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All Journal Management Gadjah Mada International Journal of Business
Wang Sutrisno
Petra Christian University, Surabaya
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Stock Split On The Liquidity Effect and Stock Return in Jakarta Stock Exchange Yuniartha, Francisca; Susilowati, Soffy; Sutrisno, Wang
Management 2010
Publisher : Management

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Abstract

Research on stock splits has frequently been undertaken. The results vary, but fundamentally can be classified into two groups. First, the stock split is purely ”cosmetic”. Second, the stock split has a real effect on stocks. The difference between these opinions raises controversy. The purpose of this study is to examine whether stock splits influence stock liquidity and return of an individual stock as well as in a group of stocks as a portfolio. Overall, the results of this study show that stock splits did influence stock price, trading volume and bid–ask spread but did not influence stock risk and abnormal return from the point of view of an individual stock as well as in a group of stocks as a portfolio. The test of a relationship between bid–ask spread and stock price, trading volume and stock risk for each stock shows that all three variable did not significantly affect the bid–ask spread. On the other hand, the test of a relationship in a portfolio reveals that only stock prices significantly affect the bid–ask spread. Keywords: stock splits, liquidity, abnormal return, bid – ask spread, stock return
DOES SIZE MATTER?: Technical Efficiency and Industry Size in Indonesia Richard V. Llewelyn, Richard V.; Sutrisno, Wang
Gadjah Mada International Journal of Business Vol 4, No 3 (2002): September-December
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

The debate over which size industry is best suited for Indonesiacontinues with proponents of both large and small sizes pointing out the benefits of each. However, little empirical analysis has been done regarding economic matters such as technical efficiency. Nonparametric analysis of technical efficiency for three sizes of firms in seven manufacturing sectors is estimated using linear programming techniques. Aggregated input and output data from BPS from 1991 to 1997 are used.Household size firms are found to be most efficient relative to the other sizes for five of the seven sectors analyzed. Large firms are relatively more efficient in ‘Food, Beverage, and Tobacco’ sector. Small companies are relatively less efficient than household firms in all but one case, but relatively more efficient than large firms in five of seven sectors. The results validate and perhaps explain the duel economy in Indonesia with both large and small firms existing in the same industry.When each sector is analyzed for each firm size, the ‘Non-MetallicMineral Products Other Than Petroleum and Coal’ sector is most efficient for all sizes of firms. The least efficient sector is the ‘Chemical and Plastics’ industry.The results suggest that government policy should be focused oncreating a stable environment for business, which promotes growth of efficient businesses, either large or small. Specific policies and intervention for small business development are not necessary, given the relative efficiency of small firms in Indonesia.
Co-Authors Diana Wibisono Francisca Yuniartha Ivan Haryanto Richard V. Richard V. Llewelyn Soffy Susilowati