Stock Price, Return, and Abnormal Return Differences Before and After Stock Split In High and Low Profile Companies Listed On The Indonesian Stock Exchange
DOI:
https://doi.org/10.24256/kharaj.v5i1.3645Keywords:
Stock Splits, Stock Prices, Stock Returns, Abnormal ReturnsAbstract
The purpose of this study is to see if there are differences in stock prices, stock returns, and abnormal returns before and after a stock split in high-profile and low-profile companies. This study's research period was 2020-2022. The research was analyzed quantitatively using a purposive sampling method. Based on the sampling criteria, 39 companies were selected as research samples. Kolmogorov Smirnov The normality test was performed using a single sample test. Following the normality test, the data was processed using the two-paired-sample difference test. If the data were normally distributed, the t-test (paired sample t-test) was used; otherwise, the Wilcoxon Signed Rank test was used. The results of hypothesis testing revealed that (1) there are differences in stock prices before and after a stock split in high-profile companies. (2) In low-profile companies, stock prices differ before and after the stock split. (3) There are differences in stock returns in high-profile companies before and after a stock split. (4) There is no difference in stock returns for low-profile companies before and after the stock split. (5) There is no difference in abnormal returns in high-profile companies before and after the stock split. (6) There is no difference in abnormal returns in low-profile companies before and after the stock split. (7) There are differences in stock prices following a stock split between high-profile and low-profile companies. (8) There is no difference in stock returns in high and low-profile companies before and after the stock split. (9) There is no difference in abnormal stock returns before and after a stock split at high and low-profile companies.
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