Analisis Kinerja Keuangan, Kemahalan Saham dan Likuiditas Pada Pemecahan Saham  

Oleh:

Iramani, Rr. ; Muazaroh

Jenis: Article from Journal - ilmiah nasional - terakreditasi DIKTI
Dalam koleksi: Journal of Economics, Business, & Accountancy: ventura vol. 9 no. 1 (Apr. 2006), page 45.
Topik: Kinerja keuangan; stock splits; signaling hypothesis; trade range hypothesis; trading volume activity
Fulltext: VV5.4 9-1 0406 45-60.pdf (2.29MB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: VV5.4 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Stock split is one of the capital restructuring conducted by a company to create split eggect, a company's effort resulting in the bigger increase of share proportionally. There are two hypotheses which are able to describe the reasons why company wants to have a stock split, namely signaling hypothesis and trade range hypothesis. The former states that stock split is a managerial action to inform the future income to the market. The latter states that stock split will increase liquidity of share trade. This research attempts to find out whether the two hypotheses are consistent. It uses the sample of 15 companies which do stock split and those which do not, as listed in the Jakarta Stock Exchange period 1996 - 1997. The data were collected from secondary data taken from Indonesian capital market directory (ICMD) and Indonesia Stock market Dorectory (ISDM). The hypotheses are tested by using one sample t-test, independent sample t-test and paired sample t-test. It was found out that the companies which do stock split have higher average of Earning Per Share (EPS) and Price to Book Value (PBV) compared to those which do not. Thus the results are still consistent with signaling hypothesis and trade range hypothesis. In fact, the value of trading volume activity (TVA) after stock splitting showing, significantly, higher liquidity than the value of Trading Volume Activity (TVA) after stock splitting showing, significantly, higher liquidity than the value of Trading Volume Activity (TVA) prior stock splitting.

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