Lestari, Elly Similarity PENGUJIAN REAKSI PASAR TERHADAP PERUSAHAAN YANG MELAKUKAN STOCK SPLITS BERDASARKAN RASIO SPLIT DI BURSA EFEK INDONESIA. Sekolah Tinggi Ilmu Ekonomi Mahardika, Surabaya Jawa Timur.
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4. PENGUJIAN REAKSI PASAR TERHADAP PERUSAHAAN YANG MELAKUKAN STOCK SPLITS BERDASARKAN RASIO SPLIT DI BURSA EFEK INDONESIA.pdf - Similarity Download (5MB) | Preview |
Abstract
Purpose of this research is to identify and analyses: 1) reaction of market at thebtime of announcement of stock split with ratio split 1:5 2) reaction of market at the time of announcement of stock split with ratio split 1:2 3) difference of return stock between stocks split with ratio split 1:5 compared to return stock stock split with ratio split 1:2 4) difference of stock liquidity between stocks split with ratio split 1:5 compared to stock stock liquidity split with ratio split 1:2 This research applies secondary data obtained from Indonesian Capital Market Directory (ICMD) 2004 to 2008, IDX STATISTICS and www.idx.co.id. Data applied in this research covers stock announcement date split based on ratio split 1:5 and ratio split 1:2 applied as event date (Ho), the price of daily close stock, Index Harga Saham Gabungan (IHSG) daily, number of stocks commercialized daily and number of stock out standings or listed share. Sample applied 33 companies, consisted of 14 companies announcing stock split with ratio split 1:5 and 19 companies announcing stock split with ratio split 1:2. Result of research indicates that there is reaction of market at announcement of stock split with ratio split 1:5 seen from abnormal value of return which signifikan 4 day after announcement. While for announcement of stock split with ratio split 1:2 there is reaction signifikan seen from abnormal value of return which signifikan at the time of announcement and 4 day after announcement for time line 2004-2008. Result of this research supported by research done by Pilotte (1997), Masse, et al (1997), Krieger and Peterson (2009). Former research of which most specific supports result of this research is research done by Kurniawati (2003), where at this research yields conclusion of stock split to have information content statistically is response negativity but response [by] signifikan by market around furnish announcement date split. There ar n difference of abnormal average of return announcement of stock split with ratio split 1:5 with announcement of stock split with ratio split 1:2. Result of this research doesn't support result of research done by Pavabutr and Sirodom (2008), Yogue, et al (2009), Krieger and Peterson (2009). There is difference of average of Trading Volume Activity announcement of stock split with ratio split 1:5 with announcement of stock split with ratio split 1:2. Result of this research as according to trading range theory. Result of this research doesn't support research done by Easley et al (2001), Pavabutr and Sirodom (2008).
| Item Type: | Other |
|---|---|
| Subjects: | I Ilmu Sosial > HB Teori Ekonomi |
| Depositing User: | Elly Lestari |
| Date Deposited: | 23 Jun 2022 04:21 |
| Last Modified: | 23 Jun 2022 04:21 |
| URI: | http://repository.unitri.ac.id/id/eprint/2650 |
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