Analisis Perbedaan Return Saham, Trading Volume Activity Dan Bid-Ask Spread Sebelum Dan Sesudah Stock Split

Abstract

This study aims to determine the differences in stock returns, trading volume activity and bid-ask spreads before and after the stock split in companies listed on the Indonesia Stock Exchange for the period 2017-2021. The population in this study were all companies listed on the Indonesia Stock Exchange that carried out a stock split during the period 2017-2021. Sampling using purposive sampling method, based on predetermined criteria obtained a sample of 30 companies. The method used is a different test analysis with an observation period of 10 days and 20 days, namely t = -5 (5 days before the stock split), t = +5 (5 days after the stock split), t = -10 (10 days before the stock split). split) and t = +10 (10 days after stock split). Hypothesis testing was carried out with the Paired Sample T-Test for data that was normally distributed and the Wilcoxon Signed Rank Test for data that were not normally distributed. Based on the results of the study, it was found that there were no differences in stock returns before and after the stock split, there were differences in trading volume activity before and after the stock split, and there were differences in bid-ask spreads before and after the stock split.

Stock Transformation: Understanding the Impact of Stock Split on Company Performance in Indonesia Stock Exchange through Before and After Comparative Analysis

“…This is in accordance with Hidayati & Putri (2022) research which reveals differences in trading activity volume because investors prefer companies that provide benefits in short term, such as dividends, rather than companies that only have the potential to provide profits in the future. In addition, research by Firdaus & Pangestuti (2023), Irvangi & Rahmani (2022), Purwata & Wiksuana (2019), and Muna & Khaddafi (2022) on companies listed on the Indonesian Stock Exchange, discovered differences in trading volume activity before and after the stock split.…”

“…This asymmetric information indicates that investors experience more uncertainty and hesitate to make more significant transactions (Yuniartini & Sedana, 2020). Several studies that have been conducted have obtained mixed results, such as research by Irvangi & Rahmani (2022) and Firdaus & Pangestuti (2023), which stated that trading volume activity differed before and after stock split. Meanwhile, according to the findings of Alexander & Kadafi (2018) and Febriyanti & Febrianti (2022), there was no difference in trading volume activity before and after the stock split.…”

Analisis Pengaruh Likuiditas Saham, Earning Per Share, Dan Return Saham Terhadap Keputusan Stock Split

“…Pengaruh Return Saham terhadap Stock SplitReturn saham yang didapatkan dari hasil saham yang telah diinvestasikan oleh investor.Return sahampyang akan diterima oleh investor dipengaruhi dari jenis investasi yang dipilih ketika investor menaruh modal di perusahaan tersebut. Adanya abnormal return yang diterima investor untuk mengukur seberapa besarnya return yang diterima oleh investor itu bisa menyebabkan terjadinya peristiwa stock split.MenurutIrvangi & Rahmani (2022) ada dua komponen return yaitu capital gain dan capital loss. Current income bisa diperoleh dari keuntungan yang berasal dari pembayaran secara periodik yaitu berupa dividen yang menjadi kinerja fundamental perusahaan.…”