Pengaruh Right Issue Terhadap Likuiditas Saham Dan Abnormal Return Pada Saham Syariah Periode 2021-2023
DOI:
https://doi.org/10.30631/xb92rt85Keywords:
Right Issue, Stock Liquidity, Abnormal Return.Abstract
This study aims to determine whether a right issue can affect stock liquidity and abnormal returns. The object of this study is a company listed on the Indonesian Sharia Stock Index that conducts a right issue. The type of research is quantitative. The sampling technique uses the purposive sampling method, obtained the number of samples that meet the criteria as a research sample of 15 companies that conducted a right issue in 2021-2023. The data used is secondary data in the form of the number of shares distributed in the right issue, stock prices, IDX composite. stock trading volume, and the number of shares outstanding before and after the announcement of the right issue. The method used in this study is event study. The data analysis technique was carried out using the structural equation modeling partial least square (SEM-PLS) method. Based on the tests that have been carried out, it shows that there is no significant effect of the implementation of the right issue on stock liquidity and abnormal returns on Islamic stocks in the 2021-2023 Islamic Stock Index.
References
Adestiana, D. (2019). Analisis Dampak Right Issue Terhadap Abnormal Return Dan Likuiditas Saham. Skripsi, Yogyakarta: Universitas Negeri Yogyakarta.
Alfarisi, S., Ma’mun, M. Y., Rizqiani, H. A., & Zaini, A. (2022). Pengaruh Right Issue Terhadap Volume Perdagangan Saham pada Indeks Saham Syariah Indonesia Periode 2019-2021. Musyarakah: Journal of Sharia Economic (MJSE), 2(2), 129–139. https://doi.org/10.24269/mjse.v2i2.6329
Andika Wijaya, W. P. A. (2018). IPO, Right Issue, Dan Penawaran Umum Obligasi. Sinar Grafika.
Bursa Efek Indonesia. (2023). Penambahan Konstituen Indeks Saham Syariah Indonesia (ISSI) No. Peng-00151/BEI.POP/06-2023 (. 2023.
Calon, V. G., & Sugijanto. (2022). Pengaruh Right Issue Terhadap Likuiditas Saham dan Volume Perdagangan Saham Di Bursa Efek Indonesia. Journal of Sustainability Business Research, 3(3), 313.
Dantes, R. (2019). Wawasan Pasar Modal Syariah. In Wade Group.
Fakhruddin, H. M. (2008). Go Public Strategi Pendanaan Dan Peningkatan Nilai Perusahaan. PT Elex Media Komputindo.
Farah Margaretha Leon, Rossje V. Suryaputri, T. K. P. (2023). Metode Penelitian Kuantitatif: Manajemen, Keuangan, dan Akuntansi. Penerbit Selemba Empat.
Fatmawati, E., & Azizah, L. N. (2020). Pengaruh Akuisisi dan Right Issue terhadap Abnormal Return Saham. Jesya (Jurnal Ekonomi & Ekonomi Syariah), 4(1), 278–289. https://doi.org/10.36778/jesya.v4i1.329
Febriani, R. A. S. and L. (2023). Analisis Dampak Merger Terhadap Harga Saham, Abnormal return, Dan Volume Perdagangan Saham. Fair Value : Jurnal Ilmiah Akuntansi Dan Keuangan.
Habibie, A. F. (2022). Pengaruh faktor internal dan faktor eksternal terhadap harga saham pada perusahaan yang melakukan right issue di BEI tahun 2015-2021 (Issue Di). http://etheses.uin-malang.ac.id/id/eprint/39014%0Ahttp://etheses.uin-malang.ac.id/39014/1/18510038.pdf
Halim, A. (2015). Analisis Investasi Dan Aplikasinya Dalam Aset Keuangan Dan Aset Riil. Penerbit Selemba Empat.
Hartono, J. (2022). Portofolio dan Analisis Investasi Pendekatan Modul Edisi 2. ANDI Yogyakarta.
Latief, A. N. A., Perwira, M. B. T., Murti, R. W., & Adi, M. S. (2020). Modul Kompetensi: Pengelolaan Investasi Syariah. 1–189.
Maghiszha, D. F. (2023). Nilai Rights Issue di BEI Tembus Rp36 Triliun, Mayoritas dari Sektor Konsumer. IDXChannel. https://www.idxchannel.com/market-news/nilai-rights-issue-di-bei-tembus-rp36-triliun-mayoritas-dari-sektor-konsumer
Mahendri, M. R. (2012). Pengaruh Pengumuman Right Issue Terhadap Tingkat Keuntungan Dan Likuiditas Saham. skripsi, Yogyakarta: Universitas Islam Indonesia.
Malhotra, M., M, T., & Arun Gopalaswamy, K. (2012). Liquidity changes around bonus and rights issue announcements: Evidence from manufacturing and service sectors in India. Munich Personal RePEc Archive, 41216, 28–34. https://mpra.ub.uni-muenchen.de/41216/
May, E. (2013). Smart Trader Rich Investor Panduan Sukses Berbisnis Saham Bagi Pemula. PT Gramedia Pustaka Utama.
Melkianus Albin Tabun, Maria, Sushardi, Diyah Santi Hariyani, Murni Sulistyowati, Anwar, Banta Karollah, Mariana, Ria Indriani, Agustinus Moonti, Dwi Arini Nursansiwi, F. N. S. (2023). MANAJEMEN RISIKO BISNIS ERA DIGITAL (Teori dan Pendekatan Konseptual). Seval Literindo Kreasi.
Merthadiyanti, L., & Yasa, G. (2019). Analisis Trading Volume Activity dan Bid-Ask Spread Setelah Stock Split. E-Jurnal Akuntansi, 311. https://doi.org/10.24843/EJA.2019.v27.i01.p12
Nurwanda, A., & Rifai, B. (2018). Diagnosis Pertumbuhan Ekonomi dan Output Potensial Indonesia. Kajian Ekonomi Dan Keuangan, 2(3), 177–194. https://doi.org/10.31685/kek.v2i3.385
ojk.go.id. (n.d.). Pasar Modal Syariah. Ojk.Go.Id. Retrieved September 14, 2024, from https://www.ojk.go.id/id/kanal/syariah/pages/pasar-modal-syariah.aspx
Pertiwi, A. P. I. (2024). Analisis Pengaruh Right Issue Terhadap Kinerja Keuangan Perusahaan Yang Terdaftar Di Bursa Efek Indonesia. Skripsi, Yogyakarta: Universitas Islam Indonesia
Resdianti, D. (2020). Analisis Perbedaan Likuiditas Saham Dan Abnormal Return Sebelum Dan Sesudah Right Issue. http://repositori.unimma.ac.id/2241/
Rulyanti Susi Wardhani, Vebtasvili, Rahil Imainul Aprilian, Yanto, Suhdi, Anggraeni Yunita, D. A. (2022). Mengenal Saham. K-Media.
Sa’adah, L. (2021). Metode Penelitian Ekonomi Dan Bisnis. LPPM Universitas KH. A. Wahab Hasbullah.
Salim, J. (2010). Cara Gampang Bermain Saham. Visimedia.
Samsul, M. (2006). Pasar Modal & Manajemen Portofolio. Penerbit Erlangga.
Setiawan, R. A. (2022). Issues in Islamic Derivatives and Proposals for Reforms in the OTC Market in Indonesia. Journal of Risk and Financial Management, 15(5). https://doi.org/10.3390/jrfm15050222
Setiawan, R. A. (2023). The Future of Islamic Banking and Finance in Indonesia: Performance, Risk and Regulation. The Future of Islamic Banking and Finance in Indonesia: Performance, Risk and Regulation, November, 1–199. https://doi.org/10.4324/9781003393986
Sri Yani Kusumastuti, Nurhayati, Aekram Faisal, Dwi Hartini Rahayu, H. (2024). Metode Penelitian Kuantitatif Panduan Lengkap Penulisan Untuk Karya Ilmiah Terbaik. PT. Sonpedia Publishing Indonesia.
Suganda, T. R. (2018). Event Study Teori dan Pembahasan Reaksi Pasar Modal Indonesia. Seribu Bintang.
Syamsu Alam, Z. A. (2021). Keputusan Investasi Saham Syariah. CV. Jakad Media Publishing.
Tam, L., Dong, L., & Lam, K. (2019). Liquidity and Stock Returns: Evidence from the Chinese Stock Market. China Accounting and Finance Review.
Tambunan, A. P. (2007). Menilai Harga Wajar Saham (Stock Valuation). PT Elex Media Komputindo.
Versiandika Yudha Pratama, Muhammad Aris Safi’i, H. S. D. (2023). Pengesahan Undang-Undang Ibu Kota Negara Nusantara, Good News or Bad News For Investor? (Pendekatan Event Study). Penerbit NEM.
Winarni. (2023). Data Perkembangan Indeks Saham Syariah (ISSI) 2011 hingga 2022. DataIndonesia.Id. https://dataindonesia.id/pasar-saham/detail/data-perkembangan-indeks-saham-syariah-issi-2011-hingga-2022
Zawaid Shofin Niam, F. A. (2022). Pengaruh Pengumuman Right Issue Terhadap Likuiditas Dan Abnormal Return Saham Syariah (Studi Empiris Pada Index ISSI 2017-2020). J-EBI: Jurnal Ekonomi Bisnis Islam, 1(01), 36–46. https://doi.org/10.57210/j-ebi.v1i01.58
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Ulil Albab Rahmatya, Romi Adetio Setiawan, Yetti Afrida Indra
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
