Reaksi Pasar Modal Indonesia Atas Aksi Stock Dividends Dan Stock Splits Serta Implikasinya Terhadap Harga Saham

##plugins.themes.academic_pro.article.sidebar##

Published Jun 11, 2021
https://doi.org/10.37339/e-bis.v5i1.439
Download
PDF (Bahasa Indonesia)
Statistic

Downloads

Download data is not yet available.
Vol. 5 No. 1 (2021)

##plugins.themes.academic_pro.article.main##

Yani Riyani
Politeknik Negeri Pontianak
Kartawati Mardiah
Politeknik Negeri Pontianak
Rizky Adithya
Politeknik Negeri Pontianak

Abstract

Penelitian reaksi pasar modal akibat aksi stock dividends dan stock splits dibeberapa Pasar Modal Dunia menemukan hasil berbeda. Penelitian ini untuk mengetahui reaksi pasar modal Indonesia akibat aksi stock dividends dan stock splits serta pengaruhnya terhadap harga saham. Bentuk penelitian adalah studi peristiwa dengan jendela 7 hari sebelum dan sesudah aksi. Dengan purposive sampling maka terdapat 75 sampel dengan 5 sampel melakukan aksi stock dividends dan 70 aksi stock splits. Menggunakan Uji t satu sampel, Uji t sampel berpasangan atau wilcoxon test dan regresi sederhana menghasilkan: aksi stock dividend menyebabkan pasar modal bereaksi disepanjang t-7 sampai t+7 dan berdistribusi normal, aksi stock splits menyebabkan pasar modal bereaksi pada t-3 sampai t+3 dan berdistribusi tidak normal, terdapat perbedaan reaksi pasar atas kedua aksi, stock dividend berpengaruh terhadap harga saham sementara stock splits tidak. Adanya reaksi pasar terhadap aksi stock dividend maupun stock splits memberikan bukti empiris mendukung teori signalling

##plugins.themes.academic_pro.article.details##

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

LPPM Politeknik Piksi Ganesha Indonesia

How to Cite
Yani Riyani, Kartawati Mardiah, & Rizky Adithya. (2021). Reaksi Pasar Modal Indonesia Atas Aksi Stock Dividends Dan Stock Splits Serta Implikasinya Terhadap Harga Saham. Jurnal E-Bis, 5(1), 1-14. https://doi.org/10.37339/e-bis.v5i1.439

References

Adaoglu, C., & Lasfer, M. (2011). Why Do Companies Pay Stock Dividends? The Case of Bonus Distributions in an Inflationary Environment. Journal of Business Finance & Accounting, 38(5 & 6), 601–627.
Baker, H. K., & Kapoor, S. (2015). Why Indian Firms Issue Stock Distributions. Managerial Finance, 41(7), 658–672.
Campbell, K., & Ohuocha, C. (2011). The Stock Market Reaction to Stock Dividends in Nigeria and their Information Content. Managerial Finance, 37(3), 295–311.
Chavali, K., & Nusratunnisa. (2013). Impact of Dividends on Share Price Performance of Companies in Indian Context. Journal of Management, 4(1), 4–9.
El Ansary, O., & El-Azab, M. H. (2017). The Impact of Stock Dividends and Stock Splits on Shares’ Prices: Evidence from Egypt. Accounting and Finance Research, 6(4), 96–114.
Fama, E. F., Fisher, L., Jensen, M. C., & Roll, R. (1969). The Adjusment of Stock Prices to New Information. International Economic Review, 10(1), 1–21.
Ghozali, I. (2016). Aplikasi Analisis Multivariate dengan Program IBM SPSS 23 (8th ed.). Badan Penerbit Universitas Diponegoro.
Hartono, J. (2019). Teori Portofolio dan Analisis Investasi (Kesebelas). BPFE-Yoyakarta.
Huang, G.-C., Liano, K., & Pan, M.-S. (2011). REIT Stock Splits and Liquidity Changes. Journal of Real Estate Finance and Economics, 43(4), 527–547.
Khurana, R., & Warne, D. P. (2016). Market Reaction to Bonus Issue in India: An Empirical Study. International Journal of Innovations in Engineering and Technology (IJIET), 7(4), 253–259.
Waweru, N. M., & Mwendwa, J. (2012). Stock Splits and Their Effect on Share Prices: A Study of Firms Listed on The Nairobi Stock Exchange (NSE). Academy of Accounting and Financial Studies Journal, 16(2), 77–96.