International Research & Citation Index
IRCI Article ID: IRCI-AR-0000001613

Analysis of the Difference in Stock Prices Before and After the Cum-Ex Right Issue in 2024

Authors:
Suci Febrina AlmurdiFebrina Almurdi, SuciZulfitra ZulfitraZulfitra, ZulfitraSahroni SahroniSahroni, Sahroni

Journal: International Journal of Economics, Management and Accounting

Publication: 2025-11-30 · Vol. 3 No. 6 · pp. 469–480

DOI: 10.47353/ijema.v3i6.337

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Abstract
This study examines whether stock prices differ before and after the cum-rights and ex-rights dates of rights issues conducted in 2024. Using a quantitative event-study design, we compile daily closing-price data for all issuers that executed rights issues in 2024. From 16 issuers, five banking firms are selected through purposive sampling. Differences in prices across the pre- and post-event windows are tested with the Wilcoxon signed-rank test, followed by a dummy-variable regression to estimate the magnitude and direction of change. The results indicate statistically significant price differences around the cum-ex rights issue period, implying that the market reacts to publicly available rights issue information. Overall, prices adjust after the event, consistent with semi-strong market efficiency and the dilution/price-adjustment mechanism often associated with rights issues. These findings inform investors and managers about expected price behavior around rights issue announcements and execution. The evidence supports monitoring cum-ex dates when planning trading strategies.


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Authors
Suci Febrina Almurdi
Affiliation: , Universitas Pamulang, Indonesia Author Origin : Indonesia
Febrina Almurdi, Suci
Zulfitra Zulfitra
Affiliation: Pamulang University, Indonesia
Zulfitra, Zulfitra
Sahroni Sahroni
Affiliation: Universitas Pamulang, Indonesia
Sahroni, Sahroni


References
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Gultom, R. R. (2021). Does Right Issue Create A Value Change in Financial Performance?. Jurnal Ekonomi Lembaga Layanan Pendidikan Tinggi Wilayah I, 1(2), 71-81.
Handoko, T. Hani. (2016). Manajemen Personalia dan Sumberdaya Manusia. Yogyakarta: Penerbit BPFE
Hani, Syafrida. (2015). Teknik Analisa Laporan Keuangan. Medan: UMSU PRESS.
Hariyono, Jusup. (2017). Dasar-Dasar Akuntansi Keuangan. Yogyakarta:YKPN
Hasibuan, Malayu S.P, (2017). Manajemen Dasar, Pengertian, dan Masalah, Edisi Revisi, Bumi Aksara:Jakarta.
Heidjrachman Ranupandojo dan Suad Husnan, (2017), Manajemen Personalia, Yogyakarta, BPFE.
Hutabarat, S. F. T., Situmorang, S. H., & Muda, I. (2024). Pengaruh Right Issue Terhadap Harga Saham Pada Perbankan Yang Terdaftar Di Bei Periode 2021-2023. Owner: Riset dan Jurnal Akuntansi, 8(2), 1423-1438. https://doi.org/10.33395/owner.v8i2.2038
Joel G. Siegel&Shim, Jae K. (2016). Financial Management, Barron Education Series Inc. New York.
Kasmir. (2019). Analisis Laporan Keuangan. Jakarta: PT. Raja Grafindo Persada
Kariyoto. 2018. Manajemen Keuangan: Konsep dan Implementasi. Cetakan Pertama. UB Press. Malang
Maulani, D., Istirhamiyah, S., & Suharti, T. (2024). An Empirical Study on Announcement Effect of Right Issue Ex-Date. Moneter: Jurnal Keuangan dan Perbankan, 12(2), 305-311. https://doi.org/10.32832/moneter.v12i2.806
Munawir. (2017). Analisis Laporan Keuangan. Yogyakarta: YPKN
Mustofa. (2017). Manajemen Keuangan. Edisi 1. CV. Andi Offset. Yogyakarta
Nasution, S. 2006. Metode Research. Jakarta: Bumi Aksara.
Pangestika, F., Yuliari, G., Nugraha, C. A., & Aminah, S. (2023). Pengaruh Kebijakan Stock Split Dan Right Issue Terhadap Harga Saham (studi pada perusahaan yang melakukan stock split dan right issue periode 2018-2020). Jurnal Ilmiah Serat Acitya, Vol. 12 No. 2, 153-164. https://doi.org/10.56444/sa.v12i2.1096
Pathonah, N., Purwanto, B., & Ermawati, W. (2021, May). Analysis Semi-Strong Efficiency Market Testing Through of Right Issue Influence on Abnormal Return in Emitens Indonesia Stock Exchange Period 2017-2019. ICoSMI 2020, September 14-16 Indonesia. https://doi.org/10.4108/eai.14-9.2020.2304436
Regitasari, M., & Ernandi, H. (2021). Analysis of the Difference Between Stock Performance Before and After the Announcement of Right Issues in Companies Listed on the Indonesia Stock Exchange (IDX) for the 2015 and 2018 Periods. Academia Open, 5, 10-21070. https://doi.org/10.21070/acopen.5.2021.1662
Repi, H. J., Rahman, F., Anam, H., Yohan, Y.,&Suirlan, R. (2024). Performa Emiten LQ45 Setelah Corporate Action (Right Issue: HMTED). EKOMA: Jurnal Ekonomi, Manajemen, Akuntansi, 3(3), 1197-1204. https://doi.org/10.40121/ekoma.v3i3i.223
Rezki, N. H., & Yusniar, M. W. (2024). Market Reaction to the Announcement of Rights Issues in Bank Sub-Sector Issuers on the Indonesian Stock Exchange. Open Access Indonesia Journal of Social Sciences, 7(1), 1343-1348. https://doi.org/10.37275/oaijss.v7i1.211
Riyanto, Bambang. (2010). Dasar-Dasar Pembelanjaan Perusahaan. Edisi Keempat. BPFE-Yogyakarta. Yogyakarta.
Sartono, Agus, R.(2015). Manajemen Keuangan Teori dan Aplikasi. Edisi Keempat. Yogyakarta: BPFE.
Siregar, Doli D. (2014). Manajemen Aset. Jakarta: Gramedia
Stoner A.F, Freeman, R.Edward, Gilbert JR, Daniel.R. (2017). Management. BIP p 161
Sugiyono. (2009). Metode Penelitian Pendidikan Pendekatan Kuantitatif, Kualitatif, dan R&D. Bandung : Alfabeta
Sutrisno. (2017). Manajemen Keuangan, Teori Konsep dan Aplikasi. Yogyakarta: Ekonosia.
Utomo, D. S. B., Imron, M.,&Susanto, A. (2022). Analisis Pengaruh Right Issue Dan Dividen Terhadap Pergerakn Harga Saham Di Bursa Efek Indonesia (Studi Kasus KOMPAS100). JAMER: Jurnal Akuntansi Merdeka, 3(1), 17-20. https://doi.org/10.33319/jamer.v3i1.75.
Al Qoidah, I., Halim, M., & Aspirandi, R. M. (2021). Analisis Kinerja Keuangan Sebelum dan Sesudah Right Issue (Studi Empiris Pada Perusahan Yang Terdaftar di Bursa Efek Indonesia Tahun 2017-2020). Juremi: Jurnal Riset Ekonomi, 1(2), 89-94. https://doi.org/10.53625/juremi.v1i2.181 DOI: https://doi.org/10.53625/juremi.v1i2.181
Gultom, R. R. (2021). Does Right Issue Create A Value Change in Financial Performance?. Jurnal Ekonomi Lembaga Layanan Pendidikan Tinggi Wilayah I, 1(2), 71-81. DOI: https://doi.org/10.54076/juket.v1i2.73
Hutabarat, S. F. T., Situmorang, S. H., & Muda, I. (2024). Pengaruh Right Issue Terhadap Harga Saham Pada Perbankan Yang Terdaftar Di Bei Periode 2021-2023. Owner: Riset dan Jurnal Akuntansi, 8(2), 1423-1438. https://doi.org/10.33395/owner.v8i2.2038 DOI: https://doi.org/10.33395/owner.v8i2.2038
Maulani, D., Istirhamiyah, S., & Suharti, T. (2024). An Empirical Study on Announcement Effect of Right Issue Ex-Date. Moneter: Jurnal Keuangan dan Perbankan, 12(2), 305-311. https://doi.org/10.32832/moneter.v12i2.806 DOI: https://doi.org/10.32832/moneter.v12i2.806
Pangestika, F., Yuliari, G., Nugraha, C. A., & Aminah, S. (2023). Pengaruh Kebijakan Stock Split Dan Right Issue Terhadap Harga Saham (studi pada perusahaan yang melakukan stock split dan right issue periode 2018-2020). Jurnal Ilmiah Serat Acitya, Vol. 12 No. 2, 153-164. https://doi.org/10.56444/sa.v12i2.1096 DOI: https://doi.org/10.56444/sa.v12i2.1096
Pathonah, N., Purwanto, B., & Ermawati, W. (2021, May). Analysis Semi-Strong Efficiency Market Testing Through of Right Issue Influence on Abnormal Return in Emitens Indonesia Stock Exchange Period 2017-2019. ICoSMI 2020, September 14-16 Indonesia. https://doi.org/10.4108/eai.14-9.2020.2304436 DOI: https://doi.org/10.4108/eai.14-9-2020.2304436
Regitasari, M., & Ernandi, H. (2021). Analysis of the Difference Between Stock Performance Before and After the Announcement of Right Issues in Companies Listed on the Indonesia Stock Exchange (IDX) for the 2015 and 2018 Periods. Academia Open, 5, 10-21070. https://doi.org/10.21070/acopen.5.2021.1662 DOI: https://doi.org/10.21070/acopen.5.2021.1662
Rezki, N. H., & Yusniar, M. W. (2024). Market Reaction to the Announcement of Rights Issues in Bank Sub-Sector Issuers on the Indonesian Stock Exchange. Open Access Indonesia Journal of Social Sciences, 7(1), 1343-1348. https://doi.org/10.37275/oaijss.v7i1.211 DOI: https://doi.org/10.37275/oaijss.v7i1.211
Utomo, D. S. B., Imron, M.,&Susanto, A. (2022). Analisis Pengaruh Right Issue Dan Dividen Terhadap Pergerakn Harga Saham Di Bursa Efek Indonesia (Studi Kasus KOMPAS100). JAMER: Jurnal Akuntansi Merdeka, 3(1), 17-20. https://doi.org/10.33319/jamer.v3i1.75. DOI: https://doi.org/10.33319/jamer.v3i1.75
Al Qoidah, I., Halim, M., & Aspirandi, R. M. (2021). Analisis Kinerja Keuangan Sebelum dan Sesudah Right Issue (Studi Empiris Pada Perusahan Yang Terdaftar di Bursa Efek Indonesia Tahun 2017-2020). Juremi: Jurnal Riset Ekonomi, 1(2), 89-94. https://doi.org/10.53625/juremi.v1i2.181
Djarwanto. 1991. Statsitik Non Parametrik. Edisi 2. Yogyakarta: BPFE.
Gultom, R. R. (2021). Does Right Issue Create A Value Change in Financial Performance?. Jurnal Ekonomi Lembaga Layanan Pendidikan Tinggi Wilayah I, 1(2), 71-81.
Handoko, T. Hani. (2016). Manajemen Personalia dan Sumberdaya Manusia. Yogyakarta: Penerbit BPFE
Hani, Syafrida. (2015). Teknik Analisa Laporan Keuangan. Medan: UMSU PRESS.
Hariyono, Jusup. (2017). Dasar-Dasar Akuntansi Keuangan. Yogyakarta:YKPN
Hasibuan, Malayu S.P, (2017). Manajemen Dasar, Pengertian, dan Masalah, Edisi Revisi, Bumi Aksara:Jakarta.
Heidjrachman Ranupandojo dan Suad Husnan, (2017), Manajemen Personalia, Yogyakarta, BPFE.
Hutabarat, S. F. T., Situmorang, S. H., & Muda, I. (2024). Pengaruh Right Issue Terhadap Harga Saham Pada Perbankan Yang Terdaftar Di Bei Periode 2021-2023. Owner: Riset dan Jurnal Akuntansi, 8(2), 1423-1438. https://doi.org/10.33395/owner.v8i2.2038
Joel G. Siegel&Shim, Jae K. (2016). Financial Management, Barron Education Series Inc. New York.
Kasmir. (2019). Analisis Laporan Keuangan. Jakarta: PT. Raja Grafindo Persada
Kariyoto. 2018. Manajemen Keuangan: Konsep dan Implementasi. Cetakan Pertama. UB Press. Malang
Maulani, D., Istirhamiyah, S., & Suharti, T. (2024). An Empirical Study on Announcement Effect of Right Issue Ex-Date. Moneter: Jurnal Keuangan dan Perbankan, 12(2), 305-311. https://doi.org/10.32832/moneter.v12i2.806
Munawir. (2017). Analisis Laporan Keuangan. Yogyakarta: YPKN
Mustofa. (2017). Manajemen Keuangan. Edisi 1. CV. Andi Offset. Yogyakarta
Nasution, S. 2006. Metode Research. Jakarta: Bumi Aksara.
Pangestika, F., Yuliari, G., Nugraha, C. A., & Aminah, S. (2023). Pengaruh Kebijakan Stock Split Dan Right Issue Terhadap Harga Saham (studi pada perusahaan yang melakukan stock split dan right issue periode 2018-2020). Jurnal Ilmiah Serat Acitya, Vol. 12 No. 2, 153-164. https://doi.org/10.56444/sa.v12i2.1096
Pathonah, N., Purwanto, B., & Ermawati, W. (2021, May). Analysis Semi-Strong Efficiency Market Testing Through of Right Issue Influence on Abnormal Return in Emitens Indonesia Stock Exchange Period 2017-2019. ICoSMI 2020, September 14-16 Indonesia. https://doi.org/10.4108/eai.14-9.2020.2304436
Regitasari, M., & Ernandi, H. (2021). Analysis of the Difference Between Stock Performance Before and After the Announcement of Right Issues in Companies Listed on the Indonesia Stock Exchange (IDX) for the 2015 and 2018 Periods. Academia Open, 5, 10-21070. https://doi.org/10.21070/acopen.5.2021.1662
Repi, H. J., Rahman, F., Anam, H., Yohan, Y.,&Suirlan, R. (2024). Performa Emiten LQ45 Setelah Corporate Action (Right Issue: HMTED). EKOMA: Jurnal Ekonomi, Manajemen, Akuntansi, 3(3), 1197-1204. https://doi.org/10.40121/ekoma.v3i3i.223
Rezki, N. H., & Yusniar, M. W. (2024). Market Reaction to the Announcement of Rights Issues in Bank Sub-Sector Issuers on the Indonesian Stock Exchange. Open Access Indonesia Journal of Social Sciences, 7(1), 1343-1348. https://doi.org/10.37275/oaijss.v7i1.211
Riyanto, Bambang. (2010). Dasar-Dasar Pembelanjaan Perusahaan. Edisi Keempat. BPFE-Yogyakarta. Yogyakarta.
Sartono, Agus, R.(2015). Manajemen Keuangan Teori dan Aplikasi. Edisi Keempat. Yogyakarta: BPFE.
Siregar, Doli D. (2014). Manajemen Aset. Jakarta: Gramedia
Stoner A.F, Freeman, R.Edward, Gilbert JR, Daniel.R. (2017). Management. BIP p 161
Sugiyono. (2009). Metode Penelitian Pendidikan Pendekatan Kuantitatif, Kualitatif, dan R&D. Bandung : Alfabeta
Sutrisno. (2017). Manajemen Keuangan, Teori Konsep dan Aplikasi. Yogyakarta: Ekonosia.
Utomo, D. S. B., Imron, M.,&Susanto, A. (2022). Analisis Pengaruh Right Issue Dan Dividen Terhadap Pergerakn Harga Saham Di Bursa Efek Indonesia (Studi Kasus KOMPAS100). JAMER: Jurnal Akuntansi Merdeka, 3(1), 17-20. https://doi.org/10.33319/jamer.v3i1.75.
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