EVENT STUDY: REAKSI PASAR ATAS UNDANG UNDANG PERTAMBANGAN BARU (UU NO. 4 TAHUN 2009)
Regulation No.4 Year 2009 on Mineral and Coal Mining is a substantial change from Regulation No. 11 Year 1967 on Mining where as in Regulation No.4 Year 2009 there are two elements which can influence future cash flow of mining companies, in terms of taxation and mining area scope. This research aim...
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| Format: | Thesis |
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[Yogyakarta] : Universitas Gadjah Mada
2013
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| author | , R. Giri Maulana Natakusumah , Prof. Dr. Jogiyanto HM., MBA |
| author_facet | , R. Giri Maulana Natakusumah , Prof. Dr. Jogiyanto HM., MBA |
| author_sort | , R. Giri Maulana Natakusumah |
| collection | UGM |
| description | Regulation No.4 Year 2009 on Mineral and Coal Mining is a substantial
change from Regulation No. 11 Year 1967 on Mining where as in Regulation
No.4 Year 2009 there are two elements which can influence future cash flow of
mining companies, in terms of taxation and mining area scope. This research aims
to investigate whether there is negative reaction on the mining company�s stocks
in Indonesian Stock Exchange due to the Regulation No.4 Year 2009 realization
on Mineral and Coal Mining.
Through purposive sampling method, there are seven listed mining
companies in Indonesian Stock Exchange index. This research is conducted
through event study with mean adjusted model. The observation period in this
research is 107 trading days, which is 100 days for estimation period, 3 days
before and 3 days after the event date. The market reaction in this research is
indicated by the existence of negative average abnormal return (AAR) on the
event day. Statistic test is conducted to investigate the market reaction on the day
of event and the AAR difference before and after the event in terms of statistic
significance.
This research hypothesis testing shows that there are negative reactions on
mining stocks as the existence of significant negative AAR on 12 December 2008,
which was the day the Regulation No.4 Year 2009 were agreed by Energy and
Environment Commission of House of Representatives. The hypothesis testing
also indicates that there is no significant difference on average abnormal return
before and after the event. The hypothesis testing also again confirm that in
conducting an event study on a regulation, precise date on certain event should be
accurate, which in this research is on the day of regulation approved by the
Energy and Environment Commission of House of Representatives, not on the
day when the Regulation approved on plenary meeting of House of
Representatives nor when signed by the President of Indonesia Republic. |
| first_indexed | 2024-03-13T23:11:18Z |
| format | Thesis |
| id | oai:generic.eprints.org:125641 |
| institution | Universiti Gadjah Mada |
| last_indexed | 2024-03-13T23:11:18Z |
| publishDate | 2013 |
| publisher | [Yogyakarta] : Universitas Gadjah Mada |
| record_format | dspace |
| spelling | oai:generic.eprints.org:1256412016-03-04T08:42:01Z https://repository.ugm.ac.id/125641/ EVENT STUDY: REAKSI PASAR ATAS UNDANG UNDANG PERTAMBANGAN BARU (UU NO. 4 TAHUN 2009) , R. Giri Maulana Natakusumah , Prof. Dr. Jogiyanto HM., MBA ETD Regulation No.4 Year 2009 on Mineral and Coal Mining is a substantial change from Regulation No. 11 Year 1967 on Mining where as in Regulation No.4 Year 2009 there are two elements which can influence future cash flow of mining companies, in terms of taxation and mining area scope. This research aims to investigate whether there is negative reaction on the mining company�s stocks in Indonesian Stock Exchange due to the Regulation No.4 Year 2009 realization on Mineral and Coal Mining. Through purposive sampling method, there are seven listed mining companies in Indonesian Stock Exchange index. This research is conducted through event study with mean adjusted model. The observation period in this research is 107 trading days, which is 100 days for estimation period, 3 days before and 3 days after the event date. The market reaction in this research is indicated by the existence of negative average abnormal return (AAR) on the event day. Statistic test is conducted to investigate the market reaction on the day of event and the AAR difference before and after the event in terms of statistic significance. This research hypothesis testing shows that there are negative reactions on mining stocks as the existence of significant negative AAR on 12 December 2008, which was the day the Regulation No.4 Year 2009 were agreed by Energy and Environment Commission of House of Representatives. The hypothesis testing also indicates that there is no significant difference on average abnormal return before and after the event. The hypothesis testing also again confirm that in conducting an event study on a regulation, precise date on certain event should be accurate, which in this research is on the day of regulation approved by the Energy and Environment Commission of House of Representatives, not on the day when the Regulation approved on plenary meeting of House of Representatives nor when signed by the President of Indonesia Republic. [Yogyakarta] : Universitas Gadjah Mada 2013 Thesis NonPeerReviewed , R. Giri Maulana Natakusumah and , Prof. Dr. Jogiyanto HM., MBA (2013) EVENT STUDY: REAKSI PASAR ATAS UNDANG UNDANG PERTAMBANGAN BARU (UU NO. 4 TAHUN 2009). UNSPECIFIED thesis, UNSPECIFIED. http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=65811 |
| spellingShingle | ETD , R. Giri Maulana Natakusumah , Prof. Dr. Jogiyanto HM., MBA EVENT STUDY: REAKSI PASAR ATAS UNDANG UNDANG PERTAMBANGAN BARU (UU NO. 4 TAHUN 2009) |
| title | EVENT STUDY: REAKSI PASAR ATAS UNDANG UNDANG PERTAMBANGAN BARU
(UU NO. 4 TAHUN 2009) |
| title_full | EVENT STUDY: REAKSI PASAR ATAS UNDANG UNDANG PERTAMBANGAN BARU
(UU NO. 4 TAHUN 2009) |
| title_fullStr | EVENT STUDY: REAKSI PASAR ATAS UNDANG UNDANG PERTAMBANGAN BARU
(UU NO. 4 TAHUN 2009) |
| title_full_unstemmed | EVENT STUDY: REAKSI PASAR ATAS UNDANG UNDANG PERTAMBANGAN BARU
(UU NO. 4 TAHUN 2009) |
| title_short | EVENT STUDY: REAKSI PASAR ATAS UNDANG UNDANG PERTAMBANGAN BARU
(UU NO. 4 TAHUN 2009) |
| title_sort | event study reaksi pasar atas undang undang pertambangan baru uu no 4 tahun 2009 |
| topic | ETD |
| work_keys_str_mv | AT rgirimaulananatakusumah eventstudyreaksipasaratasundangundangpertambanganbaruuuno4tahun2009 AT profdrjogiyantohmmba eventstudyreaksipasaratasundangundangpertambanganbaruuuno4tahun2009 |