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All Journal Study of Scientific and Behavioral Management (SSBM)
Fatimah Sari, Dewi
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Decision Sciences, Operations Research & Management

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PENGARUH STOCK SPLIT DAN STOCK REPURCHASE TERHADAP LIKUIDITAS SAHAM PADA PERUSAHAAN SEKTOR JASA YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) Fatimah Sari, Dewi
Study of Scientific and Behavioral Management Vol 7 No 2 (2026): Manajemen Keuangan Digital
Publisher : Universitas Islam Negeri Alauddin Makassar, Indonesia

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Abstract

Investors with higher stock liquidity will experience greater profits than investors with lower stock liquidity, who will experience losses. The objective of this study is to examine the effect of stock splits and stock repurchases on stock liquidity in service sector companies listed on the Indonesia Stock Exchange. A total of 13 companies that implemented stock splits or stock repurchases between 2021 and 2023 served as the research sample, analyzed using SPSS version 25. The results indicate that stock splits negatively impact stock liquidity, caused by an increase in the bid-ask spread and a decrease in trading volume due to lower buying and selling activity after the stock price adjustment. Meanwhile, stock repurchases also negatively impact stock liquidity by reducing the number of shares outstanding, thereby narrowing the availability of shares in the market and reducing trading frequency. These findings suggest that although both policies are often considered strategies to increase company value, under some circumstances they can actually hinder stock liquidity. Therefore, companies need to consider the implications of stock splits and stock repurchases more thoroughly before making decisions. Keywords : Stock split, stock repurchase, stock liquidity
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