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ABNORMAL RETURN DAN LIKUIDITAS SAHAM ATAS PENGUMUMAN AKUISISI Suherman, Suherman; Nuraisyah, Riznita; Ahmad, Gatot N.
Jurnal Manajemen Vol 20, No 1 (2016): February 2016
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (467.892 KB) | DOI: 10.24912/jm.v20i1.71

Abstract

Tujuan penelitian ini adalah untuk menganalisis perbedaan abnormal return dan likuiditas saham sebelum dan sesudah pengumuman akuisisi. Pengukuran abnormal return menggunakan market-adjusted model. Pengukuran likuiditas saham menggunakan volume perdagangan dan Amihud’s Illiquidity ratio. Periode pengamatan (event windows) penelitian ini selama 11 hari bursa, yaitu 5 hari bursa sebelum pengumuman akuisisi dan 5 hari bursa sesudah pengumuman akuisisi. Sampel penelitian ini adalah 70 perusahaan yang mengumumkan akuisisi antara 2010-2014. Hasil uji hipotesis menunjukkan bahwa 1)terjadi perbedaan abnormal return yang signifikan sebelum dan sesudah akuisisi, dan 2)tidak terdapat perbedaan likuiditas saham yang signifikan pada periode sebelum dan sesudah akuisisi.The purpose of this study is to analyze the difference of abnormal return and liquidity before and after the announcement of mergers and acquisitions. Abnormal returns are measured with market-adjusted model. Liquidity is measured with trading volume and Amihud Illiquidity ratio. The observation period (event windows) of this research is 11 trading days which 5 trading days before the announcement of the merger and acquisition and 5 trading days after the announcement mergers and acquisitions. Research sample consists of 70 companies which announce merger and acquisition between 2010 and 2014. The results show that 1)there is significant differences of abnormal returns before and after merger and acquisition, and 2)there is no significant differences of stock liquidity before and after merger and acquisition.
Pengaruh Kinerja Perusahaan, Kepemilikan Institusi, dan Komisaris Independen terhadap Total Kompensasi: Studi pada Perusahaan yang Terdaftar di LQ45 Tahun 2009–2012 Suherman, .; Fitriawan, Rama; Ahmad, Gatot N.
Jurnal Aplikasi Manajemen Vol. 13 No. 3 (2015)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/

Abstract

The aim of this study is to determine the effect of the firm performance, institutionalownership, independent commissioner on total compensation controlling for firm size andearnings per share. This research employs multiple regressions with unbalanced panel data.The sample of this study covers 32 companies listed on the LQ45 between 2009 and 2012 (95observations). The results of this study show that the performance of the company as measuredby Return On Equity (ROE) and Net Profit Margin (NPM) significantly affect onexecutive compensation. However, when the firm performance is measured by Return OnAssets (ROA) and Tobin's Q, we find no significant effect on executive compensation. Institutionalownership (INST) and independent directors (IND) have no significant effect onexecutive compensation. Control variables such as earnings per share (EPS) and the firmsize have significant and positive effect on total compensation.