Analisis pengaruh Stock Splits terhadap perubahan struktur kepemilikan saham serta hubungannya terhadap likuiditas saham dan return saham

WULANDARI, Esti, Jogiyanto Hartono, Prof.Dr.,MBA

2006 | Tesis | Magister Manajemen

Penelitian di pasar modal mengenai pengaruh stock splits terhadap likuiditas saham dan return saham telah banyak dilakukan di Indonesia. Namun penelitian yang menitikberatkan pada pengaruh perubahan struktur kepemilikan saham setelah stock splits serta hubungannya terhadap likuiditas saham dan return saham pada saat pengumuman, masih jarang dilakukan di Indonesia. Berdasarkan hal tersebut, maka penelitian ini dilakukan. Penelitian ini mencoba menganalisis, apakah kebijakan stock splits berpengaruh terhadap struktur kepemilikan saham. Selain itu dalam penelitian ini juga dilakukan analisis, apakah terdapat hubungan yang positif antara struktur kepemilikan saham setelah stock splits dan likuiditas saham, serta apakah juga terdapat hubungan yang positif antara struktur kepemilikan saham setelah stock splits dan return saham. Dari penelitian ini ditemukan bahwa kebijakan stock splits tidak berpengaruh secara signifikan terhadap struktur kepemilikan saham. Selain itu, dalam penelitian ini juga terlihat hubungan yang negatif antara struktur kepemilikan saham setelah stock split dengan likuiditas saham dan return saham.

There was a lot of research on Indonesian Capital Market that examined the impact of stock splits to stock liquidity and stock return. In spite of, in Indonesia, there were still a few researches that emphasized on the impact of stock splits on exchanging of ownership composition after the stock splits and its relation to stock liquidity and stock return on announcement day. Therefore, this research was conducted. This research tries to analyze whether the stock splits policy will affect to ownership composition. Otherwise, this research was also examined whether there is a positive relationship between ownership composition after the stock splits and stock liquidity; and whether there is a positive relationship between ownership composition after stock splits and the stock return. This research found that stock splits policy was not significantly affected the ownership composition. Otherwise, this research also found that there were negative relationships between ownership composition after the stock splits and stock liquidity and the stock return also.

Kata Kunci : Stock Splits,Struktur Kepemilikan Saham,Likuiditas Saham,Return Saham, ownership composition, stock liquidity, and stock return