Detail Karya Ilmiah

  • ABNORMAL RETURN, EARNING PER SHARE, TRADING VOLUME ACTIVITY, DAN PRICE EARNING RASIO PADA PERISTIWA STOCK SPLIT (Studi Pada Perusahaan Yang Terdaftar di BEI Periode 2011-2014)
    Penulis : ANAFININGSIH
    Dosen Pembimbing I : Anita Carolina, SE., MbusAdv., Ak., QIA., CA.
    Dosen Pembimbing II :Muhammad Syam Kusufi, SE., M.Sc
    Abstraksi

    Tujuan utama dari penelitian ini adalah untuk mengetahui perbedaan abnormal return, Earning Per Share (EPS), Trading Volume Activity (TVA) dan Price Earning Rasio (PER) sebelum dan sesudah stock split pada perusahaan yang terdaftar di Bursa Efek Indonesia periode 2011-2014. Dengan menggunakan metode purposive sampling dipilih 25 sampel perusahaan yang memenuhi kriteria. Periode pengamatan selama 5 hari sebelum dan 5 hari sesudah stock split. Perhitungan abnormal return menggunakan market adjusted model. Pengujian hipotesis digunakan uji Wilcoxon Signed Ranks Test. Hasilnya menunjukkan bahwa (1)Tidak ada perbedaan abnormal return sebelum dan sesudah stock split karena stock split tidak memberikan good news bagi investor. Hal ini dapat dilihat dari penurunan abnormal return setelah stock split karena investor tidak mendapatkan keuntungan dari peristiwa stock split; (2) Ada perbedaan EPS sebelum dan sesudah stock split, tetapi perbedaan tersebut berupa penurunan EPS setelah peristiwa stock split karena ada biaya yang harus dikeluarkan untuk stock split yang tidak sebanding dengan manfaat yang dihasilkan; (3) Ada perbedaan TVA sebelum dan sesudah stock split karena investor bereaksi cepat melihat harga saham yang murah setelah stock split; (4) Dan tidak ada perbedaan PER sebelum dan sesudah stock split karena investor harus membayar harga saham yang tinggi untuk setiap pendapatan yang diperolehnya setelah peristiwa stock split. Kata kunci: Stock Split, Abnormal Return, Earning Per Share, Trading Volume Activity, dan Price Earning Ratio

    Abstraction

    The main objective of this research is to know the difference of abnormal return, Earning Per Share (EPS), Trading Volume Activity (TVA) and Price Earning Rasio (PER) before-after stock split companies listed Indonesian Stock Exchange during the period of 2011-2014. By using purposive sampling method then selected 25 samples of companies that meet the citeria were chosen. The period observation for 5 days before-5 days after stock split. Abnormal return calculation using market adjusted model. Hyphothesis testing used Wilcoxon Signed Ranks Test. The result show that (1) There is no difference of abnormal return between the periods before and after the stock split, because stock split does not give a good news for investor. This can be seen from the abnormal return that decreases after stock split because investor does not get the profit from stock split; (2) There is difference of EPS before and after stock split, but the difference is decrease of EPS after the stock split because there is a cost that must be spent for stock split and it is not proportional to the benefits generated; (3) There is difference TVA before and after stock split, because the investors react quickly to see the cheap stock price after stock split; (4) And there is no difference PER before and after stock split because investor must pay high stock price for each income earned after stock split event. Key words: Stock Split, Earning Per Share, Trading Volume Activity, and Price Earning Ratio

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