THE IMPACT OF ANNUAL REPORT AWARD (ARA) 2009 TOWARD STOCK MARKET PRICE TO THE WINNERS OF LISTED COMPANY IN IDX (A CASE OD THREE BEST WINNER BUMN NON FINANCE LISTED COMPANY)

Abstract

Right on Wednesday, dated September 22, 2010 has been held announcement of the award winner of annual year 2009 called as ARA 2009 in the Ballroom I Hotel Ritz Carlton, Jakarta. ARA is a year activity that has been held since year 2002. This activity as form of cooperation between BAPEPAM-LK with Directorate General of Taxes, BUMN Ministry, Bank Indonesia (BI), Bursa Efek Indonesia (BEI), National Committee Governance Policies (KNKG), Indonesian Institute of Accountants (IAI). Then, now it has been held 9th times. The purpose of this activity is for disclosure information through the annual report of the company’s and implementation of Good Corporate Governance (GCG) in Business sector, whether BUMN/BUMD or Private Company listed and non-listed in Indonesia Stock Exchange. The used of sample in this research are the three best winner of BUMN Non Finance Listed Company, which are PT Perusahaan Gas Negara (Persero) Tbk, PT Telekomunikasi Indonesia (Persero) Tbk, and PT Bukit Asam (Persero) Tbk. The data take in this research is the opening price of those companies with the range of period August 23, 2010 to September 21, 2010 and September 23, 2010 to October 15, 2010. In this research will identified whether any impact of Annual Report Award (ARA) 2009 toward stock market price (especially in the opening price of stock price) and is there any correlation of the annual award (ARA) 2009 toward the stock market price 30 days before and 30 days after the announcement. This research will used technical analysis to interpret the data of the stock of price of the three companies before proceed to the research method used in this research. By using quantitative analysis to prove or disprove a notion hypothesis in this research. Then, will test by Wilcoxon Signed-Test to tested the hypotheses that there is no difference in the distributions of the matched populations from which the sample data are derived.