scholarly journals Kebijakan Stock Split Perusahaan Non-Financial Di Indonesia: Manajemen Laba, Kinerja Operasi, Kinerja Pasar

Owner ◽  
2021 ◽  
Vol 5 (2) ◽  
pp. 345-357
Author(s):  
Amrie Firmansyah ◽  
Titi Sari Indriani
Keyword(s):  
Earnings Management ◽  
Stock Prices ◽  
Financial Services ◽  
Stock Exchange ◽  
Operating Performance ◽  
Market Performance ◽  
Secondary Data ◽  
Stock Split ◽  
Before And After ◽  
The Moment

The stock split policy shows the success of managers in managing the company. The condition of managers who have perfect information compared to shareholders, stock split policies may coincide with certain motives carried out by managers. This study examines differences in earnings management, operating performance, and market performance before and after the company conducts a stock split. This study employs secondary data sourced from www.idx.co.id, www.idnfinansials.com, and www.finance.yahoo.com. The data employed consists of data and information from financial statements and stock prices of non-financial companies listed on the Indonesia Stock Exchange from 2013 to 2019. The sample used in this study amounted to 64 observations based on purposive sampling. The data analysis test used the normality test and the Wilcoxon matched-pairs test. This study concludes that earnings management and market performance increase after the company's stock split is carried out. Meanwhile, operating performance did not experience any difference before and after the stock split was carried out. This study proves that managers employ the moment stock split to carry out earnings management for certain motives, even though the market participants positively respond to these actions. The companies that carry out stock splits should make these events to improve their operating performance. This study indicates that the Financial Services Authority needs to review companies with plans to conduct a stock split to protect investors in the capital market

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 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 Real earnings management of operation before and after the implementation of IFRS using cash flow measurement approach

2016 ◽  
Vol 5 (1) ◽  
pp. 55
Author(s):  
Tiara Puspita Dewi ◽  
Nurmala Ahmar
Keyword(s):  
Earnings Management ◽  
Cash Flow ◽  
Stock Exchange ◽  
Secondary Data ◽  
Real Earnings Management ◽  
Manufacturing Companies ◽  
Public Companies ◽  
Before And After ◽  
Measurement Approach ◽  
Infor Mation

The timeframe of this study is two years, before the implementation of IFRS in 2011 and after the implementation of IFRS in 2013. The population of this study is manufacturing companies listed in Indonesia Stock Exchange. From the existing 179 companies, 92 companies were selected according to the criteria of the sampling method and then determined as the subjects of the study. The data were secondary data obtained in the form of ready-made (provided) through publications and infor-mation issued by various organizations or public companies listed in Indonesia Stock Exchange. The focus of this study is to examine the differences in the real earnings management with the measurement of cash flow operation before and after the implementation of IFRS. Roychowdhury (2006) stated that the indication of real earnings management is the interval between -0.075 and 0.075. The results show that there is no difference between real earnings management with the measurement of cash flow operation before the implementation of IFRS and real earnings man-agement with the measurement of cash flow operation after the implementation of IFRS.

scholarly journals A The Comparison Of Stock Price Before and After Dividend Sharing On The Property and Real Estate Sector Coorporations Which Listed In The Indonesian Stock Exchange Period Of 2014-2019

2021 ◽  
Vol 1 (2) ◽  
pp. 22
Author(s):  
Alfu Laila
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Data Exchange ◽  
Stock Exchange ◽  
Secondary Data ◽  
Economic Progress ◽  
Real Estate Sector ◽  
Before And After ◽  
Dividend Distribution ◽  
Data Source

Abstract                The economic progress of a country is reflected in the capital market activities in that country. Economic progress as described on the basis of the market function as a capital transaction infrastructure that can affect a country's economic development. This study aims to see and analyze stock prices before and after dividend distribution listed on the Indonesia Stock Exchange (IDX). This study uses a comparative analysis with a quantitative approach. The data source used is secondary data. This data is obtained from the official website of the Indonesia Stock Exchange (Internet Data Exchange / BEI). The results of this study indicate that there are significant differences in stock prices before and after dividend distribution. This is based on the test results on the paired sample t-test which shows the significance value is smaller than the alpha value a (0.000 <0.05) so that Ho is rejected and Ha is accepted. Keywords: Stocks, Dividends, BEI.

scholarly journals Impact of the COVID-19 pandemic and New Normal implementation on credit risk and profitability of Indonesian banking institutions

2021 ◽  
Vol 16 (3) ◽  
pp. 104-112
Author(s):  
Sri Wahyuni ◽  
Pujiharto ◽  
Siti Nur Azizah ◽  
Zulfikar Zulfikar
Keyword(s):  
Credit Risk ◽  
Financial Services ◽  
Stock Exchange ◽  
Banking System ◽  
Secondary Data ◽  
Sample Collection ◽  
New Normal ◽  
Significant Difference ◽  
Before And After ◽  
The Impact

This study aims to compare the credit risk and profitability of banks in Indonesia. For this, the descriptive-quantitative method is used. The sample collection is based on the purposive sampling method. The study involved 71 Indonesian banks listed on the Indonesian Stock Exchange and Financial Services Authority, both conventional and Sharia. The research data are secondary data that include published results of quarterly financial reports of both conventional and sharia banks obtained from the website of the Financial Services Authority or the official websites of banks. The profitability of banks in making profit is measured by the Return on Assets ratio. The method of analysis used is the paired sample t-test. The results show significant differences in nonperforming loans (NPL) before and after the COVID-19 pandemic in conventional banking. However, there is no significant difference in Sharia banking. Moreover, there is no significant difference in profitability before and after the new normal implementation. This study provides empirical evidence that Indonesia’s banking restructuring policies to anticipate the impact of COVID-19 did not work optimally. The study is expected to help bank managers and the Financial Services Authority as a basis for evaluating the implementation of government policies to restructure the banking system.

scholarly journals Pengaruh Net Profit Margin Return On Asset Dan Return On Equity Terhadap Harga Saham

2021 ◽  
Vol 4 (2) ◽  
pp. 741-747
Author(s):  
Anugrah Harika Putra ◽  
Nanu Hasanuh
Keyword(s):  
Financial Institutions ◽  
Stock Prices ◽  
Financial Services ◽  
Stock Price ◽  
Stock Exchange ◽  
Secondary Data ◽  
Profit Margin ◽  
Return On Assets ◽  
Return On Equity ◽  
Net Profit

This study aims to determine the effect of Net Proft Margin, Return On Assets, and Return On Equity Against the Stock Price of Companies in the Financial Services Subsector Listed on the Indonesia Stock Exchange in 2015-2018. This research has occurred a phenomenon and identification of a problem that is quite interesting. The data source used from this research is only secondary data. The selection of samples is based on the criteria and subsector companies of 17 financial institutions and samples taken by 8 companies using the purposive sampling method in the financial institutions subsector companies. This study uses the data analysis methods of classical assumptions and hypothesis testing. The results showed that partially Net Profit Margin and Return On Assets have a significant effect on Stock Prices and partially showed Return On Equity had no significant effect on Stock Prices. Simultaneously, Net Profit Margin, Return On Asset, and Return On Equity have a significant effect on stock price. Keywords : NPM, ROA, ROE,  Stock Price

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 VOLUME PERDAGANGAN SAHAM SEBELUM DAN SESUDAH MELAKUKAN STOCK SPLIT PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2014-2016

2020 ◽  
Vol 5 (2) ◽  
pp. 97
Author(s):  
Indrayani Indrayani ◽  
Murhaban Murhaban ◽  
Syatriani Syatriani
Keyword(s):  
Trading Volume ◽  
Stock Exchange ◽  
Secondary Data ◽  
Financial Statements ◽  
Sampling Techniques ◽  
Manufacturing Companies ◽  
Stock Trading ◽  
Stock Split ◽  
Before And After ◽  
Data Analysis Methods

This study aims to analyze the comparison of the trading volume of shares before and after a stock split on companies listed on the Indonesia stock exchange in 2014-2016. This study uses secondary data in the form of annual financial statements of manufacturing companies in the Indonesia stock exchange in 2014-2016. The number of samples in this study is 30 companies selected using Purposive sampling techniques based on certain criteria. Data analysis methods used in this study are descriptive statistical methods and normality tests. Based on the results of hypothesis testing conducted, it shows that there are differences in the volume of stock trading before and after a stock split on companies listed on the Indonesia Stock Exchange in 2014-2016.

scholarly journals DIFFERENT TEST OF ABNORMAL RETURN AND TVA BEFORE AND AFTER STOCK SPLIT ANNOUNCEMENT

ACCRUALS ◽  
2019 ◽  
Vol 3 (2) ◽  
pp. 205-211
Author(s):  
Ayu Putri Kukuh Pangesti
Keyword(s):  
Hypothesis Testing ◽  
Abnormal Return ◽  
Trading Volume ◽  
Sampling Method ◽  
Stock Exchange ◽  
Economic Value ◽  
Secondary Data ◽  
Normality Test ◽  
Stock Split ◽  
Before And After

This study aims to determine whether there are differences in abnormal return (AR) and trading volume activity (TVA) between before and after the announcement of a stock split. The data used in this study are secondary data from the Indonesia Stock Exchange (IDX). Sampling in this study used a purposive sampling method. With certain criteria obtained a sample of 30 companies. This study uses event studies to determine the information content contained in an event. Hypothesis testing conducted in this study uses the normality test and paired sample t-test. The results of testing the first hypothesis in this study indicate that there is no difference in AR between before and after the announcement of a stock split. This happens because investors consider the stock split announcement have no economic value and prefer to allocate their funds to companies that are truly able to provide a return. While in the second hypothesis testing found the same thing that there is no significant TVA difference between before and after the announcement of the stock split.k split.

scholarly journals Reaksi Pasar atas Pengumuman Pemecahan Saham pada Perusahaan yang Terdaftar di Bursa Efek Indonesia

2021 ◽  
Vol 31 (10) ◽  
pp. 2530
Author(s):  
Ngakan Putu Wahyu Pandu Dewanata ◽  
I Gde Ary Wirajaya
Keyword(s):  
Stock Prices ◽  
Abnormal Return ◽  
Trading Volume ◽  
Market Reaction ◽  
Secondary Data ◽  
T Test ◽  
Stock Trading ◽  
Stock Split ◽  
Before And After ◽  
The One

This study aims to examine the market reaction caused by the announcement of the stock split. The population used in this study amounted to 67 companies. The method used in sampling using saturated samples, using the entire company that did the stock split. The data obtained is secondary data consisting of stock prices, IHSG, and stock trading volume. In analyzing the data, this study used the One-Sample T-Test and Paired Sample T-Test. The results showed that  there was a market reaction to the announcement of a stock split as indicated by an abnormal return, there was a market reaction to the announcement of a stock split as indicated by the volume of stock trading, there is no difference in markets reaction before and after the announcement of the stock split. Keywords: Stock Split; Abnormal Return; Stock Liquidity.

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