ANALISIS REAKSI PASAR SAHAM MENGGUNAKAN ABNORMAL RETURN DAN TRADING VOLUME ACTIVITY TERHADAP PENGUMUMAN LAYOFF PERUSAHAAN
Abstract
Penelitian ini bertujuan untuk mengetahui reaksi pasar saham terhadap pengumuman layoff yang dilakukan oleh perusahaan go publik di Indonesia di tahun 2020-2022. Penelitian ini menggunakan metodologi event study sebagai alat untuk menganalisis data sampel pada 13 perusahaan yang terdaftar di Bursa Efek Indonesia. Estimasi pasar diukur menggunakan abnormal return dan trading volume activity. Sampel ditentukan menggunakan teknik purposive sampling. Penelitian ini menggunakan jenis data sekunder dan pengambilan data melalui studi dokumen. Jangka waktu analisis antara 5 hari sebelum pengumuman layoff hingga 5 hari setelah tanggal pengumuman layoff. Hasil penelitian menunjukkan bahwa dua dari 13 emiten menunjukkan perbedaan antara abnormal return (AR) sebelum dan sesudah pengumuman layoff, yaitu ALTO dan HERO yang menunjukkan abnormal return yang negatif sesudah adanya pengumuman layoff, sedangkan pada berdasarkan trading volume activity (TVA), dua dari 13 emiten yang menunjukkan perbedaan sebelum dan sesudah pengumuman layoff, yaitu emiten HMSP yang menunjukkan TVA lebih kecil setelah pengumuman layoff dan GIAA yang menunjukkan TVA lebih besar setelah pengumuman layoff.
References
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Apriyadi, M. H., Kusuma, D. T., Az-Zahra, S., & Siregar, B. (2022). REAKSI PASAR MODAL INDONESIA TERHADAP PERISTIWA PERANG RUSIA DAN UKRAINA. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 6(3), 420–435. https://doi.org/https://doi.org/10.31955/mea.v6i3.2258
Astika, A. A. M., Saputra, M. D., & Nurhayanti, K. (2022). Analysis Abnormal Return And Stock Trading Volume Around Ex-Dividend Date At IDXHIDIV20 In Indonesian Stock Exchange During Covid-19 Pandemic.
Astuti, F., & Prayoga, A. S. (2020). Market Reaction Analysis of Annual Report Award Announcement: An Event Study Using Abnormal Return, Trading Volume Activity, and Stock Price. EkBis: Jurnal Ekonomi Dan Bisnis, 4(1), 340–352. https://doi.org/10.14421/ekbis.2020.4.1.1186
Binekasri, R. (2022a). Resmi, GoTo Umumkan PHK Massal 1.300 Karyawan. Cnbcindonesia.Com. https://www.cnbcindonesia.com/market/20221118112532-17-389241/resmi-goto-umumkan-phk-massal-1300-karyawan
Binekasri, R. (2022b). Ternyata Ini Alasan Indosat PHK 300 Karyawan Tahun Ini. Www.Cnbcindonesia.Com. https://www.cnbcindonesia.com/market/20220926083502-17-374848/ternyata-ini-alasan-indosat-phk-300-karyawan-tahun-ini
Bordeman, A., Kannan, B., & Pinheiro, R. (2021). Rival Growth Prospects and Equity Prices: Evidence from Mass Layoff Announcements. Journal of Money, Credit and Banking, 53(8), 1969–1997.
Brealey, B. R., Myers, S., Allen, F., & Edmans, A. (2023). Principles of Corporate Finance (14th Editi). McGraw Hill Education.
Brigham, E. F., & Houston, J. F. (2022). Fundamentals of Financial Management. In The Journal of Finance (16th Editi). Cengage. https://doi.org/10.2307/2327254
Dessler, G. (2020). Human Resource Management (Sixteenth). Pearson.
El Ghoul, S., Guedhami, O., Mansi, S. A., & Sy, O. (2023). Event studies in international finance research. Journal of International Business Studies, 54(2), 344–364. https://doi.org/10.1057/s41267-022-00534-6
Eshghi, K., & Astvansh, V. (2023). Stock investors’ reaction to layoff announcements: A meta-analysis. Human Resource Management Journal, September, 1–18. https://doi.org/10.1111/1748-8583.12532
Fama, E. F., Fisher, L., Jensen, M. C., & Roll, R. (1969). The Adjustment of Stock Prices to New Information. International Economic Review, 10(1), 1–21.
Floros, C., Psillaki, M., & Karpouzis, E. (2023). Layoffs and stock market performance during the COVID-19 pandemic: evidence from the US. Journal of Economic Studies, 50(2), 96–108. https://doi.org/10.1108/JES-05-2021-0224
Hartono, J. (2019). Teori Portofolio dan Analisis Investasi (Edisi Kesebelas). BPFE-Yogyakarta.
Heinonen. (2022). Stock market reactions to layoff announcements in Finland 2010–2019. In Master’s Thesis, University of Vaasa.
Indonesia, C. (2020). Survei Jobstreet: 35 Persen Kena PHK, 19 Persen Dirumahkan. Cnnindonesia.Com. https://www.cnnindonesia.com/ekonomi/20201008101052-92-555827/survei-jobstreet-35-persen-kena-phk-19-persen-dirumahkan
Kumar, R., Pandey, D. K., & Goodell, J. W. (2023). Market reactions to layoff announcements during crises: Examining impacts and conditioners. Finance Research Letters, 58, 104423. https://doi.org/10.1016/j.frl.2023.104423
Kunert, S., Schiereck, D., & Welkoborsky, C. (2017). Stock market reactions to layoff announcements – analysis of the renewable energy sector. International Journal of Energy Sector Management, 11(2), 311–328. https://doi.org/10.1108/IJESM-02-2016-0004
Laucereno, S. F. (2022). PHK 1.300 Karyawan GoTo Dinilai Bukan karena Resesi, Lalu Apa? Detikfinance. https://finance.detik.com/berita-ekonomi-bisnis/d-6414114/phk-1-300-karyawan-goto-dinilai-bukan-karena-resesi-lalu-apa
Lumbantoruan, M. R., Panjaitan, H. P., & Chandra, T. (2021). The Influece of COVID-19 Events to Vaccination on Abnormal Return and Trading Volume Activity in IDX30 Companies. Journal of Applied Business and Technology, 2(3), 183–193.
Mace, C. (2023). The Effects of Layoffs on Employers. SSRN Electronic Journal, Desember, 3–46.
Marisetty, N., Babu, M. S., & Rao, S. V. R. (2020). An Empirical Study on Expected Return Models with Reference to Bonus Issues and Stock Splits in Indian Share Market. International Journal of Management (IJM), 11(5), 1612–1630. https://doi.org/10.2139/ssrn.3731427
Mondy, R. W., & Martocchio, J. J. (2016). Human Resources Development (14th editi). Harlow: Pearson Education Limited.
Ndegwa, J. N. (2022). Do markets react to corporate governance reforms? Evidence from a developing economy. Corporate Governance, 23(2), 422–439. https://doi.org/DOI.10.1108/CG-05-2022-0228
Nurlita, P. A., Rachmadani, M. A., Monica, P., Putri, R. N. P., Haryani, S. S. N., & Zachwa, A. M. (2022). Employment during the Pandemic Based on Regulation of the Minister of Manpower No. 21 of 2021. International Conference Restructuring and Transforming Law 2022, 1(1), 90–97.
Oyadeyi, O. O., Arogundade, S., & Biyase, M. (2024). How did African stock markets react to the Russia- Ukraine crisis “black-swan” event? Empirical insights from event study. Humanities & Social Sciences Reviews, 11(1), 1–13. https://doi.org/10.1057/s41599-024-02599-0
Schulz, A. C., & Himme, A. (2022). Stock market reactions to downsizing announcements: an analysis through an institutional lens. Socio-Economic Review, 20(4), 1825–1855. https://doi.org/10.1093/ser/mwab046
Sorescu, A., Warren, N. L., & Ertekin, L. (2017). Event study methodology in the marketing literature: an overview. Journal of the Academy of Marketing Science, 45(2), 186–207. https://doi.org/10.1007/s11747-017-0516-y
Velásquez, S., Kanniainen, J., Mäkinen, S., & Valli, J. (2018). Layoff announcements and intra-day market reactions. Review of Managerial Science, 12(1), 203–228. https://doi.org/10.1007/s11846-016-0219-7
Verina, Y. F. (2021). Dampak Berita Terkait Perusahaan yang Terdaftar di Indeks Harga Saham LQ45 Periode Febuari 2019 - Januari 2020. Jurnal Ilmiah Mahasiswa FEB, 9(2), 1–12.
Wolrd Economic Forum. (2023). Future of Jobs Report. In World Economic Forum (Vol. 59, Issue May). https://www.weforum.org/reports/the-future-of- jobs-report-2023/
Yulia, I. G. A. A., & Artini, L. G. S. (2015). Dampak Pengumuman Dividen terhadap Abnormal Return pada Perusahaan LQ45 yang terdaftar di Bursa Efek Indonesia. E-Jurnal Manajemen Unud, 4(12), 4449–4476.
Yunus Kasim, M., Muslimin, & Dwijaya, I. K. B. (2022). Market reaction to the Covid-19 pandemic: Events study at stocks listed on LQ45 index. Cogent Business and Management, 9(2024979), 1–15. https://doi.org/10.1080/23311975.2021.2024979
Zulkarnaen, W., Fitriani, I., & Yuningsih, N. (2020). Pengembangan Supply Chain Management Dalam Pengelolaan Distribusi Logistik Pemilu Yang Lebih Tepat Jenis, Tepat Jumlah Dan Tepat Waktu Berbasis Human Resources Competency Development Di KPU Jawa Barat. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 4(2), 222-243. https://doi.org/10.31955/mea.vol4.iss2.pp222-243.
Published
2024-03-14
How to Cite
Rooroh, R., & Dewi, V. (2024). ANALISIS REAKSI PASAR SAHAM MENGGUNAKAN ABNORMAL RETURN DAN TRADING VOLUME ACTIVITY TERHADAP PENGUMUMAN LAYOFF PERUSAHAAN. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 8(1), 1634-1653. https://doi.org/10.31955/mea.v8i1.3887
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