ANALISIS FAKTOR-FAKTOR YANG
MEMPENGARUHI KEBIJAKAN PEMBELIAN
KEMBALI SAHAM
(Studi pada Perusahaan Non-Perbankan dan Lembaga Keuangan
yang Terdaftar di Bursa Efek Indonesia Periode 2011-2016)
This study aims to identify factors that may influence the decision of the
firm in the share repurchase policy in Indonesia. To determine the functional
relationship between these factors with the probability of the firm to repurchase
shares in a given period, this study using logistic regression. Samples were
selected using matching methods and separated into two groups, the test firm
(firms that buy back shares) and control company (firm that do not share
repurchase).
The results of logistic regression showed that stock returns and market-tobook
ratio is negative and significant. Cash and size showed a positive and
significant influence. While leverage, dividend payout ratio, and growth
opportunity is consistently no significant effect on the firm decision to repurchase
shares in Indonesia. These findings indicate that firm use stock repurchases as a
means to send a undervalued signal to the market and value creation for
shareholders. In addition, the company with excess cash and large size companies
using stock repurchases as a way to reduce conflicts of interest between
management and shareholders. Overall, logistic regression models were used in
this study show the correct percentage of 83.7%