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ABSTRAKSI

 

 

Pada tanggal 29 Januari 2004 Pemerintah mengumumkan wabah virus flu burung sebagai bencana darurat nasional. Pengumuman ini mempengaruhi reaksi pasar terhadap saham perusahaan peternakan ayam yang listed di Bursa Efek Jakarta. Pengumuman ini diuji dengan menggunakan metode studi peristiwa (event study) dengan alat ukur abnormal return. Adapun masalah yang dirumuskan adalah: Apakah ada pengaruh wabah virus flu burung terhadap return saham perusahaan peternakan ayam di Bursa Efek Jakarta dilihat dari perbedaan rata-rata abnormal return  saham sebelum dan  sesudah wabah virus flu burung ditetapkan sebagai bencana darurat nasional.

Populasi dalam penelitian ini adalah perusahaan peternakan ayam go public yang telah terdaftar di Bursa Efek Jakarta (BEJ) tahun 2003-2004 dengan jumlah enam perusahaan. Dengan menggunakan metode sensus sampling semua anggota populasi dijadikan sampel, yaitu PT Surya Hidup Satwa Tbk (SHSA), PT Japfa Comfeed Indonesia Tbk (JPFA), PT Charoen Pokphand Indonesia Tbk (CPIN), PT Multibreeder Adirama Indonesia Tbk (MBAI), PT Fishindo Kusuma Sejahtera Tbk (FISH), dan PT Cipendawa Agroindustri Tbk (CPDW). Penelitian difokuskan pada periode jendela, yaitu 10 hari sebelum dan sesudah tanggal peristiwa.

Dari penelitian yang dilakukan diketahui bahwa ada pengaruh wabah virus flu burung terhadap return saham perusahaan peternakan ayam di Bursa Efek Jakarta dilihat dari perbedaan rata-rata abnormal return saham sebelum dan sesudah wabah virus flu burung ditetapkan sebagai bencana darurat nasional. Pengaruh yang ditimbulkan pengumuman tersebut adalah pengaruh negatif. Hal ini dapat diketahui dari adanya penurunan average abnormal return pada sesudah periode jendela, yang artinya terjadinya penurunan average abnormal return sesudah ditetapkannya wabah virus flu burung sebagai bencana darurat nasional. Adapun nilai average abnormal return sebelum periode jendela adalah 0,00088 dan sesudah periode jendala adalah -0,00105.

 

 

ABSTRACT

 

 

On  January 29, 2004 the Government announces bird flu virus epidemic as national emergency disaster. This announcement influences market reaction of poultry company stock which listed in Jakarta Stock Exchange. This announcement impact tested by using event study method by means of abnormal return as measurement. Problem formulated is: Is there bird flu virus epidemic influence to return of poultry company stock in Jakarta Stock Exchange seen from difference of average abnormal return of stock before and after bird flu virus epidemic specified as national emergency disaster.

Population in this research is go public poultry company which has listing of Jakarta Stock Exchange (JSE) in the year 2003-2004 which consist of six companies. By using sampling census method all of member populations are become sample, that are PT Surya Hidup Satwa Tbk (SHSA), PT Japfa Comfeed Indonesia Tbk (JPFA), PT Charoen Pokphand Indonesia Tbk (CPIN), PT Multibreeder Adirama Indonesia Tbk (MBAI), PT Fishindo Kusuma Sejahtera Tbk (FISH), dan PT Cipendawa Agroindustri Tbk (CPDW). Research focussed at window period, that is 10 days before and after event day.

From research done it is known that there is influence of bird flu virus epidemic to poultry company stock return in Jakarta Stock Exchange seen from difference of average abnormal return before and after bird flu virus epidemic specified as national emergency disaster. The announcement has negative influence. This thing is knowable from existence of average abnormal return downdraft after window period, with the meaning happening of average abnormal return downdraft after specifying of bird flu virus epidemic as national emergency disaster. As for average abnormal return value before window period is 0,00088 and after window perio is - 0,00105.

 

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