ANALISIS ABNORMAL RETURN SAHAM SEBELUM DAN SESUDAH REVERSE STOCK SPLIT PADA PERUSAHAAN DI BEI PERIODE 2011-2015
ABSTRACT: A positive stock
return causes investors interested and interested in investing in the company
that issued the shares. Many companies do stock split to overcome the problem
too low or too high stock prices. This study aims to analyze whether there are
significant differences abnormal return of stock before and after conducted
reverse stock split on company in BEI. The population in this study is the
company that conducted reverse stock split in 2011 to 2015. Purposive sampling
is the method used in sampling and obtained a number of 6 issuers meet the
criteria of the sample. Tests in this study used the approach of event study
and analytical techniques used to test bedaabnormal share return before and
after reverse stock split is non-parametric test: wilcoxon signed rank test
because the data is not normally distributed. The result obtained from this
research is there is no significant difference of abnormal return of stock
before and after announcement of reverse stock split. The result can be
interpreted that the market does not respond to the stock split stocks. The
stock split does not have information content and is not considered important
information for investors.
Kata kunci: abnormal return, reverse stock split, event study
Penulis: Putu Aris Kusdarmawan,
Nyoman Abundanti
Kode Jurnal: jpmanajemendd180151
