scholarly journals Analisis Perbandingan Abnormal Return Dan Likuiditas Saham Sebelum Dan Sesudah Stock Split Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia Periode 2010-2015

2019 ◽  
Vol 2 (1) ◽  
Author(s):  
Cindy Hadiwijaya Dan Indra Widjaja
Keyword(s):  
Abnormal Return ◽  
Sampling Method ◽  
Stock Exchange ◽  
Rank Test ◽  
Signed Rank ◽  
Significant Difference ◽  
Stock Split ◽  
Before And After ◽  
Signed Rank Test ◽  
Observation Period

This research aims to find out whether there is a significant difference in abnormal return and liquidity of shares before and after stock split for companies listed in Indonesian Stock Exchange during 2010-2015. 46 samples were obtained using purposive sampling method. The observation period is 10 days before and after stock split announcement. Hypothesis was tested by using Wilcoxon Signed Rank Test with significant level of 0.05. The result of this research shows that there is a significant difference in abnormal return before and after stock split, while there is no significant difference of share’s liquidity before and after stock split.

scholarly journals ANALISIS ABNORMAL RETURN DAN LIKUIDITAS SAHAM SEBELUM DAN SESUDAH STOCK SPLIT PERIODE 2008-2012

2015 ◽  
Vol 11 (1) ◽  
pp. 10
Author(s):  
Wening Asriningsih
Keyword(s):  
Event Study ◽  
Abnormal Return ◽  
T Test ◽  
Rank Test ◽  
Signed Rank ◽  
Significant Difference ◽  
Wilcoxon Signed Rank Test ◽  
Stock Split ◽  
Before And After ◽  
Signed Rank Test

Abstrak: Analisis Abnormal Return dan Likuiditas Saham Sebelum dan Sesudah Stock Split Periode 2008-2012. Penelitian ini bertujuan untuk mengetahui perbedaan abnormal return dan likuiditas saham sebelum dan sesudah stock split di perusahaan yang terdaftar di Bursa Efek Indonesia periode 2008-2012. Penelitian ini menggunakan desain event study, dimana dilakukan pengamatan 10 hari sebelum dan 10 hari sesudah peristiwa. Analisis data yang digunakan dalam penelitian ini adalah Uji Paired Sampel t-test dan Uji Wilcoxon Signed Rank test. Hasil penelitian menunjukkan bahwa tidak terdapat perbedaan abnormal return namun terdapat perbedaan likuiditas yang signifikan sebelum dan sesudah stock split periode 2008-2012. Hasil penelitian ini juga menunjukkan bahwa stock split mampu meningkatkan likuiditas.Kata kunci: stock split, abnormal return, likuiditas.Abstract: The Analysis of Abnormal Return and Liquidity Before and After Stock Split in 2008-2012. This study is aimed to find out the differences abnormal return and liquidity before and after stock split at the companies listed for the period of 2008 – 2012. This study is using event study, in which the writer observed within 10 days before and 10 days after the event date. Data analysis that is uses in this research is Paired Sample t-test and Wilcoxon Signed Rank test. The result of the study show that: there was no differences in abnormal return but there was a significant difference in liquidity before and after stock split. The result of this study indicate the stock split may improve liquidity.Key words: stock split, abnormal return, liquidity

scholarly journals ANALISIS HARGA SAHAM, LIKUIDITAS SAHAM, EARNING PER SHARE, DAN PRICE EARNINGS RATIO ANTARA SEBELUM DAN SETELAH STOCK SPLIT

2014 ◽  
Vol 1 (2) ◽  
pp. 33
Author(s):  
Mazra Iffah Labibah ◽  
Susi Dwimulyani
Keyword(s):  
Significant Influence ◽  
Stock Price ◽  
Stock Exchange ◽  
Rank Test ◽  
Stock Liquidity ◽  
Signed Rank ◽  
Stock Split ◽  
Before And After ◽  
Price Earnings Ratio ◽  
Signed Rank Test

<p><em>The purpose of this study analysis the influence of stock price, stock liquidity, EPS growth, and price earnings ratio on the stock split. This research also analysis whether there are any difference in stock price, stock liquidity, EPS growth, and price earnings ratio before and after the company decided to executed a stock split.The samples of this research are companies that listed in Indonesia Stock Exchange (IDX) in the 20082013 period and conduct a stock split. Based on samples criteria which have been determined, there are 89 companies which qualified to be used as samples. This research used Wilcoxon Signed Rank Test and Logistic Regression for hypothesis testing. The results of this research show that there are no significant differences in stock price, stock liquidity, EPS growth, and price earnings ratiobetween before and after stock split. This study also indicates that stock price and stock liquidity have significant influence towards stock split decision while EPS growth and price earnings ratio don’t have any significant influence towards stock split decision.</em></p>

scholarly journals REAKSI INVESTOR DALAM PASAR MODAL TERHADAP UNDANG-UNDANG TAX AMNESTY (EVENT STUDY PADA PERUSAHAAN YANG TERDAFTAR DALAM IDX 30 DI BURSA EFEK INDONESIA)

2019 ◽  
Vol 2 (1) ◽  
Author(s):  
Nida Nur Hidayah ◽  
Budi Susetyo ◽  
Yanti Puji Astutie
Keyword(s):  
Abnormal Return ◽  
Quantitative Research ◽  
Stock Exchange ◽  
Secondary Data ◽  
Rank Test ◽  
Trade Volume ◽  
Tax Amnesty ◽  
Signed Rank ◽  
Before And After ◽  
Signed Rank Test

This research is aimed to know the differences of abnormal return, stock trade volume, and stock trade frequency in before and after the existance of Tax Amnesty Laws. Kind of this research was quantitative research by using secondary data that was gained from company's annual report. Population used in this research was enrolled companies in IDX 30 in Indonesia Stock Exchange that the total was 30 companies. In sample taking technique, the reseacher used purposive sampling with enrolled companies' criterias in IDX 30 periodes March 2017 - April 2017. Tecnique of analyzing data that was used is Wilcoxon Signed Rank Test. The result of this research shows that there are no differences of abnormal return in before and after the existance of Tax Amnesty Laws with score Asymp.Sig 2 Tailed 0,398. In hypothesis 2, there are the differences of stock trade volume in before and after the existance of Tax Amnesty Laws with score Asymp.Sig 2 Tailed 0,000. Then in hypothesis 2, there are the differences of stock trade frequency in before and after the existance of Tax Amnesty Laws with score Asymp.Sig 2 Tailed 0,000.  Keywords: abnormal return, stock trade volume, stock trade frequency, and Tax Amnesty.

scholarly journals THE ANALYSIS OF ABNORMAL RETURN, LIQUIDITY AND STOCK RISK DIFFERENCE DURING PRE AND POST STOCK SPLIT IN IDX PERIOD 2010 – 2014

2017 ◽  
Vol 8 (1) ◽  
pp. 20
Author(s):  
Umi Mardiyati ◽  
Rachmattullah Rachmattullah ◽  
Gatot Nazir Ahmad
Keyword(s):  
Abnormal Return ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Sampling Period ◽  
Risk Difference ◽  
Rank Test ◽  
Distribution Data ◽  
Significant Difference ◽  
Stock Split ◽  
Before And After

This study aimed to analyze the differences of abnormal return, liquidity and risk stock before and after the stock split on companies listed in Indonesia Stock Exchange 2010 - 2014. The sample are 29 companies selected by purposive sampling. Period of observations used in this study is 5 days before the stock split and 5 days after the stock split. The analysis technique used is the Kolmogorov-Smirnov test for normality test, paired sample t-test for normally distributed data and Wilcoxon signed rank test if distribution data is not normal. Results from the study showed that there is no significant difference in abnormal returns between before and after stock split period, there are differences in liquidity between the before and after stock split period and there is no difference in stock risk between before and after the stock split period.   Keywords : Stock Split, Abnormal Return, Liquidity, Stock Risk

scholarly journals Analisis Perbedaan Tick Size dan Risiko Saham Sebelum dan Sesudah Reverse Stock Split di Bursa Efek Indonesia

2018 ◽  
Vol 1 (1) ◽  
pp. 170-177
Author(s):  
Chairunis Chairunis
Keyword(s):  
Stock Prices ◽  
Stock Exchange ◽  
Rank Test ◽  
Tick Size ◽  
Signed Rank ◽  
Stock Split ◽  
Before And After ◽  
Signed Rank Test ◽  
Trading Activities ◽  
Reverse Stock Split

Harga saham yang rendah sering diindikasikan sebagai kinerja yang kurang baik dari sebuah perusahaan. Harga saham tersebut dinilai kurang menarik bagi investor dan mengakibatkan menurunnya aktifitas perdagangan saham. Untuk meningkatkan aktifitas perdagangan, maka perlu dilakukan sebuah aksi korporasi, salah satunya adalah reverse stock split. Reverse stock split bertujuan mengembalikan harga saham pada kisaran wajar. Sehingga memberikan kesan bonafit dan menarik bagi investor untuk melakukan jual beli saham. Berkenaan dengan hal tersebut maka penelitian ini mencoba untuk melihat ada atau tidak perbedaan pada tick size dan risiko saham sebelum dan sesudah reverse stock split. Penelitian ini menggunakan data sekunder perusahaan yang melakukan reverse stock split di Bursa Efek Indonesia yang diperoleh dari website dan situs resmi. Metode yang digunakan dalam penelitian ini analisis komparatif. Dalam penelitian ini terdapat 21 perusahaan yang melakukan reverse stock split di Bursa Efek Indonesia pada periode 2005-2014 dengan 1 perusahaan melakukan 2 kali reverse stock split sepanjang periode pengamatan sehingga terdapat 16 sampel perusahaan yang memenuhi kriteria populasi sasaran. Hipotesis dalam penelitian ini adalah terdapat perbedaan tick size dan risiko saham sebelum dan sesudah reverse stock split. Hipotesis penelitian diuji dengan Wilcoxon Signed Rank Test menggunakan tingkat signifikansi sebesar 5% (0,05) karena data tidak berdistribusi secara normal. Hasil penelitian menunjukan bahwa terdapat perbedaan tick size sebelum dan sesudah reverse stock split dan tidak terdapat perbedaan risiko saham sebelum dan sesudah reverse stock split   Low stock prices are often indicated as a company's poor performance. The stock price is considered less attractive to investors and resulted in a decline in stock trading activities. To increase trading activities, a corporate action is needed, one of which is a reverse stock split. Reverse stock split aims to return stock prices at a reasonable range. So that it gives a bona fide and attractive impression for investors to buy and sell shares. Regarding to this matter, this study tried to see whether there was a difference in the tick size and risk of stocks before and after the reverse stock split. This study used secondary data of companies that conducted reverse stock splits on the Indonesia Stock Exchange obtained from websites and official sites. The method used in this study was comparative analysis. In this study, there were 21 companies that conducted a reverse stock split on the Indonesia Stock Exchange in the period 2005-2014, with 1 company do 2 times a reverse stock split during the observation period. So that there were 16 samples of companies that met the criteria of the target population. The hypothesis in this study was that there were differences in the tick size and risk of stocks before and after the reverse stock split. The research hypothesis was tested with the Wilcoxon Signed Rank Test using a significance level of 5% (0.05) because the data were not normally distributed. The results showed that there were differences in the tick size before and after the reverse stock split and there were no differences in stock risk before and after the reverse stock split.

scholarly journals Analisis Perbandingan Trading Volume Activity, Bid-Ask Spread dan Abnormal Return Sebelum dan Sesudah Adanya Pengumuman Stock Split pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Periode Januari 2015-Oktober 2018

Telaah Bisnis ◽  
2020 ◽  
Vol 19 (2) ◽  
pp. 95
Author(s):  
Anis Zakiyah ◽  
Hari Nurweni
Keyword(s):  
Abnormal Return ◽  
Trading Volume ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Rank Test ◽  
Volume Activity ◽  
Bid Ask Spread ◽  
Stock Split ◽  
Before And After ◽  
Signed Rank Test

This study aims to analyze the differences in trading volume activity, bid-ask spread, and abnormal returns before and after the announcement of a stock split in companies listed on the Indonesia Stock Exchange from January 2015 to October 2018. A sample of 39 companies announced a stock split during the period are selected based on certain criteria. The Wilcoxon Signed Rank test is used to analyze the differences in trading volume activity, bid-ask spread, and abnormal returns, five days before and after the announcement. The use of nonparametric statistical analysis was carried out because the data were not normally distributed. The results show that there is no difference in trading volume activity around the announcement of the stock split. On the other hand, the bid-ask spread and abnormal return are statistically different around the announcement of the stock split.

scholarly journals The Return Difference between Before and After Issuance of Sharia Bonds (Sukuk)

2020 ◽  
Vol 1 (1) ◽  
pp. 1-7
Author(s):  
Sindi Wiranda
Keyword(s):  
Stock Exchange ◽  
Abnormal Returns ◽  
Rank Test ◽  
Study Program ◽  
Significance Level ◽  
Signed Rank ◽  
Significant Difference ◽  
Before And After ◽  
Signed Rank Test ◽  
Return Difference

This study aims to analyze sharia downloading which returns shares on the Indonesian Stock Exchange. This study uses a study program to see the average abnormal returns around the sharia promulgation date (sukuk) and the average difference in abnormal returns before and after sharia withdrawal (sukuk). The population in this study were all sharia negotiations published in the 2014-2019 period. and still published in February 2020. The window period is 60 days (t - 30 and t + 30) with a sample of 15 publication events. The method used in this study was the t test and Wilcoxon signed rank test. The results showed that there was an average significant abnormal return around the date of promulgation of sharia (sukuk), namely on the 29th and 1st days before the promulgation of sharia (sukuk). And the results of the Wilcoxon sign rank test show that the significance level is 0.003, which means that H0 is accepted so that there is a significant difference in average returns between before and after the announcement of the sharia withdrawal (sukuk) announcement.

scholarly journals REAKSI INVESTOR DALAM PASAR MODAL TERHADAP UNDANG-UNDANG TAX AMNESTY (EVENT STUDY PADA PERUSAHAAN YANG TERDAFTAR DALAM IDX 30 DI BURSA EFEK INDONESIA)

2019 ◽  
Vol 2 (1) ◽  
Author(s):  
Nida Nur Diyanah ◽  
Budi Susetyo ◽  
Yanti Puji Astutie
Keyword(s):  
Abnormal Return ◽  
Quantitative Research ◽  
Stock Exchange ◽  
Secondary Data ◽  
Rank Test ◽  
Trade Volume ◽  
Tax Amnesty ◽  
Signed Rank ◽  
Before And After ◽  
Signed Rank Test

This research is aimed to know the differences of abnormal return, stock trade volume, and stock trade frequency in before and after the existance of Tax Amnesty Laws. Kind of this research was quantitative research by using secondary data that was gained from company's annual report. Population used in this research was enrolled companies in IDX 30 in Indonesia Stock Exchange that the total was 30 companies. In sample taking technique, the reseacher used purposive sampling with enrolled companies' criterias in IDX 30 periodes March 2017 - April 2017. Tecnique of analyzing data that was used is Wilcoxon Signed Rank Test. The result of this research shows that there are no differences of abnormal return in before and after the existance of Tax Amnesty Laws with score Asymp.Sig 2 Tailed 0,398. In hypothesis 2, there are the differences of stock trade volume in before and after the existance of Tax Amnesty Laws with score Asymp.Sig 2 Tailed 0,000. Then in hypothesis 2, there are the differences of stock trade frequency in before and after the existance of Tax Amnesty Laws with score Asymp.Sig 2 Tailed 0,000.  Keywords: abnormal return, stock trade volume, stock trade frequency, and Tax Amnesty.

scholarly journals Study of Comparison of Stock Performance Before And After Doing Split Stock In Go Public Companies That Are Listing on The Idx Period 2013 – 2015

2019 ◽  
Vol 2 (1) ◽  
pp. 1-17
Author(s):  
R.A. Norromadani Yuniati ◽  
Latof Syeikhur Rabbani ◽  
Mirza Safitri Agatha Putri
Keyword(s):  
Abnormal Return ◽  
Trading Volume ◽  
Stock Exchange ◽  
Rank Test ◽  
Volume Activity ◽  
Security Return ◽  
Significant Difference ◽  
Stock Split ◽  
Before And After ◽  
The Difference

This study aims to determine the difference in abnormal return, trading volume activity, and security return variability before and after the stock split announcement on companies listed on the Indonesia Stock Exchange for the period 2013 - 2015. Testing the information content will be done by looking at differences in average abnormal return, average security return variability and average trading volume activity five days before and five days after the announcement of the stock split. The data analysis method that will be used is descriptive statistical analysis and different tests before and after the stock split announcement using the Wilcoxon signed rank test. The results of this study indicate that there are significant abnormal return differences before and after the stock split announcement, there is no significant difference in trading volume activity before and after the stock split announcement, and there is no significant difference in security return variability before and after the stock split announcement.

PERBEDAAN FINANCIAL PERFORMANCE PASCA SECONDARY OFFERINGS

Wahana ◽  
2019 ◽  
Vol 22 (1) ◽  
pp. 41-49
Author(s):  
Djaja Perdana ◽  
Herbowo Herbowo
Keyword(s):  
Financial Performance ◽  
Stock Exchange ◽  
Hypothesis Test ◽  
Poor Performance ◽  
Rank Test ◽  
Growth Ratio ◽  
Significant Difference ◽  
Before And After ◽  
Signed Rank Test ◽  
Asset Turnover

This study aims to examine the differences in corporate financial performance before and after secondary offerings. The financial performance is proxied by WCR, DER, Solvency, ROA, ROE, Asset Turnover (ATO) and Growth ratio which representing the value of liquidity, financing, activity, performance and growth of the firm. The study involved 67 samples of the companies listed on the Indonesia Stock Exchange conducting secondary offerings during 2008-2013 period and selected through purposive random sampling method and using Financial Statement data from 2005-2016 period. Hypothesis test is performed using Wilcoxon Signed Rank test. The results of this study indicate that there is no significant difference in the ratio of Solvency, ROA and ROE between before and after secondary offerings, but there are significant differences in the ratio of WCR, DER, Asset Turnover and Growth. WCR ratio after secondary offerings increased, while DER ratio after secondary offerings decreased, the condition of both ratios showed better performance. While the indication of poor performance seen in decreasing asset turnover ratio and growth ratio.Keywords : agency theory, financial performance, secondary offerings

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