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All Journal E-JURNAL AKUNTANSI
Ni Komang Bella Sri Lestari
Fakultas Ekonomi dan Bisnis Universitas Udayana, Indonesia
Economics, Econometrics & Finance

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Perbandingan Reaksi Pasar atas Seasoned Equity Offering dengan Tujuan Investasi dan Membayar Utang Ni Komang Bella Sri Lestari; Dewa Gede Wirama
E-Jurnal Akuntansi Vol 30 No 10 (2020)
Publisher : Accounting Department, Economic and Business Faculty of Universitas Udayana in collaboration with the Association of Accounting Department of Indonesia, Bali Region

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EJA.2020.v30.i10.p15

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.
Co-Authors Dewa Gede Wirama