Pengaruh Pengumuman Pembelian Kembali Saham (Buy Back) terhadap Reaksi Pasar (Studi pada Perusahaan Terdaftar di Bursa Efek Indonesia (Bei) Tahun 2013-2015)

摘要

Share repurchases (buy-back) is a corporate action where issuers repurchase shares that have been outstanding. Implementation of the buyback aims to increase the liquidity of the shares, reducing the paid-up capital, and the gain on the sale of buy-back shares. The purpose of this study was to analyze the effect of the announcement of the buy back of the market reaction is reflected in the abnormal return and trading volume activity in 2013-2015. Samples were tested in this quantitative research of 50 companies listed on the Stock Exchange and buy back in the period of observation. Analysis of the data used is descriptive analysis, is One Sample t-Test, and Paired Sample t-Test with a significance level of 0.05. The results showed no significant effect of average abnormal return and average trading volume activity before and after the announcement of the buy back. It occurs as a result of information obtained in common investors; economic, political and other aspects related to the buy-back; and the factor of the study period. Based on the results, it can be concluded that the announcement of buy-back does not give a significant effect on the market reaction, both before and after the announcement of buyback.