Analisis Perbedaan Abnormal Return dan Volume Perdagangan Sebelum dan Sesudah Stock Split di Bursa Efek Indonesia

(1)

52 Lampiran 1

Daftar Populasi dan Sampel

No.

Kode

Emiten

Nama Perusahaan

Tanggal

2 ANTM Aneka Tambang (Persero)

Tbk

10 SMGR

Semen Indonesia (Persero)

Tbk

4 ICON

Island Concepts Indonesia

Tbk

6 MIRA

Mitra International

Resources Tbk

30 Mei 2008

7 PANR

Panorama Sentrawisata

Tbk

9 PGAS

Perusahaan Gas Negara

(Persero) Tbk

(2)

53

Daftar Populasi dan Sampel

No.

Kode

Emiten

Nama Perusahaan

Tanggal

1 ARNA

Arwana Citramulia Tbk

11 September

2009

2 CTRA

Ciputra Development Tbk 15 Juni 2010

3 DILD

Intiland Development Tbk 26 Juli 2010

4 DVLA

Darya-Varia Laboratoria

Tbk

12 November

2010

5 KKGI

Resource Alam Indonesia

Tbk

2 BBRI

Bank Rakyat Indonesia

(Persero) Tbk

11 Januari

2011

3 BTPN

Bank Tabungan

Pensiunan Nasional Tbk

28 Maret

2011

4 INTA

Intraco Penta Tbk

6 Juni 2011

11

5 JTPE

Jasuindo Tiga Perkasa

Tbk

8 MTFN

Capitalinc Investment Tbk 11 Juli 2011

9 MTSM Metro Realty Tbk

18 Oktober

2011

15

10 PBRX

Pan Brothers Tbk

15 Juni 2011

11 SSIA

Surya Semesta Internusa

Tbk

7 Juli 2011

2012

1 ACES

Ace Hardware Indonesia

Tbk

1 November

2012

2 ASII

Astra International Tbk

5 Juni 2012

16

(3)

54 Tbk

2012

Daftar Populasi dan Sampel

No.

Kode

Emiten

Nama Perusahaan

Tanggal

9 KREN

Kresna Graha Sekurindo

Tbk

7 Agustus

2012

10 MDRN Modern Internasional

Tbk

3 Juli 2012

11 PNSE

Pudjiadi & Sons Tbk

28 September

2012

12 POOL

Pool Advista Indonesia

Tbk

16 TOTO

Surya Toto Indonesia

Tbk

9 Agustus

2012

20 2013

1 AMRT

Sumber Alfaria Trijaya

Tbk

4 JKON Jaya Konstruksi Manggala Pratama Tbk

26 September 2013

5 JPFA

Japfa Comfeed Indonesia

Tbk

19 April 2013

6 JRPT

Jaya Real Property Tbk

1 Agustus

2013

7 MDLN Modernland Realty Ltd.

Tbk

13 November

2013

8 NIPS

Nipress Tbk

25 November

2013

(4)

55 No.

Kode

Emiten

Nama Perusahaan

Tanggal

Stock Split

Kriteria

S

A B

C D

9 ROTI

Nippon Indosari

Corpindo Tbk

29 November

2013

10 TLKM

Telekomunikasi

Indonesia (Persero) Tbk

28 Agustus

2013

22

11 TOWR Sarana Menara

Nusantara Tbk

22 Juli 2013

2014

1 ALMI

Alumindo Light Metal

Industry Tbk

12 Februari

2014

2 INAI

Indal Aluminium

Industry Tbk

12 Februari

2014

23

3 MLBI

Multi Bintang Indonesia

Tbk

06 November

2014

4 TOTO

Surya Toto Indonesia

Tbk

25 Juli 2014

(5)

56 Lampiran 2

1. PT Aneka Tambang (Persero) (ANTM)

T

Harga

saham

Actual Return

IHSG Market

Return

Abnormal Return

Volume Transaksi

Jumlah Volume Beredar

TVA

5 2700 0.048543689 2,333.68 0.017035723 0.031507966 39,736,000 9,538,459,750 0.004165872

4 2575 -0.009615385 2,294.59 -0.002933074 -0.006682311 20,367,500 9,538,459,750 0.002135303

3 2600 0 2,301.34 0.006613537 -0.006613537 15,128,000 9,538,459,750 0.001586

2 2600 -0.018867925 2,286.22 -0.006682308 -0.012185617 8,288,500 9,538,459,750 0.000868956

1 2650 0 2,301.60 0.007300037 -0.007300037 27,336,500 9,538,459,750 0.002865924

0 2650 -0.8 2,284.92 0.005058458 -0.805058458 92,598,500 9,538,459,750 0.009707909

-1 13250 0 2,273.42 -0.003925727 0.003925727 22,599,500 9,538,459,750 0.002369303

-2 13250 -0.032846715 2,282.38 0.004860567 -0.037707282 14,748,500 9,538,459,750 0.001546214

-3 13700 0.007352941 2,271.34 0.019887295 -0.012534354 35,677,500 9,538,459,750 0.003740384

-4 13600 0.054263566 2,227.05 0.002755602 0.051507964 27,898,500 9,538,459,750 0.002924843

-5 12900 0.048543689 2,220.93 0.011306407 0.012503117 15,189,000 9,538,459,750 0.001592395

2. PT Davomas Abadi Tbk (DAVO)

T

Harga

saham

IHSG Market

Return

TVA

5 285 -0.017241379 2,093.11 -0.008826802 -0.008414577 2,192,500 12,403,711,320 0.000176762

4 290 0.035714286 2,111.75 0.013160167 0.022554118 683,500 12,403,711,320 0.000055104

3 280 0 2,084.32 0.014070254 -0.014070254 285,000 12,403,711,320 0.000022977

2 280 0 2,055.40 -0.001622352 0.001622352 509,500 12,403,711,320 0.000041076

1 280 -0.034482759 2,058.74 -0.008676978 -0.025805781 1,553,000 12,403,711,320 0.000125204

0 290 -0.049180328 2,076.76 0.00792553 -0.057105858 2,887,000 12,403,711,320 0.000232753

-1 610 0.016666667 2,060.43 -0.008741461 0.025408127 16,595,000 12,403,711,320 0.001337906

-2 600 0.034482759 2,078.60 -0.012189616 0.046672375 31,310,000 12,403,711,320 0.002524244

-3 580 0 2,104.25 0.012266987 -0.012266987 2,991,000 12,403,711,320 0.000241138

-4 580 0 2,078.75 0.003611311 -0.003611311 467,000 12,403,711,320 0.000037650

(6)

57

3. Semen Indonesia (Persero) Tbk

T

Harga

saham

IHSG Market

Return

TVA

5

4,800 -0.035175879 2,168.64 -0.019362774 -0.015813105 2,720,500 5,931,520,000 0.000458651

4

4,975 0.005050505 2,211.46 0.001839268 0.003211237 846,000 5,931,520,000 0.000142628

3

4,950 -0.01 2,207.40 -0.015169091 0.005169091 2,717,000 5,931,520,000 0.000458061

2

5,000 0 2,241.40 -0.009387264 0.009387264 4,193,000 5,931,520,000 0.000706901

1

5,000 0 2,262.64 0.040739259 -0.040739259 6,402,000 5,931,520,000 0.001079319

0

5,000 2.572703412 2,174.07 -0.006870372 2.579573784 3,403,000 5,931,520,000 0.000573715

-1

51,200 -0.028462998 2,189.11 -0.035545139 0.00708214 952,500 5,931,520,000 0.000160583

-2

52,700 0.002854424 2,269.79 -0.000466786 0.00332121 212,500 5,931,520,000 0.000035826

-3

52,550 0.02038835 2,270.85 0.00644415 0.0139442 670,000 5,931,520,000 0.000112956

-4

51,500 -0.019047619 2,256.31 -0.039324384 0.020276765 326,500 5,931,520,000 0.000055045

-5

52,500 0.009615385 2,348.67 0.020473159 -0.010857775 307,500 5,931,520,000 0.000051842

4. Sorini Agro Asia Corporindo Tbk (SOBI)

T

Harga

saham

IHSG Market

Return

TVA

(7)

58

5. Bank Central Asia Tbk (BBCA)

T

Harga

saham

IHSG Market

Return

TVA

5

3,600 0.014084507 2,701.63 0.020707868 -0.006623361 32,062,500 24,408,459,120 0.001313581

4

3,550 0 2,646.82 0.007448853 -0.007448853 14,136,500 24,408,459,120 0.000579164

3

3,550 0.007092199 2,627.25 0.006470372 0.000621827 13,455,500 24,408,459,120 0.000551264

2

3,525 -0.013986014 2,610.36 0.000966317 -0.014952331 12,656,000 24,408,459,120 0.000518509

1

3,575 -0.006944444 2,607.84 0.009988188 -0.016932632 8,631,000 24,408,459,120 0.000353607

0

3,600 -0.5 2,582.05 -0.014669012 -0.485330988 9,246,500 24,408,459,120 0.000378824

-1

7,200 0.043478261 2,620.49 0.041240513 0.002237747 53,166,000 24,408,459,120 0.002178179

-2

6,900 0.037593985 2,516.70 0.016322871 0.021271114 50,500,000 24,408,459,120 0.002068955

-3

6,650 0.055555556 2,476.28 0.079214825 -0.023659269 51,248,000 24,408,459,120 0.0020996

-4

6,300 -0.045454545 2,294.52 -0.076978776 0.031524231 83,696,000 24,408,459,120 0.003428975

-5

6,600 -0.043478261 2,485.88 -0.047967738 0.004489477 16,572,000 24,408,459,120 0.000678945

6. Vale Indonesia Tbk (INCO)

T

Harga

saham

IHSG Market

Return

TVA

(8)

59

7. Panorama Sentrawisata Tbk (PANR)

T

Harga

saham

IHSG Market

Return

TVA

5

345 0.112903226 2,684.70 -0.001298271 0.114201497 25,987,000 1,200,000,000 0.021655833

4

310 0.033333333 2688.19 0.004686712 0.028646622 17,903,000 1,200,000,000 0.014919167

3

300 0 2675.65 0.024846981 -0.024846981 232,000 1,200,000,000 0.000193333

2

300 -0.016393443 2,610.78 0.007218169 -0.023611612 1,000,000 1,200,000,000 0.000833333

1

305 -0.016129032 2,592.07 0.001038859 -0.017167891 1,636,000 1,200,000,000 0.001363333

0

310 0 2,589.38 -0.018836038 0.018836038 7,991,000 1,200,000,000 0.006659167

-1

310 -0.009584665 2,639.09 -0.024095405 0.014510741 1,998,000 1,200,000,000 0.001665

-2

313 0.068259386 2,704.25 0.000969785 0.067289601 41,787,000 1,200,000,000 0.0348225

-3

293 0.097378277 2,701.63 0.020707868 0.076670409 28,072,500 1,200,000,000 0.02339375

-4

267 0.015209125 2,646.82 0.007448853 0.007760272 525,000 1,200,000,000 0.0004375

-5

263 0 2,627.25 0.006470372 -0.006470372 2,010,000 1,200,000,000 0.001675

8. Arwana Citramulia Tbk (ARNA)

T

Harga

saham

IHSG Market

Return

TVA

(9)

60

9. Resource Alam Indonesia Tbk (KKGI)

T

Harga

saham

IHSG Market

Return

TVA

5

650 0.120689655 2,799.15 0.00875723 0.111932425 81,500 1,000,000,000 0.000081500

4

580 0 2,774.85 0.019842991 -0.019842991 30,500 1,000,000,000 0.000030500

3

580 0 2,720.86 0.006830965 -0.006830965 30,500 1,000,000,000 0.000030500

2

580 0 2,702.40 -0.014790537 0.014790537 30,500 1,000,000,000 0.000030500

1

580 0 2,742.97 0.00209335 -0.00209335 30,500 1,000,000,000 0.000030500

0

580 -0.747826087 2,737.24 -0.006900655 -0.740925432 30,500 1,000,000,000 0.000030500

-1

2,300 0 2,756.26 0.032457925 -0.032457925 122,000 1,000,000,000 0.000122000

-2

2,300 0 2,669.61 0.001162568 -0.001162568 122,000 1,000,000,000 0.000122000

-3

2,300 0.045454545 2,666.51 -0.003739931 0.049194476 122,000 1,000,000,000 0.000122000

-4

2,200 0 2,676.52 0.002359356 -0.002359356 3,000,000 1,000,000,000 0.003000000

-5

2,200 0 2,670.22 0.00491124 -0.00491124 3,000,000 1,000,000,000 0.003000000

10. Tunas Ridean Tbk (TURI)

T

Harga

saham

IHSG Market

Return

TVA

(10)

61

11. Intraco Penta Tbk (INTA)

T

Harga

5

710 -0.02739726 3,748.76 -0.01026758 -0.0171296801 17,677,500 2,160,029,220 0.0081839171

4

730 -0.013513514 3,787.65 -0.004871013 -0.0086425008 13,585,000 2,160,029,220 0.0062892668

3

740 -0.026315789 3,806.19 -0.005130926 -0.0211848633 24,959,000 2,160,029,220 0.0115549363

2

760 -0.012987013 3,825.82 -0.004457513 -0.0085294999 22,160,000 2,160,029,220 0.0102591205

1

770 0 3,842.95 0.002282093 -0.0022820927 15,347,000 2,160,029,220 0.0071049965

0

770 -0.8 3,834.20 -0.002554617 -0.7974453827 22,459,000 2,160,029,220 0.0103975445

-1

3,850 0 3,844.02 0.00163116 -0.0016311598 17,337,500 2,160,029,220 0.0080265118

-2

3,850 -0.006451613 3,837.76 0.000205892 -0.0066575045 27,297,500 2,160,029,220 0.0126375605

-3

3,875 0 3,836.97 0.002830529 -0.0028305289 45,747,500 2,160,029,220 0.0211791116

-4

3,875 0.013071895 3,826.14 -0.001641256 0.0147131518 56,495,000 2,160,029,220 0.0261547388

-5

3,825 0.006578947 3,832.43 0.004616207 0.0019627401 51,940,000 2,160,029,220 0.0240459710

12. Jasuindo Tiga Perkasa Tbk (JTPE)

T

Harga

5

285 0.017857143 4,177.85 -0.003717711 0.021574854 4,818,000 1,769,680,000 0.002722526

4

280 0 4,193.44 0.015164133 -0.015164133 5,412,000 1,769,680,000 0.00305818

3

280 -0.050847458 4,130.80 -0.00362533 -0.047222128 15,739,000 1,769,680,000 0.008893698

2

295 -0.016666667 4,145.83 -0.006775097 -0.00989157 6,249,500 1,769,680,000 0.003531429

1

300 -0.016393443 4,174.11 0.010000532 -0.026393975 10,224,000 1,769,680,000 0.005777316

0

305 -0.789655172 4,132.78 0.011179103 -0.800834275 24,721,000 1,769,680,000 0.013969192

-1

1,450 -0.026845638 4,087.09

-0.0048042037 -0.022041434 10,487,500 1,769,680,000 0.005926213

-2

1,490 0 4,106.82 0.0095254015 -0.009525401 6,350,000 1,769,680,000 0.003588219

-3

1,490 0 4,068.07 0.0043055031 -0.004305503 16,542,500 1,769,680,000 0.009347735

-4

1,490 0.006756757 4,050.63 0.0067629032 -0.000006146 18,412,500 1,769,680,000 0.010404423

-5

1,480 -0.026315789 4,023.42

(11)

62

13. PP London Sumatra Indonesia Tbk (LSIP)

T

Harga

saham

IHSG Market

Return

TVA

5

2,350 0.032967033 3,542.90 0.013838731 0.019128302 24,748,500 6,493,344,465 0.003811364

4

2,275 0.011111111 3,494.54 0.00239229 0.008718822 28,791,500 6,493,344,465 0.004434002

3

2,250 0.011235955 3,486.20 -0.007521451 0.018757406 13,142,500 6,493,344,465 0.002023996

2

2,225 0.034883721 3,512.62 0.012180328 0.022703393 14,399,000 6,493,344,465 0.002217501

1

2,150 0 3,470.35 0.007788519 -0.007788519 7,579,000 6,493,344,465 0.001167195

0

2,150 -0.795238095 3,443.53 0.001279393 -0.796517489 7,681,000 6,493,344,465 0.001182904

-1

10,500 -0.027777778 3,439.13 -0.010071615 -0.017706163 30,577,500 6,493,344,465 0.004709053

-2

10,800 -0.009174312 3,474.12 0.006670337 -0.015844649 38,205,000 6,493,344,465 0.005883717

-3

10,900 -0.009090909 3,451.10 -0.013306115 0.004215206 20,865,000 6,493,344,465 0.00321329

-4

11,000 0.00456621 3,497.64 -0.001102385 0.005668595 20,882,500 6,493,344,465 0.003215985

-5

10,950 0.037914692 3,501.50 0.019543557 0.018371135 35,457,500 6,493,344,465 0.005460591

14. Malindo Feedmill Tbk (MAIN)

T

Harga

saham

IHSG Market

Return

TVA

(12)

63

15. Metro Realty Tbk (MTSM)

T

Harga

saham

IHSG Market

Return

TVA

5

710 0 3,710.48 0.000998171 -0.000998171 2,000 232,848,000 0.0000085893

4

710 0 3,706.78 0.023785719 -0.023785719 2,000 232,848,000 0.0000085893

3

710 -0.053333333 3,620.66 -0.000585186 -0.052748147 2,000 232,848,000 0.0000085893

2

750 0 3,622.78 -0.016967365 0.016967365 1,500 232,848,000 0.0000064420

1

750 0 3,685.31 0.017470866 -0.017470866 1,500 232,848,000 0.0000064420

0

750 -0.75 3,622.03 -0.02868858 -0.72131142 1,500 232,848,000 0.0000064420

-1

3,000.00 0 3,729.01 0.017554057 -0.017554057 6,000 232,848,000 0.0000257679

-2

3,000.00 0 3,664.68 -0.002911264 0.002911264 6,000 232,848,000 0.0000257679

-3

3,000.00 0 3,675.38 0.010850044 -0.010850044 6,000 232,848,000 0.0000257679

-4

3,000.00 0 3,635.93 0.029498124 -0.029498124 6,000 232,848,000 0.0000257679

-5

3,000.00 0 3,531.75 0.023375291 -0.023375291 6,000 232,848,000 0.0000257679

16. Astra International Tbk (ASII)

T

Harga

saham

IHSG Market

Return

TVA

(13)

64

17. Berlina Tbk (BRNA)

T

Harga

saham

IHSG Market

Return

TVA

5

670 0.015151515 4,332.08 0.003123705 0.01202781 1,578,000 690,000,000 0.002286957

4

660 0 4,318.59 -0.003472831 0.003472831 1,936,500 690,000,000 0.002806522

3

660 0.03125 4,333.64 0.001333219 0.029916781 2,585,000 690,000,000 0.003746377

2

640 -0.03030303 4,327.87 -0.005183408 -0.025119623 1,580,500 690,000,000 0.00229058

1

660 -0.029411765 4,350.42 0.00837917 -0.037790934 1,177,500 690,000,000 0.001706522

0

680 -0.802898551

4,314.27

0.002633083 -0.805531634 1,110,500 690,000,000 0.00160942

-1

3,450 0 4,302.94 -0.008285529 0.008285529 3,015,000 690,000,000 0.004369565

-2

3,450 -0.007194245 4,338.89 0.000814235 -0.008008479 1,117,500 690,000,000 0.001619565

-3

3,475 0.01459854 4,335.36 -0.003431955 0.018030495 1,310,000 690,000,000 0.001898551

-4

3,425 -0.007246377 4,350.29 -0.003278651 -0.003967726 3,610,000 690,000,000 0.005231884

-5

3,450 0.00729927 4,364.60 0.007671938 -0.000372667 2,867,500 690,000,000 0.004155797

18. Kalbe Farma Tbk (KLBF)

T

Harga

saham

IHSG Market

Return

TVA

(14)

65

19. Petrosea Tbk (PTRO)

T

Harga

saham

IHSG Market

Return

TVA

5

4,225 -0.005882353 4,008.64 0.005339386 -0.011221739 4,498,500 1,008,605,000 0.004460121

4

4,250 -0.034090909 3,987.35 -0.00104972 -0.033041189 4,195,000 1,008,605,000 0.00415921

3

4,400 -0.016759777 3,991.54 0.006016125 -0.022775902 7,022,000 1,008,605,000 0.006962091

2

4,475 -0.021857923 3,967.67 0.006379169 -0.028237092 3,602,500 1,008,605,000 0.003571765

1

4,575 -0.010810811 3,942.52 -0.006190952 -0.004619859 3,849,500 1,008,605,000 0.003816658

0

4,625 -0.894886364 3,967.08 -0.004471881 -0.890414482 10,320,000 1,008,605,000 0.010231954

-1

44,000 -0.020044543 3,984.90 -0.004986429 -0.015058114 700,000 1,008,605,000 0.000694028

-2

44,900 -0.002222222 4,004.87 0.010746311 -0.012968533 2,345,000 1,008,605,000 0.002324993

-3

45,000 0.034482759 3,962.29 -0.005751265 0.040234024 2,235,000 1,008,605,000 0.002215932

-4

43,500 0.005780347 3,985.21 0.020916804 -0.015136457 1,285,000 1,008,605,000 0.001274037

-5

43,250 0.054878049 3,903.56 0.011017814 0.043860235 1,775,000 1,008,605,000 0.001759856

20. Surya Toto Indonesia Tbk (TOTO)

T

Harga

saham

IHSG Market

Return

TVA

(15)

66

21. Sepatu Bata Tbk (BATA)

T

Harga

saham

IHSG Market

Return

TVA

5

1,220 0.016666667 4,349.42 -0.002000854 0.01866752 504,500 1,300,000,000 0.0003880769

4

1,200 -0.111111111 4,358.14 0.039816189 -0.1509273 958,500 1,300,000,000 0.0007373077

3

1,350 -0.181818182 4,191.26 0.029199357 -0.211017538 1,776,500 1,300,000,000 0.0013665385

2

1,650 0.25 4,072.35 0.005305046 0.244694954 206,500 1,300,000,000 0.0001588462

1

1,320 0.245283019 4,050.86 -0.005548109 0.250831128 266,000 1,300,000,000 0.0002046154

0

1,060 -0.987529412 4,073.46 -0.021745865 -0.965783547 204,500 1,300,000,000 0.0001573077

-1

85,000 0 4,164.01 0.015307603 -0.015307603 50,000 1,300,000,000 0.0000384615

-2

85,000 0 4,101.23 -0.022373775 0.022373775 50,000 1,300,000,000 0.0000384615

-3

85,000 0 4,195.09 0.022297549 -0.022297549 50,000 1,300,000,000 0.0000384615

-4

85,000 0 4,103.59 0.019150722 -0.019150722 50,000 1,300,000,000 0.0000384615

-5

85,000 0 4,026.48 0.014778822 -0.014778822 50,000 1,300,000,000 0.0000384615

22. Telekomunikasi Indonesia (Persero) Tbk (TLKM)

T

Harga

saham

IHSG Market

Return

TVA

5

2,100 -0.045454545 4,073.46 -0.021745865 -0.02370868 106,755,500 90,719,996,760 0.001176758

4

2,200 0.023255814 4,164.01 0.015307603 0.007948211 50,207,000 90,719,996,760 0.000553428

3

2,150 -0.022727273 4,101.23 -0.022373775 -0.000353498 63,655,500 90,719,996,760 0.00070167

2

2,200 -0.011235955 4,195.09 0.022297549 -0.033533504 109,446,500 90,719,996,760 0.001206421

1

2,225 0.034883721 4,103.59 0.019150722 0.015732999 105,664,500 90,719,996,760 0.001164732

0

2,150 -0.787128713 4,026.48 0.014778822 -0.801907535 140,114,000 90,719,996,760 0.001544467

-1

10,100 -0.051643192 3,967.84 -0.037088629 -0.014554564 128,692,500 90,719,996,760 0.001418568

-2

10,650 -0.009302326 4,120.67 -0.011789449 0.002487124 81,722,500 90,719,996,760 0.000900821

-3

10,750 0.009389671 4,169.83 -0.000378769 0.00976844 84,685,000 90,719,996,760 0.000933477

-4

10,650 -0.02739726 4,171.41 -0.011151015 -0.016246245 145,652,500 90,719,996,760 0.001605517

(16)

67

23. Indal Aluminium Industry Tbk (INAI)

T

Harga

saham

Actual Return IHSG Market Return

Volume Transa

ksi

TVA

(17)

68 Lampiran 3

Rata-rata

Abnormal Return

Sebelum dan Sesudah

Stock Split

Kode Emiten

Rata-rata

Abnormal Return

Sebelum

Stock Split

Rata-rata

Abnormal

Return

Sesudah

Stock Split

ANTM

0.003539034

-0.000254707

DAVO

0.003846

-0.004823

SMGR

0.006753

-0.007757

SOBI

0.009578

-0.012493

BBCA

0.007173

-0.009067

INCO

0.006867

-0.017101

PANR

0.031952

0.015444

ARNA

0.009025

-0.009072

KKGI

0.001661

0.019591

TURI

-0.000460

0.002996

INTA

0.001111

-0.011554

JTPE

-0.011965

-0.015419

LSIP

-0.001059

0.002731

MAIN

-0.002868

-0.007240

MTSM

-0.015673

-0.015607

ASII

0.002674

-0.005351

BRNA

0.002793

-0.003499

KLBF

0.002144

0.004177

PTRO

0.008186

-0.019979

TOTO

0.020738

-0.009658

BATA

-0.009832

0.030450

TLKM

0.004785

-0.006783

(18)

69 Lampiran 4

Rata-rata

Trading Volume Activity

(TVA) Sebelum dan Sesudah

Stock Split

Kode Emiten

Rata-rata TVA Sebelum

Stock Split

Rata-rata TVA Sesudah

Stock Split

ANTM

0.002435

0.002324

DAVO

0.000834

0.000084

SMGR

0.000083

0.000569

SOBI

0.000833

0.003847

BBCA

0.002091

0.000663

INCO

0.000600

0.001884

PANR

0.012399

0.007793

ARNA

0.008307

0.007181

KKGI

0.001273

0.000041

TURI

0.002586

0.005234

INTA

0.018409

0.008678

JTPE

0.007183

0.004797

LSIP

0.004497

0.002731

MAIN

0.003618

0.002928

MTSM

0.000026

0.000322

ASII

0.001063

0.000805

BRNA

0.003455

0.002567

KLBF

0.001139

0.000668

PTRO

0.001654

0.004594

TOTO

0.000137

0.000151

BATA

0.000038

0.000571

TLKM

0.001418

0.000961

(19)

70 Lampiran 5

Uji Normalitas Kolmogrov Smirnov Rata-rata

Abnormal Return

One-Sample Kolmogorov-Smirnov Test

AR_Sebelum AR_Sesudah

N 23 23

Normal Parametersa,,b Mean .00307024 -.00451459

Std. Deviation .010212801 .012815454

Most Extreme Differences Absolute .175 .164

Positive .175 .164

Negative -.126 -.076

Kolmogorov-Smirnov Z .839 .787

Asymp. Sig. (2-tailed) .482 .566

a. Test distribution is Normal.

b. Calculated from data.

Uji Normalitas Kolmogrov Smirnov Rata-rata Trading Volume Activity

(TVA)

One-Sample Kolmogorov-Smirnov Test

TVA_Sebelum TVA_Sesudah

N 23 23

Normal Parametersa,,b Mean .00322380 .00259002

Std. Deviation .004507517 .002649804

Most Extreme Differences Absolute .252 .209

Positive .252 .209

Negative -.239 -.168

Kolmogorov-Smirnov Z 1.208 1.002

Asymp. Sig. (2-tailed) .108 .268

a. Test distribution is Normal.

(20)

71 Lampiran 6

Uji Paired Sample T-Test Rata-rata

Abnormal Return

Paired Samples Statistics

Mean N Std. Deviation Std. Error Mean

Pair 1 AR_Sebelum .00307024 23 .010212801 .002129516

AR_Sesudah -.00451459 23 .012815454 .002672207

Paired Samples Correlations

N Correlation Sig.

Pair 1 AR_Sebelum & AR_Sesudah 23 .123 .575

Paired Samples Test

Paired Differences

t df

Sig.

(2-tailed) Mean

Std.

Deviation

Std. Error

Mean

95% Confidence Interval

of the Difference

Lower Upper

Pair

1

AR_Sebelum

-

AR_Sesudah