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 Pengaruh Stock Split Terhadap Volume Perdagangan, Harga Saham, dan Abnormal Return pada Perusahaan yang Terdaftar di BEI Periode 2017 - 2018

2020 ◽  
Vol 4 (1) ◽  
pp. 84
Author(s):  
Agus Amanda Tanoyo
Keyword(s):  
Stock Prices ◽  
Trading Volume ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Rank Test ◽  
Volume Activity ◽  
Stock Split ◽  
Before And After ◽  
Signed Rank Test ◽  
The Difference

This study aims to determine the difference in the trading volume activity, stock prices and abnormal returns before and after the announcement of a stock split. The population of this study are all companies listed in Indonesia Stock Exchange that take corporate action in the form of stock split at period 2017-2018. Sampling using purposive sampling. Based on the sampling criteria predetermined number of samples acquired 24 stocks. The analytical method used is the analysis Wilcoxon Signed Rank Test with the observation period (event window) is 14 days. The results showed that there were differences in the trading volume activity and stock prices before and after the announcement of stock split, while the last hypothesis showed that there were no differences in abnormal returns before and after the announcement of stock split.

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 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 MARKET REACTION ON THE ANNOUNCEMENT OF SRI KEHATI INDEX IN INDONESIAN STOCK EXCHANGE

2019 ◽  
Author(s):  
Anggita Langgeng Wijaya ◽  
Mia Noviyanti ◽  
Probo Mahayu
Keyword(s):  
Trading Volume ◽  
Market Reaction ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Rank Test ◽  
Stock Trading ◽  
Population Sampling ◽  
Signed Rank ◽  
Before And After ◽  
Signed Rank Test

The purpose of this study was to test the market reaction to the announcement of the Sri Kehati Index on the Indonesia Stock Exchange. The population in this study is all companies included in the Sri Kehati Index from 2013 to 2016. The selection of samples was taken by the population sampling method. Hypothesis testing is done by paired t test and Wilcoxon Signed Rank Test. The findings of this research are: 1) there is no difference in abnormal returns before and after the announcement of the Sri Kehati Index on the Indonesia Stock Exchange. 2) There is a difference in the activity of stock trading volume before and after the announcement of the Sri Kehati index in the 5th and 6th periods, but there is no difference in the activity of stock trading volume in other periods. The Indonesia Stock Exchange did not react consistently to the announcement of the Sri Kehati Index.

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 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 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 Tick Size Implementation of Kompas 100 Index at Indonesia Stock Exchange

2016 ◽  
Vol 7 (3) ◽  
pp. 289
Author(s):  
Agustini Hamid
Keyword(s):  
Market Microstructure ◽  
Negative Impact ◽  
Stock Exchange ◽  
Rank Test ◽  
Return Volatility ◽  
Tick Size ◽  
Signed Rank ◽  
Signed Rank Test ◽  
The Difference ◽  
The Impact

Tick Mechanism was included in market microstructure. It studied the process which investors’ latent demands were ultimately translated into prices and volumes. This research reviewed the theoretical, empirical, and experimental literature on market microstructure relating to return, volatility, and liquidity after implementation of new tick size in Indonesia Stock Exchange (IDX). The study took a sample of Kompas 100 index because it was represented all level of tick size at IDX. The data were analyzed using differences test with analysis tools e-views. Using Wilcoxon Signed Rank Test, there were not significance difference of volatility, return, and liquidity after the implementation of new tick size. The difference of implementation new tick size were contrary results that old tick size has a positive value to return and liquidity while it was negative for volatility. It means that increasing of liquidity and return have the impact to volatility. While the implementation of new tick size has the negative impact to return, liquidity, and volatility.

scholarly journals ANALISIS PERBANDINGAN HARGA SAHAM DAN VOLUME PERDAGANGAN SAHAM SEBELUM DAN SESUDAH PENGUMUMAN COVID-19 DI INDONESIA (Studi Pada Indeks Saham LQ-45 Di Bursa Efek Indonesia)

2021 ◽  
Vol 1 (2) ◽  
Author(s):  
Aviana Putri Iswanti ◽  
Aprilina Susandini
Keyword(s):  
Stock Prices ◽  
Trading Volume ◽  
Stock Exchange ◽  
Share Price ◽  
Rank Test ◽  
Share Prices ◽  
First Case ◽  
Significant Difference ◽  
Before And After ◽  
Signed Rank Test

The Covid-19 case in Indonesia was first announced on March 2, 2020. This study aims to determine whether there is a significant difference in share prices and share trading volume before and after the announcement of Covid-19 in Indonesia on LQ-45 shares on the Indonesia Stock Exchange. . The research data were taken 14 days before and 14 days after the announcement of the first case of Covid-19 in Indonesia. The data analysis was processed with descriptive statistics, the One Sample Kolmogorov-Smirnov Test, and the Wilcoxon Signed Rank Test. From the results of data processing, it shows that there is a significant difference in stock prices before and after the announcement of the first Covid-19 case in Indonesia. This is indicated by a significance value of 0.00 0.05. Where the share price has decreased compared to before the announcement of the Covid-19 case. Meanwhile, the trading volume of shares also shows a significant difference. Where the significance value is 0.00 0.05. The volume of stock trading after the announcement shows an increasing value.

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