REAKSI PASAR PERUSAHAAN BUMN PADA PENERBITAN RESTATEMENT LAPORAN KEUANGAN PT GARUDA INDONESIA TBK

  • Bunga Maharani Universitas Jember
  • Yehezkiel Geoffrey Universitas Jember
  • Indah Purnamawati Universitas Jember
  • Nining Ika Wahyuni Universitas Jember

Abstract

This study aimed to investigate whether there is a difference in abnormal returns of BUMN (State-Owned Enterprises) stock prices before and after the issuance of financial report restatements. The data for this study was obtained from secondary sources, specifically the share price data of state-owned companies listed on the Indonesia Stock Exchange. The analysis focused on the 5-day period before the issuance of the restated financial reports and the 5-day period after. The sample selection employed purposive sampling, and the data were analyzed using the Wilcoxon Signed Rank Test in SPSS. The findings of this study indicate that the incident of financial report restatement by PT Garuda Indonesia (Persero), Tbk did not result in any significant differences in the share prices of BUMN companies listed on the Indonesia Stock Exchange.
Keywords: abnormal return, financial report restatement, market reaction


ABSTRAK
Penelitian ini bertujuan untuk mengetahui apakah terdapat perbedaan abnormal return harga saham BUMN (Badan Usaha Milik Negara) sebelum dan sesudah penerbitan restatement laporan keuangan. Data untuk penelitian ini diperoleh dari sumber sekunder, yaitu data harga saham perusahaan milik negara yang terdaftar di Bursa Efek Indonesia. Analisis difokuskan pada periode 5 hari sebelum penerbitan laporan keuangan yang disajikan kembali dan periode 5 hari sesudahnya. Pemilihan sampel menggunakan purposive sampling, dan data dianalisis menggunakan Wilcoxon Signed Rank Test dengan SPSS. Temuan penelitian ini menunjukkan bahwa peristiwa restatement laporan keuangan oleh PT Garuda Indonesia (Persero) Tbk tidak mengakibatkan perbedaan yang signifikan pada harga saham perusahaan BUMN yang terdaftar di Bursa Efek Indonesia.
Kata Kunci: abnormal return, reaksi pasar, restatement laporan keuangan

References

Badertscher, B. A., Hribar, S. P., & Jenkins, N. T. (2011). Informed trading and the market reaction to accounting restatements. Accounting Review. https://doi.org/10.2308/accr-1009

Bouteska, A. (2019). The effect of investor sentiment on market reactions to financial earnings restatements: Lessons from the United States. Journal of Behavioral and Experimental Finance. https://doi.org/10.1016/j.jbef.2019.100241

Dewi, D. N. (2014). Positive Reaction to Accounting Restatement: The Episode of Reasons and Earning Changes. Jurnal Ilmiah Esai, 8(3), 211–219. https://doi.org/10.25181/esai.v8i3.948

Eduardus, T. (2017). Pasar Modal Manajemen Portofolio dan Investasi. In Repository.LPPM.UNILA.ac.id.

Fahmi, I. (2015). Manajemen Investasi Edisi 2. Salemba Empat.

Fama, E. F. (1998). Market efficiency, long-term returns, and behavioral finance. Journal of Financial Economics. https://doi.org/10.1016/s0304-405x(98)00026-9

Fragoso, J. L. F. R., Peixinho, R. M. T., Coelho, L. M. S., & Paiva, I. C. S. (2020). The impact of financial restatements on financial markets: a systematic review of the literature. In Meditari Accountancy Research. https://doi.org/10.1108/MEDAR-05-2019-0482

Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25 Edisi 9. Semarang: Badan Penerbit Universitas Diponegoro. Variabel Pemoderasi. E-Jurnal Akuntansi Universitas Udayana.

Godfrey, J., Hodgson, A., Tarca, A., Hamilton, J., & Holmes, S. (2010). Accounting Theory Seventh Edition. In National Library of Australia.

Gunawan. (2019). Wah! Ada yang Aneh dari Laba Garuda pada 2018. https://www.cnbcindonesia.com/market/20190424084625-17-68476/wah-%09ada-%09yang-%09aneh-dari-laba-garuda-pada-2018

Hallunovi, A. (2017). The Efficient Market Hypothesis in Developing Countries : Indonesia. Academic Journal of Accounting and Finances, 01(01), 1–6.

Hartono, J. (2017). Teori portofolio dan analisis investasi (edisi Kesebelas). Yogyakarta: BPFE.

Hennes, K. M., Leone, A. J., & Miller, B. P. (2014). Determinants and market consequences of auditor dismissals after accounting restatements. Accounting Review. https://doi.org/10.2308/accr-50680

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics. https://doi.org/10.1016/0304-405X(76)90026-X

Pertami, Y. S. F. (2016). PENGARUH RESTATEMENT LAPORAN KEUANGAN TERHADAP ABNORMAL RETURN. Jurnal SIKAP (Sistem Informasi, Keuangan, Auditing Dan Perpajakan). https://doi.org/10.32897/jsikap.v1i1.44

Rahmanian, H., Rahmani, H., & Jafari, S. M. (2016). Relationship between Restatement of Financial Statements and Information Asymmetry. International Journal of Humanities and Social Sciences, 3, 1721–1732.

Siregar, N. Y., & Rahayu, F. (2018). Pengaruh Corporate Governance Terhadap Restatement dan Dampaknya Terhadap Harga Saham. Jurnal Ilmiah Esai, 12(2), 71–88. https://doi.org/10.25181/esai.v12i2.1126

Stunda, R. (2017). Financial restatements by industry and their market impact. International Journal of the Academic Business World, 11(1), 49–56.

Sugianto. (2019). Laporan Keuangan Terbukti Cacat, Ini Sederet Sanksi Garuda. https://finance.detik.com/bursa-dan-valas/d-4604463/laporan-keuangan-%09terbukti-cacat-%09ini-sederet-sanksi-garuda.

Young, C.-S., Tsai, L.-C., & Hsu, H.-W. (2008). The effect of controlling shareholders’ excess board seats control on financial restatements: evidence from Taiwan. Review of Quantitative Finance and Accounting, 30, 297–314.
Published
2023-06-15
How to Cite
MAHARANI, Bunga et al. REAKSI PASAR PERUSAHAAN BUMN PADA PENERBITAN RESTATEMENT LAPORAN KEUANGAN PT GARUDA INDONESIA TBK. JURNAL AKUNTANSI UNIVERSITAS JEMBER, [S.l.], v. 21, n. 1, p. 55-68, june 2023. ISSN 2460-0377. Available at: <https://jurnal.unej.ac.id/index.php/JAUJ/article/view/40328>. Date accessed: 25 feb. 2024. doi: https://doi.org/10.19184/jauj.v21i1.40328.
Section
Articles