Impact of Governance and Restructuring on Post-IPO Stock Value: Event Study of AGM and EGM at PT Totalindo Eka Persada

Decmoon Destine; Romauli Manik; Abdi Suvirianto Sianturi; Roy Sembel; Lis Sintha

doi:10.55927/jfbd.v4i2.211

Authors

Decmoon Destine Universitas Kristen Indonesia
Romauli Manik Universitas Kristen Indonesia
Abdi Suvirianto Sianturi Universitas Kristen Indonesia
Roy Sembel IPMI Institute
Lis Sintha Universitas Kristen Indonesia

DOI:

https://doi.org/10.55927/jfbd.v4i2.211

Keywords:

Corporate Governance, Restructuring, Stock Value, Post-IPO, Event Analysis

Abstract

This phenomenon raises important questions about the effectiveness of governance and restructuring policies in creating value for shareholders, particularly in the post-IPO context. This study evaluates the impact of corporate governance changes and corporate restructuring on the stock value of PT Totalindo Eka Persada Tbk (TOPS) in 2024. Using an event study approach based on secondary data, it examines market reactions to the Annual and Extraordinary General Meetings held on July 11, 2024. The focus includes the appointment of new executives and a planned share buyback. Stock price movements were analyzed within a time window before and after the event. The findings reveal a negative market reaction, driven by execution uncertainty and legal concerns involving management. The study underscores the importance of strong governance in maintaining stock value in the post-IPO phase.

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