PENGARUH STOCK SPLIT TERHADAP TINGKAT LIKUIDITAS SAHAM PERUSAHAAN PEMECAH SAHAM YANG TERDAFTAR DI BURSA EFEK JAKARTA

NYSSA HARYSUZANTI, 040217395 (2007) PENGARUH STOCK SPLIT TERHADAP TINGKAT LIKUIDITAS SAHAM PERUSAHAAN PEMECAH SAHAM YANG TERDAFTAR DI BURSA EFEK JAKARTA. Skripsi thesis, UNIVERSITAS AIRLANGGA.

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Abstract

Stock split is an alternative way which is used by companies in order to increase the liquidities of their stock This is because stock split could decrease too high stock price by conversing the former stock with the new stock in a larger pieces and the nominal price per piece for the new stock is lower than the former one. With the reachable stock price, it is hope that the demands of stock will increase. If the demands of the stock increase, the stock liquidity will also increase. But not all researches showed that stock split has any influence to the stock liquidity. This matter is shown by the none of significance difference between stock liquidity before and after stock split, even some researches showed the decreasing of liquidity after the stock split. Thus, some debates whether the stock split has any influence toward stock liquidity or it does not still remain until now on. Related to the condition, the problem which is brought to surface in this study is whether stock split has any influence toward the stock liquidity of stock split-company or it does not. This study aims to know whether stock split has any influence toward the stock liquidity of stock split-company. In this study, the stock liquidity's indicators used are stock trading volume and bid-ask spread. Stock trading volume are counted using Trading Volume Activity (TVA) and Average Trading Volume Activity (A TVA) ratio. While bid-ask spread are counted using Relative Spread (RefS) and Average Relative Spread (AReJS) ratio. This study uses 16 company samples which have done stock split in 2004-2005 and listed in the Jakarta Stock Exchange and also met all the sample criterion. Since ATVA data has a normal distribution and ARefS does not, so the test of the hypothesis in this study done by using parametric statistical paired samples t test for ATVA and nonparametric statistical wilcoxon test for AReJS. The result of statistical test shows that AWA and ARefS before the stock split does not differ significantly with ATVA and ARefS after the stock split. On the other words, there is none significance difference between stock liquidity before and after the stock split. This shows that stock split does not influence the stock liquidity.

Item Type: Thesis (Skripsi)
Additional Information: KKB KK-2 A.126/07 Har p
Uncontrolled Keywords: Stock Split, Average Trading Volume Activity (ATVA) , Average Relative Spread (ARefS).
Subjects: H Social Sciences > HD Industries. Land use. Labor > HD8039 By industry or trade
H Social Sciences > HG Finance > HG4501-6051 Investment, capital formation, speculation > HG4551-4598 Stock exchanges
Divisions: 04. Fakultas Ekonomi dan Bisnis > Akuntansi
Creators:
CreatorsEmail
NYSSA HARYSUZANTI, 040217395UNSPECIFIED
Contributors:
ContributionNameEmail
ContributorHamidah, Dra., Hj., Msi., AkUNSPECIFIED
Depositing User: Nn Dhani Karolyn Putri
Date Deposited: 15 Jun 2007 12:00
Last Modified: 18 Jun 2017 17:33
URI: http://repository.unair.ac.id/id/eprint/8439
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