Underperformance pada Penerbitan Kembali Saham Berbasis Hak Memesan Efek Terlebih Dahulu (HMETD)

Abstract

This research is aimed to find out wheter there is phenomenon of underperformance after right issue on issuing firms from 2009-2014. This research uses abnormal return approach (benchmarking) methods based on market, size, firm’s growth, and firm’s industry. Firm’s size is proxied by market capitalization and firm’s growth is proxied by Price to Book Value. The test was conducted by examining cumulative abnormal return for 3 years after right issue. This research used 109 samples of issuing firm listed in Indonesia Stock Exchange. Samples in this research were selected by using purposive sampling. Hypothesis is tested by t test one paired sample and wilcoxon signed rank test on cumulative abnormal return inter-firm crossed. The result of this research find undeperformance over 3 years after right issue based on market, size benchmark, firm’s growth benchmark, and industry benchmark.