Perbandingan Reaksi Pasar Antara Perusahaan Klien Big Four dan Non-Big Four atas Pengumuman Stock Split
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https://doi.org/10.24843/EJA.2024.v34.i04.p08
Abstrak
Tujuan penelitian ini untuk membandingkan reaksi pasar atas pengumuman stock split antara perusahaan klien KAP big four dan non-big four. Penelitian ini dilakukan dengan menggunakan pendekatan event study. Event window yang digunakan yaitu selama tujuh hari pengamatan dengan event date yaitu tanggal RUPS. Reaksi pasar dalam penelitian ini akan diproksi dengan cumulative abnormal return. Metode penentuan sampel menggunakan metode purposive sampling. Jumlah sampel penelitian yaitu 95 perusahaan, dengan 44 perusahaan klien big four dan 51 perusahaan klien non-big four. Teknik analisis data yang digunakan adalah independent sample t-test untuk membandingkan reaksi pasar antara perusahaan klien big four dan non-big four atas pengumuman stock split. Penelitian menunjukan hasil yaitu tidak ada perbedaan reaksi pasar antara perusahaan klien big four dan non-big four atas pengumuman stock split.
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Referensi
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Putra, I. G. B. Y. P., & Suarjana, A. A. G. (2020). Analysis of Market Reaction to Announcements Of Stock Split. American Journal of Humanities and Social Sciences Research (AJHSSR), 4(6), 114–120.
Putra, I. K. T. B., & Badjra, I. B. (2021). Abnormal Return of Stocks During Stock Split Announcement (Empirical Study at Indonesia Stock Exchangein 2019). American Journal of Humanities and Social Sciences Research (AJHSSR), 5(4), 509–516.
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Trisanti, T. (2020). Stock split and Stock Market Reaction: The Evidance of Indonesian Public Company. Humanities & Social Sciences Reviews, 8(2), 1–7. https://doi.org/10.18510/hssr.2020.821
Victoria, L., & Effendi, B. (2020). Pengaruh Reputasi KAP terhadap Reaksi Investor melalui Pergantian KAP Secara Voluntary pada Perusahaan Indeks LQ 45 yang Terdaftar di Bursa Efek Indonesia. Jurnal Akuntansi Dan Keuangan, 11(1), 45–64. https://doi.org/10.33510/statera.2020.2.1.45-64
Yunawati, S. (2019). Analisis Abnormal Return Disekitar Tanggal Pengumuman Stock Split. Gorontalo Accounting Journal, 2(2), 77–84.
Alexander, & Kadafi, M. A. (2018). Analisis Abnormal Return dan Trading Volume Activity Sebelum dan Sesudah Stock Split pada Perusahaan yang Terdaftar di Bursa Efek Indonesia. Jurnal Manajemen, 10(1), 1–6.
Bhuvaneshwari, D., & Ramya, D. K. (2014). Impact of Stock Split Announcement on Stock Price. International Journal of Management, 5(3), 36–46.
Bodhanwala, R. J. (2016). Stock split and reverse split- Evidence from India. Great Lakes Herald, 10(2), 26–41.
Brown, S. J., & Warner, J. B. (1985). Using Daily Stock Returns. The Case of Event Studies. Journal of Financial Economics, 14(1), 3–31. https://doi.org/10.1016/0304-405X(85)90042-X
Deangelo, L. E. (1981). Auditor Size and Audit Quality. Journal of Accounting and Economics, 3, 183–199.
Desai, J. (2016). Impact of Stock Split on Share Price. International Journal of Recent Scientific Research, 7(5), 11419–11422.
Diputra, R. S., & Anna, Y. D. (2013). Pengaruh Ketepatan Pelaporan Laporan Keuangan, Opini Audit, Pergantian Kantor Akuntan Publik, dan Reputasi Kantor Akuntan Publik terhadap Reaksi Investor. Bina Ekonomi, 18(2), 39–59. https://doi.org/10.26593/be.v18i2.1186.%p
Duarsa, O. G., & Wirama, D. G. (2018). Pengaruh Ukuran Perusahaan dan Split Ratio Pada Respon Pasar Terhadap Stock Split. E-Jurnal Akuntansi Universitas Udayana, 23(3), 2335–2358. https://doi.org/10.24843/EJA.2018.v23.i03.p27
Ferguson, A., Lam, P., & Ma, N. (2018). Market Reactions to Auditor Switches under Regulatory Consent and Market Driven Regimes. Journal of Contemporary Accounting & Economics, 14(2), 197–215. https://doi.org/10.1016/j.jcae.2018.05.001
Fernandes, Y., & Susanto, Y. K. (2012). Reaksi Pasar terhadap Karakteristik Perusahaan dan Kantor Akuntan Publik. Jurnal Bisnis Dan Akuntansi, 14(1), 41–52.
Ghozali, I. (2016). Aplikasi Multivariate dengan Program IBM SPSS 21 Up Date PLS Regresi (8th ed.). Badan Penerbit Universitas Diponogoro.
Herdiana, B. C. (2017). Pengaruh Ketepatan Waktu Pelaporan Laporan Keuangan, Opini Audit, Pergantian Kantor Akuntan Publik, Perubahan Reputasi Kantor Akuntan Publik, dan Informasi Laba Terhadap Reaksi Investor. Jurnal Akuntansi Bisnis, 15(2), 200–215.
Jumady, E., Abu, M., Sahidah, Bustam, & Nur, S. W. (2022). Stock Price Difference Test Before and After Stock Split Decision. Point of View Research Management, 3(1), 96–107.
Lawrence, A., Minutti-Meza, M., & Zhang, P. (2011). Can Big 4 versus Non-Big 4 Differences in Audit-Quality Proxies Be Attributed to Client Characteristics? The Accounting Review, 86(1), 259–286. https://doi.org/10.2308/accr.00000009
Madani, M. N., Iskandar, R., & Azis, M. (2020). Capital Market Reaction in Indonesia Stock Exchange to Stock Split Events Reviewed From Abnormal Returns, Trading Volume and Bid-Ask Spreads in Growing and Good Speaking Companies. Saudi Journal of Business and Management Studies, 5(7), 428–437. https://doi.org/10.36348/sjbms.2020.v05i07.007
Moctezuma, J. A. T., & Benau, M. A. G. (2017). Why The Big 4 Are Leaders in The Audit Market ? A Literature Review. Archives of Business Research, 5(12), 227–244. https://doi.org/10.14738/abr.512.4005
Nurhayati, S., & Dwi, S. (2015). Pengaruh Rotasi KAP, Audit Teneur, dan Reputasi KAP terhadap Kualitas Audit pada Perusahaan Manufaktur. Jurnal Akuntansi Aktual, 3(2), 165–174.
Paramitha, D. (2019). Analisis Reaksi Pasar Atas Pengumuman Stock Split. E-Jurnal Akuntansi Universitas Udayana, 27(3), 1897–1924. https://doi.org/10.24843/EJA.2019.v27.i03.p10 Analisis
Pasaribu, Y. (2017). Reaksi Pasar Terhadap Pengumuman Stock Split dan Reverse Stock Split pada Perusahaan yang Terdaftar di Bursa Efek Indonesia. Jurnal Mahasiswa Manajemen, 6(1).
Patel, M., Dave, M., & Shah, M. (2016). Stock Price and Liquidity Effect of Stock Split: Evidence from Indian Stock Market. International Journal of Management Reserch & Review, 6(8), 1030–1039.
Pham, N. K., Duong, H. N., Quang, T. P., & Thuy, N. H. T. (2017). Audit Firm Size , Audit Fee , Audit Reputation and Audit Quality: The Case of Listed Companies in Vietnam. Asian Journal of Finance & Accounting, 9(1), 429–447. https://doi.org/10.5296/ajfa.v9i1.10074
Prasetyo, W. A., & Praptoyo, S. (2021). Pengaruh Struktur Modal, Kebijakan Dividen, dan Penggantian Auditor Terhadap Harga Saham. Jurnal Ilmu Dan Riset Akuntansi, 10(10), 1–16.
Putra, I. G. B. Y. P., & Suarjana, A. A. G. (2020). Analysis of Market Reaction to Announcements Of Stock Split. American Journal of Humanities and Social Sciences Research (AJHSSR), 4(6), 114–120.
Putra, I. K. T. B., & Badjra, I. B. (2021). Abnormal Return of Stocks During Stock Split Announcement (Empirical Study at Indonesia Stock Exchangein 2019). American Journal of Humanities and Social Sciences Research (AJHSSR), 5(4), 509–516.
Riyani, Y., Mardiah, K., & Adithya, R. (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
Santoso, S. (2020). Panduan Lengkap SPSS 26. PT Elex Media Komputindo.
Sugiyono. (2017). Metode Penelitian Bisnis (3rd ed.). CV. ALFABETA.
Trisanti, T. (2020). Stock split and Stock Market Reaction: The Evidance of Indonesian Public Company. Humanities & Social Sciences Reviews, 8(2), 1–7. https://doi.org/10.18510/hssr.2020.821
Victoria, L., & Effendi, B. (2020). Pengaruh Reputasi KAP terhadap Reaksi Investor melalui Pergantian KAP Secara Voluntary pada Perusahaan Indeks LQ 45 yang Terdaftar di Bursa Efek Indonesia. Jurnal Akuntansi Dan Keuangan, 11(1), 45–64. https://doi.org/10.33510/statera.2020.2.1.45-64
Yunawati, S. (2019). Analisis Abnormal Return Disekitar Tanggal Pengumuman Stock Split. Gorontalo Accounting Journal, 2(2), 77–84.
Diterbitkan
2024-04-30
##submission.howToCite##
CHANDRA, Ni Putu Yunita; WIRAMA, Dewa Gede.
Perbandingan Reaksi Pasar Antara Perusahaan Klien Big Four dan Non-Big Four atas Pengumuman Stock Split.
E-Jurnal Akuntansi, [S.l.], v. 34, n. 4, p. 941-951, apr. 2024.
ISSN 2302-8556.
Tersedia pada: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/102376>. Tanggal Akses: 17 may 2024
doi: https://doi.org/10.24843/EJA.2024.v34.i04.p08.
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