Analisis Pengaruh Kinerja Keuangan Perusahaan dan Kinerja Pasar terhadap keputusan Stock Split: study empiris pada perusahaan Go Public di Bursa Efek Indonesia tahun 2003-2008

Saputra, Kadek Septiaji Anom; Dr. Mamduh M. Hanafi, M.B.A. (Pembimbing), Dr. Mamduh M. Hanafi, M.B.A.

2010 | Skripsi | S1 Extention - Management

Penelitian ini bertujuan untuk mengetahui pengaruh kinerja keuangan perusahaan dan kinerja pasar terhadap keputusan stock split pada perusahaan go public yang terdaftar di BEI tahun 2003-2008. Stock split merupakan tindakan memecah saham menjadi n lembar saham dimana harga per lembar saham baru setelah di stock split adalah sebesar 1/n dari harga saham sebelumnya. Selain itu, stock split juga memberikan sinyal kepada para investor mengenai prospek perusahaan dimasa depan karena perusahaan hanya akan melakukan stock split ketika perusahaan optimis mengenai prospek perusahaan di masa depan. Variabel independen dari kinerja keuangan yang digunakan adalah earnings per share dan return on investment, sedangkan variabel independen dari kinerja pasar menggunakan return saham, price earnings ratio dan price to book value. Penelitian ini membandingkan variabel independen perusahaan yang melakukan stock split dengan variabel independen perusahaan yang tidak melakukan stock split dengan menggunakan analisis diskriminan. Sampel yang digunakan ada 120 sampel yang terdiri dari 60 sampel perusahaan yang melakukan stock split dan 60 sampel perusahaan yang tidak melakukan stock split.

Hasil dari penelitian ini menunjukan bahwa kinerja keuangan perusahaan yang menggunakan variabel earnings per share dan return on investment tidak mempunyai pengaruh yang positif terhadap keputusan stock split sehingga signaling theory tidak terbukti dan hipotesis penelitian di tolak. Untuk kinerja pasar yang menggunakan variabel return saham, price earnings ratio dan price to book value, hanya return saham yang mempunyai pengaruh positif terhadap keputusan stock split sehingga hipotesis trading range theory untuk return saham diterima dan hipotesis trading range theory untuk price earnings ratio dan price to book value ditolak. Jadi penelitian ini memberikan kesimpulan bahwa hanya kinerja pasar yang menggunakan variabel return saham yang mempunyai pengaruh positif terhadap keputusan stock split. Kata Kunci : Stock split, earnings per share, return on investments, stock return, price earning ratio, price to book value, discriminant analysis. signaling theory, trading range theory.

This research aims to determine the influence of the company's financial performance and market performance of the stock split decision to go public company listed on the Stock Exchange from 2003-2008. Stock split is an action to be n shares where the price per new share after the stock split is 1 / n from the previous stock price. In addition, the stock split also gives a signal to investors about the company's prospects in the future because companies will only do a stock split when the company is optimistic about the prospects for companies in the future. Independent variable of financial performance used is earnings per share and return on investment, while the independent variables of market performance using stock return, price earnings ratio and price to book value. This study compared the independent variables are the stock-split firms with independent variables that are not companies do a stock split by using discriminant analysis. The sample used is 120 samples comprising 60 samples of a company that does stock split and 60 samples of companies that do not perform a stock split.

The results of this study indicate that the financial performance of companies that use variable earnings per share and return on investment does not have a positive influence on stock split decision so that the signaling theory is not proven and the research hypothesis was rejected. For market performance that uses variable stock return, price earnings ratio and price to book value, return only shares that have a positive influence on the decision so that the hypothesis of a stock split trading range theory for the stock return is received and hypothetical trading range theory for the price earnings ratio and price to book value is rejected. So, this study concludes that only the performance of the market that use stock return variables that have a positive influence on stock split decision. Keyword : Stock split, earnings per share, return on investment, stock return, price earning ratio, price to book value, discriminant analysis, signaling theory, trading range theory.

Kata Kunci : Stock split, earnings per share, return on investments, stock return, price earning ratio, price to book value, discriminant analysis. signaling theory, trading range theory