PERBEDAAN LIKUIDITAS SAHAM DAN RETURN SAHAM DI SEKITAR PENGUMUMAN STOCK SPLIT
ABSTRACT: This research is
aimed at knowing the difference of the stock return average before and after stock
split. Besides, this research is purposed in analyzing the difference of
trade’s level volume before and after stock split. The data collected are stock
return, a number of launched stock, and trade volume. The research is conducted
with 17 corporates of sample, that do stock split in 2006-2010 period in
Indonesia Stock Exchange. The analysis tool used is normality test with
Kolmogorov Smirnow Test, Wilcoxon Sign Rank Test, and Paired Sample t-Test if
the data are normally distributed. While, if the data are not normally
distributed, the researcher uses Wilcoxon Sign Rank Test. The data normality
test shows normal data distribution, so that, analyzing tool used is Paired
Sample T-test. This research result shows that stock split significantly
influences in stock trade volume. It is proved by the significance value at
0,001 < 0.05. There are no significant differences between stock return
before and after stock split. It concludes that stock split doesn’t influence in
return number which is accepted by investor. The average of stock price before stock
split period is -0,001337 and after stock split is 0,007998
Key words: stock split, stock
price, trade volume
Penulis: Piping
Marwatiningsih, Rina Trisnawati
Kode Jurnal: jpmanajemendd110208
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