REAKSI PASAR TERHADAP ANNUAL REPORT AWARD ( STUDI EMPIRIS PADA PERUSAHAAN PEMENANG YANG TERDAFTAR DI BEI )

Abstract

This research aimed to examine the difference among abnormal return, stock trade volume and frequency of some companies which got Annual Report Award (ARA) before and after the announcement. While, the research used event study within 10 days before and after the announcement. The population was some companies which were listed on Indonesia. Stock Exchange (IDX) and got Annual Report Award (ARA) 2013-2018. Moreover, the data collection technique used purposive sampling. In line with, there were 59 sample. Furthermore, the data analysis technique used paired sample t-test. The research result concluded publication of Annual Report Award (ARA) 2013-2018 did not get response form the market. This happen since there was no difference of abnormal return, stock trade volume and frequency before and after the announcement. In other word, the publication of Annual Report Award (ARA) 2013-2018 did not have information content which could change the investors’ decision in having their investment.
Keywords: ara, abnormal return, stock trade volume, stock trade frequency