ANALISIS PERBANDINGAN VOLUME PERDAGANGAN SAHAM SEBELUM DAN SESUDAH STOCK SPLIT DI BURSA EFEK INDONESIA - Suryanto, Suryanto; Muhyi, Herwan Abdul (JIPSI Jurnal Ilmu Politik dan Komunikasi, 2017)
This study aims to determine the volume of stock trading before and after the stock split on the Indonesia Stock Exchange. The research method used a quantitative approach to verification research type. Primary data obtained from the observation of trading volume of shares. While secondary data obtained through documentation report, and literature study. This study is an event study of stock trading volume activity 5 days before and after issuers do the stock split. Data analysis was performed using nonparametric statistical test of Wilcoxon Signed Rank Test. The results showed that the average trading volume activity before and after stock split shows the market tends to react negatively. The negative public perception of the stock split is due to several things, among others: (a) The stock does not have good fundamentals (overpriced); (b) Bearish market condition, as well as the unfavorable condition of the Indonesian economy, make investors unwilling to invest in the capital market. There is a significant difference of stock trading volume before and after the stock split announcement as measured by trading activity volume. However, the difference is not to increase trading volume activity, but instead lower trading volume activity.Penelitian ini bertujuan untuk mengetahui volume perdagangan saham sebelum dan sesudah stock split di Bursa Efek Indonesia. Metode penelitian menggunakan pendekatan kuantitatif dengan jenis penelitian verifikatif. Data primer diperoleh dari hasil pengamatan volume perdagangan saham. Sedangkan data sekunder diperoleh malalui dokumentasi laporan, dan studi literatur. Penelitian ini merupakan event study dari aktivitas volume perdagangan saham 5 hari sebelum dan sesudah emiten melakukan stock split. Analisis data dilakukan menggunakan uji statistik non parametrik Wilcoxon Signed Rank Test. Hasil penelitian menunjukkan bahwa rata-rata trading volume activity sebelum dan sesudah stock split memperlihatkan pasar cenderung bereaksi negatif. Rekasi negatif dari masyarakat terhadap stock split ini dikarenakan beberapa hal, antara lain: (a) Saham tersebut memang tidak memiliki fundamental yang bagus (overpriced); (b) Kondisi pasar yang bearish serta keadaan perekonomian Indonesia yang kurang baik membuat keenganan investor untuk berinvestasi di pasar modal. Terdapat perbedaan yang signifikan volume perdagangan saham sebelum dan sesudah pengumuman stock split yang diukur dengan trading volume activity. Namun, perbedaan tersebut bukannya menambah trading volume activity, tetapi justru menurunkan trading volume activity.