STUDI KOMPARATIF HARGA, LIKUIDITAS, DAN RISIKO SAHAM SEBELUM DAN SESUDAH PERUSAHAAN MELAKUKAN STOCK SPLIT DAN REVERSE SPLIT DI BURSA EFEK INDONESIA TAHUN 2004-2009
ABSTRACT: This research
aim to analysis
influence of stock split
and reverse split
to price (measured by
daily closing price),
liquidity (measured by
bid-ask spread) and risk
of the stock
(measured by standard
deviation), seen from
there are difference before and
after announcement of stock split and reverse split. Period of research
during 2004 until
2009 with determination
of sample use
method of purposive sampling.
Amount of taken company as sample 28 emiten of stock split and 7
emiten of reverse
split. Secondary data
used to be
obtained by documentation of ISMD
and IDX Statistics Quarterly. Technical analysis used for different test
is paired sample
t-test if data
have normal distribution,
if distribution of data
is not normal
used wilcoxon signed
ranks test. While
to test distribution of
data used Kolmogorov-Smirnov test.
The result of
research show that there are
difference of price among period before and after announcement of stock split
and reverse split
(Ha1 and Ha2
proven). Same with
that, spread have difference too
among period before
and after reverse
split (Ha4 proven).
While spread didn’t have
difference among period
before and after
announcement of stock split
(Ha3 unprovable). Risk
of stocks didn’t
have difference among
period before and after stock split and reverse split (Ha5 and Ha6
unprovable).
Penulis: Umi Mardiyati, Khusfatun
Khasanah
Kode Jurnal: jpmanajemendd110307
