Manajemen S-1, Vol. 1 (2013) No. 1

Analisis Empiris Perbedaan Volume Perdagangan Abnormal Return Dan Kinerja Keuangan Perusahaan Sebelum Dan Sesudah Melakukan Pemecahan Saham (Stock Split) (Event Study: Pada Perusahaan Yang Listing Di Bursa Efek Indonesia Periode 2007-2011)

Silvi Erina

Abstract

The purpose of this research is to analyze the differences of trading volume activity, abnormal return, and the corporate financial performance of companies before and after doing stock split  for  firms listed in the Bursa Efek Indonesia (BEI) market during the five year period from 2007 to 2011. The research design used is a form of event study research. This study uses the  sample consisted of 30 listed companies that the stock-split. The independent variables used in this study are trading volume activity, abnormal return,  and corporate financial performance. For corporate financial performance is measured using two methods, Return On Assets (ROA) and Earning Per Share (EPS), while the dependent variable is a stock split. Hypothesis testing is done by using different test Paired T-Test with significance level (α) 5%. Results of the study show that there are significant differences of trading volume activity, abnormal return, and corporate financial performance is measured by Earning Per Share (EPS) from before and after stock split. But there are no significant differences of corporate financial performance is measured by  Return On Assets (ROA) from before and after stock split.

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