Reaksi Pasar Saham di Indonesia terhadap Keterbukaan Informasi Terkait Transaksi Afiliasi

  • Olivia Sirait Universitas Indonesia
  • Arief Wibisono Lubis


Affiliated transaction or also known as related party transaction (RPT) refers to a transaction involving two or more parties with a special or related relationship. Due to this relationship, the transactions may not be conducted according to the arm's length principle or cause a potential agency problem. Therefore, information disclosure to the public is necessary to provide a material information regarding affiliated transactions and as a key aspect of adhering to principles of good corporate governance. The aim of this study is to analyze whether there is a significant and positive impact on Indonesian stock market, in response to the RPT Announcements by issuers in Indonesia. Despite the prevalence of affiliated transactions among group companies in Indonesia, there is little research focused on the impact of RPT announcements on stock market reactions in Indonesia. Using event study as the method, in this study assess whether stock prices adjust in a timely manner upon the arrival of new public information. The results indicate that there is a significant and positive average abnormal return on the third trading day before RPT Announcement, and a significant and negative average abnormal return on the fourth trading day after RPT Announcement.


Keywords: Stock market reaction, RPT announcement, affiliated transaction, event study



Amanda, Citra, & Husodo, Zaäfri Ananto. (2015). Empirical Test of Fama French Three Factor Model and Illiquidity Premium in Indonesia. Corporate Ownership & Control, 362 – 373.
Andrianto, Yanuar, & Mirza, Adrian Rishad. (2016). A Testing of Efficient Market Hypothesis in Indonesia Stock Market. Procedia - Social and Behavioral Sciences. 219, 99 – 103.
Barokah, Zuni. (2013). An Analysis of Corporate Related-Party Disclosure in the Asia-Pacific Region. (Disertasi PhD, Universitas Teknologi Queensland).
Bhandari, Avishek, Kohlbeck, Mark, & Mayhew, Brian. (2021). Association of related party transactions with sensitivity of investments and external financing. Journal of Corporate Finance.
Bodie, Z., Kane, A., & Alan J., Marcus. (2018). Invesments (11th Edition). New York: McGraw Hill.
Bannigidadmath, Deepa, Narayan, Paresh Kumar, Phan, Dinh Hoang Bach, & Gong, Qiang. (2021). How stock markets reacted to COVID-19? Evidence from 25 countries. Finance Research Letters.
Carney, Richard W., & Child, Travers Barclay. (2013). Changes to the Ownership and Control of East Asian Corporations between 1996 and 2008: the Primacy of Politics. Journal of Finance Economics. 107 (2), 494–513.
Cheung, Yan-Leung, L. Jing, T. Lu, P. R. Rau, & A. Stouraitis. (2009). Tunneling and propping up: An analysis of related party transactions by Chinese listed companies. Pacific-Basic Finance Journal, 372 – 393.
Cheung, Yan-Leung, P. R. Rau, & A. Stouraitis. (2006). Tunneling, Propping, and expropriation: evidence from connected party transactions in Hong Kong. Journal of Financial Economics, 343 – 386.
Da Silva, Paulo Pereira. (2021). Market efficiency and the capacity of stock prices to track a firm’s future profitability. Borsa Istanbul Review, 22-3, 452-464.
De Bondt, Werner F. M., & Thaler, Richard. (1985). Does the Stock Market Overreact?. Journal of Finance 40, 793-807.
Field, A. (2009). Discovering Statistics Using SPSS Third Edition. London: SAGE Publication Ltd.
Gursida, Hari, & Indrayono, Yohanes. (2019). Understanding capital market responses to government economic policy announcements: An event study on Indonesia’s Economic Policy Package. Management Science Letters.
Gordon, Elizabeth A., Henry, Elaine, & Palia, Darius. (2004). Related Party Transactions: Associations with Corporate Governance and Firm Value.
G20/OECD Principles of Corporate Governance, OECD Publishing, Paris., OECD. (2015).
Habib, Ahsan, Muhammadi, Abdul Haris, & Jiang, Haiyan. (2017). Political Connections and Related Party Transactions: Evidence from Indonesia. The International Journal of Accounting. Vol. 52, 45–63.
Hartono, Sony. (2018). Efficient Market Hypothesis (Hipotesis Pasar Efisien). Badan Pendidikan dan Pelatihan Keuangan, Kementerian Keuangan Republik Indonesia, Manajemen Situs Kemenkeu Learning Center. 5:19.
Hendratama, Tifanny Dwijaya, & Barokah, Zuni. (2020). Related Party Transactions and Firm Value: The Moderating Role of Corporate Social Responsibility Reporting. China Journal of Accounting Research. 13, 223–236.
Junaedi, Ardian. (2020). Tindak Pidana Insider Trading Dalam Praktik Pasar Modal Indonesia. Media Iuris. Vol. 3, 299-318.
Keane, S. M. (2011). Stock Markets Efficiency: Theory, Evidence and Implication, Oxford: Philip Allan.
Kohlbeck, M., & B. Mayhew. (2010). Valuation of Firms That Disclose Related Party Transaction. Journal of Accounting and Public Policy. 29, 115-137.
Krüger, Philipp. (2014). Corporate goodness and shareholder wealth. Journal of Financial Economics. 115, 304–329.
La Rorta, Rafael, Lopez-de-Silanes, Florencio, & Shleifer, Andrei. (2006). What works in securities laws? The Journal of Finance. Vol. 61 (1), 1–32.
La Rorta, Rafael, Lopez-de-Silanes, Florencio, Shleifer, Andrei, & Vishny, Robert W. (1998). Law and finance. Journal of Political Economy. 106 (6), 1113–1155.
Law, Cherry, Cornelsen, Laura, Adams, Jean, Penney, T., Rutter, H., White, Martin, & Smith, R. (2020). An analysis of the stock market reaction to the announcements of the UK Soft Drinks Industry Levy. Economics and Human Biology.
MacKinlay, A. Craig. (1997) Event Studies in Economics and Finance. Journal of Economic Literature. Vol. 35, 13–39.
Meulbroek, & Lisa, K. (1992). An Empirical Analysis of Illegal Insider Trading. Journal of Finance. 47 (5), 1661-1699.
Nguyen, V., Tran, A., & Zeckhauser, R. (2017). Stock Splits to Profit Insider Trading: Lesson from an Emerging Market. Journal of International Money and Finance 74, 69-87.
Olmo, Jose, Pilbeam, Keith, Pouliot, & William. (2011). Detecting The Presence of Insider Trading via Structural Break Test. Journal of Banking and Finance. 35 (11), 2820- 2828.
Otoritas Jasa Keuangan. 2020. Peraturan Otoritas Jasa Keuangan Republik Indonesia Nomor 42 /POJK.04/2020 tentang Transaksi Afiliasi dan Transaksi Benturan Kepentingan. Jakarta.
Ross, S.A., dkk. (2016). Corporate Finance (11th Edition). New York: Mcgraw Hill.
Sari, Ratna C., & Baridwan, Zaki. (2014). Current Asset Tunnelling and Firm Performance in an Emerging Market. Jurnal Akuntansi dan Keuangan Indonesia. 11 (2), 165–176.
Utama, Sidharta, Utama, Cynthia A., & Yuniasih, Rafika. (2010). Related Party Transaction - Efficient or Abusive: Indonesia Evidence. Asia Pacific Journal of Accounting and Finance.
Utama, Cynthia A., & Utama, Sidharta. (2009). Stock Price Reactions to Announcements of Related Party Transactions. Asian Journal of Business and Accounting. 2 (1&2), 1–23.
Utama, Cynthia A., & Utama, Sidharta. (2014). Corporate Governance, Size and Disclosure of Related Party Transactions, and Firm Value: Indonesia Evidence. International Journal of Disclosure and Governance. 11 (4), 341-365.
Utama, Cynthia A., Utama, Sidharta, Amarullah, Fitriany. (2017). Corporate Governance and Ownership Structure: Indonesia Evidence. The International Journal of Effective Board Performance. 17 (2), 165–191.
Woolridge, J. Randall, & Snow, Charles C. (1990). Stock Market Reaction to Strategic Investment Decisions. Strategic Management Journal. Vol. 11, 353-363.
Xu, X. D., Zeng, S. X., & Tam, C. M. (2012). Stock Market's Reaction to Disclosure of Environmental Violations: Evidence from China. Journal of Business Ethics. Vol. 107, 227-237.
Abstract viewed = 14 times
pdf downloaded = 16 times