ANALISIS PERBEDAAN TRADING VOLUME ACTIVITY DAN ABNORMAL RETURN SEBELUM DAN SESUDAH PENGUMUMAN BUY BACK SAHAM (Studi pada Perusahaan yang Terdaftar di BEI yang Melakukan Buy Back Tahun 2012-2014) - Rizka Hayyu Oktaviani; . Topowijono; Sri Sulasmiyati (Fakultas Ilmu Administrasi Universitas Brawijaya, 2016)
Stock buy back is the company activities to stock buy back that have been circulating in public. The purpose of the companies do stock buy back is to reduce the ammount of outstanding stock, so it expected to increase the stock price in the market. The stock buy back announcement very important to investors in decision making investment to get maximum income. The purpose of this research is to analyze the difference trading volume activity and abnormal return before and after of stock buy back announcement in 2012-2014. This research is quantitative research with a event study approach. Sample used as many as 33 listed companies on IDX. Data analysis used is descriptive analysis, difference test Paired Sample T-Test, and difference test Wilcoxon Signed Rank Test with a significance level of 0,05. The research results show there has been increasing average trading volume activity and average abnormal return after of stock buy back announcement. It shows that information of stock buy back announcement responded positively by investors. So, can be concluded that there are differences trading volume activity and abnormal return before and after of stock buy back announcement. Keyword: Stock Buy Back, Trading Volume Activity, Abnormal Return ABSTRAK Buy back saham adalah kegiatan perusahaan untuk membeli kembali saham yang telah beredar di masyarakat. Tujuan perusahaan melakukan buy back saham adalah untuk mengurangi jumlah saham beredar, sehingga diharapkan dapat meningkatkan harga saham di pasar. Pengumuman buy back saham sangat penting bagi investor dalam pengambilan keputusan investasi agar dapat memperoleh pendapatan yang maksimal. Tujuan dari penelitian ini adalah untuk menganalisis perbedaan trading volume activity dan abnormal return sebelum dan sesudah pengumuman buy back tahun 2012-2014. Penelitian ini berupa penelitian kuantitatif dengan pendekatan event study. Sampel yang digunakan sebanyak 33 perusahaan yang terdaftar di BEI. Analisis data menggunakan analisis deskriptif, uji beda Paired Sample T-Test, dan uji beda Wilcoxon Signed Rank Test dengan tingkat signifikansi 0,05. Hasil penelitian menunjukkan terdapat peningkatan rata-rata trading volume activity dan rata-rata abnormal return sesudah pengumuman buy back. Hal tersebut menunjukkan bahwa informasi pengumuman buy back direspon secara positif oleh investor. Dengan demikian, dapat disimpulkan bahwa terdapat perbedaan trading volume activity dan abnormal return sebelum dan sesudah pengumuman buy back saham. Kata Kunci: Buy Back Saham, Trading Volume Activity, Abnormal Return