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

Destine, Decmoon and Manik, Romauli and Sianturi, Abdi Suvirianto and Sember, Roy and Sintha, Lis (2025) Impact of Governance and Restructuring on Post-IPO Stock Value: Event Study of AGM and EGM at PT Totalindo Eka Persada. Journal of Finance and Business Digital (JFBD), 4 (2). pp. 445-458. ISSN 2964-8688

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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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