Perbedaan Reaksi Pasar atas Peristiwa Stock Split dan Reverse Stock Split
| Main Authors: | Artama, Nyoman Suta, Wirakusuma, Made Gede |
|---|---|
| Format: | Article info application/pdf eJournal |
| Bahasa: | eng |
| Terbitan: |
Accounting Department, Economic and Business Faculty of Universitas Udayana in collaboration with the Association of Accounting Department of Indonesia, Bali Region
, 2018
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| Online Access: |
https://ojs.unud.ac.id/index.php/Akuntansi/article/view/37149 https://ojs.unud.ac.id/index.php/Akuntansi/article/view/37149/23899 |
Daftar Isi:
- Tujuan penelitian ini adalah untuk mengetahui reaksi pasar pada peristiwa stock split dan reverse stock split dengan menggunakan abnormal return dan trading volume activity. Penelitian ini merupakan event study dengan periode pengamatan selama 7 hari kerja bursa. Sampel dalam penelitian ini adalah perusahaan yang melakukan stock split dan reverse stock split periode Januari 2009-Oktober 2017. Metode penentuan sampel yaitu dengan teknik nonprobability purposive sampling. Teknik analisis data yang digunakan adalah wilcoxon signed ranks test dan mann-whitney u test. Hasil penelitian menunjukkan bahwa peristiwa stock split dan reverse stock split mendapat reaksi dari pasar yang diukur dengan abnormal return selama periode pengataman. Sedangkan penelitian tentang aktivitas volume perdagangan, tidak terdapat peningkatan rata-rata aktivitas volume perdagangan sesudah peristiwa stock split dan tidak terdapat penurunan rata-rata aktivitas volume perdagangan sesudah peristiwa reverse stock split. Dalam penelitian ini ditemukan perbedaan reaksi pasar antara peristiwa stock split dan reverse stock split.
- The purpose of this study is to analyze market reaction on stock split and reverse stock split by using abnormal return and trading volume activity. This research is an event study within observation period of 7 days. Samples of this study are companies with stock split and reverse stock split during January 2009 - October 2017. The sampling method used is non-probability purposive sampling. Data analysis techniques used to test the hypothesis are wilcoxon signed ranks test and mann-whitney u test. The results show that stock split and reverse stock split obtain reaction from the market as measured by abnormal return. While research on trading volume activity shows there is no increase in average trading volume activity after stock split event and there is no decrease in average trading volume activity after reverse stock split event. This study finds different market reaction between stock split and reverse stock split events.