PENGARUH STOCK SPLIT TERHADAP PEREDARAN SAHAM DAN KINERJA KEUANGAN

Abstract

This study aimed to examine the effect of the stock split on financial performance, the level of overpriced stocks and trading volume activity in companies that stock split in Indonesia Stock Exchange (IDX) during the split period of 2006-2008. The data used is EAT, EPS, EAT growth, EPS growth, PBV and PER one year before and after the stock split, and TVA five days before and after the stock split of 15 companies whose stock split, so that the sample used by 30 samples. The method of data analysis used in this study is a quantitative method, using SPSS 17.0 in Kolmogorov-Smirnov normality test and Wilcoxon statistical test. The result of this study stated that the stock split does not affect the financial performance variables consisiting of EAT, EPS, EAT growth and EPS growth. Stock splits affect stock overpriced level variables measured using PER and PBV and trading volume activity variables as measured by the TVA. It is recommendedforfuture studies, the samplestudiedcompaniescategorized byindustry, thensplitand theobservationperiodwas extendedas well asaddingother variables.