Nanang, Kurniawan (2010) DAMPAK PEMECAHAN SAHAM TERHADAP PERUBAHAN PENGEMBALIAN SAHAM PADA PERUSAHAAN YANG GO PUBLIK DI BURSA EFEK INDONESIA. Other thesis, University of Muhammadiyah Malang.
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DAMPAK_PEMECAHAN_SAHAMTERHADAP_PERUBAHAN_PENGEMBALIAN_SAHAM_PADA_PERUSAHAAN_YANG_GO_PUBLIK_DI_BURSA_EFEK_INDONESI1.pdf Download (54kB) | Preview |
Abstract
Policy of stock split is the issuer company's efforts to keep the stock remains in the optimal trading range by increasing the number of shares. An information content test is required to see the reaction of a stock split announcement. This study aims to determine the difference in stock price (return) in the period before and after the stock split announcement. This research includes research types of event study by using secondary data which was obtained from the data base of JSE corner Brawijaya University. Populations in this study are all go public companies on the JSE. Sample election was conducted with purposive sampling by criteria: 1) a company was listed on the JSX during period the 2005-2008, 2) companies did not do announcements or other publications, and obtained samples of 27 public companies that did stock splits between the years 2005-2008. While the data used are secondary data in the form of data daily closing stock prices. Measurement of information asymmetry is the change in stock price (return) in the three-day window period before and three days after the announcement of stock split Techniques of data analysis using abnormal return and return and hypothesis testing using different test average of two related samples (paired sample t test). This is proven by the test results showing that there were differences in the average value of stock price changes before and after the announcement of stock split by value t count for 3.899 to 0.000 of significance level. or t count> t table (3.899> 1.990), the average return of individuals with a value of 6.283 t with a significance level of 0.000 or the t count> t table (6.283> -1.990), the average abnormal return of individuals with a t value with the level of 3.463 significance of 0.000 or greater t count than t table (3.463> 1.990), the average price, average return, abnormal return had significant difference average in abnormal returns of individual firms before and after making a stock split. This means that stock split announcements significantly affect the stock price, return and abnormal return.
| Item Type: | Thesis (Other) |
|---|---|
| Subjects: | H Social Sciences > HB Economic Theory |
| Divisions: | Faculty of Economics and Business > Department of Management (61201) |
| Depositing User: | Rayi Tegar Pamungkas |
| Date Deposited: | 15 May 2012 03:01 |
| Last Modified: | 15 May 2012 03:01 |
| URI : | http://eprints.umm.ac.id/id/eprint/5255 |
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