Perbedaan Return Saham Sebelum dan Sesudah Stock Split Pada Perusahaan Indeks LQ-45 di BEI Periode 2019-2023
DOI:
https://doi.org/10.58192/ebismen.v4i3.3672Keywords:
Return, Stock Split, Indeks LQ-45Abstract
This study aims to determine whether there is a significant difference in stock returns before and after stock splits among companies listed in the LQ-45 Index on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. A stock split is a corporate action believed to provide a positive signal to investors. This research uses a quantitative approach with an event study method. The sample consists of 14 companies that carried out stock splits while being listed in the LQ-45 Index. Stock returns are calculated using an 11-day event window and a 60-day estimation period. The data analysis technique employed is the paired sample t-test to examine the difference in returns. The results show a significant difference, with a p-value of 0.006 < 0.05. However, the difference is negative, as most companies experienced a decline in stock returns after the stock split. This decrease may be caused by investors engaging in profit-taking after the stock split euphoria, or due to the short observation period, which may not have fully captured the market’s response. The author recommends that companies carefully consider the timing and implications of stock splits and ensure transparent communication with investors.
References
Amaliyah, A. M., & Aminah, W. (2020). Analisis Perbedaan Return Saham dan Likuiditas Saham Stock Split (Studi Kasus pada Perusahaan yang Melakukan Stock Split di Bursa Efek Indonesia periode 2016-2018). Sosiohumanitas, 22(1), 1–7.
Brigham, E. F., & Houston, J. F. (2011). Dasar-dasar Manajemen Keuangan Terjemahan (10th ed.). Jakarta : Salemba Empat.
Choirunnisak. (2019). Saham Syariah; Teori Dan Implementasi. Islamic Banking : Jurnal Pemikiran Dan Pengembangan Perbankan Syariah, 4(2), 67–82.
Hartono, J. (2017). Teori Portofolio dan Analisis Investasi (11th ed.). Yogyakarta : BPFE.
Hermuningsih, S. (2018). Faktor - Faktor Yang Mempengaruhi Saham. Jurnal Ekonomi Dan Bisnis, 19, 78–89.
IDX. (n.d.). Indeks. https://www.idx.co.id/id/produk/indeks
Ikenberry, D. L., Graeme, R., & Earl, K. S. (1996). What Do Stock Splits Really Signal. Journal of Financial and Quantitative Analysis, 31(33), 357–375.
Maulida, D., & Mahardhika, A. S. (2021). Analisis Perbedaan Harga Saham, Volume Perdagangan Saham, dan Return Saham Sebelum dan Sesudah Stock Split. Jurnal Akuntansi, 1(1), 1–7.
Nugroho, M., & Hakim, A. D. M. (2022). Analisis Pengaruh Kepemilikan Saham Publik, Profitabilitas, Leverage dan Likuiditas Terhadap Nilai Perusahaan ( Studi Empiris pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Periode 2017-2021 ). 8(1), 2240–2251.
Sihombing, N., Kamal, M., & Manajemen, J. (2016). Analisis Pengaruh Pengumuman Merger dan Akuisisi Terhadap Abnormal Return Saham dan Kinerja Keuangan Perusahaan (Studi pada perusahaan yang melakukan Merger dan Akuisisi pada Tahun 2011 dan terdaftar di Bursa Efek Indonesia ). Diponegoro Journal of Management, 5(3), 1–15.
Suganda, T. R. (2018). Event Study : Teori dan Pembahasan Reaksi Pasar Modal Indonesia. Malang : Seribu Bintang.
Sugiyono. (2017). Metode Penelitian Kuantitatif, Kualitatif, dan R & D. Bandung : Alfabeta.
Tandelilin, E. (2017). Pasar Modal : Manajemen Portofolio dan Investasi. Kanisius.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Jurnal Ekonomi, Bisnis dan Manajemen
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
