Pengaruh Publikasi Penggabungan Usaha Terhadap Volume Perdagangan Saham Pada Perusahaan yang Terdaftar di BEJ
Ni Luh Sari Widhiyani (Pemb : Prof.Dr.Mas'ud Machfoedz, MBA), Prof.Dr.Mas'ud Machfoedz, MBA
Restructuring is one of ways that the management can do to survive from the competition. By doing business combination, it is expected that it will enhance the management and shareholders' welfare. The company that does business combination will announce its plan publicly to do a business combination. The announcement will lure market reaction that is indicated by stock price, stock return and changes in the trading volume activity.
This research is aimed to examine the market reaction on the announcement of business combination judged from the changes in the trading volume activity. The examination was done in two periods, the announcement of Business Combination Plan and the announcement of Business Combination Aproval and followed with additional examination on the scale of company. The research examined 50 companies as the samples from J 995 through 2002. Data was gathered from the libraries of Gadjah Mada
University, Jakarta Stock Exchange and IndonesianCapital Market Directory (ICMD). To examine the hypoteses, the author uses t-test on two-paired sample and two independent sample tests.
The result shows that no significant changes on the trading volume activity volume pre and post the announcement of Business Combination Plan. However, in the contrary, there are significant changes on the trading volume activity volume pre and post the announcement of Business Combination Approval. The result of additional examination based on the scale of company shows no significant changes on the trading volume activities of large and small companies either on the announcement of Business Combination Plan and the announcement of Business Combination Approval.
Kata Kunci : Business Combination, Merger, Acquisition, Market Reaction, Trading Volume Activity, the announcement of Business Combination Plan, the announcement of Business Combination Aproval
