EFEKTIVITAS KEBIJAKAN OJK TERKAIT BUYBACK SAHAM PADA PERUSAHAAN YANG TERDAFTAR DI BEI DI MASA COVID-19

Abstract

This study aims to determine and analyze the effectiveness of OJK policies related to share buybacks in companies listed on the IDX during the Covid-19 period. Using event study methods with quantitative approach. The tests was conducted on 44 companies, selected based on the purposive sampling. This  observation period used is 5 days before the buyback announcement event (t-5) and 5 days after the buyback announcement event (t+5). Data analysis techniques use wilcoxon signed rank test. The results show that there was no significant difference between the average abnormal return and the average trading volume activity before and after the event. Based on the average share of all companies, the effectiveness of OJK's policies is not effective and based on the average share of each company that has increased by 52%, the effectiveness of OJK's policies regarding share buybacks with the interpretation of effectiveness value is rather low.