Perubahan Nama Perusahaan Terhadap Tingkat Likuiditas dan Abnormal Return Saham

Yoga Haadiy Prassetio, Doddy Setiawan, Mutmainah Mutmainah

Abstract


Announcement of company name change is important information, especially in making investment decisions. Announcement of a change in company name can cause a market reaction that affects the stock price. This study aims to analyze the change in the company's name on liquidity and stock abnormal returns on the Indonesia Stock Exchange in the period 2011-2021. The number of samples used in the study were 85 companies. The results showed an increase in positive abnormal returns after the announcement and a decrease in the bid-ask spread before and after the announcement. Furthermore, there is a significant negative abnormal return around the announcement date. In contrast to the bid-ask spread which shows a significantly positive result on the day around the announcement. In this study, the results of the additional analysis of the effect of the ratio of ROA, DAR, firm size, and PBV showed a significant effect on abnormal returns, while firm age showed no significant effect on abnormal returns of the company's stock that changed its name.

Pengumuman perubahan nama perusahaan merupakan informasi yang penting terutama dalam pengambilan keputusan investasi. Pengumuman perubahan nama perusahaan dapat menimbulkan reaksi pasar yang berpengaruh terhadap harga saham. Penelitian ini bertujuan untuk menganalisis peristiwa perubahan nama perusahaan terhadap likuiditas dan abnormal return saham di Bursa Efek Indonesia pada periode 2011-2021. Jumlah sampel yang digunakan dalam penelitian sebanyak 85 perusahaan. Hasil penelitian menunjukan peningkatan abnormal return yang positif setelah pengumuman dan penurunan bid-ask spread sebelum dan sesudah pengumuan. Selanjutnya, terdapat abnormal return yang signifikan negatif disekitar tanggal pengumuman. Berbeda dengan bid-ask spread yang menunjukan hasil yang signifikan positif pada hari di sekitar pengumuman. Dalam penelitian ini hasil analisis tambahan pengaruh variabel ROA, DAR, firm size, dan PBV menunjukan pengaruh signifikan terhadap abnormal return sedangkan umur perusahaan (firm age) mrnunjukan tidak adanya pengaruh yang signifikan terhadap abnormal return saham perusahaan yang melakukan perubahan nama.

Keywords


Perubahan nama perusahaan; bid-ask spread; abnormal return; variabel keuangan; Bursa Efek Indonesia

Full Text:

PDF

References


Abdullah, H., & Asakdiyah, S. (2015). Analisis Pengaruh Variabel Profitabilitas Terhadap Harga Saham Perusahaan yang tercantum dalam indeks LQ45. Jurnal Fokus Manajemen Bisnis, 5(2), 218-229.

Agha, N., Goldman, M. M., & Dixon, J. C. (2016). Rebranding: The effect of team name changes on club revenue. European Sport Management Quarterly, 16(5), 675-695.

Agnihotri, A., & Bhattacharya, S. (2017). Corporate name change and the market valuation of firms: Evidence from an emerging market. International Journal of the Economics of Business, 24(1), 73-90.

Agus Sartono. 2010. Manajemen Keuangan Teori dan Aplikasi.Edisi Keempat.Yogyakarta : BPFE.

Ahmad Azham, Z. (2019). Market reaction to the company's name change: empirical evidence from Malaysia (Doctoral dissertation, Universiti Utara Malaysia).

Amelia, R. W., & Sunarsi, D. (2020). Pengaruh Return on Asset Dan Return on Equity Terhadap Debt To Equity Ratio Pada Pt. Kalbe Farma, Tbk. Ad-Deenar: Jurnal Ekonomi Dan Bisnis Islam, 4(01), 105–114.

Apriolita, M., Gumanti, T. A., & Swastika, D. L. T. (2011). Pengumuman perubahan nama perusahaan dan harga saham di bursa efek indonesia. Jurnal Keuangan dan Perbankan, 13(1).

Arifin, F., & Agustami, S. (2016). Effect of Liquidity, Solvability, Profitability, Market Ratio, and Company Size on Stock Prices (Study on Plantation Subsector Companies Listed on the Indonesia Stock Exchange 2010-2014). Journal accounting and financial research, 4(3), 1193. Asyngier, R. (2018). Does the change in the company’s name affect the share price? The case study of the Polish capital market. Journal of Economics & Management, 32, 18-29.

Barakat, A., Chernobai, A., & Wahrenburg, M. (2014). Information asymmetry around operational risk announcements. Journal of Banking & Finance, 48, 152-179.

Basri, H., Februari, C. P., & Majid, M. S.A. (2019). Does Indonesia sustainability reporting award (ISRA) cause abnormal return and stock trading volume: A comparative analysis.Academic Journal of Economic Studies,5(1), 74-79.

Biktimirov, E. N., & Durrani, F. (2017). Market reactions to corporate name changes: evidence from the Toronto Stock Exchange. International Journal of Managerial Finance.

Blomme, H. (2018). Towards Better Corporate Reporting: Core & More. Schmalenbach Bus Rev,

-.

Bodie, Z., Kane, A., & Marcus, A. (2014). Investments - Global Edition (10th ed.). London: McGraw Hill Higher Education

Buijink, W. F., Sellhorn, T., & Wagenhofer, A. (2019). Special Issue: Regulation of Corporate Disclosure. Schmalenbach Business Review, 131-136.

Cole, C. R., Fier, S. G., Carson, J. M., & Andrews, D. (2015). The impact of insurer name changes on the demand for insurance. Journal of Risk and Insurance, 82(1), 173-204.

Cooper, M. J., Dimitrov, O., & Rau, P. R. (2001). A rose. com by any other name. The journal of Finance, 56(6), 2371-2388.

De Jong, A., & Naumovska, I. (2016). A note on event studies in finance and management research. Review of Finance, 20(4), 1659-1672.

DeFanti, M. P., & Busch, P. S. (2011). Image-related corporate name changes: Their effect upon firms’ stock prices. Journal of Brand Management, 19(3), 241-253.

Devos, E., Huang, J., & Zhou, F. (2021). The effects of corporate name changes on firm information environment and earnings management. International Review of Financial Analysis, 77, 101849.

Fernando, C. S., & Herring, R. J. (2001). Liquidity shocks, systemic risk, and market collapse: theory and application to the market for perps. Journal of Banking & Finance, 32(8), 1625-1635.

Fiechter, P. (2011), Reclassification of financial assets under IAS 39: Impact on European banks’ financial statements. Accounting in Europe, 8(1), 49-67.

Godfrey, J., Hodgson, A., Tarca, A., Hamilton, J., & Holmen, S. (2010). Accounting. John Wiley & Sons, Inc.

Gupta, M., & Aggarwal, N. (2014). The impact of stock name change on shareholder wealth.

Journal of Management Research, 14(1), 15-24.

Halim, A., dan N. Hidayat, 2000, Studi Empiris Tentang Pengaruh Volume Perdagangan dan Rteturn Terhadap Bid – Ask Spread Saham Industri Rokok di Bursa Efek Jakarta Dengan Model Koreksi Kesalahan. Journal Riset Akuntansi Indonesia, Vol. 1. No. 1. 69 – 85

Handayani, E., Rahmawati, A., Haryanto, E., & Wahyuni, S. (2020). Abnormal return of Indonesian banking shares in the time of COVID 19: An event study on the announcement of government regulation, POJK 11 of 2020. International Journal of Research in Business and Social Science (2147-4478), 9(7), 108-114.

Hong, H. (2016). Information Cascade and Share Market Volatility: A Chinese Perspective. The Journal of Asian Finance, Economics and Business, 3(4), 17–24.

Horsky, D., & Swyngedouw, P. (1987). Does it pay to change your company's name? A stock market perspective. Marketing Science, 6(4), 320-335.

Howe, J. S. (1982). A rose by any other name? A note on corporate name changes. Financial Review, 17(4), 271-278.

Huang, P., Ni, Y., & Cheng, Y. (2019). Does “Resetting” by Changing Corporate Name or Industry Category Appeals to Institutional Investments?. Contemporary Management Research, 15(3), 175-203.

Husain, T., & Sunardi, N. (2020). Firm's Value Prediction Based on Profitability Ratios and Dividend Policy. Finance & Economics Review, 2(2), 13-26.

Ilaboya, O. J., Izevbekhai, M. O., & Ohiokha, F. I. (2016). Tax planning and firm value: A review of literature. Business and Management Research, 5(2), 81-91.

Jang, J., Kang, J., & Lee, C. (2012). Liquidity risk and expected stock returns in Korea: a new approach. Asia‐Pacific Journal of Financial Studies, 41(6), 704-738.

Jogiyanto, H. (2017). Teori Portofolio dan Analisis Investasi, Edisi Sebelas. BPEF. Yogyakarta.

Josev, T., Chan, H., & Faff, R. (2004). What’s in a name? Evidence on corporate name changes from the Australian capital market. Pacific Accounting Review.

Juntunen, M. (2014). Interpretative narrative process research approach to corporate renaming. Qualitative Market Research: An International Journal.

Karim, B. (2011). Corporate name change and shareholder wealth effect: Empirical evidence in the French stock market. Journal of Asset Management, 12(3), 203-213.

Karpoff, J. M., & Rankine, G. (1994). In search of a signaling effect: The wealth effects of corporate name changes. Journal of Banking & Finance, 18(6), 1027-1045.

Kashmiri, S., & Mahajan, V. (2015). The name's the game: Does marketing impact the value of corporate name changes?. Journal of Business Research, 68(2), 281-290.

Le Courtois, O., & Xu, X. (2020). Corporate Name Changes: The Case of M&As within the S&P 500 Index. Available at SSRN 3729147.

Le, H., & Gregoriou, A. (2020). How do you capture liquidity? A review of the literature on low‐ frequency stock liquidity. Journal of Economic Surveys, 34(5), 1170-1186. Bid-ask Spread

Lee, P. M. (2001). What's in a name. com?: The effects of ‘. com’name changes on stock prices and trading activity. Strategic Management Journal, 22(8), 793-804.

Lin, H. M., Yang, S. A., & Chang, Y. (2016). The wealth effects of oil-related name changes on stock prices: Evidence from the US and Canadian stock markets. Journal of International Financial Markets, Institutions and Money, 40, 26-45.

Makri, V., Tsagkanos, A., Bellas, A. (2014), Determinants of nonperforming loans: The case of eurozone. Panoeconomicus, 2, 193-206.

Mardiyati, U., Rachmattullah, R., & Ahmad, G. N. (2017). The Analysis of Abnormal Return, Liquidity And Stock Risk Difference During Pre And Post Stock Split In Idx Period 2010 €“2014. JRMSI-Jurnal Riset Manajemen Sains Indonesia, 8(1), 20-38.

Mase, B. (2009). The impact of name changes on company value. Managerial Finance.

Mathuva, D. M., Muthuma, E. W., & Kiweu, J. M. (2016). The impact of name change on the financial performance of savings and credit co-operatives in Kenya. Management Research Review.

Novalia, F. (2015). Pengaruh Konservatisme Akuntansi, Dan Economic Value Added Terhadap Penilaian Ekuitas Perusahaan (Doctoral dissertation, Universitas Negeri Jakarta).

Nurdin, E. (2018). Pengaruh Kinerja Keuangan Terhadap Return Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Mega Aktiva: Jurnal Ekonomi dan Manajemen, 6(1), 19-27.

Octaviani, C. (2017). Reaksi Pasar Atas Pengumuman Pergantian Nama Perusahaan (Doctoral dissertation, Universitas Katolik Musi Charitas).

Perdana, M. A., & Kristanti, F. T. (2014). Pengaruh Varian Return, Harga Saham, Volume Perdagangan, Earning Per Share Terhadap Bid Ask Spread Saham Syariah (Studi Empiris Pada Perusahaan Yang Terdaftar Pada Jakarta Islamic Index Tahun 2010-2012). eProceedings of Management, 1(3).

Plerou, V., Gopikrishnan, P., & Stanley, H. E. (2005). Quantifying fluctuations in market liquidity: Analysis of the bid-ask spread. Physical Review E, 71(4), 046131.

Prabawa, D. W., & Lukiastuti, F. (2015). Analisis pengaruh kinerja keuangan, manajemen risiko dan manajemen modal kerja terhadap return saham. Jurnal Manajemen Indonesia, 15(1), 1–16.

Purba, P. M., Muchlis, M., & Mulyani, S. D. (2020). Pengaruh Profitabilitas, Solvabilitas, Likuiditas, Umur Listing Dan Struktur Kepemilikan Terhadap Pengungkapan Laporan Tahunan Dengan Nilai Perusahaan Sebagai Variabel Moderasi. Methosika: Jurnal Akuntansi Dan Keuangan Methodist, 3(1), 65–82.

Dwi, D. A. (2012). Pengaruh Intellectual Capital Terhadap Return On Asset (Roa) Perbankan.

Nominal: Barometer Riset Akuntansi dan Manajemen, 1(1), 34-40.

Fitriani, R. S. (2016). Pengaruh npm, pbv, dan der terhadap harga saham pada perusahaan sub sektor makanan dan minuman di bursa efek indonesia. Ejournal Administrasi Bisnis, 4(3), 802-814.

Rani, Neelam; Asija, Aman (2017). Signaling Power of Corporate Name Change: A Case of Indian Firms. Global Journal of Flexible Systems Management– doi:10.1007/s40171-017- 0155-7

Sachdeva, T. (2020). Market reaction to stock name change announcement in India.

International Journal of Public Sector Performance Management, 6(6), 831-842.

Saputra, F. (2022). Analysis Effect Return on Assets (ROA), Return on Equity (ROE) and Price Earning Ratio (PER) on Stock Prices of Coal Companies in the Indonesia Stock Exchange (IDX) Period 2018-2021. Dinasti International Journal of Economics, Finance & Accounting, 3(1), 82-94.

Shun-Yu, C., & Li-Ju, C. (2011). Capital structure determinants: An empirical study in Taiwan.

African Journal of Business Management, 5(27), 10974-10983.

Schmeltz, L., & Kjeldsen, A. K. (2016). Naming as strategic communication: Understanding corporate name change through an integrative framework encompassing branding, identity and institutional theory. International Journal of Strategic Communication, 10(4), 309-331.

Schwartz, R. A., & Francioni, R. (2004). Equity Markets in Action: The Fundamentals of Liquidity, Market Structure & Trading+ CD (Vol. 207). John Wiley & Sons.

Tarczyński, W., & Nermend, K. (2019). Effective Investments on Capital Markets. Springer International Publishing.

Terenggana, C. A. (2019). Market Reaction On Changes In Corporate's Name On The Indonesia Stock Exchange. Jurnal Manajemen, 23(2), 274-289.

Tunggal, C. A., & Ngatno, N. (2018). Pengaruh Struktur Modal Terhadap Nilai Perusahaan dengan Ukuran dan Umur Perusahaan sebagai Variabel Moderator (Studi Kasus Tahun 2014-2016) pada Perusahaan Sub-Sektor Makanan dan Minuman yang Terdaftar di BEI. Jurnal Ilmu Administrasi Bisnis, 7(2), 141–157

Utami, W., & Gumayanti, T. A. (2014). Company Name Change and Stock Returns: The Case of Indonesian Public Companies. The Indonesian Journal of Accounting Research, 17(2).

Wang, C., & Li, T (2016). Stock Name Changes and Abnormal Returns. gupea.ub.gu.se

Wawo, A. B., Juliana, A., Azis, M. I., & Nursandi, A. (2021). The Role of Company Age in Moderating Stock Return of Food and Beverage Companies. ATESTASI: Jurnal Ilmiah Akuntansi, 4(2), 272-281. A

Weston, J Fred dan Eugene F Brigham. 1993. Manajemen Keuangan . Jakarta: Penerbit Erlangga

Wu, Y. (2010). What’s in a name? What leads a firm to change its name and what the new name

foreshadows. Journal of Banking & Finance, 34(6), 1344-1359.

Xie, D., Yan, Z., Xu, Y., Weng, S., & Zhang, C. (2020). An Event Based Study on the Name Change Effect on A-Share Quoted Firm Values. Journal of Statistical and Econometric Methods, 9(4), 171-178.

Zhao, Y., Calantone, R. J., & Voorhees, C. M. (2018). Identity change vs. strategy change: the effects of rebranding announcements on stock returns. Journal of the Academy of Marketing Science, 46(5), 795-812.




DOI: http://dx.doi.org/10.20961/jab.v22i1.730

Jurnal Akuntansi dan Bisnis (JAB)
ISSN 1412-0852 (print), 2580-5444 (online)
Published by Accounting Study Program, Faculty of Economics and Business, Universitas Sebelas Maret, Indonesia


Creative Commons License
JAB on http://jab.fe.uns.ac.id/index.php/jab is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License

Visitor Statistic