scholarly journals Analisis Pengaruh Stock Split Terhadap Harga Saham, Abnormal Return Dan Risiko Sistematik Saham Perusahaan (Studi Pada Perusahaan Yang Terdaftar Di Bei 2016-2018)

2019 ◽  
Vol 4 (1) ◽  
pp. 95
Author(s):  
Nindi Vaulia Puspita ◽  
Kartika Yuliari
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Abnormal Return ◽  
Systematic Risk ◽  
Stock Splits ◽  
Reverse Stock Splits ◽  
Stock Split ◽  
Before And After ◽  
Reverse Stock Split ◽  
Corporate Actions

The purpose of this study is to analyze the effect of stock split on stock price, abnormal return and systematic risk of stock, The sample in this study as many as 82 companies  are doing stock splits in the period 2016-2018 with the requirement that no other corporate actions such as mergers and acquisitions or reverse stock splits. The result indicated there are differences in stock prices and abnormal return before and after the stock split event, and the systematic risk no difference after and before the stock split event. This condition because of the strong internal factors of the company, this is indicated by no effect of systematic risk (beta) on stocks due to unstable market because investors buy stocks in the short term so they are not affected by systematic risk. Penelitian bertujuan untuk melakukan analisis pengaruh stock split terhadap harga saham, abnormal return dan risiko sistematik saham, sampel penelitian terdiri dari  82 perusahaan yang melakukan stock split dalam rentang waktu 2016-2018 dengan persyaratan tidak ada corporate action yang lain seperti merger dan akuisisi ataupun reverse stock split. Hasil penelitian menunjukkan terdapat perbedaan harga saham sebelum dan sesudah peristiwa stock split, adanya perbedaan abnormal return sebelum dan sesudah stock split dan  yang terakhir risiko sistematik menghasilkan tidak adanya perbedaan setelah dan sebelum adanya peristiwa stock split, kondisi ini karena kuatnya factor internal perusahaan, hal ini ditunjukkan dengan tidak adanya pengaruh risiko sistematik (beta) terhadap saham yang disebabkan kondisi pasar yang tidak stabil menyebabkan investor membeli saham dengan tujuan jangka pendek sehingga tidak terpengaruh dengan risiko sistematik.

scholarly journals Normal and reverse stock splits in the V4 countries

2016 ◽  
Vol 13 (4) ◽  
pp. 95-105 ◽  
Author(s):  
Manuela Raisová ◽  
Martin Užik ◽  
Christian M. Hoffmeister
Keyword(s):  
Stock Returns ◽  
Stock Prices ◽  
Stock Price ◽  
Abnormal Returns ◽  
Stock Splits ◽  
Announcement Date ◽  
Reverse Stock Splits ◽  
Stock Split ◽  
Reverse Stock Split ◽  
A Company

The economic crisis has forced managers of joint stock companies to look for short-term solutions for the sharp changes in stock prices of their companies. Even the companies of the V4 countries are not the exception. The authors have focused on those companies where have been used either reverse stock split or stock split. They analyzed the effects of the reverse stock split or stock splits on the abnormal returns of stocks. In this paper, the authors analyzed a dataset from 1993 until 2015 with 124 reverse stock splits and 184 stock splits in total focused on the stock market in V4. Based on their own research they conclude that when reverse stock splits were used stock returns significantly decreased one day around the announcement date. They conclude that managers of a company might use this instrument to move the stock price back to the optimal trading range outside of the penny stock area. In the case of stock splits, the authors concluded that the use of this tool results in a significant increase in the returns of a stock after the announcement date. However, the results are in contrast to some former studies which found no positive effect on the returns caused by stock splits. The authors conclude that managers of a company might use this instrument to transport information content of future (positive) performance of a company to the traders. Keywords: Vysegrad group countries, normal stock split, reverse stock split, abnormal returns. JEL Classification: G11, G23, G32

scholarly journals Stock Price Reaction to the Stock Splits Announcement of Listed Companies in the Colombo Stock Exchange

2021 ◽  
Vol 7 (2) ◽  
Author(s):  
W. S. S Soyza ◽  
K. A. S. S. Kodithuwakku ◽  
S.M.R.K. Samarakoon
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Abnormal Return ◽  
Stock Exchange ◽  
Listed Companies ◽  
Share Price ◽  
Stock Splits ◽  
Average Abnormal Return ◽  
Stock Split ◽  
Before And After

A stock split is a corporate event that directly impacts the number of a company’s shares and indirectly on stock prices. This study tests the effect of the stock splits on the share price of companies listed in the Colombo Stock Exchange during the periods of pre and post stock split announcement in accordance with the Efficient Market Hypothesis. The main objective of this paper is to identify the overall impact of a stock split announcement on stock prices. This study analyses 88 annual stock splits during the ten (10) year period from 2009 to 2019 by taking the listed companies in the Colombo Stock Exchange into consideration. It uses the event study methodology to test the market efficiency of the Colombo Stock Exchange, and the market model is run with the aid of abnormal returns, which are calculated based on daily closing stock prices and the All-Share Price Index. For analysing the results, the graphical analysis and t statistics have been utilized. According to the event day average abnormal return, the majority of stock splits were more negative than positive with a significant t value at 5% by indicating that investors were taking the stock split announcement as bad news just after the split announcement was released. Each day with a significant Average Abnormal Return shows more positives than negatives. Graphical results have shown both Average Abnormal Return, and Cumulative Average Abnormal Return has remained continuously negative up to 18 and 25 days, respectively, by implicating that stock splits have made a deleterious impact on stock return. This study finally concludes that the information regarding the stock splits has not been absorbed efficiently by the market because the market reactions before and after the date of the split announcement were significant at 5%, although the Average Abnormal Return got a quick reaction to the announcement. Furthermore, results had not provided evidence for Semi-Strong Form efficiency of the Colombo Stock Exchange since the significant stock price adjustments before and after the event day was noticed. By this study, the policymakers and investors are convinced that all information has not been incorporated into stock prices in making their decisions.

scholarly journals PERUBAHAN TINGKAT LIKUIDITAS SAHAM DAN ABNORMAL RETURN YANG DIPENGARUHI OLEH PERISTIWA PEMECAHAN SAHAM

2020 ◽  
Vol 8 (2) ◽  
pp. 135-145
Author(s):  
Achmad Yusup Sulaiman ◽  
Hidayat Darwis
Keyword(s):  
Stock Returns ◽  
Abnormal Return ◽  
Stock Splits ◽  
Stock Liquidity ◽  
Purposive Sampling ◽  
Stock Split ◽  
Before And After ◽  
Sample Technique ◽  
Abnormal Stock Returns ◽  
Corporate Actions

This study was conducted to determine the significance of changes in stock liquidity and abnormal stock returns before and after the stock split. The sample technique used in this study was purposive sampling and the criteria used included the issuer not taking other corporate actions at the same time as the stock split. The samples used in this study were 28 companies. The results of this study indicate that stock split events have a significant effect on the level of stock liquidity. Whereas for abnormal stock returns, stock splits do not affect the overall meaning, stock splits do not affect the level of abnormal stock returns

scholarly journals Dampak Reverse Stock Split terhadap Nilai Perusahaan yang Terdaftar di Bursa Efek Indonesia

2019 ◽  
Vol 29 (3) ◽  
pp. 1094
Author(s):  
Evelin Budiarti ◽  
Ida Bagus Putra Astika
Keyword(s):  
Stock Price ◽  
Stock Exchange ◽  
Wilcoxon Test ◽  
Share Price ◽  
Analysis Technique ◽  
Stock Split ◽  
Before And After ◽  
Reverse Stock Split ◽  
Corporate Actions ◽  
A Company

Maximizing the firms value is one of the company’s goals in running its business. The value of a company is often affected by the share price. The stock price itself changes because of the demand and supply in the market. In making investment decisions, investors consider several factors, such as information of corporate actions. Reverse stock split is one type of corporate action. The purpose of this study is to obtain empirical evidence regarding differences of firms value before and after reverse stock split. This research was conducted at companies published on the Indonesia Stock Exchange in 2009-2018. Samples were selected using purposive sampling method so as many as 15 companies were obtained. The data analysis technique used in this study was the Wilcoxon test. The results of this study indicate there is no difference of firms value between before and after a reverse stock split. Keywords : Reverse Stock Split; Stock Split Down; Firms Value.

scholarly journals Harga Saham Sebelum dan Sesudah Stock Split

2020 ◽  
Vol 3 (2) ◽  
pp. 390-395
Author(s):  
Junita Putri Rajana Harahap ◽  
Murni Dahlena Nasution
Keyword(s):  
Event Study ◽  
Capital Market ◽  
Stock Prices ◽  
Stock Price ◽  
Research Method ◽  
Price Difference ◽  
Significant Difference ◽  
Stock Split ◽  
Before And After ◽  
A Company

The stock split causes the stock price to be cheaper so that it will attract potential investors to buy the stock. This research was conducted to determine when it is time for a company to do a stock split, information available on the capital market can be used by investors for consideration before investors make a decision to invest in shares. The study aims to determine the changes that occur in stock prices before and after the stock split policy by the company. The research method used in this research is event study research with a quantitative approach. This study examines how significant the stock price difference is after a stock split policy. The sample used in this study were all companies that carried out the 2016-2018 stock split policy. The results of research on companies that become samples have shown that the average stock price before the announcement of the stock split policy has no significant difference with the average stock price after the announcement of the stock split policy Keywords : Stock Price, Stock Split

Analisis Pengaruh Tingkat Harga Saham, Return Saham, dan Volume Perdagangan Saham terhadap Stock Split ISSI Periode 2015– 2020

2021 ◽  
Vol 4 (2) ◽  
pp. 234-245
Author(s):  
Farhan Maulana ◽  
Ahmad Mulyadi Kosim ◽  
Abrista Devi
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Trading Volume ◽  
Stock Return ◽  
Positive Impact ◽  
Secondary Data ◽  
Normality Test ◽  
Stock Split ◽  
Before And After ◽  
Sample Test

For companies that collect funds from the public through capital from capital market, it can be used to meet capital needs and finance the company’s operation. So that company is expected not to rely on commercial debt financing both from within the country and abroad. With stock split, it is hoped that it will increase investors’ interest in buying affordable shares. This study aims to determine whether the stock split has an effect on stock prices, trading volume, and stock return. The method used by the researcher uses quantitative secondary data methods by using descriptive statistical data test, then use the kolgomorov smirnov normality test, and using theaverage paired sample test. The results of this research is that: 1) stock price have a significant effect after the stock split occurs, 2) while the trading volume has no significant effect after the stock split occours, 3)  then stock return has a siginificant impact before and after the stock split because it is expected to have a positive impact for issuers and investors.

scholarly journals Market Reaction Analysis of Annual Report Award Announcement: An Event Study Using Abnormal Return, Trading Volume Activity, and Stock Price

2020 ◽  
Vol 4 (1) ◽  
pp. 340
Author(s):  
Fitri Astuti ◽  
Anggi Setya Prayoga
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Abnormal Return ◽  
Trading Volume ◽  
Annual Report ◽  
Market Reaction ◽  
Abnormal Returns ◽  
Volume Activity ◽  
Event Window ◽  
Before And After

This study intends to examine the differences in market reaction around the announcement of the Annual Report Award which is not only measured by abnormal return but is also measured using trading volume activity and stock prices. The data used are quantitative data in the form of a list of companies that received the Annual Report Award for the 2015-2018 period, the daily closing price of the ARA-winning company in the event window, the composite stock price index, the number of shares traded, and the number of shares outstanding. The event window is selected for 11 days because the long window period will blend with the effects of other events or confounding effects. The results of the study concluded that the market reacted around the announcement of the Annual Report Award for the 2015-2018 period measured using abnormal returns, trading volume activity, and stock prices. There is no difference in abnormal returns before and after the announcement of the 2013-2016 Annual Report Award period. Instead there are differences in trading volume activity and stock prices before and after the announcement of the Annual Report Award for the 2015-2018 period.

scholarly journals ANALISIS HARGA SAHAM, VOLUME PERDAGANGAN SAHAM DAN VARIAN RETURN SAHAM TERHADAP BID ASK SPREAD PADA MASA SEBELUM DAN SESUDAH STOCK SPLIT PADA PERUSAHAAN YANG TERDAFTAR DI BEI TAHUN 2011 – 2015

2018 ◽  
Vol 10 (2) ◽  
Author(s):  
Kevin Immanuel ◽  
Oktafalia Marisa Muzamil
Keyword(s):  
Stock Prices ◽  
Trading Volume ◽  
T Test ◽  
Wilcoxon Test ◽  
Stock Splits ◽  
Volume Activity ◽  
Bid Ask Spread ◽  
Significant Difference ◽  
Stock Split ◽  
Before And After

<p><em>The stock split policy is taken by the company to keep stock prices not too high so that its stock can reach many investors and increase stock liquidity. This study also aims to measure whether there is a difference before and after the company does a stock split through bid ask spread.</em></p><p><em>This research method uses event study about market reaction to information from stock split announcement.This type of research includes descriptive research using quantitative data, while data collection techniques consist of library techniques and documentation techniques. </em></p><p><em>The results showed that the test for normality only trading volume activity (TVA) that qualify and can do paired samples t-test, while the stock price, the variant return and bid ask spread is done by using Wilcoxon test because it does not pass the test of normality. In the paired sample t-test, the results show that there is significant trading activity volume difference before and after stock split. In the Wilcoxon test, the results show that there is no significant price difference before and after stock split, there is no significant difference of return variance before and after stock split, and there is no significant bid ask spread before And after stock splits.</em></p><p><em>The conclusions can be drawn based on the results of the study that the market conditions are in the bearish market and investors do not provide a quick feedback to the stock split. However, stock splits have increased liquidity from firms due to stock splits to n per sheets and reduced asymmetry costs to be borne by investors. Suggestions from researchers to investors are investors can take advantage of stock split events and must be observant in seeing the stock of a particular company that has prospects, good performance and good reputation in the community. For the company, the company should be wise in determining the ratio for stock prices to be optimal and consider whether the stock market is bearish / bullish market when doing stock split policy.</em></p><strong><em>Keywords</em></strong><em>: stock prices, return, trading volume activity, bid ask spread, and stock split</em>

scholarly journals The Impact of Stock Dividends and Stock Splits on Shares’ Prices: Evidence from Egypt

2017 ◽  
Vol 6 (4) ◽  
pp. 96 ◽  
Author(s):  
Osama Abd ElKhalek El Ansary ◽  
Mervat Hussien El-Azab
Keyword(s):  
Stock Prices ◽  
Positive Impact ◽  
Stock Exchange ◽  
Investment Decision ◽  
Price Volatility ◽  
Stock Splits ◽  
Stock Split ◽  
Corporate Actions ◽  
Stock Dividends ◽  
The Impact

This research aims to examine the effect of two types of corporate actions,“Stock Split” and “Stock Dividends”, on the shares’ prices, liquidity changes, and price volatility; and to investigate the efficiency of the Egyptian stock market in response to the announcement of the corporate actions. The research provides the investors with a scientific tool to predict and explain changes in stock prices in response to announced corporate actions and to improve their investment decision-making process.The objective is to investigate whether the two actions collectively or independently have a positive impact on the prices of the related stocks listed on the Egyptian Stock Exchange (EGX), and assess the similarities and dissimilarities between their individual impacts.We applied the “Event Study” approach to measure the impact of the stock splits and stock dividends announcement on the stock prices through measuring the cumulated average abnormal return (CAAR) resulted from events to assess their impact on the stock performance around the announcement day (for a period of 30 prior and 30 days post announcement) as applied before by Terhi (2011).  The analysis concluded that the announcement of both of stock split and stock dividend has a positive impact on stock prices. This positive impact drove the authors to test the efficiency of EGX in respect of the impact of the announcement the corporate actions to the public investors. A correlation analysis is performed to reflect this impact. 

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.

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