ANALISA FAKTOR-FAKTOR YANG MEMPENGARUHI DIVIDEND PAYOUT RATIO (Studi Empiris pada Perusahaan Manufaktur yang terdaftar di BEI 2015-2017)

Abstract- The objective of the research is to obtain empirical evidence of the effect of Return on Assets, Current Ratio, Debt to Equity Ratio, and Managerial Ownership towards Dividend Payout Ratio. Companies need to know any factors to determine the optimal dividend policy. The sample in this research is selected by using purposive sampling method and the secondary data used in this research was analyzed by using multiple regression method. The total amount of sample in this research is 13 firms which is registered as manufacturing sector in BEI for the year 2015-2017; published financial reports using Rupiah currency; audited by independent auditor; published financial reports for January 1 until December 31 periods, have positive net income, declared cash dividend, did not do stock split/ reverse stock split; and have managerial ownership on shareholders structure. The result of this research are Return on Assets, Current Ratio, Debt to Equity Ratio, and Managerial Ownership simultaneously has significant effect towards Dividend Payout Ratio. Partially, variable Return on Assets, and Managerial Ownership have positive significant effect on Dividend Payout Ratio. While Current Ratio and Debt to Equity Ratio does not have significant effect towards Dividend Payout Ratio.

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

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.

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

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.

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

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.

PERBEDAAN VOLUME PERDAGANGAN SAHAM SEBELUM DAN SESUDAH REVERSE STOCK SPLIT

Analisa investor terhadap informasi-informasi yang dipublikasikan perusahaan merupakan dasar pemikiran untuk melakukan investasi. Informasi mengenai aksi korporasi merupakan hal yang penting untuk diketahui seorang investor. Salah satu jenis aksi korporasi adalah reverse stock split. Penelitian ini dilakukan untuk mengetahui perbedaan volume perdagangan saham akibat dilakukannya reverse stock split. Penelitian ini menggunakan metode studi peristiwa, dan melakukan uji hipotesis dengan uji beda yaitu uji-t. Hasil dari penelitian adalah volume perdagangan saham sebelum dan sesudah dilakukannya reverse stock split adalah berbeda, yakni mengalami peningkatan. Sehingga reverse stock split dapat memberi sinyal yang positif.

Normal and reverse stock splits in the V4 countries

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