PENGARUH PENGUMUMAN DAN KARAKTERISTIK TRANSAKSI DIVESTASI TERHADAP KEMAKMURAN PEMEGANG SAHAM PERUSAHAAN YANG LISTED DI BURSA EFEK JAKARTA

Divestiture transactions as strategic-oriented transactions to increase company's value. The objective of this study is to test empirically the implication of divestiture transactions announcement shown in the abnormal returns of company who doing that transactions. Particulary, this study test the implication of the divestiture transactions characteristic and company's characteristic who doing that transactions reflected by cumulative abnormal returns during event windows. This study uses divestiture transactions sample in Bursa Efek Jakarta (BED during period 1998-2005. Generally, the result in this study shown that divestiture transactions in Bursa Efek Jakarta give the stockholder's wealth who doing that activities. Particulary, the market rekation significantly occur in the event date, in other words Indonesian's stock market informationally efficient The Institutional ownership and the transaction value, two of three variables used as divestiture transactions characteristic significantly influence the cumulative abnoilnal let = whereas the others do not. The company's characteristic who doing divestiture transactions (company's size and age) as control variables, do not signifiCantly influence the cumulative abnormal return.