REAKSI PASAR TERHADAP PERISTIWA STOCK SPLIT DI MASA PANDEMI COVID-19

Abstrak

A stock split is a corporate action that results in a change in the nominal value per share and increases the number of outstanding shares in accordance with the split factor. This study aims to test and analyze whether there are differences in abnormal stock returns and trading volume activity between before and after the stock split event during the Covid-19 pandemic for companies on the Indonesia Stock Exchange. This study uses a quantitative approach with the event study method and a window period of 15 days. The research sample was based on a purposive sampling technique, namely 10 companies out of 12 population companies that had stock splits on the Indonesia Stock Exchange. The analysis technique uses the mean difference test technique, namely the paired sample t-test for abnormal returns, and the Wilcoxon signed rank test for trading volume activity. The results showed that there were differences in abnormal stock returns and trading volume activity before and after the stock split. The average value of abnormal stock returns and trading volume activity before the stock split was higher than after the stock split. Research has implications for all parties as input and consideration in making decisions amid uncertain market conditions.