Bakrie companies stock prices reaction to its public exposes content and market stock prices reaction to bakries stock repo default issue

ISWAHYUDI, Mohammad Harris, Mamduh M. Hanafi, Dr.,MBA

2009 | Tesis | S2 Magister Manajemen

Tesis ini menganalisis krisis keuangan Bakrie pada awal Oktober 2008 dengan menggunakan studi peristiwa. Sesungguhnya yang akan dipelajari di dalam tesis ini adalah pengaruh dari adanya isu gagalnya repo saham terhadap harga saham keenam perusahaan Bakrie dan perusahaan lain di BEI (Bursa Efek Indonesia) Di dalam tesis ini, permasalahannya dibagi menjadi 2 bagian studi peristiwa. Studi peristiwa yang pertama akan menganalisis pengaruh isi dari paparan public manajemen Bakrie terhadap harga sahamnya berikut memastikan kebenaran adanya isu gagalnya repo saham Bakrie pada 6 Oktober 2008. Studi peristiwa yang kedua dilakukan untuk melihat efek dari isu gagalnya repo saham Bakrie terhadap harga saham perusahaan lain di BEI. Setelah melakukan analisis terhadap beberapa variable, antara lain return tidak normal, akumulasi return tidak normal, dan return tidak normal terstandarisasi dari perusahaan-perusahaan terkait, maka dengan uji statistik diperoleh bahwa isi paparan publik manajemen Bakrie memberikan pengaruh negatif terhadap harga saham Bakrie dan terbukti benar bahwa ada isu gagalnya repo saham Bakrie pada 6 Oktober 2008, akan tetapi isu tersebut tidak memberikan efek apapun terhadap harga saham perusahaan lain di BEI.

This thesis analyzed the six Bakrie- linked companies’ capital crisis on the beginning of October 2008 by using event study as the tool. As a matter of fact, the issue that would be sought is about the effect of stock repo default issue to the six Bakrie- linked companies’ stock price and other companies’ in the IDX. In this thesis the problem is divided into two sets of event study. The first event study analyzes whether Bakrie's management public expose has any effect to six Bakrie-linked companies’ stock price and whether there was any negative rumor or issue before the public expose. The first event study must be conducted in order to prove if there was stock repo default issue on October 6th 2009 which had severely hit the IDX during early October. The second event study will be conducted to analyze the effect of stock repo default issue of Bakrie's group and its public expose to other companies stock price in the IDX. After analyzing some variables such as abnormal return, cumulative abnormal return, and standardized abnormal return of the related companies, from the statistical test it is concluded that Bakrie’s management public expose had negatively affected its six-linked companies and it is true there was Bakrie’s stock repo default issue on October 6th 2008, but the Bakries’ stock repo default issue had no effect to the other companies’ stock prices in the IDX.

Kata Kunci : Bakrie,IDX,Stock price,Reaction,Stock repo,Public expose,Default,Issue ; bakrie, bei, harga saham, reaksi, repo saham, paparan publik, gagal, isu