Menguji Insider Trading pada Sektor Consumer Goods Indusrty di Bursa Efek Indonesia Periode 2016-2017

Redy Herinanto Albertus

Abstract


Abstract

This study aims to examine the presence of insider trading in the form of information leakage (asymentric information) before the day of the release of the information. Information leaks can be seen from the movement of stock prices in accordance with the direction of information, before the information is released. The analytical tool used in this study is multiple regression to examine the effect of Return on Assets, Current Ratio, and Debt to Equity Ratio on Stock Returns before the release date of the financial statements. By using 10 sample companies from the Consumer Goods Industry sector on the Indonesia Stock Exchange, it was found that there was a positive and significant relationship between Return on Assets and Stock Returns before the release of the financial statements.


Keywords


return on asset, current ratio, debt to equity ratio, stock return, asymetric information, insider trading

Full Text:

PDF

References


Ball, R. dan P. Brown, 1968, An Empirical Evaluation Of Accounting Income Numbers, Journal of Accounting Research.

Ball, R. S. P. Kothari, dan A. Robin, 1998, The Effect Of International Institutional Factors On Properties Of Accounting Earnings, Working paper, University of Rochester.

Bhattacharya, U. dan H. Daouk, 2002, The World Price of Insider Trading, The Journal of Finance, Vol. VII, No. 1.

Beaver, W., R. Clarke dan W. Wright, 1979, The Association Between Unsystematic Security Returns And The Magnitude Of Earnings Forecast Errors, Journal of Accounting Research.

Brown, L.D., dan M.S. Rozeff, 1978, The superiority of analyst forecast as measure of expectations: Evidence from earnings, Journal of Finance.

Donald L. Rogoff, 1964. The Forecasting Properties Of Insiders’ Transactions, Journal of Finance, American Finance Association, Vol. 19(4), pages 697- 698, December.

Driscoll, TE. 1956, Some aspects of corporate insider stock holdings and trading under Section, Securities and Exchange Act of 1934. M.B.A. Thesis. Univ. of Pennn

Fama, E.F, 1969, Eficient Capital Market: A Review Of Theory And Empirical Work, 1969.

Fama, Fisher, Jensen, Roll, The Adjustment of Stock Prices to New Information, 1969. Gary, S. Glass,1966, Extensive Insider Accumulation as an Indicator of Near Term Stock Price Performance, Ph.D. diss., Ohio State University. Grossman, S. dan J. Stglitz, 1980, On The Impossibility Of Informationally Efficient Markets, American Economic Review, 70.

Grossman, S. and Stiglitz, J., 1980, Stockholder Unanimity In Making Production and Financial Decisions, Quarterly Journal of Economics.

James, H., Lorie and Victor Niederhoffer, 1968, Predictive and Statistical Properties of Insider Trading, Journal of Law and Economics, Vol. 11, No. 1, (Apr.,), pp. 35-53.

Jeffrey, F. Jaffe, 1974, Special Information and Insider Trading, The Journal of Business, Vol. 47, No. 3. July.

Myron, S. Scholes, 1972, The Market for Securities: Substitution versus Price Pressure and the Effects of Information on Share Price, Journal of Business, 45 (April), 179-211.

Wu, HK. 1963, Corporate insider trading profitability and stock price movement, PhD Diss., Univ. Penn.




DOI: http://dx.doi.org/10.35917/tb.v19i1.163

Refbacks

  • There are currently no refbacks.




Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License. ISSN 1411-6375. joomla visitors View My Stats