Sari, Tessa Lintang (2023) Analisis Perbandingan Harga Saham, Bid-Ask Spread, Trading Volume Activity dan Abnormal Return Saham Sebelum dan Sesudah Stock Split pada Perusahaan yang Terdaftar Di BEI Tahun 2019-2021. Undergraduate thesis, Fakultas Ekonomi dan Bisnis Universitas Merdeka Malang.

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Abstract

Stock Split is one type of corporate action taken by the company to break the stock price which is considered too high to a lower nominal value so that investors are more interested in buying these shares This study aims to determine the comparison of stock prices, bid ask spreads, trading volume activity and abnormal stock returns before and after stock split events in go public companies listed on the Indonesia Stock Exchange in the 2019-2021 period. This research is a study that falls into the event study category. Event study is research that studies the market reaction to an event whose information is published as an announcement. The sample used in this study were 22 companies that only issued stock split policies in the research window for 10 observation days, namely 5 days before and 5 days after the stock split announcement date. The t-test method is used in this study by calculating using the paired sample t-test if the data is normally distributed, and the Wilcoxon sign ranked test if the data is not normally distributed. The results of the analysis on stock prices, bid-ask spreads show that the mean value after is greater than before the stock split, but statistically using the wilcoon signed rank test and paired t test for abnormal returns shows no significant difference between before and after the stock split. Different results from the analysis on stock trading volume activity show that the mean value before is greater than after the stock split, but statistically using the wilcoon signed rank test shows that there is no significant difference between before and after the stock split.

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