ANALISIS INDIKASI FREE-RIDING PADA REAKSI PASAR SUATU SAHAM DALAM HUBUNGANNYA DENGAN PENGUMUMAN LAPORAN KEUANGAN PERUSAHAAN LAIN (EVENT STUDY PADA INDEKS LQ45)

Abstract

This research was purposed to examine whether there was free-riding on market reaction of a share
in correlation with the announcement of other companies’ financial report. The sample of this research were
index LQ45 emiten who announced audited financial report in 2011 period of February–July 2012. By applying
purposive sampling method, it was obtained 30 companies to be the objects of this research. Data used in this
research were LQ45 emiten who announced financial report period February–July 2012, financial data were
taken from Indonesian Capital Market Directory, and other supporting data resources. The analytical tool
used in this research was t test. From the result of data analysis and discussion, it could be concluded that
there was free-riding indication on market reaction of a share in correlation with the announcement of other
companies’ financial report (event study on Index LQ45). It could be proven by number of t calculation (-1,599)
< t table (-1,316).