COMPARATIVE ANALYSIS OF TRADING VOLUME ACTIVITY (TVA) AND ABNORMAL RETURN (AR) BEFORE AND AFTER IMPLEMENTATION OF TAX AMNESTY POLICY (CASE STUDY ON PROPERTY SECTOR COMPANIES REGISTERED IN JAKARTA ISLAMIC INDEX)
DOI:
https://doi.org/10.35473/.v1i1.956Abstract
As one of the financial instruments, the development of capital markets could not regardless of the various influences of the environment that includes both economic factors that originate from internal and external companies. One of the Government's policy in 2016 which is quite a concern of investors is the publication of the regulation of the Minister of Finance (FMD) about a Tax Amnesty in Indonesia. To see how big the capital market's reaction against the policy of tax amnesty at the time before and after implementing the policy, then the research will test whether tax policy is the abnormal return can give amnety and improvement trading volume of activity towards the property sector companies listed in Jakarta Islamic Index. These studies use quantitative methods with the event study approach. The population in this study i.e. the property sector companies listed in Jakarta Islamic Index. Determination of purposive sampling technique using samples with specific criteria that result in 4 samples of research. The observation period is 9 months before and after 9 months the implementation of the policy of tax amnesty. Data analysis using the test of normality test and Paired Sample T-Test. Results of the research indicates that there is no significant difference against Trading Volume Activity (TVA) before and after the application of a tax amnesty policy with a value the significance of 0.645 > 0.05. While there is a significant difference against Abnormal Return (AR) between the period before and after the application of a tax amnesty policy with the value significance of 0.001 < 0.05. In other words, a hypothesis first (Ha1) rejected, whereas (Ha2) accepted.
References
Ang, R. (1997). Buku Pintar Pasar Modal Indonesia. Jakarta: Mediasoft Indonesia.
Eungene F. Brigham dan Joel F. Houaton. (2001). Manajemen Keuangan. Jakarta: Erlangga.
Hartono, J. (2000). Teori Portofolio dan Analisis Investasi. Yogyakarta: BPFE UGM.
Hartono, J. (2010). Studi Peristiwa: Menguji Reaksi Pasar Modal Akibat Suatu Peristiwa. Yogyakarta: BPFE.
Hartono, J. (2010). Teori Portofolio dan Analisis Investasi. Yogyakarta: BPFE UGM.
HM, J. (2010). Studi Peristiwa: Menguji Reaksi Pasar Modal Akibat Suatu Peristiwa. Yogyakarta: BPFE.
Huda, N. (2007). Investasi Pada Pasar Modal Syariah. Jakarta: Kencana.
Husnan, S. (2003). Dasar-dasar Teori Portofolio dan Analisis Sekuritas. Yogyakarta: YKPN.
I Gst Agung A. Densi Wulandari, Made Arie Wahyuni, Edy Sujana. (2017). Reaksi Investor Dalam Pasar Modal Terhadap Undang-Undang Tax Amnesty (Event Study Pada Perusahaan yang Trdaftar Dalam LQ45 di Bursa Efek Imdonesia). E-Journal S1 AK Universitas Pendidikan Ganesha, 1.
Kemenkeu, D. P. (2016, Oktober 3). Amnesti Pajak. Dipetik Mei 22, 2018, dari Kementerian Dirjen Pajak: www.pajak.go.id
PT Bursa Efek Indonesia. (2011). Sekolah Pasar Modal Syariah. Jakarta.
Rahayu, D. (2016). Analisis Reaksi Pasar Modal Terhadap Amnesti Pajak (Studi Kasus pada Saham-Saham Syariah yang Masuk Daftar JII Periode Juni-November 2016). Yogyakarta: UIN Sunan Kalijaga.
Soemitra, A. (2009). Bank dan Lembaga Keuangan Syariah. Jakarta: PT. Kencana Prenada Media Group.
Sutedi, A. (2013). Pasar Modal: Mengenal Nasabah Sebagai Pencegahan Pencucian Uang. Dalam A. Sutedi, Pasar Modal: Mengenal Nasabah Sebagai Pencegahan Pencucian Uang (hal. 47). Bandung: Alfabeta.
Tandelilin, E. (2001). Analisis Investasi dan Manajemen Portofolio. Yogyakarta: BPFE.
kecenderunganmemetakan-potensi-csr-di-indonesia/. 30 March 2015.
