Reaksi Investor Pasar Modal pada Pengumuman Penghapusan Kode Broker

Veronica, M. Sienly and Ida, Ida (2023) Reaksi Investor Pasar Modal pada Pengumuman Penghapusan Kode Broker. Modus, 35 (2). pp. 197-211. ISSN 0852-1875

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Abstract

The policy of removing the broker codes of securities companies on the Indonesia Stock Exchange (IDX) has occurred for the first time in the Indonesian capital market. This policy was expected to prevent investors from buying shares by following transactional activities carried out by brokers, because using the broker code of a securities company, it is possible to know which securities company buys or sells a particular stock. The aim of this research is to analyze the differences in trading volume, trading frequency, and abnormal returns before and after the removal of broker codes so that the IDX can find out the effectiveness of the removal of the broker codes of securities companies and to find out whether investors have knowledge or not in making decisions to invest in stocks. The non-probabilistic purposive sampling technique was used and 738 companies listed on the IDX were used as the research sample. This study used an event study approach and data were analyzed using the Wilcoxon Signed Ranks Test. The results show that there were differences in trading volume, trading frequency, and abnormal returns before and after the removal of broker codes. Based on these findings, the removal of broker codes is an event that has information content and investors are expected to be able to conduct a deeper analysis when investing in the capital market.

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