ANALISIS LIKUIDITAS SAHAM PADA PERUSAHAAN YANG MELAKUKAN STOCK SPLIT: PENGUJIAN TERHADAP TRADING RANGE THEORY PADA BURSA EFEK INDONESIA (Studi Pada Perusahaan Yang Melakukan Stock Split Tahun 2017-2019) (original) (raw)
2021, Jurnal Ilmu Manajemen dan Akuntansi Terapan (JIMAT)
Stock split atau pemecahan saham merupakan sebuah fenomena yang sampai saat ini masih menjadi tanda tanya bagi bidang ekonomi terutama pada ahli keuangan, karena terdapat ketidakcocokan antara teori dan praktik (Sadikin, 2016). Secara teori stock split ini hanya meningkatkan jumlah saham yang beredar dan tidak secara langsung mempengaruhi arus kas perusahaan. Sedangkan dalam praktiknya banyak sekali bukti yang menunjukan bahwa pasar bereaksi terhadap peristiwa ini. (Aduda dan Chemarum, 2010). Meskipun secara teoritis pemecahan saham ini tidak memiliki nilai ekonomis, yang ditunjukan dengan tidak adanya pengaruh secara langsung pada arus kas perusahaan, jumlah uang pemegang saham, modal disetor dan laba ditahan (Tanjung, 2007). Akan tetapi dalam praktiknya peristiwa pemecahan saham masih saja terjadi di pasar modal (dalam kurun waktu 2017 sampai dengan 2019 telah terjadi 45 emiten yang melakukan praktik pemecahan saham di Bursa Efek Indonesia). Berikut grafik perisitiwa pemecahan saham terlihat pada gambar 1. di bawah ini. This study aims to determine whether there is empirical evidence of stock split events in accordance with trading range theory or not. The empirical study was conducted on 28 samples of spliting firm and 86 samples of non spliting firm in Indonesia Stock Exchange from 2017 to 2019. The sampling technique used is random sampling. The method used is independent t test and paired samples t test. The result of this research show there is trading range on market stock price in year 2017, 2018, and 2019; and also shown by trading volume stock.
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