Abstract
CGPI is the result of research from the Indonesian Institute for Corporate Governance (IICG) in collaboration with SWA magazine. This study aims to determine the reaction of the capital market on the CGPI announcement. The research was conducted at the company surveyed by CGPI for the period 2013-2016 by accessing the Indonesia Stock Exchange, IICG, Yahoo finance and SWA magazines. The population in this study were the companies surveyed by the Corporate Governance Perception Index (CGPI) for the period 2013-2016. The number of samples taken was 61 using the purposive sampling method. The data analysis technique used is the one sample t-test. Based on the results of the analysis, it was found that during the seven days of stock trading around the announcement of the Corporate Governance Perception Index (CGPI) without involving the comfounding effect (other announcements) there was no market reaction around the CGPI announcement date.
 Keywords: Corporate Governance Perception Index (CGPI), abnormal return, market reaction
Highlights
Corporate Governance Perception Index (CGPI) is the result of research from the Indonesian Institute for Corporate Governance (IICG) in collaboration with SWA magazine
This study aims to determine the reaction of the capital market on the CGPI announcement
Jurnal Akuntansi Dan Keuangan Indonesia, 4(1), 95–114.2007.05
Summary
CGPI merupakan hasil penelitian dari lembaga The Indonesian Institute for Corporate Governance (IICG) yang bekerja sama dengan majalah SWA. Penelitian ini bertujuan untuk mengetahui reaksi pasar modal atas pengumuman CGPI. Penelitian dilakukan di perusahaan yang tersurvei CGPI periode 2013-2016 dengan mengakses situs Bursa Efek Indonesia, IICG, yahoo finance dan majalah SWA. Populasi dalam penelitian ini adalah perusahaanperusahaan yang tersurvei Corporate Governance Perception Index (CGPI) periode 20132016. Jumlah sampel yang diambil sebanyak 61 dengan menggunakan metode purposive sampling. Teknik analisis data yang digunakan adalah uji one sample t-test. Berdasarkan hasil analisis, ditemukan bahwa selama tujuh hari perdagangan saham disekitar pengumuman Corporate Governance Perception Index (CGPI) tanpa melibatkan comfounding effect (pengumuman lain) menunjukkan tidak adanya reaksi pasar disekitar tanggal pengumuman CGPI. Kata kunci: Corporate Governance Perception Index (CGPI), abnormal return, reaksi pasar
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