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Abstrak :
This paper investigated the impact of seasoned equity offerings (SEO) on stock return of listed companies in Ho Chi Minh City market using the method “event study” which has been basically formed by Campbell, Lo, and MacKinlay (1997). The sample includes 332 SEOs from 2007 to 2010. The main findings show evidence that the Ho Chi Minh City market was not efficient in terms of the semi-strong form because the price has increased significantly on the ex-right date, day 0. In an opposite way, the market also reacted significantly negatively from T-4 to T-2. There are some significant impacts of timing on issue methods – equity right issues were in priority for favorable time and issues as “dividend by stocks” were chosen during unfavorable time.

Abstrak :
ABSTRAK

Penelitian ini bertujuan untuk mengetahui pengaruh ukuran perusahaan terhadap manajemen laba dan market timing pada saat Seasoned Equity Offerings (SEO) dengan informasi asimetri sebagai variabel moderasi. Ukuran perusahan diukur dengan logaritma natural dari total aset. Informasi asimetri diukur dengan bid-ask spread. Pengujian hipotesis dilakukan dengan menggunakan regresi linear berganda dan regresi logistik dengan sampel 126 right issue yang dilakukan oleh 92 perusahaan yang terdaftar di Bursa Efek Indonesia pada tahun 2002-2012. Hasil penelitian ini menunjukkan bahwa ukuran perusahaan berpengaruh negatif terhadap manajemen laba yang dilakukan perusahaan pada saat SEO. Informasi asimetri akan memperkuat pengaruh negatif tersebut. Hal ini mengindikasikan manajemen laba lebih banyak dilakukan oleh perusahaan kecil. Ukuran perusahaan tidak mempengaruhi probabilita perusahaan dalam melakukan market timing pada saat SEO. Informasi asimetri tidak memperkuat atau memperlemah probabilita tersebut. Hal ini mengindikasikan probabilita perusahaan melakukan market timing pada saat SEO, tidak dipengaruhi oleh ukuran perusahaan.

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ABSTRACT

This research aimed to know the influences of firm size on earning management and market timing at Seasoned Equity Offerings (SEO) with asymmetry information as moderating variabel. Firm size is assesed by natulral logarithm of total asset. Asymmetric information assesed by bid-ask spread. Hypothesis-testing used double linear and logistic regression, with sample 126 right issues from 92 emittens, that are traded at Indonesia Stock Exchange in 2002 until 2012. The results of this research represent that the firm size has a negative influences on earning management at SEO. The existence of asymmetry information can increase the negative influences of firm size on earning management. This gives evidence that in SEO earning management is more likely to be done by small firms. Next result, probability of a firm to do market timing doesn’t affected by firm size at SEO. The existence of asymmetry information doesn’t increase or decrease the probability of a firm to do market timing. This gives evidence that in SEO market timing doesn’t affected by firm size.