ANALISIS PENGARUH STOCK SPLIT TERHADAP ABNORMAL RETURN DAN VOLUME PERDAGANGAN SAHAM PADA PERUSAHAAN BERTUMBUH DAN TIDAK BERTUMBUH (Studi Kasus Pada Bursa Efek Indonesia 2008-2012)
Abstract: When the price of
stock is too high, some investor is hard to reach the price so the go-public
companies can do stock split. Stock split is one kind of corporate action
implemented by companies in order torearrange stock price to be a more liquid
range and provide more positive signal to investor. The aim of this study is to
analyze the differences of abnormal return and trading volume activity on
growth and non-growth firms before and after stock split.
The study was conducted on 36 companies that are listed on the Indonesian
Stock Exchange and they do stock split in the year 2008-2012. There are 31
companies listed as growth firms and 5 companies listed as non-growth firms.
The category of growth and non-growth firms based on IOS (Investment
Opportunity Set) proxy MVEBVE (Market to Book Value of Equity). This study used
statistical analysis test two different test average with a 11-day observation
period is t = -5 (5 days before stock split) , t=0 (event date) and t = 5 (5
days after stock split). The method of determination of sample using purposive
sampling. Analyze data using Wilcoxon Signed Ranks Test.
The result showed that there are significant differences between AAR of
non-growth company & average TVA of growth company before & after stock
split and also average TVA between growth and non-growth company after stock
split. Meanwhile there are no
significant differences between AAR of growth company & average TVA
of non-growth company before & after stock split and also AAR between growth and non-growth company after
stock split
Penulis: Paramita Oktaviana
Sakti, Irene Rini DP
Kode Jurnal: jpmanajemendd131122
