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

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.

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The Pengaruh Harga Saham, Return Saham, Volume Perdagangan, dan Risiko Return Saham Terhadap Bid Ask Spread pada Perusahaan di Indeks LQ45

Jurnal Ilmiah Mahasiswa Manajemen, Bisnis dan Akuntansi (JIMMBA) ◽

10.32639/jimmba.v3i2.785 ◽

2021 ◽

Vol 3 (2) ◽

pp. 275-289

Author(s):

Fita Krisdayanti ◽

Tuti Zakiyah

Keyword(s):

Panel Data ◽

Stock Returns ◽

Stock Prices ◽

Stock Price ◽

Trading Volume ◽

Stock Return ◽

Secondary Data ◽

Sampling Technique ◽

Total Sample ◽

Bid Ask Spread

The purpose of this study was to determine the effect of Stock Price, Stock Return, Trade Volume and Stock Return Risk partially or simultaneously on the bid ask spread of the LQ45 index companies 2019. The data source used in this study was daily secondary data. The population used in this study are companies listed in the 2019 LQ45 index, totaling 45 companies. The sampling technique used purposive sampling method which resulted in a total sample size of 37 companies and 245 days, thus forming a panel data of 9,065 samples. The analysis technique used is the Fixed Effect Model panel data regression analysis with the help of eviews 10 software application. The results show that: 1) stock prices have a significant effect on the bid ask spread, 2) stock returns have no significant effect on the bid ask spread, 3) volume stock trading has a significant effect on the bid ask spread, 4) the risk of stock return has a significant effect on the bid ask spread, 5) the stock price, stock return, trading volume, and the risk of stock return have a significant effect on the bid ask spread.

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

ACCRUALS ◽

10.35310/accruals.v3i2.51 ◽

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.

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

E-Jurnal Akuntansi ◽

10.24843/eja.2021.v31.i10.p10 ◽

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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Is Abnormally Large Volume a Clue?

International Journal of Economics and Finance ◽

10.5539/ijef.v8n9p226 ◽

2016 ◽

Vol 8 (9) ◽

pp. 226

Author(s):

Tsung-Hsun Lu ◽

Jun-De Lee

Keyword(s):

Stock Market ◽

Large Volume ◽

Stock Prices ◽

Stock Price ◽

Trading Volume ◽

Sensitive Analysis ◽

Support Level ◽

Out Of Sample ◽

Sample Test ◽

Abnormal Trading Volume

This paper investigates whether abnormal trading volume provides information about future movements in stock prices. Utilizing data from the Taiwan 50 Index from October 29, 2002 to December 31, 2013, the researchers employ trading volume rather than stock price to test the principles of resistance and support level employed by technical analysis. The empirical results suggest that abnormal trading volume provides profitable information for investors in the Taiwan stock market. An out-of-sample test and a sensitive analysis are conducted for the robustness of the results.

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Harga Saham Sebelum dan Sesudah Stock Split

Journal of Economic Bussines and Accounting (COSTING) ◽

10.31539/costing.v3i2.1163 ◽

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

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ANALISIS PERBEDAAN HARGA SAHAM, RETURN SAHAM, DAN ABNORMAL RETURN SEBELUM DAN SESUDAH STOCK SPLIT PADA PERUSAHAAN HIGH PROFILE DAN LOW PROFILE YANG TERDAFTAR DI BURSA EFEK INDONESIA

Jurnal Fokus Manajemen Bisnis ◽

10.12928/fokus.v11i1.3234 ◽

2021 ◽

Vol 11 (1) ◽

pp. 42

Author(s):

Pita Rahmawati ◽

Jawoto Nusantoro ◽

Gustin Padwa Sari

Keyword(s):

Stock Returns ◽

Stock Prices ◽

Abnormal Returns ◽

T Test ◽

Paired Sample ◽

High Profile ◽

Normality Test ◽

Low Profile ◽

Stock Split ◽

Before And After

This research aims to determine whether there are differences in stock prices, stock returns and abnormal returns before and after a stock split in high profile and low profile companies. The research period used in this study was on 2016-2018. The research was analyzed in quantitative method by using a purposive sampling method. Based on the sampling criteria, 40 companies were selected as research samples. Kolmogorov Smirnov One Sample test was used for the normality test. After the normality test was carried out, the data was processed using the two paired-sample difference test. The t-test (paired sample t-test) was used if data were normally distributed but if it was not normally distributed the Wilcoxon Signed Rank test would be used. Hypothesis testing results showed that (1) there are differences in stock prices whether before and after a stock split in high profile companies (2) there are differences in stock prices whether before and after the stock split in low profile companies (3) there are differences in stock returns whether before and after a stock split in the company high profile (4) there is no difference in stock returns whether before and after the stock split in low profile companies (5) there is no difference in abnormal returns whether before and after the stock split in high profile companies (6) there is no difference in abnormal returns whether before and after the stock split in low profile companies (7) there are differences in stock prices after a stock split in high profile companies and low profile (8) there is no difference in stock returns whether before and after the stock split in high profile and low profile companies (9) there is no difference in abnormal stock returns whether before and after a stock split at high profile and low profile companies.

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

EkBis Jurnal Ekonomi dan Bisnis ◽

10.14421/ekbis.2020.4.1.1186 ◽

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.

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PENGARUH PENGUMUMAN SAHAM BONUS TERHADAP VOLUME PERDAGANGAN SAHAM

Media Riset Akuntansi Auditing & Informasi ◽

10.25105/mraai.v2i2.1799 ◽

2017 ◽

Vol 2 (2) ◽

pp. 1

Author(s):

Ardiansyah R.

Keyword(s):

Information Content ◽

Stock Price ◽

Trading Volume ◽

Secondary Data ◽

Volume Activity ◽

Earning Growth ◽

Demand And Supply ◽

Before And After ◽

The One ◽

Research Analysis

The aim of this research is to test the information content from the announcement of share bonus. For that research is rarely to be observed. However, that research can use the near theory, like stock split and stock dividend. That announcement can be the one classified, it can be said the other term is stock distribution.This research is to use the secondary data and the measurement is called the trading volume actilAty. The reason of using of that measurement, because it is the important thing, beside the stock price. By observing the trading volume activity it can be seen the fluctuation of the meeting from the demand and supply side. For knowing the significant of changing in the trading volume activity can be measured by approaching the compare mean, that approaching is to compare between before and after share announcement. That event could be a signal for the stock market and it is having the information contentFor this research, it also use the earning growth, that earning is usually as a indicator of good or bad performance from the company condition. This can describe what the companies look. And also this can add the research analysis, then more supported. And that research can be the combination of analysis method between the fundamental and technical analysis.The result of this research indicates, the event can affect the trading volume for all companies and for companies in non-manufacturing and also for in the crisis period. But the market reaction tend to the negative reaction by assuming that there is no spread information before that event.Keywords: Sham bonus, trading volume activity and earning growth.

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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

Jurnal Akuntansi Bisnis ◽

10.30813/jab.v10i2.992 ◽

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

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.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. 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.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.Keywords: stock prices, return, trading volume activity, bid ask spread, and stock split

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ANALISIS LIKUIDITAS SAHAM SEBELUM, SAAT DAN SESUDAH PENGUMUMAN STOCH SPLIT

El-HARAKAH (TERAKREDITASI) ◽

10.18860/el.v8i1.4619 ◽

2008 ◽

Vol 8 (1) ◽

pp. 129

Author(s):

Agus Sucipto

Keyword(s):

Stock Price ◽

Trading Volume ◽

Market Reaction ◽

Volume Activity ◽

Stock Trading ◽

Stock Liquidity ◽

Bid Ask Spread ◽

Significant Difference ◽

Stock Split ◽

Before And After

Stock split announcement is one of information type published by emitent that is used to know market reaction. When stock split announcement contains information, the market reacts that is shown by the changing of stock price. This study is intended to describe the effect of stock split announcement to market reaction using event study. This approach is used to identify the reaction of the market which is an activity of trading volume and bid-ask spread of stock used to know stock liquidity. The findings show that there is no significant difference between stock trading volume activity before, during and after stock split announcement. Whereas, the period of before and after the announcement, there is a significant difference of stock trading volume activity. The finding of bid-ask spread stock shows that there is a significant difference in the period of before and after stock split announcement. But there is no significant difference in the period of before and after stock split announcement. Pengumuman pemecahan saham adalah salah satu jenis informasi yang diterbitkan oleh emiten yang digunakan untuk mengetahui reaksi pasar. Bila pengumuman pemecahan saham berisi informasi, pasar bereaksi yang ditunjukkan oleh perubahan harga saham. Penelitian ini bertujuan untuk mendeskripsikan efek pengumuman pemecahan saham terhadap reaksi pasar dengan menggunakan kajian peristiwa. Pendekatan ini digunakan untuk mengidentifikasi reaksi pasar yang merupakan aktivitas volume perdagangan dan pemecahan saham yang digunakan untuk mengetahui likuiditas saham. Temuan menunjukkan bahwa tidak ada perbedaan yang signifikan antara aktivitas volume perdagangan saham sebelum, selama dan setelah pengumuman pemecahan saham. Padahal, periode sebelum dan sesudah pengumuman, ada perbedaan yang signifikan dari aktivitas volume perdagangan saham. Temuan menunjukkan bahwa ada perbedaan yang signifikan pada periode sebelum dan sesudah pengumuman pemecahan saham. Namun tidak ada perbedaan yang signifikan pada periode sebelum dan sesudah pengumuman pemecahan saham.

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