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Abstract
This study was conducted to test the effect of the Annual Report Award (ARA) on stock prices in companies that won the 2019 Annual Report Award listed on the Indonesia Stock Exchange. This study is an event study for 7 days, namely 3 days before, 1 day after, and 3 days after. The stock price used is the stock price at closing. The purpose sampling technique was used, and 12 companies that met the sample criteria were obtained. The hypothesis testing of this study used the data normality test, one-sample t-test, and paired sample t-test. The results of the hypothesis test showed that there was a difference in the average positive stock price before and during the announcement of the annual report award. There was no significant difference in the average positive stock price at the time and after the announcement and before and after the announcement of the annual report award. Thus, this study shows that the annual report award has an effect on stock prices before and during the announcement only.
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References
- Ekawati, R. K. (2011). Analisis Perbedaan Harga Saham Sebelum dan Sesudah Pengumuman Annual Report Awards (ARA) di Bursa Efek Jakarta. Forum Bisnis Dan Kewirausahaan Jurnal Ilmiah STIE MDP, 1(1).
- Hanafi, M., & Abdul, M. H. (2016). Analisis Laporan Keuangan, Edisi Keempat. Yogyakarta: UPP STIM YKPN.
- Maydiyanti, S., Putri, A. M., & Anriva, D. H. (2020). Faktor-Faktor Yang Mempengaruhi Kualitas Laporan Keuangan Pemerintah Daerah Kota Pekanbaru. Jurnal Akuntansi Dan Ekonomika, 10(1). https://doi.org/10.37859/jae.v10i1.1975
- Munawir. (2020). Analisis Laporan Keuangan. In Liberty.
- Pratiwi. (2020). Reaksi Pasar Terhadap Annual Report Award. In Jurnal Ilmu dan Riset Akuntansi.
- Rahmawati, L., Nurrasyidin, M., & Mardi, S. (2021). Pengaruh Leverage, Profitabilitas dan Good Coorporate Governance Terhadap Nilai Perusahaan. Ekonam: Jurnal Ekonomi, Akuntansi & Manajemen, 3(1). https://doi.org/10.37577/ekonam.v3i1.287
- Ritonga, V. A. N., Amrozi Filda, M., Sriwahyuni, & Harahap, S. (2023). Pengaruh Struktur Modal dan Profitabilitas Terhadap Harga Saham BRIS. Maktabatun: Jurnal Perpustakaan Dan Informasi, 3(1).
- Sugiyono. (2016). Sugiyono, Metode Penelitian. Uji Validitas.
- Tedjakusuma, M. A. (2012). Studi Beda Reaksi Pasar Atas Pengumuman Corporate Governance Perception Index Antara Perusahaan “Sepuluh Besar” Dan “Non Sepuluh Besar” Yang Terdaftar Di Bursa Efek Indonesia Tahun 2007-2011. Calyptra, 1(1).
- Wardani, D. K., & Antara, D. M. (2017). Pengaruh Annual Report Award (ARA) terhadap nilai perusahaan. Jurnal Riset Akuntansi Mercu Buana, 3(2). https://doi.org/10.26486/jramb.v3i2.415
- Widyawati, N., & Ariesta, R. (2020). Analysis of Differences in Stock Price and Stock Volume of Trade Before and After Annual Report Award (ARA) Announcement in 2009-2016 in Award Winning Companies Listing In Indonesia Stock Exchange. The Spirit Of Society Journal, 3(2). https://doi.org/10.29138/scj.v3i2.1095
References
Ekawati, R. K. (2011). Analisis Perbedaan Harga Saham Sebelum dan Sesudah Pengumuman Annual Report Awards (ARA) di Bursa Efek Jakarta. Forum Bisnis Dan Kewirausahaan Jurnal Ilmiah STIE MDP, 1(1).
Hanafi, M., & Abdul, M. H. (2016). Analisis Laporan Keuangan, Edisi Keempat. Yogyakarta: UPP STIM YKPN.
Maydiyanti, S., Putri, A. M., & Anriva, D. H. (2020). Faktor-Faktor Yang Mempengaruhi Kualitas Laporan Keuangan Pemerintah Daerah Kota Pekanbaru. Jurnal Akuntansi Dan Ekonomika, 10(1). https://doi.org/10.37859/jae.v10i1.1975
Munawir. (2020). Analisis Laporan Keuangan. In Liberty.
Pratiwi. (2020). Reaksi Pasar Terhadap Annual Report Award. In Jurnal Ilmu dan Riset Akuntansi.
Rahmawati, L., Nurrasyidin, M., & Mardi, S. (2021). Pengaruh Leverage, Profitabilitas dan Good Coorporate Governance Terhadap Nilai Perusahaan. Ekonam: Jurnal Ekonomi, Akuntansi & Manajemen, 3(1). https://doi.org/10.37577/ekonam.v3i1.287
Ritonga, V. A. N., Amrozi Filda, M., Sriwahyuni, & Harahap, S. (2023). Pengaruh Struktur Modal dan Profitabilitas Terhadap Harga Saham BRIS. Maktabatun: Jurnal Perpustakaan Dan Informasi, 3(1).
Sugiyono. (2016). Sugiyono, Metode Penelitian. Uji Validitas.
Tedjakusuma, M. A. (2012). Studi Beda Reaksi Pasar Atas Pengumuman Corporate Governance Perception Index Antara Perusahaan “Sepuluh Besar” Dan “Non Sepuluh Besar” Yang Terdaftar Di Bursa Efek Indonesia Tahun 2007-2011. Calyptra, 1(1).
Wardani, D. K., & Antara, D. M. (2017). Pengaruh Annual Report Award (ARA) terhadap nilai perusahaan. Jurnal Riset Akuntansi Mercu Buana, 3(2). https://doi.org/10.26486/jramb.v3i2.415
Widyawati, N., & Ariesta, R. (2020). Analysis of Differences in Stock Price and Stock Volume of Trade Before and After Annual Report Award (ARA) Announcement in 2009-2016 in Award Winning Companies Listing In Indonesia Stock Exchange. The Spirit Of Society Journal, 3(2). https://doi.org/10.29138/scj.v3i2.1095