ANALISIS PENGARUH SEBELUM DAN SESUDAH STOCK SPLIT TERHADAP STOCK RETURN PADA PERUSAHAAN PROPERTY AND REAL ESTATE YANG LISTING DI BURSA EFEK INDONESIA (BEI)

ANALISIS PENGARUH SEBELUM DAN SESUDAH STOCK SPLIT TERHADAP STOCK RETURN PADA PERUSAHAAN PROPERTY AND REAL ESTATE YANG LISTING DI BURSA EFEK INDONESIA (BEI)

Ade Manggala Hardianto1

1Jurusan Manajemen Sekolah Tinggi Ilmu Ekonomi Bina Bangsa Banten

ABSTRACT

This study was conducted to determine stock return prior to the stock split, after the stock split and the effect of the stock split on stock return on company property and real estate listing on the Indonesia Stock Exchange and the stock split policy issued at intervals from 2008-2012.The method used in this study is descriptive analysis and verification analysis. The data used in this study is a secondary data derived from the Capital Market Reference Center (CMRC) at the Indonesian Stock Exchange. Data calculated returnnya abnormal, then analyzed by the method of One-Sample t Test and Paired Sample t Test.Based on the results of the calculation are known t value of abnormal return is -1.533 with a probability of 0.160. Therefore, the probability of> 0.05, then the abnormal return before and after the stock split relatively equally. In other words there is no difference in abnormal returns before and after the stock split. Activities stock split has no significant effect on either the abnormal returns are reviewed individually or as a portfolio. In the absence of a significant difference for the mean abnormal return is also no change in the stock return. Thus, it can be concluded that the activity of the split does not affect stock return either individually or as a portfolio.

Keyword: Indonesia Stock Exchang, stock return, stock split,

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