Analysis of Market Reaction and Stock Performance Before and After Announcement of Share Buy Back for the 2020 - 2022 Period
Analisis Reaksi Pasar dan Kinerja Saham Sebelum dan Sesudah Pengumuman Pembelian Kembali Saham (Buy Back) Periode 2020 - 2022
DOI:
https://doi.org/10.21070/ups.651Keywords:
Average Abnormal Return, Average Return Realized, Average Trading Volume Activity, Stock Buy BackAbstract
The aim of the research is to find out whether there are differences in market reaction and stock performance before and after the announcement of the buy back for the 2020-2022 period. Market reactions are calculated by trading volume activity and abnormal returns, while stock performance is measured using realized returns. There are 36 samples of companies from various sectors. The normality test was carried out using the one sample t-test and the nonparametric Wilcoxon signed rank test, also a two-mean difference test with the paired sample t-test as well as the paired sample Wilcoxon signed rank test for hypothesis testing. The results of the analysis prove that there is no difference in average trading volume activity and average abnormal return to market reactions, and there is no difference in the realized average return on stock performance both before and after the announcement of the buy back.
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