The Effect of New Export Tax Tariff to The Stock Price of Palm Industry in Indonesian Stock Exchange
| Main Authors: | , Fiana Mainargis Awalina, , Jogiyanto Hartono M., Prof. Dr., M.B.A., |
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| Format: | Thesis NonPeerReviewed |
| Terbitan: |
[Yogyakarta] : Universitas Gadjah Mada
, 2012
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| Subjects: | |
| Online Access: |
https://repository.ugm.ac.id/98221/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=52127 |
Daftar Isi:
- In these recent years, palm industry has been developed and has good prospect in Indonesia. Crude Palm Oil (CPO) as one product of palm, has shifted purpose as one of energy sources. It stimulates Indonesia to trade it in the global market. The high international demand towards to less domestic supply of CPO. Regarding to fulfill domestic need, Indonesian government limit the CPO� international trade by issued new export tax tariff on February 4�2008. Government changed the fixed export tax tariff becomes progressive export tax tariff. Then public exposed some negative assessments to this regulation. This study is purposefully to know the market reaction effect of new export tax tariff announcement to the stock price in Indonesian Stock Exchange (IDX). The research is examining 6 palm companies with observation during August 28�2007 to February 15�2008. Event study becomes a basis of this research. Causal hypothesis testing is used to test the negative reaction, and negative Average Abnormal Return (AAR) as proxy of negative reaction. And paired sample test is used to overcome the abnormal return differences on before and after announcement. Researcher find that the announcement of export tax tariff caused negative reaction to stock price of palm industry in IDX on 1, 2, and 3 days after announcement. It is supported by the significant difference of abnormal return on before and after announcement, also sharply stock volume decreasing in IDX on 1 day after announcement.