Perbedaan Likuiditas Saham Sebelum dan Setelah Penerapan Keputusan Perubahan Satuan Perdagangan (Studi Pada Emiten di JII)
Abstract: Application of unit
trade change decision is one that can be used as balance information for the
investors to take an investment decision. Investors must be able to analyse the
signal of any information regarding the application. That signal can change of
supply and demand’s shares. This study aims to find out the reaction of stock
liquidity on application of unit trade change decision indicated by the
difference of Trading Volume Activity (TVA) and Transaction Frequency Activity
(TFA) on before and after the application of trade change decision. This study
use event study approach held on 30 emiten of stock listed on Indonesia Stock
Exchange period December 2013 – May 2014. This study use observation period for
11 days, are t-5 (five days before the application), t-0 (event date), and t+5
(five days after the application). Hypothesis test use paired t-test. The
result based on statistical test with significance level (α) = 5% produce
probability value 0.599 for TVA and 0.121 for TFA. Based on these result, it
can be concluded that there is no significant difference between TVA and TFA on
before and after the application of trade change decision.
Keywords: Unit Trade Change
Decision, Trading Volume Activity, Transaction Frequency Activity
Penulis: Mirza Dewi Riskyta,
Leo Herlambang
Kode Jurnal: jpmanajemendd151437
