Faktor Determinan Stock Buyback (Studi Perusahaan di Pasar Modal Indonesia Periode 2012-2020)
Abstract
The purpose of this study is to determine whether the influence of undervaluation and free cash flow has an influence on the stock repurchase policy. This study uses companies that carry out stock buybacks from 2012-2020 listed on the Indonesia Stock Exchange as the population in this study. The method of determining the sample using purposive sampling technique. The number of research samples is 55 companies that repurchase shares with an 8-year observation period, resulting in 83 observational data. The hypothesis in this study was tested using multiple linear regression analysis techniques. The results of the analysis show that the undervaluation proxied by the Market to Book Ratio has a positive effect on the stock buyback policy. Meanwhile, free cash flow has a negative effect on the stock repurchase policy.
Keywords: Stock Buyback; Undervaluation; Free Cash Flow.
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References
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Khan, K., Zhao, H., Zhang, H., Yang, H., Shah, M. H., & Jahanger, A. (2020). The impact of COVID-19 pandemic on stock markets: An empirical analysis of world major stock indices. Journal of Asian Finance, Economics and Business, 7(7), 463–474. https://doi.org/10.13106/jafeb.2020.vol7.no7.463
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Liu, N., & Mehran, J. (2016). Managerial Finance. Managerial Finance, 42. http://dx.doi.org/10.10.1108/MF-10-2015-0258
Perdana, A., & Harapan, S. N. (2018). The Influence of Ownership on Capital Structure Of Companies Listed In Indonesia Stock Exchange (IDX). The Indonesian Journal Of Accounting Research Vol. 18, No. 3, Sep 2018 Page 275-294, 18(1), 275–294. https://doi.org/10.35134/jbe.v6i1.10
Putri, H. T., Masyuri, A., & Adisetiawan, R. (2021). Pandemi Covid-19 dan Pengaruhnya terhadap Kebijakan Buyback Saham. Ekonomis: Journal of Economics and Business, 5(2), 379. https://doi.org/10.33087/ekonomis.v5i2.397
Rahmadhani, A. K., & Mawardi, W. (2016). Analisis Faktor Faktor Yang Mempengaruhi Share Repurchase ( Studi pada Perusahaan Non-Keuangan yang Terdaftar di Bursa Efek Indonesia Periode 2008-2014 ). Diponegoro Journal of Management, 5, 1–10.
Susanti, L., & Erlanda. (2018). Analisis Faktor-Faktor Yang Mempengaruhi Stock Repurchase Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia Tahun 2013-2016. Jurnal Sains Manajemen & Akuntansi, X(1), 21–39.
Tamalla, A. R., Mastan, A. A., & Mawardi, M. cHOLID. (2015). Pengaruh Sruktur Kepemilikan, Ukuran Perusahaan dan Fre Cash Flow Terhadap Kebijakan Pembelian Kembali Saham Pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Tahun 2013-2015. 17–31.
Tong, J., & Bremer, M. (2016). Stock repurchases in Japan: A solution to excessive corporate saving? Journal of the Japanese and International Economies, 41, 41–56. https://doi.org/10.1016/j.jjie.2016.06.002
Wulandari, L. G., & Usman, B. (2019). Faktor-Faktor yang Mempengaruhi Share Repurchase Decisions Pada Perusahaan yang Terdaftar di Bursa Efek Indonesia. Media Riset Bisnis & Manajemen, 19(1), 24. https://doi.org/10.25105/mrbm.v19i1.5363
Yarram, S. R. (2014). Factors influencing on-market share repurchase decisions in Australia. Studies in Economics and Finance, 31(3), 255–271. https://doi.org/10.1108/SEF-02-2013-0021
Yuliawan, K. T., & Wirasedana, I. W. P. (2016). Kepemilikan Institusional Memoderasi Pengaruh Manajemen Laba Menjelang Initial Public Offering Pada Return Saham. E-Jurnal Akuntansi Universitas Udayana, 14(2), 1396–1422.
Asri, D. G. F. P., & Hermanto, S. B. (2021). Pengaruh Struktur Perusahaan , Leverage , Dan Profitabilitas Terhadap Pembelian Kembali Saham. Jurnal Ilmu Dan Riset Akuntansi.
Björck, E., & Rönegård, P. (2016). Share Repurchase and Ownership Structure A quantitative study on Swedish Large Cap firms. Journal of Financial Economics, May. http://dx.doi.org/10.2139/ssrn.2276156
Ghozali, I. (2016). Aplikasi Analisis Multivariate Dengan Program IBM SPSS (23rd ed.). Badan Penerbit Universitas Diponegoro, Semarang.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4). https://doi.org/10.1016/0304-405X(76)90026-X
Junizar, M. L., & Septiani, A. (2016). Pengaruh Pengumuman Kembali Saham (Buy Back) Terhadap Respon Pasar: Studi Pada Perusahaan yang Terdaftar di Bursa Efek Indonesia (BEI). Diponegoro Journal of Accounting, 2(3), 1–11. http://ejournal-s1.undip.ac.id/index.php/accounting
Khan, K., Zhao, H., Zhang, H., Yang, H., Shah, M. H., & Jahanger, A. (2020). The impact of COVID-19 pandemic on stock markets: An empirical analysis of world major stock indices. Journal of Asian Finance, Economics and Business, 7(7), 463–474. https://doi.org/10.13106/jafeb.2020.vol7.no7.463
Lailiyah, E. H., & Soeharto, S. M. (2019). Motif perusahaan dalam stock repurchase. Forum Ekonomi, 21(2), 119–125.
Liu, N., & Mehran, J. (2016). Managerial Finance. Managerial Finance, 42. http://dx.doi.org/10.10.1108/MF-10-2015-0258
Perdana, A., & Harapan, S. N. (2018). The Influence of Ownership on Capital Structure Of Companies Listed In Indonesia Stock Exchange (IDX). The Indonesian Journal Of Accounting Research Vol. 18, No. 3, Sep 2018 Page 275-294, 18(1), 275–294. https://doi.org/10.35134/jbe.v6i1.10
Putri, H. T., Masyuri, A., & Adisetiawan, R. (2021). Pandemi Covid-19 dan Pengaruhnya terhadap Kebijakan Buyback Saham. Ekonomis: Journal of Economics and Business, 5(2), 379. https://doi.org/10.33087/ekonomis.v5i2.397
Rahmadhani, A. K., & Mawardi, W. (2016). Analisis Faktor Faktor Yang Mempengaruhi Share Repurchase ( Studi pada Perusahaan Non-Keuangan yang Terdaftar di Bursa Efek Indonesia Periode 2008-2014 ). Diponegoro Journal of Management, 5, 1–10.
Susanti, L., & Erlanda. (2018). Analisis Faktor-Faktor Yang Mempengaruhi Stock Repurchase Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia Tahun 2013-2016. Jurnal Sains Manajemen & Akuntansi, X(1), 21–39.
Tamalla, A. R., Mastan, A. A., & Mawardi, M. cHOLID. (2015). Pengaruh Sruktur Kepemilikan, Ukuran Perusahaan dan Fre Cash Flow Terhadap Kebijakan Pembelian Kembali Saham Pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Tahun 2013-2015. 17–31.
Tong, J., & Bremer, M. (2016). Stock repurchases in Japan: A solution to excessive corporate saving? Journal of the Japanese and International Economies, 41, 41–56. https://doi.org/10.1016/j.jjie.2016.06.002
Wulandari, L. G., & Usman, B. (2019). Faktor-Faktor yang Mempengaruhi Share Repurchase Decisions Pada Perusahaan yang Terdaftar di Bursa Efek Indonesia. Media Riset Bisnis & Manajemen, 19(1), 24. https://doi.org/10.25105/mrbm.v19i1.5363
Yarram, S. R. (2014). Factors influencing on-market share repurchase decisions in Australia. Studies in Economics and Finance, 31(3), 255–271. https://doi.org/10.1108/SEF-02-2013-0021
Yuliawan, K. T., & Wirasedana, I. W. P. (2016). Kepemilikan Institusional Memoderasi Pengaruh Manajemen Laba Menjelang Initial Public Offering Pada Return Saham. E-Jurnal Akuntansi Universitas Udayana, 14(2), 1396–1422.
Published
2022-04-26
How to Cite
YULIANA, Yuliana; SUSI, Susi; SYAIPUDIN, Usep.
Faktor Determinan Stock Buyback (Studi Perusahaan di Pasar Modal Indonesia Periode 2012-2020).
E-Jurnal Akuntansi, [S.l.], v. 32, n. 4, p. 1057-1068, apr. 2022.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/84069>. Date accessed: 04 dec. 2024.
doi: https://doi.org/10.24843/EJA.2022.v32.i04.p17.
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