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ADITHIA ANGGRAENI, Sri Hartoyo, Hendro Sasongko

Judul : The Effects Of Subordinated Bonds Issued And The Bank Financial Performance Towards The Stock Trading Volume Activity

Abstrak :
Abstract: According to IDX statistical data of the year 2017, the market capitalization of
finance sector stock was dominated by the stock of the banking subsector up to 91,87%,
and the banking subsector has dominated 38,52 % of the corporate bond market in Indone-
sia. This research aimed to 1) analyzing the financial performance of bond issued bank
listed in the IDX from 2013 to 2017, 2) analyzing the effects of the bank subordinated bond
issuance towards the stock trading volume activity, 3) analyzing the finance performance of
bond issued bank listed in the IDX from 2013 to 2017 towards the stock trading volume
activity. This research used the event study method, which implemented the descriptive
and quantitative approaches. The populations in this study were bank companies listed on
the Indonesia Stock Exchange or IDX that issued bonds, with the data from 16 banks as the
samples. The hypothesis was analyzed using the multiple linear regression analysis to
determine the effects of the bond issuance events and financial performance on the stock
trading volume activity. This research showed that bond issued banks listed in the IDX had
a good financial performance from 2013 to 2017. Based on the results of partial regression,
the announcement of issuance of corporate bonds, dividends per share, CAR, and NIM
had a significant influence on stock trading volume activity and the form of influence was
positive. NPL and DER had significant effects on stock trading volume activity and the
forms of influence were negative.
Keywords: Bank, financial performance stock, subordinate bonds, trading volume activity

Tahun : 2019 Media Publikasi : Jurnal Nasional Terakreditasi A

Kategori : Jurnal No/Vol/Tahun : 4 / 17 / 2019

ISSN/ISBN : 1963 - 5241

PTN/S : Universitas Pakuan Program Studi : MANAJEMEN

Bibliography :
REFERENCES
Aditya. 2012. Pengaruh rasio likuiditas, solvabilitas,
dan profitabilitas terhadap volume perdagangan
saham di Bursa Efek Indonesia. [Tesis]. Jakarta (ID):
UIN Syarif Hidayatullah
Ang, Robert. 1997. Buku pintar pasar modal Indonesia.
Jakarta (ID): Mediasoft
[BI] Bank Indonesia. 2011a. Peraturan Bank Indonesia
No.13/1/PBI/2011 Tentang Penilaian Tingkat Kese-
hatan Bank Umum. Jakarta (ID): Bank Indonesia.
Barber B, Odean T. 2008. All that glitters: the effect of
attention and news on the buying behavior of in-
dividual and institutional investor. Review of Fi-
nancial Journal. 21(2): 758-818
Brigham, Eugene F., and Joel F. Houston. 2010. Dasar-dasar manajemen keuangan: assetials of financial
management. Jakarta (ID): Salemba Empat
Chordia, T., and Swaminathan, B. (2000). Trading volume
and cross autocorrelation in stock return. Journal
of Finance, 4 (1): 913-935
Ervina D, Rachman A. 2017. Dampak pengumuman
penerbitan obligasi perusahaan terhadap abnor-
mal return saham di Indonesia tahun 2014 – 2015.
Jurnal Ilmiah Manajemen. 8(2): 21-30
Fahmi, Rijal. 2006. Analisis pengaruh kinerja keuangan
terhadap volume perdagangan saham perusahaan
perbankan. [Tesis]. Malang (ID): Universitas
Muhamadiyah
Gebhardt, W.R., Hvidkjaer, S., dan Swaminathan, B. 2005.
Stock and bond market interaction: does momen-
tum spill over? Journal of Financial Economics.
75(3): 651-690
Graham, John R. dan Harvey, Campbell R. (2001). The
theory and practice of corporate finance: evidence
from the field. Journal of Financial Economics. 60:
1-28
Hadianto, Bram. 2007. Pengaruh volume perdagangan
dan risiko sistematik terhadap return saham
Telkom dan Indosat selama tahun 1997-2004 di
BEJ. [Tesis]. Bandung (ID): Universitas Padjadjaran
Halim, Abdul. 2005. Analisis investasi. Jakarta: Salemba
Empat.
Halim, Abdul dan Nasuhi Hidayat, 2000. Studi empiris
tentang pengaruh volume perdagangan dan return
terhadap bid-ask spread saham industri rokok di BEJ
dengan model koreksi kesalahan. Jurnal Ekonomi
dan Bisnis Indonesia. 3(1): Hal 69-85
Hartono J. 2008. Teori Portofolio dan Analisis Investasi.
Ed ke-5. Yogyakarta (ID): BPFE
Hugida, Lydianita. 2011. Analisis faktor-faktor yang
mempengaruhi volatilitas harga saham studi pada
perusahaan yang terdaftar dalam Indeks LQ-4
periode 2006-2009. [Tesis]. Semarang (ID): Univer-
sitas Diponegoro
Irawan, Candra. 2017. CAR, NPL yang mempengaruhi
terhadap harga saham dengan laba bersih sebagai
varabel moderating pada perbankan di BEI 2009-
2015. Jurnal Wira Ekonomi Mikroskil. 7(1)
Istanti, Lulu Nurul, 2009. Pengaruh harga saham, trading
volume activity dan risiko saham terhadap bid-ask
spead (studi pada perusahaan LQ-45 di Bursa Efek
Jakarta). Jurnal Transmedia Pustaka. 12(1): 7-12
Kim CS, Abdullah NAH. 2012. The effect corporate bond
issuance to the equity market and its determinants.
Malaysian Finance Association Journal. Kedah
(MY): Malaysia
Larasati R. 2017. Analisis pengaruh NPL dan NIM
terhadap harga saham pada 5 bank umum
konvensional penyalur kredit terbesar di Indone-
sia tahun 2010-2015. Jurnal Manajemen. 2(1): 1-10
Magdalena, Nany dan M. Abdul Aris. 2004. Pengujian
stabilitas struktural pengaruh harga saham, return
saham, varian return saham dan volume perdagangan
terhadap bid-ask spread pra dan pasca laporan
keuangan. Jurnal Empirik. 17 (1): 40-49
Manurung, H,A. (2003). Memahami seluk beluk
instrumen investasi. Jakarta (ID): PT. Adler
Manurung Press.
Myers, Stewart C. 1984. The capital structure puzzle,
Journal of Finance, Vol. 39, hal. 575-595.
Myron Gordon, and Lintner, J., 1963. Optimal investment
and financing policy. Journal of Finance. Vol 18,
Issue 2: 264-272.
Setiawan, Ardian 2015. Pengaruh abnormal return dan
trading volume activity terhadap penerbitan
obligasi syariah. [Tesis]. Ponorogo (ID: Universi-
tas Muhamadiyah
Setiadi, Dedi , 2012. Analisis pengaruh tingkat pro-
fitabilitas dan harga saham terhadap volume pen-
jualan saham pada perusahaan manufaktur yang
terdaftar di BEI. [Tesis]. Medan (ID): Universitas
Sumatera Utara
Spence, A. M. (1974). Competitive and optimal responses
to signals: analysis of efficiency and distribution.
Journal of Economic Theory, 7:296–332.
Sudana, I Made. 2011. The management of company
financials: theories and practices. Jakarta (ID):
Penerbit Erlangga.
Sutedi, Adrian. 2009. Aspek hukum obligasi dan sukuk.
Jakarta: Sinar Grafika.
Yosef S, Bar & L.D. Brown.1977. A re-examination of stock
splits using moving beta. Journal of Finance 32,
1069-1080.

URL : https://jurnaljam.ub.ac.id/index.php/jam/article/view/1518/1201

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Detail Karya Ilmiah Dosen

ADITHIA ANGGRAENI, Sri Hartoyo, Hendro Sasongko

Judul	:	The Effects Of Subordinated Bonds Issued And The Bank Financial Performance Towards The Stock Trading Volume Activity
Abstrak	:	Abstract: According to IDX statistical data of the year 2017, the market capitalization of finance sector stock was dominated by the stock of the banking subsector up to 91,87%, and the banking subsector has dominated 38,52 % of the corporate bond market in Indone- sia. This research aimed to 1) analyzing the financial performance of bond issued bank listed in the IDX from 2013 to 2017, 2) analyzing the effects of the bank subordinated bond issuance towards the stock trading volume activity, 3) analyzing the finance performance of bond issued bank listed in the IDX from 2013 to 2017 towards the stock trading volume activity. This research used the event study method, which implemented the descriptive and quantitative approaches. The populations in this study were bank companies listed on the Indonesia Stock Exchange or IDX that issued bonds, with the data from 16 banks as the samples. The hypothesis was analyzed using the multiple linear regression analysis to determine the effects of the bond issuance events and financial performance on the stock trading volume activity. This research showed that bond issued banks listed in the IDX had a good financial performance from 2013 to 2017. Based on the results of partial regression, the announcement of issuance of corporate bonds, dividends per share, CAR, and NIM had a significant influence on stock trading volume activity and the form of influence was positive. NPL and DER had significant effects on stock trading volume activity and the forms of influence were negative. Keywords: Bank, financial performance stock, subordinate bonds, trading volume activity
Tahun	:	2019	Media Publikasi	:	Jurnal Nasional Terakreditasi A
Kategori	:	Jurnal	No/Vol/Tahun	:	4 / 17 / 2019
ISSN/ISBN	:	1963 - 5241
PTN/S	:	Universitas Pakuan	Program Studi	:	MANAJEMEN
Bibliography	:	REFERENCES Aditya. 2012. Pengaruh rasio likuiditas, solvabilitas, dan profitabilitas terhadap volume perdagangan saham di Bursa Efek Indonesia. [Tesis]. Jakarta (ID): UIN Syarif Hidayatullah Ang, Robert. 1997. Buku pintar pasar modal Indonesia. Jakarta (ID): Mediasoft [BI] Bank Indonesia. 2011a. Peraturan Bank Indonesia No.13/1/PBI/2011 Tentang Penilaian Tingkat Kese- hatan Bank Umum. Jakarta (ID): Bank Indonesia. Barber B, Odean T. 2008. All that glitters: the effect of attention and news on the buying behavior of in- dividual and institutional investor. Review of Fi- nancial Journal. 21(2): 758-818 Brigham, Eugene F., and Joel F. Houston. 2010. Dasar-dasar manajemen keuangan: assetials of financial management. Jakarta (ID): Salemba Empat Chordia, T., and Swaminathan, B. (2000). Trading volume and cross autocorrelation in stock return. Journal of Finance, 4 (1): 913-935 Ervina D, Rachman A. 2017. Dampak pengumuman penerbitan obligasi perusahaan terhadap abnor- mal return saham di Indonesia tahun 2014 – 2015. Jurnal Ilmiah Manajemen. 8(2): 21-30 Fahmi, Rijal. 2006. Analisis pengaruh kinerja keuangan terhadap volume perdagangan saham perusahaan perbankan. [Tesis]. Malang (ID): Universitas Muhamadiyah Gebhardt, W.R., Hvidkjaer, S., dan Swaminathan, B. 2005. Stock and bond market interaction: does momen- tum spill over? Journal of Financial Economics. 75(3): 651-690 Graham, John R. dan Harvey, Campbell R. (2001). The theory and practice of corporate finance: evidence from the field. Journal of Financial Economics. 60: 1-28 Hadianto, Bram. 2007. Pengaruh volume perdagangan dan risiko sistematik terhadap return saham Telkom dan Indosat selama tahun 1997-2004 di BEJ. [Tesis]. Bandung (ID): Universitas Padjadjaran Halim, Abdul. 2005. Analisis investasi. Jakarta: Salemba Empat. Halim, Abdul dan Nasuhi Hidayat, 2000. Studi empiris tentang pengaruh volume perdagangan dan return terhadap bid-ask spread saham industri rokok di BEJ dengan model koreksi kesalahan. Jurnal Ekonomi dan Bisnis Indonesia. 3(1): Hal 69-85 Hartono J. 2008. Teori Portofolio dan Analisis Investasi. Ed ke-5. Yogyakarta (ID): BPFE Hugida, Lydianita. 2011. Analisis faktor-faktor yang mempengaruhi volatilitas harga saham studi pada perusahaan yang terdaftar dalam Indeks LQ-4 periode 2006-2009. [Tesis]. Semarang (ID): Univer- sitas Diponegoro Irawan, Candra. 2017. CAR, NPL yang mempengaruhi terhadap harga saham dengan laba bersih sebagai varabel moderating pada perbankan di BEI 2009- 2015. Jurnal Wira Ekonomi Mikroskil. 7(1) Istanti, Lulu Nurul, 2009. Pengaruh harga saham, trading volume activity dan risiko saham terhadap bid-ask spead (studi pada perusahaan LQ-45 di Bursa Efek Jakarta). Jurnal Transmedia Pustaka. 12(1): 7-12 Kim CS, Abdullah NAH. 2012. The effect corporate bond issuance to the equity market and its determinants. Malaysian Finance Association Journal. Kedah (MY): Malaysia Larasati R. 2017. Analisis pengaruh NPL dan NIM terhadap harga saham pada 5 bank umum konvensional penyalur kredit terbesar di Indone- sia tahun 2010-2015. Jurnal Manajemen. 2(1): 1-10 Magdalena, Nany dan M. Abdul Aris. 2004. Pengujian stabilitas struktural pengaruh harga saham, return saham, varian return saham dan volume perdagangan terhadap bid-ask spread pra dan pasca laporan keuangan. Jurnal Empirik. 17 (1): 40-49 Manurung, H,A. (2003). Memahami seluk beluk instrumen investasi. Jakarta (ID): PT. Adler Manurung Press. Myers, Stewart C. 1984. The capital structure puzzle, Journal of Finance, Vol. 39, hal. 575-595. Myron Gordon, and Lintner, J., 1963. Optimal investment and financing policy. Journal of Finance. Vol 18, Issue 2: 264-272. Setiawan, Ardian 2015. Pengaruh abnormal return dan trading volume activity terhadap penerbitan obligasi syariah. [Tesis]. Ponorogo (ID: Universi- tas Muhamadiyah Setiadi, Dedi , 2012. Analisis pengaruh tingkat pro- fitabilitas dan harga saham terhadap volume pen- jualan saham pada perusahaan manufaktur yang terdaftar di BEI. [Tesis]. Medan (ID): Universitas Sumatera Utara Spence, A. M. (1974). Competitive and optimal responses to signals: analysis of efficiency and distribution. Journal of Economic Theory, 7:296–332. Sudana, I Made. 2011. The management of company financials: theories and practices. Jakarta (ID): Penerbit Erlangga. Sutedi, Adrian. 2009. Aspek hukum obligasi dan sukuk. Jakarta: Sinar Grafika. Yosef S, Bar & L.D. Brown.1977. A re-examination of stock splits using moving beta. Journal of Finance 32, 1069-1080.
URL	:	https://jurnaljam.ub.ac.id/index.php/jam/article/view/1518/1201