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Share Repurchases and Seasoned Equity Offerings in Emerging Countries: Evidence from Southeast Asia

ANINDITA APSARI, Dr. J.J.G. Lemmen

2016 | Skripsi | S1 ILMU EKONOMI

Penelitian ini mengkaji peran pembelian kembali saham sebelum pengumuman penawaran saham tambahan dan reaksi pasar terhadap penawaran saham tambahan yang didahului oleh pembelian kembali saham serta reaksi pasar terhadap penawaran saham tambahan tanpa didahului dengan pembelian kembali saham di Asia Tenggara (Indonesia, Malaysia, Filipina, Singapura, Thailand dan Vietnam) selama periode 2004-2015. Metode studi peristiwa dan model pasar digunakan dalam penelitian ini. Peneltian ini menunjukkan bahwa perusahaan-perusahaan di Asia Tenggara yang mengumumkan penawaran saham tambahan didahului dengan pembelian kembali saham memiliki abnormal return kurang negatif dari perusahaan yang tidak melakukan pembelian kembali saham sebelum pengumuman penawaran saham tambahan. Hal ini memberikan bukti bahwa pembelian kembali saham mengurangi asimetri informasi antara manajer dan investor dan memperbaiki saham yang undervalued. Hal ini menunjukkan bahwa pengumuman penawaran saham tambahan didahului dengan pembelian kembali saham bisa menjadi cara yang efektif bagi perusahaan untuk membiayai bisnis mereka di negara-negara berkembang, khususnya di Asia Tenggara.

This study examines the role of share repurchase before the announcement of seasoned equity offerings (SEOs) and the market reaction of SEOs that preceded by share repurchase as well as the market reaction of SEOs without preceded by share repurchase in Southeast Asia (Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam) over the period 2004-2015. The event study method and market model are used in this study. This study found that firms in Southeast Asia, which announce SEOs preceded by share repurchase have a less negative abnormal return than firms that do not repurchase shares before the announcement of SEOs. This provides evidence that share repurchases reduce information asymmetry between manager and investor and correct the undervalued shares. It indicates that the announcement of SEOs preceded by share repurchases could be an effective way for companies to finance their business in emerging countries, especially in Southeast Asia.

Kata Kunci : Share Repurchase, Seasoned Equity Offerings, Information Asymmetry, Event Study

  1. S1-2016-336038-abstract.pdf  
  2. S1-2016-336038-bibliography.pdf  
  3. S1-2016-336038-tableofcontent.pdf  
  4. S1-2016-336038-title.pdf