Abstract :
Objects in this study is the market reaction to the announcement of the
Corporate Governance Index Perception years 2009-2011. Corporate
Governance ratings Perception index is given to companies that implement Good
Corporate Governance. This study aims to look at the assessed market reaction
from the abnormal return and trading volume activity company receiving the
award in 2009-2011. Also in this study was also conducted comparisons between
companies that have a higher ratings or as a top ten Perception Corporate
Governance Index 2009-2011 and a lower or non top ten Perception Corporate
Governance Perception Index in 2009-2011.
In the study sample used was twenty-five (25) companies that have the
rating Perception Corporate Governance Index in 2009-2011. Source of research
data is the stock price and volume and the date of announcement of the Corporate
Governance Index Perception 2009-2011. Analysis of the data used is descriptive
research results showed the market did not react to the announcement so
significant when viewed from the appearance of abnormal return, but not with the
trading volume activity. Index difference between the firms receiving higher with
a lower index receiver also has no significant difference when judged from the
abnormal return, but not with the trading volume activity. There are still many
other factors that could cause investors to change investment decisions into the
factors that led to the Corporate Governance Index 2009-2011 Perception no
really give a significant reaction.