ANALISIS SEBELUM DAN SESUDAH STOCK SPLIT TERHADAP HARGA SAHAM DAN ABNORMAL RETURN

Abstract

The stock split is one of the corporate action which carried out by company with the aim of rearranging the stock price in more liquid range. Besides, it also to give the qualified signal for the investors. This research was event study i.e. an observation which was carried out for five days before the event and five days after the event on the average stock price and abnormal return. While, the data were taken from Indonesia Capital Market Directory (ICMD) 2015-2017, the STIESIA Investment gallery and IDX statistics. Moreover, there were 21 go public companies, as sample, which were listed on Indonesia Stock Exchange 2015-2017 and conducted stock split. Furthermore, the data collection tecnique used purposive sampling. In addition, the data analysis technique used differentiate test analysis with Paired Sample t-test to find out whether there was any significant difference between stock split and abnormal return before and after the stock split. For the research result, it concluded the difference stock price was significant before and after the phenomena. On the other hand, there was no significant difference of abnormal return before and after the phenomena.
Keywords : stock split, stock price, abnormal return