Does Stock Split Influence to Liquidity and Stock Return? (Empirical Evidence in the Indonesian Capital Market)

Adisetiawan, R; Atikah,

doi:10.18488/journal.aefr.2018.85.682.690

Cited by 9 publications

(9 citation statements)

References 10 publications

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“…Regarding the market reaction on split-up in growing company, the test t-test on hypotheses 1showed that there was a significant effect in share prices after the split-up of the growing company. Melati and Nurwulandari (2017), Adisetiawan and Atikah (2018) showed a significant effect in share prices after the split-up in growing companies. Regarding market reaction on split-up in non-growing energy consuming companies, it is also evident that there are no significant differences in stock prices before and after the split-up in non-growing energy consuming companies.…”

Section: Resultsmentioning

confidence: 97%

Market Reactions on Corporate Actions in Growing and Nongrowing Energy Consuming Companies

Nurwulandari

Hasanudin²,

Melati³

2021

IJEEP

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This paper aims to analyze the market reactions on corporate actions in the form of split-up, reverse split, right issue, and mergers and acquisitions in growing and non-growing energy consuming companies in Indonesia. The market reaction is analyzed based on stock price, trading volume, and abnormal returns movements using paired sample t-tests from the results of the event study for 5 days before and after corporate actions in the form of split-up, reverse split, right issue, and mergers and acquisitions. The results showed that stock prices reacted positively on the split-up in growing energy consuming companies, while in non-growing energy consuming companies, stock prices did not react significantly. However, the abnormal returns of growing and non-growing energy consuming companies both showed a negative movement, while the trading volumes did not react significantly. This paper specifically analyzes the market reaction on corporate actions in growing and non-growing energy consuming companies to provide interesting insights about the different reactions given by the market to corporate actions carried out by the companies with different growth categories.

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Section: Resultsmentioning

confidence: 97%

Market Reactions on Corporate Actions in Growing and Nongrowing Energy Consuming Companies

Nurwulandari

Hasanudin²,

Melati³

2021

IJEEP

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“…Return adalah aspek penting yang memotivasi investor untuk berinvestasi, namun risiko juga perlu diperhitungkan karena investor cenderung menghindari risiko yang terlalu besar. Untuk memahami investasi, penting untuk dapat mengukur resiko dan return (Adisetiawan, 2018;Polzin et al, 2019;Fuest & Meier, 2023). Investor memperhatikan dua pertanyaan penting saat memilih investasi, yaitu penentuan pengembalian yang diharapkan dan besarnya risiko yang harus ditanggung sebagai konsekuensi keputusan investasi.…”

Section: Pendahuluanunclassified

Analisis Faktor-Faktor yang Berpengaruh terhadap Return Saham Perusahaan Jasa di Bursa Efek Indonesia pada Periode 2018-2021

Giyartiningrum,

Azzahra,

Prasetyo

et al. 2023

JSEB

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This study aims to explore the impact of DER, LDR, and NIM on stock returns of service companies in the IDX for the period of 2018-2021. Secondary data was obtained purposively for company financial reporting or via the website www.idx.com. Data analysis is done through multiple regression testing, F-test, and t-test. The results obtained show that only DER and LDR partially have a significant effect on stock returns of service companies in the study period, while NIM has proven to have no significant effect on stock returns. Simultaneously, the three independent variables proved to have a significant effect on service company stock returns in the study period. It is expected that the results of this study will contribute to providing deeper insight into the various factors that can influence stock returns in the Indonesian capital market and serve as a reference for investors and financial managers in making investment decisions.

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“…Penelitian-penelitian sebelumnya telah membahas kebijakan stock split terkait dengan kondisi-kondisi yang terjadi dalam perusahaan seperti harga saham (Puspita & Yuliari, 2019;Pratiwi et al, 2020), likuiditas (Hadiwijaya & Widjaja, 2018;Adisetiawan & Atikah, 2018;Bagaskoro et al, 2019;Burnwal & Rakshit, 2019), tingkat pengembalian (Adisetiawan & Atikah, 2018;Hadiwijaya & Widjaja, 2018;Puspita & Yuliari, 2019;Nurdin & Abdani, 2020;Tanoyo, 2020), volume perdagangan (Prijati & Rachmawati, 2019, Tanoyo, 2020, pemberian sinyal perusahaan (Boermawan & Siregar, 2013;Paramitha, 2019;Cui et al, 2020) dan manajemen laba (Boermawan & Siregar, 2013;Yagüe et al, 2009;Chan et al, 2019) Walaupun terdapat adanya perbedaan kepentingan antara manajer dan pemegang saham dalam menjalankan perusahaan (Thakur, 2021), motif-motif manajer dalam melakukan stock split penting untuk diketahui. Stock split menunjukkan bahwa manajer memiliki kinerja operasi dan kinerja pasar yang baik, sehingga manajer berani mengambil kebijakan tersebut.…”

Section: Pendahuluanunclassified

Kebijakan Stock Split Perusahaan Non-Financial Di Indonesia: Manajemen Laba, Kinerja Operasi, Kinerja Pasar

Firmansyah

Indriani

2021

Owner

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The stock split policy shows the success of managers in managing the company. The condition of managers who have perfect information compared to shareholders, stock split policies may coincide with certain motives carried out by managers. This study examines differences in earnings management, operating performance, and market performance before and after the company conducts a stock split. This study employs secondary data sourced from www.idx.co.id, www.idnfinansials.com, and www.finance.yahoo.com. The data employed consists of data and information from financial statements and stock prices of non-financial companies listed on the Indonesia Stock Exchange from 2013 to 2019. The sample used in this study amounted to 64 observations based on purposive sampling. The data analysis test used the normality test and the Wilcoxon matched-pairs test. This study concludes that earnings management and market performance increase after the company's stock split is carried out. Meanwhile, operating performance did not experience any difference before and after the stock split was carried out. This study proves that managers employ the moment stock split to carry out earnings management for certain motives, even though the market participants positively respond to these actions. The companies that carry out stock splits should make these events to improve their operating performance. This study indicates that the Financial Services Authority needs to review companies with plans to conduct a stock split to protect investors in the capital market

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Does Stock Split Influence to Liquidity and Stock Return? (Empirical Evidence in the Indonesian Capital Market)

Cited by 9 publications

References 10 publications

Market Reactions on Corporate Actions in Growing and Nongrowing Energy Consuming Companies

Market Reactions on Corporate Actions in Growing and Nongrowing Energy Consuming Companies

Analisis Faktor-Faktor yang Berpengaruh terhadap Return Saham Perusahaan Jasa di Bursa Efek Indonesia pada Periode 2018-2021

Kebijakan Stock Split Perusahaan Non-Financial Di Indonesia: Manajemen Laba, Kinerja Operasi, Kinerja Pasar

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