ANALISIS MANAJEMEN SYARIAH TERHADAP PERILAKU STEALTH TRADING PADA PERUSAHAAN KONSTRUKSI DAN PEMBANGUNAN BUMN DI INDEKS LQ-45
Analisis Manajemen Syariah Terhadap Perilaku Stealth Trading Pada Perusahaan Konstruksi Dan Pembangunan BUMN Di Indeks LQ-45
DOI:
https://doi.org/10.30983/krigan.v2i2.9129Keywords:
Behavior, Stealth Trading, Construction and Development, LQ-45 IndexAbstract
Abstrak
Penenlitian ini bertujuan untuk menganalisis perilaku stealth trading pada perusahaan konstruksi dan pembangunan BUMN di Indeks LQ-45. Penelitian ini menggunakan data sekunder Intraday dari transaksi perdagangan saham perusahaan konstruksi dan pembangunan di Indeks LQ-45 periode Maret, April, dan Mei 2017. Metode analisis data yang digunakan adalah metode deskrptif kuantitatif dengan jumlah 4 perusahaan. Hasil penelitian ini menemukan bahwa terdapatnya perilaku stealth trading pada investor Domestik dan investor asing. Prilaku stealth trading berdasarkan analisis manajemen syariah merupakan bagian yang tidak boleh diterapkan oleh seorang investor dikarenakan prilakau stealth trading tersebut bertentangan dengan prinsip manajemen syariah yang menjunjung tinggi keadilan, transparansi dan kemaslahatan. Hal tersebut ditunjukkan dari tingginya persentase perubahan harga, yang diikuti dengan persentase transaksi serta persentase volume yang tinggi yang terjadi di ukuran menegah. Di samping itu penelitian ini menemukan stealth trading yang diikuti dengan perubahan harga yang lebih tinggi, tetapi jumlah volume dan transaksi tidak begitu besar karena di Indonesia investor melakukan transaksi kebanyakan masuk kelompok institusional sehingga nilai transaksi dan volume perdagangan lebih banyak pada ukuran besar yang menyebabkan perilaku stealth trading yang terjadi pada ukuran menengah tidak begitu bagus.
Abstract
This study examined the stealth trading behavior of construction and state-owned enterprises in the LQ-45 Index. This study used Intraday secondary data from stock trading transactions of construction and development companies on the LQ- 45 Index during March, April, and May 2017. The data analysis method used was a quantitative descriptive method with a total of 4 companies. The results showed that there was stealth trading behavior among domestic investors and foreign investors. This is indicated by the high percentage of price changes, which is followed by the percentage of transactions and the high percentage of volume that occurs in the medium size. Besides, stealth trading was followed by higher price changes, but the volume and transaction amount were not so large because, in Indonesia, investors mostly entered into institutional groups so that the transaction value and trading volume larger, and caused stealth trading behavior in the middle sizes not so good.
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