Perubahan Likuiditas Akibat Pemecahan Saham: Studi DI Pasar Modal Indonesia (original) (raw)
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Signifikannya geliat internet di Indonesia membuat kontribusi internet (Google) sebagai media perantara penyampaian informasi ke publik menjadi sarana yang semakin diminati. Hal ini menjadi relevan karena andil internet terhadap perkembangan ekonomi Indonesia juga tercatat sebagai determinan yang penting. Oleh sebab itu, penelitian ini bermaksud menguji peran Internet yang dapat dianalogikan sebagai representasi dari perhatian investor, dan menghubungkannya dengan likuiditas saham perusahaan publik yang diperdagangkan di Bursa Efek Indonesia (BEI). Dengan menggunakan basis teori asimetri informasi, penelitian ini juga mengkaji secara empiris upaya mitigasi terhadap kesenjangan informasi antara investor terinformasi (informed) vs. investor tidak terinformasi (uninformed). Secara operasional, penelitian ini menggunakan sampel dari 82 perusahaan publik di BEI dengan periode waktu pengamatan bulanan dari bulan Januari 2013 sampai dengan Desember 2017. Dengan karakteristik dan struktur d...
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Penelitian mengenai stock split sudah sering dilakukan. Hasil dari penelitianpenelitian tersebut bermacam-macam, tetapi pada dasarnya dapat dibedakan menjadi dua kelompok. Pertama, stock split dinyatakan murni hanya sebagai "kosmetik". Kedua, stock split dinyatakan mempunyai efek yang nyata terhadap saham. Perbedaan pendapat ini sering menimbulkan kontroversi. Tujuan dari penelitian ini adalah untuk menguji kembali apakah betul stock split dapat mempengaruhi likuiditas dan return saham baik ditinjau secara individual untuk masing-masing saham maupun seluruh saham sebagai sebuah portofolio. Secara keseluruhan, hasil dari penelitian ini menunjukkan bahwa stock split hanya mempengaruhi harga, volume perdagangan dan persentase spread, tetapi tidak mempengaruhi varians dan abnormal return baik ditinjau secara individual maupun sebagai sebuah portofolio. Sedangkan pengujian hubungan antara persentase spread terhadap harga, volume, dan varians untuk masing-masing saham menunjukkan bahwa ketiga variabel tersebut tidak berpengaruh secara signifikan terhadap spread. Sebaliknya, jika ditinjau sebagai sebuah portofolio, hanya harga yang mempunyai pengaruh yang signifikan terhadap spread.
2006
"Bertaqwalah kepada Allah di mana dan kapan pun engkau berada. Iringilah segera kejahatan dengan kebaikan, niscaya kebaikan itu menghapuskannya, dan pergauilah sesama manusia dengan budi pekerti yang baik" (Muhammad Saw, diriwayatkan oleh Tarmidzi) "Rahasia dalam menuju kesuksesan adalah menjalani kehidupan tanpa harus kenal lelah untuk terus mencoba" (Albert Sweitzer) "Basic principles: (1) No woman wakes up saying:"God, I hope I don't get swept off my feet today." (2) Even a beautiful woman doesn't know what she wants until she sees it.(3) No matter what, no matter when, no matter who...any man has a chance to sweep any woman off her feet. Just needs the right broom".(Taken from Hitch Scripttranscript from the screenplay and-or Will Smith movie_files) Persembahan Kupersembahkan karya ini untuk: ♥ Bapak, ibu, dan adikku tercinta, serta ♥ Seseorang yang akan menjadi tambatan hati selamanya ABSTRACT Empirically, informations of stock split announcement have resulted in stock markets to react positivelly which are reflected in positive abnormal return, increasing stock liquidity, and decreasing spread around the announcement day. The objective of this research is to verify empirically whether the stock performance differs significantly around the stock split announcement. This paper examines 35 companies, which issue 37 stock split announcements because two of them make double conducting stock split announcements during observation in Jakarta Stock Exchange in 2001-2004. Market-adjusted model is used to estimate the abnormal return. The estimation of the abnormal return is the difference between the actual return dan expected return rates. This research also utilizes trading volume activity (TVA), the change of the closing price mean, and of the mean of volume share traded, and of the bid-ask spread mean from the pre-announcement to post-split period. The tools of analyses using are t-test to analyse the significant difference of abnormal return, and trading volume activity (TVA) around the issue day of stock split, multiple linear regresion to analyse the significant effect of the change of the closing price mean, and of the mean of volume of share traded to the bid-ask spread mean from the pre-announcement to post-split period. Overall, the results of this paper indicate that there are significant abnormal return before and after the announcement day, significant difference of TVA around the announcement day, and significant effects of the change of the closing price mean, and of the mean of volume of share traded to the bid-ask spread mean from the preannouncement to post-split period. The results mostly do advocate the previous research.
Jurnal Manajemen dan Bisnis, 2021
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This research conducted to test the affect of financial distress to the stock liquidity. This research conducted due to a phenomenon in which company’s financial condition decreased and it might affect the investors activity in trading the shares.This research using quantitative and regression model. The sample used in this research are listed companies at Indonesia Stock Exchange that have DER > 1 during 2011-2015. The dependent variable is stock liquidity measured by Trading Volume Activity (TVA) and independent variable is financial distress measured by Altman Z-Score model.The result of this research indicates that the level of financial distress significantly have negative affect on stock liquidty that means more healthy the companies have lower stock liquidity. This indicates that investors are more active trading shares in companies which have higher financial distress rather than trading shares in healthy companies. Keyword : financial distress, stock liquidity, investor ...