ANALISIS KINERJA KEUANGAN PERUSAHAAN YANG MELAKUKAN STOCK SPLIT (Studi Empiris Perusahaan yang Terdaftar di Bursa Efek Jakarta Periode 1997-2002)

Andriyani, Arfika, N.A.

2007 | Skripsi | S1 Extention - Accounting

One of the information in the capital market is stock split announcement. Even thought stock split indirectly influence the firm\"s cash flow and supposed did not influence the decision making by investors, in spite of because the manager had reasons when did the stock split so its will become something to be considered by investors and the prospective investors in taking the decision. The investors and investor candidates can take the decision to buy or sells the stocks they have with base on analyze about what are contains in the stock split. Signaling theory can explain this. Signaling theory said that the good quality firms will purposely give the signal to the market. So, thus the market would be expected to be able to distinguish between the good quality firm and the bad one. In order to make the signal effective, so must can catch by the market and to be good perception, and not easy to being imitate by the bad quality firms. The purpose of this research is to knowing the financial performance of the firm that do the stock split. In this analyze, the financial performance of the firm will be proxy in to the financial ratios, as: (1) Liquidity ratio, consist of: Current ratio (CR) and Quick Ratio (QR). (2) Profitability ratio, consist of: Return On Investment (ROI) and Return on Equity (ROE). (3) Activity ratio, consist of: Inventory Turnover (ITO) and Total Assets Turnover (TATO). (4) Leverage ratio, consist of: Debt to Assets Ratio (DAR) and Debt to Equity Ratio (DER). The sample election using purposive sampling which in the end had got 35 firms sample and 32 compared firms. The examine using the Wilcoxon\"s Signed-Rank Test. From the examine show the CR, ROI, ROE, ITO, TATO, and DAR significantly smaller then 5%, so thus this analyze can reject the Ho 1a, Ho 1c, Ho 1d, Ho 1e, Ho 1f, Ho 1g, its mean the level of financial performance of the firm after did stock split is different in proportion to the level of financial performance of the firms before did the stock split. From the examine show ROE, TATO, and DAR significantly smaller than 5%, so thus this analyze can reject the Ho 2d, Ho 2f, and Ho 2g its mean the of the financial performance of the firms that did the stock split is different in proportion to the level of the financial performance of the compare firms. Key words: Stock Split, Signaling Theory.

Kata Kunci : Stock Split, Signaling Theory, Kinerja Keuangan Perusahaan