Perbandingan Reaksi Pasar atas Seasoned Equity Offering dengan Tujuan Investasi dan Membayar Utang
Abstract
This research compares market reaction to seasoned equity offering (SEO) with investment purpose and debt repayment purpose. The research was triggered by pecking order theory’s. The sample of this research is 62 Indonesian public companies that carried out SEO during the 2013 to 2019 period. The SEO announcement date is used as event date. The event window is five days around the event date. Abnormal return is measured by market-adjusted model. The result of independent sample t-test shows that market reaction to SEO with investment purpose is better than market reaction to SEO with debt repayment purpose. Average cumulative abnormal return (CAR) of SEO with investment purpose is 0.038 and for SEO with debt repayment purpose is minus 0.006. The difference is statistically significant (p-value=0.011). Therefore, it is concluded that markets response to additional equity offering, in this case using SEO, depends on the purpose of the SEO.
Keywords: Seasoned Equity Offering; Market Reaction; Abnormal Return; Market-Adjusted Model.
Downloads
Download data is not yet available.
References
Amir, P. Q., & Suaryana, I. G. N. A. (2019). Reaksi Pasar Modal Terhadap Pengumuman Right Issue Pada Perusahaan yan Terdaftar Di Bursa Efek Indonesia. E-Jurnal Akuntansi Universitas Udayana, 28(1), 159–187.
Apsari, I. A. W. P., & Yasa, G. W. (2017). Analisis Reaksi Pasar Terhadap Pengumuman Right Issue Pada Perusahaan Go Public yang Tercatat Di BEI. E-Jurnal Akuntansi Universitas Udayana, 18(2), 1343–1368.
Argawal, A., & Mohanty, P. (2012). The Impact of Right Issue on Stock Returns In India. Asia Pasific Finance and Accunting Review, 1(1), 5-16.
Dewi, P. S. M. Y., & Wirama, D. G. (2017). Pecking Order Theory: Pengaruh Profitabilitas dan Pertumbuhan Perusahaan Pada Keputusan Pendanaan Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 18(3), 2423–2450.
Edirisinghe, C. (2015). Stock Price Reaction to Announcements of Right Issues and Debenture Issues : Evidence from Colombo Stock Exchange Stock Price Reaction to Announcements of Right Issues and Debenture Issues : Evidence from Colombo Stock Exchange. International Journal of Business and Soscial Research, 5(2), 67–77.
Epriyeni, A., & Kharlina, R. (2013). Pengaruh Pengumuman Merger, Akuisisi dan Right Issue Terhadap Abnormal Return Saham Di Bursa Efek Indonesia. Jurnal Ekonomi, 1(1), 1–7.
Fama, E. F. (1970). Efficient Capital Market; A review of Theory and Empirical Work. The Journal of Finance, 25(2), 383-417.
Firstiany, J. I., & Wirama, D. G. (2019). Reaksi Pasar atas Right Issue. E-Jurnal Akuntansi Universitas Udayana, 27(1), 285–310.
Foster, G. (1986). Financial Statement Analysis. Second Edition, Singapore: prentice-hall, 2(2), 432-450.
Ghozali, H. I. (2016). Aplikasi Analisis Multivariate dengan Program IBM SPSS 23. (Edisi Kedelapan). Semarang: Badan Penerbitan Universitas Diponogoro.
Joshua, B., & Wibisono, C. H. (2014). Perbedaan Kinerja Perusahaan Sebelum dan Sesudah Seasoned Equity Offerings. Jurnal Manajemen Fakultas Ekonomi. Universitas Atma Jaya Yogyakarta, 1–14.
Kandi, R., & Parmitasari, R. D. A. (2014). Analisis Return Saham Sebelum dan Sesudah pengumuman Right Issue pada Perusahaan Perbankan yang Terdaftar Di Bursa Efek Indonesia Tahun 2010-2014. Jurnal Manajemen Dan Bisnis Islam Allauddin, 1(1), 1–15.
Kendirli, S., & Elmali, M. E. (2016). The Effects of Right Offering Announcements on Returns of Shares of Deposit Banks Traded in Istanbul Stock-Exchange. Journal of Economic Development, Environment and People, 5(1), 74–82.
Kithinji, J. G., Oluochh, W., & Mugo, R. (2014). What is The of Right Issue on Firm Share Performance in The Nairobi Securities Exchange. Research Journal of Finance and Accounting, 5(4),76-84.
Kusuma, P. A. J., & Suryanawa, I. K. (2015). Analisis Komperatif Kinerja Saham Sebelum dan Sesudah Pengumuman Right Issue. E-Jurnal Akuntansi Universitas Udayana, 12(3), 566–581.
Medeiros, O., & Matsumoto, A. (2005). Brazilian Market Reaction tp Equity Issue Announcements. Revista de Administracao, Review, 2(2), 35-46.
Meggison, W, L. (1997). CorporateFinance Theory. Addison-Wesley Aducational Publisher Inc, 40(3), 201-216.
Miglani, P. (2011). An Empirical Analysis Of Impact Of Right Issue On Shareholders Returns Of Indian Listed Companies. Journal of Arts, Science & Commerce, II(4), 169–176.
Myers, S. C., & Majluf, N. S. (1984). Coorporate Financing and Investment Decisions When Firm Have Information that Investor do not Have. Journal of Financial Economic, 13(1), 187-221.
Noor, T. (2015). Pengujian Pecking Order Theory dan Analisis Pengaruh Karakteristik Perusahaan Terhadap Struktur Modal Emiten Sektor Pertanian. Fakultas Manajemen Dan Bisnis Institut Pertanian Bogor, Bogor., 1(1).
Nurmala, & Salmah, N. N. A. (2015). Reaksi Pasar Terhadap pengumuman Right Issue Di Bursa Efek Indonesia. Jurnal Manajemen Dan Bisnis Sriwijaya, 13(3), 332–342.
Ogada, A., & Kalunda, E. (2017). Impact of Rights Issue on Share Returns of Firms Listed on The Nairobi Securities Exchange , Kenya. IOSR Journal of Business and Management, 19(8), 54–62.
Rohit, B., Pinto, P., & Bolar, S. (2016). Impact of Stock Splits and Rights Issue Announcements on Market Price : Evidence From India. A Management Journal, 7(2), 1–13.
Sugiana, B., & Surya, B. A. (2013). Implication Of Right Issue Cum And Ex-Date Announcement To The Stock Return ( Empirical Study On Indonesia Stock Exchange Period: 2009-2012 ). The Indonesia Journal Of Business Administration, 2(12), 1395–1410.
Sugiyono. (2017). Metode penelitian Pendekatan Kuantitatif, Kualitatif, Kombinasi, R&D dan Penelitian Evaluasi. Bandung: CV Alfabeta.
Sukwadi, R. (2006). Analisis Perbedaan Kinerja Keuangan Perusahaan yang Melakukan Right Issue dan Perusahaan yang Tidak Melakukan Right Issue Di Bursa Efek Jakarta Periode 2000-2003. Journal Management, 1(1), 1–35.
Sulistyanto, H. S., & Wibisono, H. (2013). Seasoned Equity Offerings: Antara Agency Theory, Windows of Oportunity dan Penurunan Kinerja. Simposium Nasional Akuntansi, VI Oktober , 131-140.
Traill, M., & Ed Vos. (2001). Do Seasoned Equity Offerings Really Underperform in the Long Run? Evidence from New Zealand. Working Paper, 1(1), 1-16.
Yakup, W. Y., & Cahyadi, Y. (2016). Analysis Of Right Issue Announcement Effect Toward Stock Price Movement and Stock Trading Volume Within Issuer In Indonesia Stock Exchange. Binus Business Review, 7(1), 33–38.
Yusuf, S. D., Djazuli, A., & Susanto, H. . H. (2009). Analisis Reaksi Investor Terhadap Pengumuman Right Issue Di Bursa Efek Jakarta. Jurnal Wacana, 12(4), 792–814.
Apsari, I. A. W. P., & Yasa, G. W. (2017). Analisis Reaksi Pasar Terhadap Pengumuman Right Issue Pada Perusahaan Go Public yang Tercatat Di BEI. E-Jurnal Akuntansi Universitas Udayana, 18(2), 1343–1368.
Argawal, A., & Mohanty, P. (2012). The Impact of Right Issue on Stock Returns In India. Asia Pasific Finance and Accunting Review, 1(1), 5-16.
Dewi, P. S. M. Y., & Wirama, D. G. (2017). Pecking Order Theory: Pengaruh Profitabilitas dan Pertumbuhan Perusahaan Pada Keputusan Pendanaan Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 18(3), 2423–2450.
Edirisinghe, C. (2015). Stock Price Reaction to Announcements of Right Issues and Debenture Issues : Evidence from Colombo Stock Exchange Stock Price Reaction to Announcements of Right Issues and Debenture Issues : Evidence from Colombo Stock Exchange. International Journal of Business and Soscial Research, 5(2), 67–77.
Epriyeni, A., & Kharlina, R. (2013). Pengaruh Pengumuman Merger, Akuisisi dan Right Issue Terhadap Abnormal Return Saham Di Bursa Efek Indonesia. Jurnal Ekonomi, 1(1), 1–7.
Fama, E. F. (1970). Efficient Capital Market; A review of Theory and Empirical Work. The Journal of Finance, 25(2), 383-417.
Firstiany, J. I., & Wirama, D. G. (2019). Reaksi Pasar atas Right Issue. E-Jurnal Akuntansi Universitas Udayana, 27(1), 285–310.
Foster, G. (1986). Financial Statement Analysis. Second Edition, Singapore: prentice-hall, 2(2), 432-450.
Ghozali, H. I. (2016). Aplikasi Analisis Multivariate dengan Program IBM SPSS 23. (Edisi Kedelapan). Semarang: Badan Penerbitan Universitas Diponogoro.
Joshua, B., & Wibisono, C. H. (2014). Perbedaan Kinerja Perusahaan Sebelum dan Sesudah Seasoned Equity Offerings. Jurnal Manajemen Fakultas Ekonomi. Universitas Atma Jaya Yogyakarta, 1–14.
Kandi, R., & Parmitasari, R. D. A. (2014). Analisis Return Saham Sebelum dan Sesudah pengumuman Right Issue pada Perusahaan Perbankan yang Terdaftar Di Bursa Efek Indonesia Tahun 2010-2014. Jurnal Manajemen Dan Bisnis Islam Allauddin, 1(1), 1–15.
Kendirli, S., & Elmali, M. E. (2016). The Effects of Right Offering Announcements on Returns of Shares of Deposit Banks Traded in Istanbul Stock-Exchange. Journal of Economic Development, Environment and People, 5(1), 74–82.
Kithinji, J. G., Oluochh, W., & Mugo, R. (2014). What is The of Right Issue on Firm Share Performance in The Nairobi Securities Exchange. Research Journal of Finance and Accounting, 5(4),76-84.
Kusuma, P. A. J., & Suryanawa, I. K. (2015). Analisis Komperatif Kinerja Saham Sebelum dan Sesudah Pengumuman Right Issue. E-Jurnal Akuntansi Universitas Udayana, 12(3), 566–581.
Medeiros, O., & Matsumoto, A. (2005). Brazilian Market Reaction tp Equity Issue Announcements. Revista de Administracao, Review, 2(2), 35-46.
Meggison, W, L. (1997). CorporateFinance Theory. Addison-Wesley Aducational Publisher Inc, 40(3), 201-216.
Miglani, P. (2011). An Empirical Analysis Of Impact Of Right Issue On Shareholders Returns Of Indian Listed Companies. Journal of Arts, Science & Commerce, II(4), 169–176.
Myers, S. C., & Majluf, N. S. (1984). Coorporate Financing and Investment Decisions When Firm Have Information that Investor do not Have. Journal of Financial Economic, 13(1), 187-221.
Noor, T. (2015). Pengujian Pecking Order Theory dan Analisis Pengaruh Karakteristik Perusahaan Terhadap Struktur Modal Emiten Sektor Pertanian. Fakultas Manajemen Dan Bisnis Institut Pertanian Bogor, Bogor., 1(1).
Nurmala, & Salmah, N. N. A. (2015). Reaksi Pasar Terhadap pengumuman Right Issue Di Bursa Efek Indonesia. Jurnal Manajemen Dan Bisnis Sriwijaya, 13(3), 332–342.
Ogada, A., & Kalunda, E. (2017). Impact of Rights Issue on Share Returns of Firms Listed on The Nairobi Securities Exchange , Kenya. IOSR Journal of Business and Management, 19(8), 54–62.
Rohit, B., Pinto, P., & Bolar, S. (2016). Impact of Stock Splits and Rights Issue Announcements on Market Price : Evidence From India. A Management Journal, 7(2), 1–13.
Sugiana, B., & Surya, B. A. (2013). Implication Of Right Issue Cum And Ex-Date Announcement To The Stock Return ( Empirical Study On Indonesia Stock Exchange Period: 2009-2012 ). The Indonesia Journal Of Business Administration, 2(12), 1395–1410.
Sugiyono. (2017). Metode penelitian Pendekatan Kuantitatif, Kualitatif, Kombinasi, R&D dan Penelitian Evaluasi. Bandung: CV Alfabeta.
Sukwadi, R. (2006). Analisis Perbedaan Kinerja Keuangan Perusahaan yang Melakukan Right Issue dan Perusahaan yang Tidak Melakukan Right Issue Di Bursa Efek Jakarta Periode 2000-2003. Journal Management, 1(1), 1–35.
Sulistyanto, H. S., & Wibisono, H. (2013). Seasoned Equity Offerings: Antara Agency Theory, Windows of Oportunity dan Penurunan Kinerja. Simposium Nasional Akuntansi, VI Oktober , 131-140.
Traill, M., & Ed Vos. (2001). Do Seasoned Equity Offerings Really Underperform in the Long Run? Evidence from New Zealand. Working Paper, 1(1), 1-16.
Yakup, W. Y., & Cahyadi, Y. (2016). Analysis Of Right Issue Announcement Effect Toward Stock Price Movement and Stock Trading Volume Within Issuer In Indonesia Stock Exchange. Binus Business Review, 7(1), 33–38.
Yusuf, S. D., Djazuli, A., & Susanto, H. . H. (2009). Analisis Reaksi Investor Terhadap Pengumuman Right Issue Di Bursa Efek Jakarta. Jurnal Wacana, 12(4), 792–814.
Published
2020-10-27
How to Cite
BELLA SRI LESTARI, Ni Komang; WIRAMA, Dewa Gede.
Perbandingan Reaksi Pasar atas Seasoned Equity Offering dengan Tujuan Investasi dan Membayar Utang.
E-Jurnal Akuntansi, [S.l.], v. 30, n. 10, p. 2629 - 2640, oct. 2020.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/60424>. Date accessed: 14 nov. 2024.
doi: https://doi.org/10.24843/EJA.2020.v30.i10.p15.
Issue
Section
Artikel
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
