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Fitri Ella Fauziah, Fitri Ella
Universitas Islam Nahdlatul Ulama’ Jepara
Religion Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Social Sciences

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Journal : Jurnal Akuntansi

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MARKET REACTION ON PT GARUDA INDONESIA DEBT RESTRUCTURING ANNOUNCEMENTS Fauziah, Fitri Ella; murharsito, murharsito
Jurnal Akuntansi Vol. 13 No. 1 (2025): JURNAL AKUNTANSI VOL. 13 NO. 1 JUNI 2025
Publisher : Program Studi Akuntansi Fakultas Ekonomi Universitas Sarjanawiyata Tamansiswa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30738/ja.v13i1.4522

Abstract

Corporate debt restructuring is a meaningful mechanism for firms in supervising their financial challenges. This study examines the market reaction to debt restructuring announcements by PT Garuda Indonesia, a prominent Indonesian airline facing financial distress. The research employs an event study methodology, analyzing stock price movements 7 days before and after key restructuring announcements. Data was collected from the Indonesia Stock Exchange (IDX). The method employed in this study was the Shapiro-Wilk to test the normality and paired sample t-test to test the hypothesis. The results show a significant difference in stock prices for the announcements on December 30, 2020 and December 29, 2023. These results provide implications that the market can provide a positive response or provide appreciation for corporate debt restructuring events as in the case of PT Garuda Indonesia. This study provides an understanding of market efficiency and the impact of corporate financial strategies related to debt issues that are still rarely found in the literature.
Co-Authors Ichwan Marissan, Ichwan Mohamad Rifqy Roosdhani Murharsito -, Murharsito Murharsito Murharsito Putri, Erlia Intan Rismaliana Tazkiyah, Aufa