Reaksi Pasar atas Pengumuman Right Issue di Bursa Efek Indonesia

Pasya, Ferlian (2024) Reaksi Pasar atas Pengumuman Right Issue di Bursa Efek Indonesia. Undergraduate thesis, Universitas Katolik Musi Charitas.

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Abstract

The execution of right issue is based on different business objectives, but it always aims to obtain investor funds. This study aims to understand market reaction to right issue activity carried out by companies listed on the Indonesia Stock Exchange. Using secondary data, this study examines businesses that deal with right issues between 2017 and 2022. Utilizing the purposive sampling method, 68 companies with a total of 91 research samples were involved. The abnormal return is calculated using the Market Model method with an estimation period of 100 days and 21 days for the study period. To test hypothesis, the t-test alpha is used. The research funding indicate that the market is positively sensitive to the right issue. After the classification, the market only responds significantly to company that aim to capital restructuring and business expansion while the investing, additional working capital, and debt repayment do not generate any market reaction.

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