Dampak Pemilu Legislatif Indonesia Tahun 2009 terhadap Abnormal Return dan Aktivitas Volume Perdagangan Saham Di BEI

Nurhaeni, Nunung (2009). Dampak Pemilu Legislatif Indonesia Tahun 2009 terhadap Abnormal Return dan Aktivitas Volume Perdagangan Saham Di BEI. Tesis, Undip.

The purposes of the research is to analyze differences in average abnormal return average trading volume activity on LQ-45 stocks before and after the legislative general election events, trading from 06 to 15 on April 2009. This research uses the event study method. In this method, we observe the average abnormal return and the average trading volume activity within 3 days before, after the event date. This research uses secondary data. The data is collected from Indonesian Stocks Exchange and Indonesian Securities Market Database. The data of this research consist of : days closing price, index of LQ-45 stocks, daily trading volume, and the number of shares of the stocks. Expected return was used market-adjusted model. The sample of this research consist of LQ-45 stocks that were listed in the Indonesian Stock Exchange.

The result shows that: (1).based on the statistical test on the average abnormal return during event method, the finding is that there is an average abnormal return is significant before and after the legislative general election events. The finding indicates that stock exchange before the legislative general election events, two days before general election events, a number investors have been profit taking and have to avoid uncertain situations, a number foreign investors have came back to stock exchange and they have been doing demand after long holiday. (2). The Paired sample test of the average trading volume activity before after the event , it shows that statistically there is significant difference before and after the event, the mean value of the average trading volume activity shows that there is an increase of the average trading volume activity after and before the event. It is because beside a number investors have been profit taking, the quick count very influence of increase the average trading volume activity also after the legislative general election events.

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Studi Mengenai Perbedaan Struktur Modal Perusahaan PMA dengan Perusahaan PMDN yang Go-Public Di Pasar Modal Indonesia (Perspektif Teori Dasar Struktur Modal, Teori Keagenan dan Teori Kontingensi Dalam Upaya Mengoptimalkan Struktur Modal Perusahaan)

Lumbantobing, Rudolf. 2008. Studi Mengenai Perbedaan Struktur Modal Perusahaan PMA dengan Perusahaan PMDN yang Go-Public Di Pasar Modal Indonesia (Perspektif Teori Dasar Struktur Modal, Teori Keagenan dan Teori Kontingensi Dalam Upaya Mengoptimalkan Struktur Modal Perusahaan). Tesis, Undip.

Abstract

The purposes of this research are to analyze and evaluate the difference between multinational and domestic corporation capital structure in Indonesia based on the perspective of agency theory, contingency theory, trade-off theory and pecking order theory through the proposed integrating structural and dynamic capital structure theoretical model framework. The companies which become the research objects are 26 foreign investor corporations (PMA) and 30 domestic investor corporations (PMDN) in non-financial sectors and non whole sale and retail trade sectors, which listed in Indonesian Stock Exchange analyzed from the period of 2000-2006. The research result showed that the existence of tax was not contribute significantly to tax deductable benefit for using debt (leveraging up). The agency conflict between managers and shareholders, shareholders and debtholders very significantly appeared in investment decision, dividend policy, and the debt policy of foreign and domestic investor corporations in Indonesia. PMA debt ratio was lower than PMDN debt ratio. The difference between PMA and PMDN debt ratio would be wider if the difference among agency cost, banckruptcy cost, and investment were larger. By improving their capital structure, PMA tend to choose internal financing source (pecking order validity), while PMDN tend to choose external financing source (trade-off validity). The strategic finding results of this research were appeared in the dividend policy intervened or mediated the investment and assets utilization effect on corporate debt ratio; and the variable of industrial organization (market share) significantly moderated the causal relationship between investment and capital structure. The effect of debt ratio on PMA investment would increase while market share increased. Inversely, the effect of investment on PMDN debt ratio would increase while market share increased. This research found that the existence of debt policy as a control mechanism which substituted to dividend policy was effective to reduce agency conflict of PMA and PMDN in Indonesia. By improving their capital structure, the companies should syncronize the debtholders strength to managers and shareholders strength.

Penelitian ini bertujuan untuk menganalisis dan mengevaluasi perbedaan struktur modal perusahaan penanaman modal asing (PMA) dengan perusahaan penanaman modal dalam negeri (PMDN) di Indonesia berdasarkan perspektif teori keagenan, teori kontingensi, teori trade-off dan teori pecking order melalui bangunan model teoritis struktural dan dinamis bauran struktur modal terintegrasi yang diajukan. Perusahaan yang menjadi obyek penelitian adalah 26 perusahaan PMA dan 30 perusahaan PMDN sektor non keuangan/perbankan dan non whole sale and retail trade, yang tercatat di Bursa Efek Indonesia kurun waktu pengamatan 2000-2006. Temuan penelitian ini menunjukkan bahwa kehadiran pajak belum memberikan manfaat yang signifikan atas penggunaan hutang (leveraging up). Konflik keagenan antara manajer-shareholder-debtholder sangat signifikan terpaparkan pada keputusan investasi, kebijakan dividen, dan kebijakan hutang perusahaan PMA dan PMDN di Indonesia. Rasio hutang PMA lebih rendah dibanding rasio hutang PMDN. Perbedaan rasio hutang PMA dan PMDN akan semakin melebar ketika perbedaan biaya keagenan, biaya kebangkrutan, dan investasi semakin besar. Dalam memperbaiki struktur modalnya, PMA memilih prioritas sumber pendanaan internal (validitas pecking order), sedangkan PMDN memilih prioritas sumber pendanaan eksternal (validitas trade-off). Temuan strategis penelitian ini terwujud pada kebijakan dividen yang memperkuat pengaruh investasi dan utilisasi aktiva pada rasio hutang korporasi, dan pangsa pasar sebagai cerminan konsentrasi industri memoderasi hubungan kausalitas investasi dengan struktur modal. Ketika perusahaan memiliki pangsa pasar yang besar, maka efek penambahan hutang akan semakin meningkatkan penciptaan proyek-proyek investasi yang besar. Sebaliknya efek peningkatan investasi yang besar akan semakin membutuhkan biaya tambahan dalam berbisnis, dan sumber dananya dapat berasal dari penggunaan hutang. Temuan penelitian ini menunjukkan bukti bahwa mekanisme kontrol melalui kebijakan hutang perusahaan sebagai substitusi kebijakan dividen yang dilakukan perusahaan PMA dan PMDN di Indonesia efektif menurunkan konflik keagenan; maka sebagai implikasi praktis bagi pedoman pemberdayaan investor, perlunya perusahaan mensinergikan kekuatan kreditur atau debtholder dengan kekuatan pihak manajemen dan pemegang saham ketika perusahaan memperbaiki struktur modalnya.

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