Kesan Pertukaran Pengurusan Tertinggi ke atas Harga Saham Syarikat Berkaitan dan Bukan Berkaitan Kerajaan

Mohamat Sabri Hassan, Romlah Jaffar, Anwary Syuhaily Rosly

Abstract


ABSTRAK

Kajian ini dijalankan untuk melihat kesan pertukaran pengurusan tertinggi (PT) di Syarikat Berkaitan (SBK) dan Bukan Berkaitan Kerajaan (SBBK) ke atas harga saham. Ini disebabkan sebarang pertukaran yang berlaku bagi jawatan ini akan memberi impak kepada hala tuju syarikat kerana pengganti biasanya akan mengubah strategi syarikat. Perubahan ini seterusnya boleh mempengaruhi harga saham yang juga boleh dipengaruhi oleh asal usul pengganti. Amnya SBK di Malaysia, berbanding SBBK, dikawal secara langsung atau tidak langsung oleh kerajaan yang berupaya melantik ahli lembaga pengarah dan PT serta membuat keputusan utama berkaitan dengan SBK. Oleh itu, kesan pertukaran PT bagi kedua-dua bentuk syarikat ke atas harga saham mungkin berbeza. Berdasarkan Teori Kecekapan Pasaran Separa Kuat dan kaedah kajian peristiwa, data sekunder yang terdiri dari harga saham dan maklumat pertukaran telah diperolehi. Hasil kajian mendapati pasaran modal bertindak positif yang signifikan sebelum, semasa dan selepas pengumuman pertukaran. Namun begitu, perbandingan antara syarikat menunjukkan harga saham bagi SBK menunjukkan tindak balas positif sebelum pengumuman pertukaran dibuat, berbanding tindak balas positif untuk ketiga-tiga tempoh dalam kes SBBK. Penemuan ini menunjukkan pelabur SBK telah menerima maklumat terlebih dahulu sebelum pengumuman dan bertindak balas terhadap harga saham. Oleh itu pada tarikh pengumuman maklumat pertukaran sudah tidak mengejutkan lagi. Kajian juga mendapati asal usul pengganti berhubungan positif dengan harga saham. Namun ianya tidak memberi perbezaan ketara antara SBK dan SBBK. Kajian menyumbang kepada literatur dalam memahami reaksi pasaran modal terhadap perubahan PT terutamanya di SBK yang menguasai pasaran modal Malaysia.

Kata kunci: Pertukaran pengurusan tertinggi; harga saham; syarikat berkaitan kerajaan; asal usul pengganti

ABSTRACT

This study was conducted to examine the effects of top management (TM) turnover in the Government (GLC) and the Non-Government-Linked Companies (NGLC) on share prices. Any turnover occurs in this positions will have an impact on the direction of the company because the successor mostly will change the company's strategy. This and the origin of successor might affect share prices. As compared to NGLC, GLC in Malaysia is controlled directly or indirectly by the Malaysian Government which has capability to appoint board of directors and TM as well to make decision on behalf of GLC. Therefore, the effects of TM turnover on share prices may differ between these companies. Based on the Semi Strong Efficient Market Hypothesis and an event study, secondary data, which consist of share price and top management turnover, were collected. The study revealed that the capital market would react positively before, during and after the announcements of TM turnover. However, the comparison between companies showed that the GLC’s share prices would react positively only prior to the announcement as compared to a positive reaction through out the three periods for NGLC. These findings show that the GLC investor had received the information ahead the announcement and react towards the share prices. Therefore on the announcement date, the information has not contained any surprise. This study also found, the origin of the succesor is positively related to share prices. However, capital market is indifferent on the origin of the successor of GLC and NGLC. Findings from the study contribute to the literature on market reaction towards the top management turnover, especially in the GLC, which control the Malaysian capital market.

Keywords: Top management turnover; share price; government linked companies; successor origin


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