Yohanes Indrayono

Judul	:	Stock Tender Offer and Stock Prices: Evidence from the Indonesian Stock Exchanges
Abstrak	:	Abstract This study is to investigate the movement of stock price in a tender offer strategy by the firm. The ultimate of success and failure of tenders offers of a firm can be predicted by the stock prices movements. Twenty-three firms listed in Indonesian Stock Exchange are selected as a sample to be analyzed which carry out the tender offer during COVID-19 Pandemic period of year 2020 to 2022. The tender offer positively affects the stock price at the first day after tender offer period and the average stock price of one month period after the tender offer period. This study also shows that the difference between tender offer price and stock price of one day prior the tender offer period will negatively affect the stock price of one day after tender offer period and the average stock price of one month period after the tender offer period. The proportion of number of stocks to be offered in tender offer has no effect on stock price both in one day after stock tender offer period and the average stock price of one month period after the tender offer period. The result of the study is important for the stock market investors to get abnormal returns by buying stocks which will carry out a tender offer strategy and consider the motivation of firm to enhance the firm performance and good reputation of the prospective buyer. Keywords Corporate Action, Tender Offer, Stock Price, Abnormal Returns, Indonesian Stock Exchange
Tahun	:	2022	Media Publikasi	:	Jurnal Internasional
Kategori	:	Jurnal	No/Vol/Tahun	:	5 / 10 / 2022
ISSN/ISBN	:	2329-3284
PTN/S	:	Universitas Pakuan	Program Studi	:	MANAJEMEN
Bibliography	:	References Ansary, O. E., & Hussien, M. (2017). The Impact of Stock Dividends and Stock Splits on Shares’ Prices: Evidence from Egypt. Accounting and Finance Research, 6, 96-114. https://doi.org/10.5430/afr.v6n4p96 Barberis, N., Shleifer, A., & Vishny, R. (1998). A Model of Investor Sentiment. Journal of Financial Economics, 49, 307-343. https://doi.org/10.1016/S0304-405X(98)00027-0 Bhagata, S., Dong, M., Hirshleifer, D., & Noah, R. (2005). Do Tender Offers Create Value? New Methods and Evidence. Journal of Financial Economics, 75, 53-60. https://doi.org/10.1016/j.jfineco.2004.05.002 Dann, Y. R., Masulis, R. W., & Mayers, D. (1991). Repurchase Tender Offers and Earnings Information. Journal of Accounting and Economics, 14, 217-251. https://doi.org/10.1016/0165-4101(91)90013-E Dodd, P., & Ruback, R. (1977). Tender Offers and Stockholder Returns: An Empirical Analysis. Journal of Financial Economics, 5, 351-373. https://doi.org/10.1016/0304-405X(77)90043-5 Ehrhardt, M. C., & Brigham, E. F. (2011). Financial Management: Theory and Practice (13th ed.). South-Western Cengage Learning. Fitriana, T., Firdaus, A., & Ahmaddien, I. (2019). Analysis of Corporate Actions and Effect on Stock Trading the Indonesia Stock Exchange. Jurnal Bisnis Manajemen dan Perbankan, 5, 15-19. https://doi.org/10.21070/jbmp.v5i1.2042 Lee, U. (1992). Do Stock Prices Follow Random Walk? Some International Evidence. International Review of Economics & Finance, 1, 315-327. https://doi.org/10.1016/1059-0560(92)90020-D Malkiel, B. G. (2003). The Efficient Market Hypothesis and Its Critics. Journal of Economic Perspectives, 17, 59-82. https://doi.org/10.1257/089533003321164958 Muna, H., & Khaddafi, M. (2022). The Effect of Stock Split on Stock Return, Stock Trading Volume, and Systematic Risk in Companies Listed on the Indonesia Stock Exchange. International Journal of Finance, Economics and Business, 1, 51-56. https://doi.org/10.56225/ijfeb.v1i1.4 Pradhan, S. K., & Kasilingam, R. (2019). Impact of Corporate Actions on Shareholder Wealth: A Study on the Bombay Stock Exchange. The Journal of Wealth Management, 21, 85-97. https://doi.org/10.3905/jwm.2019.21.4.085 Rehman, S., Chhapra, I. U., Kashif, M., & Rehan, R. (2018). Are Stock Prices a Random Walk? An Empirical Evidence of Asian Stock Markets. Etikonomi, 17, 237-252. https://doi.org/10.15408/etk.v17i2.7102 Republic of Indonesia, Otoritas Jasa Keuangan, Regulasi Emiten dan Perusahaan Publik. https://www.ojk.go.id/id/kanal/pasar-modal/regulasi/klasifikasi-bapepam/emiten-danperusahaan- publik/Documents/IXF1_1389000131.pdf Samuelson, W., & Rosenthal, L. (1986). Price Movements as Indicators of Tender Offer Success. The Journal of Finance, 41, 481-499. https://doi.org/10.1111/j.1540-6261.1986.tb05050.x US Securities and Exchange Commission. Investor.gov, an Official Website of the United States Government. https://www.investor.gov/introduction-investing/investing-basics/glossary/tender-offer Yang, A. S., & Pangastuti, A. (2016). Stock Market Efficiency and Liquidity: The Indonesia Stock Exchange Merger. Research in International Business and Finance, 36, 28-40. https://doi.org/10.1016/j.ribaf.2015.09.002
URL	:	http://bapenda.malukutenggarakab.go.id/bapenda/e_sppd/slot-dana/index.html