Reaksi Pasar Modal terhadap Pengumuman Pemenang Annual Report Award tahun 2006

Margaretha, Melany Eva, Dr. HArdo Basuki, M.Soc.Sc., Ak.

2007 | Skripsi | S1 Extention - Accounting

Capital market is a facility for an organization to increase its financial need in the form of long term fund. So, the dynamic of the capital market as financial source will always affected by the events related to the emitten. One of the events is Annual Report Award (ARA). ARA is award for an organization because of its good corporate governance. Some of the result from the earlier research shows that the events containing information about corporate governance principle would be responded by investor in the capital market. Based on this fact, this research entitled with "THE REACTION OF CAPITAL MARKET ON WINNER ANNOUNCEMENT OF ANNUAL REPORT AWARD IN THE YEAR OF 2006" was conducted to know wheter ARA would be responded by investor too. The response of investor was measured with abnormal return. The abnormal return was obtained from calculation with market model method. The result shows that there was negative significant of abnormal return at one day after the announcement, both for 11 days and 21 days of event period. The average abnormal return was not significantly different both for after and before the winner announcement. Keywords : abnormal return, annual report award, capital market, corporate

governance.

Kata Kunci : abnormal return, annual report award, capital market, corporate