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The Effect of Change in Stock Ownership because of Stock Split on Stock Liquidity

PENGARUH PERUBAHAN KOMPOSISI KEPEMILIKAN SAHAM SEBAGAI AKIBAT STOCK SPLIT TERHADAP LIKUIDITAS SAHAM

Nuri Lesmono Hidayah, Harits Noordin

Abstract


Abstract: The Effect of Change in Stock Ownership because of Stock Split on Stock Liquidity. This study aimed to determine the effect of the stock split on stock trading by considering stock ownership proportion in companies listed in the Indonesian Stock Exchange (IDX). This study hypotesized that stock ownership proportion and its change in later date affected stock liquidity. The population of this study was companies in the Indonesia Stock Exchange. The samples were 48 companies which conducted stock split in 2010-2015. The sample was selected by purposive sampling method. Hypotesis was tested by using paired sampelled t-test and regression analysis. The study found that stock split indeed affected stock trading. Stock split significantly affected Cumulative Abnormal Return (CAR) and trading activity, compared to data before stock split occurred. However, the studi also found that stock ownership proportion and its changes in later date did not affect stock liquidity.

Keywords: stock split, liquidity, public shareholder



References


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