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Original research MARKET REACTIONS ON CORPORATE ACTIONS IN INDONESIAN STOCK EXCHANGEPages 1-8
Abstract
This study aims to analyse the market reactions to the announcement of corporate actions conducted by the public companies in Indonesian Stock Exchange. This study analysed 421 corporate actions during 1 September 2021- 30 September 2022. Data used in this study were abnormal return and stock liquidity before and after the announcement of corporate actions. The analysis methods used were paired sample t-test and Wilcoxon sign rank test. Results shows that (a) there were positive differences abnormal return in stock splits (in 10-day window period) and cash dividend (in 30-day window period), (b) there were no differences in abnormal return in cash dividend, bonus issue of shares, and right issues (in 10-day window period) as well as stock split and bonus issue of stock, (c) there were positive differences in trading volume activity in stock split (short-term) and bonus issue of stocks (in 10-day window period and in 30-day window period) and there were no differences in cash dividend and right issues (in 10-day window period) and in stock split, cash dividend, and right issue (in 10-day window period). This study concludes that the market reaction on the corporate actions vary in accordance with the actions and window periods.
Keywords: Mentoring, Organisational commitment, affective, normative and Continuance commitment
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Alvian Rudystia Adi Kusuma, 
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