Kinerja Perusahaan Pasca Melakukan Stock Repurchase

Abstract

Penelitian ini bertujuan untuk mendapatkan bukti empiris mengenai perbedaan kinerja keuangan dan kinerja saham perusahaan antara sebelum dan sesudah melakukan aksi buyback. Kinerja keuangan akan diteliti dengan menggunakan rasio Earning per share, Return on Equity, Price Earning Ratio dan Net Operating Profit After Tax sedangkan untuk pengukuran kinerja saham akan digunakan dengan melihat pergerakan harga saham. Pada penelitian ini menggunakan 5 sampel perusahaan berbeda industri yang telah melakukan buyback dan terdaftar di Bursa Efek Indonesia (BEI). Sampel diuji dengan menggunakan Match Paired guna untuk mengetahui perbedaan kinerja perusahaan antara sebelum dan sesudah aksi buyback dilakukan. Hasil pengujian menunjukkan bahwa tidak terdapat perbedaan pada kinerja keuangan dan kinerja saham antara sebelum dan sesudah perusahaan melakukan aksi buyback. Selain itu penelitian ini juga mendapatkan hasil bahwa aksi buyback tidak mempengaruhi kinerja keuangan dan kinerja saham pada perusahaan yang melakukan aksi buyback.

This research is aimed to obtain empirical evidence about the differentiation in financial performance and stock performance between before and after the buyback. Financial performance will be evaluated using the ratio of earning per share, return on equity, price earning ratio and net operating profit after tax, while shares performance will be used to look at the stock price movement. In this research, using 5 sample of different companies who have done a buyback and listened on the Indonesia Stock Exchange (IDX), samples were tested using match paired in order to know the difference between the company's performance before and after buyback is done. The results showed that there is no difference of financial and share performance between before and after the buyback companies do. In addition, this research also obtained that buyback doesn't affect the financial and stock performance in companies that did a buyback.