issues in a Closely Held Market: Evidence from France. Review of Finance, 6(3), 291–319. https://doi.org/10.1023/a:1022024925877
Griffin, C. H. (2010). Abnormal Returns and Stock Splits: The Decimalized vs. Fractional System of Stock Price Quotes. International Journal of Business and Management, 5(12), 3–13. https://doi.org/10.5539/ijbm.v5n12p3
Hartono, J. (2017). Teori Portofolio dan Analisis Investasi. Yogyakarta: BPFE.
Himawan, A. (2017). Launching Perdana Meikarta, 16.800 Unit Properti Telah Dipesan. Suara.Com, p. 1. Retrieved from https://www.suara.com/bisnis/2017/05/14/134411/launcing-perdana-meikarta-16800-unit-properti-telah-dipesan
Indriantoro, N., & Supomo, B. (2016). Metode Penelitian Bisnis Untuk Akuntansi Dan Manajemen (pertama). Yogyakarta: BPFE.
Kabiru, J. N., Elly, D., Hellen, O., & Kinyua, W. (2015). The Effect Of General Elections On Stock Returns At The Nairobi Securities Exchange. European Scientific Journal, 11(28): 43.
Lutfiana, I. (2018). Iklan Meikarta Versi “Aku Ingin Pindah ke Meikarta.”
Marisca, E., & Wijaya, T. (2014). Analisis Perbedaan Abnormal Return Sebelum dan Sesudah Pengumuman Kenaikan Harga Bahan Bakar Minyak (BBM) di Perusahaan LQ45. E-Jurnal Manajemen STIE Multi Data Palembang, 1–10.
Mayanti, D. (2018). Proyek Pembangunan Kota Meikarta dalam Perspektif Etika Bisnis. Skripsi.
Meylita P, H., & Gerianta Y, W. (2015). Perbedaan Reaksi Pasar Atas Pengumuman Pemecahan Saham Pada LQ45 Dan Non LQ45. Jurnal Ilmiah Akuntansi Dan Bisnis, 10(2), 96–104.
Mirayanti, N. M., & Wirama, D. G. (2017). Pengaruh Variabel Ekonomi Makro Pada Return Saham Lq45 Di Bursa Efek Indonesia. E-Jurnal Akuntansi Universitas Udayana, 21(1), 505–533.
Nguyen, K. H. (2014). Impact of a Devidend Initiation Wave on Shareholders’ Wealth. Applied Financial Economics, Forthcoming, 24(8), 5573–5586.
Pertiwi, N. P. A., & Wirama, D. G. (2019). Reaksi Pasar atas Deviden Initiation dan Deviden Omission. E-Jurnal Akuntansi Universitas Udayana, 26(2), 1190–1214.
Purba, F., & Handayani, S. R. (2017). Analisis Perbedaan Reaksi Pasar Modal Indonesia Sebelum Dan Sesudah Peristiwa Non Ekonomi. Jurnal Administrasi Bisnis (JAB), 51(1), 115–123.
Repousis, S. (2016). Stocks’ Prices Manipulation Around National Elections?: An Event Study for The Case of Greek Banking Sector. Journal of Financial Crime, 23(2), 248–25.
Saraswati, N. M. A. W., & Mustanda, I. K. (2018). Reaksi Pasar Modal Indonesia Terhadap Peristiwa Pengumuman Hasil Penghitungan Suara Pemilihan Umum dan Pelantikan Presiden Amerika Serikat. E-Jurnal Manajemen Unud, 7(6), 2971–2998.
Septiani, Y. (2010). Informasi Kalah Kliring Bank Century terhadap Harga Saham pada Bank Konvensional yang Terdaftar di Bursa Efek Indonesia. Skripsi. Universitas Islam Negeri Sultan Syarif Kasim Kasim Pekanbaru.
Shahid, H., Xia, X., Mahmood, F., & Usman, M. (2010). Announcement Effects of Seasoned Equity Offerings in China. International Journal of Economics and Finance, 2(3), 163–169. https://doi.org/10.5539/ijef.v2n3p163
Sriram, M. (2016). Empirical Evidence of Market Reaction to Stock Splits. Shri Dharmasthala Manjunatheshwara Institute for Management Development, 165–184.
Sudewa P, D. G. O., & Sari, M. M. R. (2015). Reaksi Pasar Atas Peristiwa Pilpres 2014. E-Jurnal Akuntansi Universitas Udayana, 12(3), 465–480.
Uygur, O., Meric, G., & Meric, I. (2014). Market Reaction to Acquisition Announcements After the 2008 Stock Market Crash. The International Journal of Business and Finance Research, 8(4), 75–82.
Watts, R. L., & Zimmerman, J. L. (1986). Positive Accounting Theory. New Jersey: Prentice Hall, Inc.
Wong, A., & Cheung, K. Y. (2009). The Effects of Merger and Acquisition Announcements on the Security Prices of Bidding Firms and Target Firms in Asia. International Journal of Economics and Finance, 1(2), 274–283.
Zhu, C., & Chen, K. (2014). The Market Reaction to Stock Split Announcement and The Underlying Explanations. SFU Summit Institutional Repository.
Ziobrowski, A. J., Boyd, J. W., Cheng, P., & Ziobrowski, B. J. (2011). Abnormal returns from the common stock investments of Members of the U.S. House of Representatives. Business and Politics. https://doi.org/10.2202/1469-3569.1308
Published
2020-02-17
How to Cite
PITRIANI, Ni Ketut Modi; WIRAMA, Dewa Gede.
Reaksi Pasar Sektor Properti dan Real Estat atas Penjualan Perdana Mega Proyek Meikarta.
E-Jurnal Akuntansi, [S.l.], v. 30, n. 2, p. 504 - 516, feb. 2020.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/54504>. Date accessed: 21 nov. 2024.
doi: https://doi.org/10.24843/EJA.2020.v30.i02.p17.
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