ANALISIS PERBANDINGAN KINERJA KEUANGAN, ABNORMAL RETURN DAN VOLUME PERDAGANGAN SAHAM ANTARA PERIODE SEBELUM DAN SESUDAH MERAIH INDONESIA SUSTAINABILITY REPORTING AWARD (ISRA)
Abstract: The objective of
this study is to analyze the differences of financial performance, abnormal
return and stock trade volume in companies who have achieved ISRA in 2012-2014
period. This event study observed the financial performance with net profit
margin, sales growth and earnings per share as its proxies at the time of 3
years before and 3 years after the achievement of ISRA. This study also
observed the abnormal return and stock trade volume at the time of 5 days
before and 5 days after the event. This study used secondary data; financial
reports, closing stock prices and daily stock trade volume from Bursa Efek
Indonesia. Samples used in this study were the companies that achieved ISRA
award in 2012-2014 period.
The result showed that: (1) There was no significant differences in
financial performance between the period prior to ISRA achievement and the
period after the achievement when the proxies used were net profit margin and
sales growth. But with earnings per share used as financial performance proxy,
The differences between periods were exist. (2) There was no significant
difference in abnormal return between the period prior to ISRA achievement and
the period after the achievement. (3) There were significant differences in
stock trade volume between the period prior to ISRA achievement and the period
after the achievement.
Keywords: net profit margin,
sales growth,earnings per share, abnormal return, stock trade volume, ISRA
Penulis: Teuku Muhammad Mauli
Randina, Fachrizal
Kode Jurnal: jpakuntansidd160686
