REAKSI PASAR ATAS PENGUMUMAN PEMBELI KEMBALI (BUYBACK) SAHAM : STUDI EMPIRIS PADA PERUSHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

In order to increase investor interest in its shares , the company can do various ways . One of them that companies can do is buyback their share that have been circulated . This research aims to sight the market reaction that occurs on buyback announcement in Indonesian Stock Exchange . The population of this research is the companies that did buyback announcement in 2013-2015 in Indonesian Stock Exchange . Samples taken by purposive sampling technic and sample obtained 31 companies as research sample . The hypothesis analysis in this research was tested by using one sample t - test and independent sample t - test . The result shows that there is a significant market reaction around the stock buyback announcement , but there is no significant difference in market reaction when viewed on the basis of firm size and the level of independence of the board commissioners . Keywords : buyback announcement , abnormal return , firm size , the level of independence of the board commissioners , event stud