LAMPIRAN 1
Daftar Sampel Perusahaan
No Kode Nama Perusahaan Kriteria Sampel
1 2 3
1. BBRI Bank Rakyat Indonesia (Persero) Tbk S1
2. LSIP London Sumatera Plantation Tbk S2
3. BTPN Bank Tabungan Pensiunan Nasional Tbk S3
4. INTA Intraco Penta Tbk S4
5. PBRX Pan Brothers Tbk S5
6. MAIN Malindo Feedmill Tbk S6
7. AUTO Astra Otopart Tbk S7
8. SSIA Surya Semesta Internusa Tbk S8
9. JTPE Jasuindo Tiga Perkasa Tbk S9
10. MTSM Metro Realty Tbk S10
11. PTRO Petrosea Tbk S11
12. PWON Pakuwon Jati Tbk S12
13. ASII Astra International Tbk S13
14. IMAS Indomobil Sukses International Tbk S14
15. INDS Indosring Tbk S15
16. MDRN Modern International Tbk S16
17. DKFT Central Omega Resources Tbk S17
18. KREN Kresna Graha Sekurindo Tbk S18
19. KLBF Kalbe Farma Tbk S19
20. ACES Ace Hardwarea Indonesia Tbk S20
21. JPFA Japfa Comfeed Tbk S21
22. IDKM Indosiar Karya Media Tbk x -
23. SMRA Summaraecon Agung Tbk S22
24. ARNA Arwana Citra Mulia Tbk S23
25. TOWR Sarana Menara Nusantara Tbk S24
26. AMRT Sumber Alfaria Trijaya Tbk S25
27. JRPT Jaya Real Property Tbk S26
28. TLKM Telekomunikasi Indonesia Tbk S27
29. BATA Sepatu Bata Tbk S28
30. JKON Jaya Konstruksi Tbk S29
31. ALMI Alumindo Light Metal Industry Tbk S30
Daftar Harga Saham 5 hari Sebelum Stock Split
No Kode H-5 H-4 H-3 H-2 H-1
1 BBRI 10,300.00 10,600.00 10,350.00 9,800.00 9,300.00
2 LSIP 10,950.00 11,000.00 10,900.00 10,800.00 10,500.00
3 BTPN 10,800.00 10,750.00 10,900.00 11,750.00 11,650.00
4 INTA 3,825.00 3,875.00 3,875.00 3,850.00 3,850.00
5 PBRX 1,598.64 1,721.94 1,700.68 1,683.67 1,641.16
6 MAIN 5,350.00 5,350.00 5,300.00 5,300.00 5,350.00
7 AUTO 14,960.00 14,960.00 15,247.70 15,631.30 15,918.95
8 SSIA 1,350.00 1,360.00 1,350.00 1,350.00 1,340.00
9 JTPE 1,480.00 1,490.00 1,490.00 1,490.00 1,450.00
10 MTSM 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00
11 PTRO 43,250.00 43,500.00 45,000.00 44,900.00 44,000.00
12 PWON 810.00 800.00 810.00 800.00 810.00
13 ASII 65,200.00 66,000.00 64,300.00 63,350.00 62,400.00
14 IMAS 16,050.00 15,950.00 15,050.00 15,000.00 16,000.00
15 INDS 4,047.99 4,121.60 4,047.99 4,047.99 4,195.21
16 MDRN 2,872.25 2,895.60 2,825.55 2,942.31 2,848.90
17 KREN 920.00 910.00 920.00 950.00 930.00
18 DKFT 1,630.00 1,730.00 2,000.00 2,000.00 1,930.00
19 KLBF 4,550.00 4,575.00 4,575.00 4,700.00 4,800.00
20 ACES 6,900.00 7,000.00 6,950.00 6,900.00 7,000.00
21 JPFA 8,950.00 8,850.00 8,800.00 9,150.00 9,400.00
22 SMRA 2,275.00 2,175.00 2,100.00 2,275.00 2,300.00
23 ARNA 3,250.00 3,375.00 3,250.00 3,250.00 3,300.00
24 TOWR 28,000.00 28,000.00 28,000.00 28,000.00 27,850.00
25 AMRT 6,200.00 6,300.00 6,300.00 6,350.00 6,350.00
26 JRPT 5,000.00 5,000.00 5,000.00 4,950.00 4,950.00
27 TLKM 10,950.00 10,650.00 10,750.00 10,650.00 10,100.00
28 BATA 85,000.00 85,000.00 85,000.00 85,000.00 85,000.00
29 JKON 2,550.00 2,550.00 2,500.00 2,500.00 2,450.00
30 ALMI 570.00 580.00 580.00 550.00 560.00
31 INAI 580.00 580.00 580.00 630.00 560.00
32 TOTO 6,860.52 6,860.52 6,985.26 7,085.06 3,991.58
Daftar Harga Saham 5 hari Setelah Stock Split
No Kode H 1 H 2 H 3 H 4 H 5
1 BBRI 5,000.00 5,100.00 5,150.00 5,050.00 5,000.00 2 LSIP 2,150.00 2,225.00 2,250.00 2,275.00 2,350.00 3 BTPN 2,550.00 2,525.00 2,500.00 2,450.00 2,500.00 4 INTA 770.00 760.00 740.00 730.00 710.00 5 PBRX 403.91 382.65 391.16 399.66 403.91 6 MAIN 1,030.00 1,020.00 1,020.00 1,030.00 1,020.00 7 AUTO 3,116.67 3,092.69 4,075.64 4,003.72 4,027.69 8 SSIA 335.00 330.00 330.00 350.00 345.00 9 JTPE 300.00 295.00 280.00 280.00 285.00 10 MTSM 750.00 750.00 710.00 710.00 710.00 11 PTRO 4,575.00 4,475.00 4,400.00 4,250.00 4,225.00 12 PWON 210.00 205.00 205.00 205.00 200.00 13 ASII 6,950.00 6,800.00 6,650.00 6,600.00 6,650.00 14 IMAS 7,550.00 7,950.00 7,800.00 7,800.00 7,400.00 15 INDS 3,071.60 2,944.00 2,815.20 2,778.40 2,815.20 16 MDRN 616.48 625.82 644.50 644.50 653.85 17 KREN 225.00 225.00 225.00 215.00 220.00 18 DKFT 360.00 340.00 350.00 350.00 345.00 19 KLBF 960.00 980.00 980.00 970.00 980.00 20 ACES 740.00 740.00 760.00 720.00 710.00 21 JPFA 1,980.00 1,930.00 1,910.00 1,940.00 1,940.00 22 SMRA 1,290.00 1,280.00 1,190.00 1,120.00 1,100.00 23 ARNA 820.00 800.00 780.00 790.00 730.00 24 TOWR 2,775.00 2,800.00 2,825.00 2,975.00 2,825.00 25 AMRT 640.00 640.00 650.00 650.00 640.00 26 JRPT 980.00 980.00 1,000.00 1,000.00 950.00 27 TLKM 2,225.00 2,200.00 2,150.00 2,200.00 2,100.00 28 BATA 1,320.00 1,650.00 1,350.00 1,200.00 1,220.00 29 JKON 510.00 530.00 530.00 530.00 540.00 30 ALMI 316.00 315.00 317.00 300.00 300.00 31 INAI 314.00 304.00 290.00 293.00 290.00 32 TOTO 3,861.85 3,712.17 3,522.57 3,582.44 3,742.10 33 MLBI 11,800.00 11,250.00 11,700.00 11,750.00 11,700.00
Daftar Volume Perdagangan Saham 5 hari Sebelum Stock Split
No Kode H-5 H-4 H-3 H-2 H-1
1 BBRI 55,697,000 47,598,000 43,309,000 120,914,000 181,789,000
2 LSIP 35,457,500 20,882,500 20,865,000 38,205,000 30,577,500
3 BTPN 12,500 887,500 1,075,000 5,950,000 3,162,500
4 INTA 51,940,000 56,495,000 45,747,500 27,297,500 17,337,500
5 PBRX 7,874,400 63,313,400 23,908,000 5,774,100 21,873,600
6 MAIN 6,317,500 6,250,000 5,657,500 4,917,500 7,520,000
7 AUTO 49,500 99,000 109,400 649,100 1,136,600
8 SSIA 24,666,000 23,768,000 26,426,000 13,440,000 29,880,000
9 JTPE 11,767,500 18,412,500 16,542,500 6,350,000 10,487,500
10 MTSM 6,000 6,000 6,000 6,000 6,000
11 PTRO 1,775,000 1,285,000 2,235,000 2,345,000 700,000
12 PWON 65,280,000 22,988,000 79,284,000 40,736,000 47,016,000
13 ASII 26,780,000 35,245,000 63,410,000 45,595,000 44,140,000
14 IMAS 2,823,000 2,362,000 2,512,000 2,281,000 3,278,000
15 INDS 666,900 729,900 802,400 247,200 2,141,100
16 MDRN 29,400 765,400 1,763,700 1,820,000 2,250,900
17 KREN 2,014,000 1,544,000 2,826,000 2,458,000 1,836,000
18 DKFT 15,965,000 69,792,500 146,262,500 76,467,500 38,102,500
19 KLBF 107,795,000 51,995,000 30,827,500 50,510,000 48,042,500
20 ACES 5,400,000 4,555,000 2,400,000 4,270,000 12,360,000
21 JPFA 6,125,000 2,492,500 1,220,000 6,280,000 7,060,000
22 SMRA 31,029,000 57,718,000 39,499,000 27,883,000 29,222,000
23 ARNA 2,244,000 13,480,000 11,134,000 1,580,000 2,366,000
24 TOWR 5,000 380,000 1,090,000 1,090,000 120,000
25 AMRT 25,000 40,285,000 1,320,000 15,000 50,000
26 JRPT 132,500 30,000 2,500 35,000 860,000
27 TLKM 202,245,000 145,652,500 84,685,000 81,722,500 128,692,500
28 BATA 50,000 50,000 50,000 50,000 50,000
29 JKON 3,707,500 3,707,500 2,500 5,000 2,500
30 ALMI 11,200 2,800 400 160,000 306,200
31 INAI 29,200 16,400 24,200 200 41,000
32 TOTO 9,800 22,600 4,600 40,200 78,900
Daftar Volume perdagangan 5 hari Setelah Stock Split
No Kode H 1 H 2 H 3 H 4 H 5
1 BBRI 53,144,500 62,344,000 38,167,500 45,738,000 25,265,000
2 LSIP 7,579,000 14,399,000 13,142,500 28,791,500 24,748,500
3 BTPN 2,603,500 1,726,000 732,500 653,500 330,000
4 INTA 15,347,000 22,160,000 24,959,000 13,585,000 17,677,500
5 PBRX 2,185,500 7,235,300 6,740,200 14,534,700 3,694,400
6 MAIN 4,085,500 4,898,000 3,429,500 7,436,000 4,969,500
7 AUTO 225,200 320,600 1,325,800 1,660,100 824,300
8 SSIA 18,940,500 26,205,000 31,197,000 141,652,000 41,668,000
9 JTPE 10,224,000 6,249,500 15,739,000 5,412,000 4,818,000
10 MTSM 1,500 1,500 2,000 2,000 2,000
11 PTRO 3,849,500 3,602,500 7,022,000 4,195,000 4,498,500
12 PWON 40,518,000 4,724,000 9,423,000 11,265,500 12,397,000
13 ASII 41,969,000 45,218,000 14,550,500 43,667,500 17,595,000
14 IMAS 1,362,500 3,345,000 3,606,500 3,102,500 2,154,500
15 INDS 97,600 349,000 476,300 1,252,500 202,500
16 MDRN 1,001,000 221,600 14,767,700 1,675,400 2,610,000
17 KREN 472,500 296,500 189,000 404,500 239,500
18 DKFT 16,655,500 19,042,000 22,314,500 16,787,000 9,685,000
19 KLBF 32,860,000 63,946,500 28,477,000 24,280,000 20,082,500
20 ACES 12,719,500 4,005,500 4,841,000 19,426,500 12,754,000
21 JPFA 11,141,500 3,843,000 2,054,500 4,134,000 3,670,000
22 SMRA 16,021,000 11,487,000 16,468,000 35,484,000 11,952,000
23 ARNA 3,517,000 4,233,500 4,209,500 5,623,000 28,285,500
24 TOWR 483,000 21,500 145,500 228,000 22,000
25 AMRT 72,000 31,000 379,000 180,000 1,301,000
26 JRPT 500 564,500 134,500 24,500 3,500
27 TLKM 105,664,500 109,446,500 63,655,500 50,207,000 106,755,500
28 BATA 266,000 206,500 1,776,500 958,500 504,500
29 JKON 3,636,000 3,045,000 809,000 194,000 584,500
30 ALMI 200 600 100 300 500
31 INAI 3,700 125,500 114,100 9,200 27,100
32 TOTO 1,200 11,600 30,800 9,900 9,800
Jumlah Saham Beredar dari Sampel Perusahaan Pada Periode Penelitian
No Kode 2011 2012 2013 2014
1 BBRI 24,422,470,380
2 LSIP 6,822,863,965
3 BTPN 5,606,980,970
4 INTA 2,160,029,220
5 PBRX 3,063,861,660
6 MAIN 1,695,000,000
7 AUTO 3,855,786,400
8 SSIA 4,705,249,440
9 JTPE 1,769,680,000
10 MTSM 232,848,000
11 PTRO 1,008,605,000
12 PWON 48,159,602,400
13 ASII 40,483,553,140
14 IMAS 2,765,278,412
15 INDS 315,000,000
16 MDRN 4,158,816,363
17 KREN 3,169,370,290
18 DKFT 5,612,355,730
19 KLBF 50,780,072,110
20 ACES 17,150,000,000
21 JPFA 10,660,522,910
22 SMRA 14,426,781,680
23 ARNA 7,341,430,976
24 TOWR 10,202,925,000
25 AMRT 37,749,547,000
26 JRPT 13,750,000,000
27 TLKM 100,799,996,400
28 BATA 1,300,000,000
29 JKON 16,308,519,860
30 ALMI 616,000,000
31 INAI 316,800,000
32 TOTO 990,720,000
33 MLBI 2,107,000,000
Trading Volume Activity 5 hari Sebelum Stock Split
No Kode H-5 H-4 H-3 H-2 H-1
1 BBRI 0.002280564 0.001948943 0.001773326 0.004950932 0.007443514
2 LSIP 0.005196865 0.003060665 0.003058100 0.005599555 0.004481622
3 BTPN 0.000002229 0.000158285 0.000191725 0.001061177 0.000564029
4 INTA 0.024045971 0.026154739 0.021179112 0.012637561 0.008026512
5 PBRX 0.002570090 0.020664575 0.007803224 0.001884582 0.007139226
6 MAIN 0.003727139 0.003687316 0.003337758 0.002901180 0.004436578
7 AUTO 0.000012838 0.000025676 0.000028373 0.000168344 0.000294778
8 SSIA 0.005242230 0.005051379 0.005616280 0.002856384 0.006350354
9 JTPE 0.006649507 0.010404423 0.009347735 0.003588219 0.005926213
10 MTSM 0.000025768 0.000025768 0.000025768 0.000025768 0.000025768
11 PTRO 0.001759856 0.001274037 0.002215932 0.002324993 0.000694028
12 PWON 0.001355493 0.000477330 0.001646276 0.000845854 0.000976254
13 ASII 0.000661503 0.000870600 0.001566315 0.001126260 0.001090319
14 IMAS 0.001020874 0.000854164 0.000908408 0.000824872 0.001185414
15 INDS 0.002117143 0.002317143 0.002547302 0.000784762 0.006797143
16 MDRN 0.000007069 0.000184043 0.000424087 0.000437625 0.000541236
17 KREN 0.000635457 0.000487163 0.000891660 0.000775548 0.000579295
18 DKFT 0.002844617 0.012435509 0.026060804 0.013624849 0.006789039
19 KLBF 0.002122782 0.001023925 0.000607079 0.000994682 0.000946090
20 ACES 0.000314869 0.000265598 0.000139942 0.000248980 0.000720700
21 JPFA 0.000574550 0.000233807 0.000114441 0.000589089 0.000662256
22 SMRA 0.002150792 0.004000754 0.002737894 0.001932725 0.002025538
23 ARNA 0.000305662 0.001836154 0.001516598 0.000215217 0.000322280
24 TOWR 0.000000490 0.000037244 0.000106832 0.000106832 0.000011761
25 AMRT 0.000000662 0.001067165 0.000034967 0.000000397 0.000001325
26 JRPT 0.000009636 0.000002182 0.000000182 0.000002545 0.000062545
27 TLKM 0.002006399 0.001444965 0.000840129 0.000810739 0.001276711
28 BATA 0.000038462 0.000038462 0.000038462 0.000038462 0.000038462
29 JKON 0.000227335 0.000227335 0.000000153 0.000000307 0.000000153
30 ALMI 0.000018182 0.000004545 0.000000649 0.000259740 0.000497078
31 INAI 0.000092172 0.000051768 0.000076389 0.000000631 0.000129419
32 TOTO 0.000009892 0.000022812 0.000004643 0.000040577 0.000079639
Trading Volume Activity 5 hari Setelah Stock Split
No Kode H1 H2 H3 H4 H5
1 BBRI 0.002176049 0.002552731 0.001562803 0.001872784 0.001034498
2 LSIP 0.001110824 0.002110404 0.001926244 0.004219855 0.003627289
3 BTPN 0.000464332 0.000307831 0.000130641 0.000116551 0.000058855
4 INTA 0.007104996 0.010259120 0.011554936 0.006289267 0.008183917
5 PBRX 0.000713315 0.002361497 0.002199904 0.004743915 0.001205799
6 MAIN 0.002410324 0.002889676 0.002023304 0.004387021 0.002931858
7 AUTO 0.000058406 0.000083148 0.000343847 0.000430548 0.000213783
8 SSIA 0.004025398 0.005569312 0.006630254 0.030105099 0.008855641
9 JTPE 0.005777316 0.003531429 0.008893698 0.003058180 0.002722526
10 MTSM 0.000006442 0.000006442 0.000008589 0.000008589 0.000008589
11 PTRO 0.003816658 0.003571765 0.006962091 0.004159210 0.004460121
12 PWON 0.000841328 0.000098091 0.000195662 0.000233920 0.000257415
13 ASII 0.001036693 0.001116947 0.000359418 0.001078648 0.000434621
14 IMAS 0.000492717 0.001209643 0.001304209 0.001121949 0.000779126
15 INDS 0.000309841 0.001107937 0.001512063 0.003976190 0.000642857
16 MDRN 0.000240693 0.000053284 0.003550938 0.000402855 0.000627582
17 KREN 0.000149083 0.000093552 0.000059633 0.000127628 0.000075567
18 DKFT 0.002967649 0.003392871 0.003975960 0.002991079 0.001725657
19 KLBF 0.000647104 0.001259283 0.000560791 0.000478140 0.000395480
20 ACES 0.000741662 0.000233557 0.000282274 0.001132741 0.000743673
21 JPFA 0.001045118 0.000360489 0.000192720 0.000387786 0.000344261
22 SMRA 0.001110504 0.000796227 0.001141488 0.002459592 0.000828459
23 ARNA 0.000479062 0.000576659 0.000573390 0.000765927 0.003852859
24 TOWR 0.000047339 0.000002107 0.000014261 0.000022347 0.000002156
25 AMRT 0.000001907 0.000000821 0.000010040 0.000004768 0.000034464
26 JRPT 0.000000036 0.000041055 0.000009782 0.000001782 0.000000255
27 TLKM 0.001048259 0.001085779 0.000631503 0.000498085 0.001059082
28 BATA 0.000204615 0.000158846 0.001366538 0.000737308 0.000388077
29 JKON 0.000222951 0.000186712 0.000049606 0.000011896 0.000035840
30 ALMI 0.000000325 0.000000974 0.000000162 0.000000487 0.000000812
31 INAI 0.000011679 0.000396149 0.000360164 0.000029040 0.000085543
32 TOTO 0.000001211 0.000011709 0.000031089 0.000009993 0.000009892
Average Trading Volume Activity
No Kode Sebelum Stock Split (H-5 – H-1) Setelah Stock Split (H1 – H5)
1 BBRI 0.0036794558 0.0018397729
2 LSIP 0.0042793613 0.0025989233
3 BTPN 0.0003954891 0.0002156419
4 INTA 0.0184087787 0.0086784474
5 PBRX 0.0080123396 0.0022448860
6 MAIN 0.0036179941 0.0029284366
7 AUTO 0.0001060017 0.0002259461
8 SSIA 0.0050233256 0.0110371407
9 JTPE 0.0071832196 0.0047966299
10 MTSM 0.0000257679 0.0000077304
11 PTRO 0.0016537693 0.0045939689
12 PWON 0.0010602413 0.0003252830
13 ASII 0.0010629996 0.0008052653
14 IMAS 0.0009587461 0.0009815287
15 INDS 0.0029126984 0.0015097778
16 MDRN 0.0003188119 0.0009750707
17 KREN 0.0006738247 0.0001010926
18 DKFT 0.0123509634 0.0030106431
19 KLBF 0.0011389113 0.0006681597
20 ACES 0.0003380175 0.0006267813
21 JPFA 0.0004348286 0.0004660747
22 SMRA 0.0025695405 0.0012672542
23 ARNA 0.0008391824 0.0012495793
24 TOWR 0.0000526320 0.0000176420
25 AMRT 0.0002209033 0.0000104001
26 JRPT 0.0000154182 0.0000105818
27 TLKM 0.0012757887 0.0008645417
28 BATA 0.0000384615 0.0005710769
29 JKON 0.0000910567 0.0001014010
30 ALMI 0.0001560390 0.0000005519
31 INAI 0.0000700758 0.0001765152
32 TOTO 0.0000315124 0.0000127786
33 MLBI 0.0000844803 0.0000425914
Daftar Bid Price 5 hari Sebelum Stock Split
No Kode H-5 H-4 H-3 H-2 H-1
1 BBRI 10,550 10,650 10,700 10,250 9,750
2 LSIP 11,250 11,050 11,050 11,050 10,800
3 BTPN 10,800 10,900 10,900 11,750 11,750
4 INTA 3,875 3,900 3,950 3,925 3,875
5 PBRX 1,598.64 1,743.20 1,785.72 1,700.68 1,692.18
6 MAIN 5,500 5,450 5,400 5,300 5,400
7 AUTO 15,055.90 15,103.85 15,247.70 15,679.25 16,014.85
8 SSIA 1,350 1,350 1,360 1,360 1,350
9 JTPE 1,510 1,510 1,510 1,490 1,490
10 MTSM 3,000 3,000 3,000 3,000 3,000
11 PTRO 43,800 44,350 45,200 45,500 44,900
12 PWON 810 810 820 820 810
13 ASII 65,500 66,800 65,150 64,200 63,550 14 IMAS 16,850 16,300 15,600 15,350 16,100 15 INDS 4,158.40 4,158.40 4,084.80 4,158.40 4,305.60 16 MDRN 2,872.25 2,989.01 2,895.60 2,965.65 2,942.31
17 KREN 930 920 920 950 950
18 DKFT 1,660 1,740 2,000 2,050 2,000
19 KLBF 4,600 4,650 4,600 4,800 4,975
20 ACES 6,950 7,150 7,000 7,000 7,000
21 JPFA 9,050 8,900 8,950 9,200 9,700
22 SMRA 2,350 2,375 2,275 2,275 2,375
23 ARNA 3,250 3,450 3,425 3,300 3,300
24 TOWR 28,000 29,900 28,000 28,000 28,000
25 AMRT 6,200 6,350 6,400 6,350 6,350
26 JRPT 5,000 5,000 5,000 4,950 4,950
27 TLKM 11,250 10,900 11,000 10,850 10,650 28 BATA 85,000 85,000 85,000 85,000 85,000
29 JKON 2,600 2,550 2,500 2,500 2,450
30 ALMI 570 580 580 570 580
31 INAI 580 600 580 630 590
32 TOTO 6,860.52 6,885.48 6,985.26 7,085.06 4,029.00 33 MLBI 1,250,000 1,250,000 1,250,000 1,300,000 13,000
Daftar Bid Price 5 hari Setelah Stock Split
No Kode H1 H2 H3 H4 H5
1 BBRI 5,000 5,150 5,150 5,100 5,050
2 LSIP 2,175 2,225 2,250 2,300 2,350
3 BTPN 2,650 2,600 2,550 2,475 2,525
4 INTA 780 780 770 750 720
5 PBRX 412.42 408.16 399.66 408.16 408.16
6 MAIN 1,050 1,050 1,040 1,040 1,030
7 AUTO 3,188.59 3,164.61 4,147.56 4,099.61 4,051.67
8 SSIA 335 335 335 355 355
9 JTPE 305 300 300 285 290
10 MTSM 750 750 710 710 710
11 PTRO 4,725 4,700 4,500 4,400 4,350
12 PWON 210 205 205 205 205
13 ASII 7,000 7,150 6,800 6,850 6,650
14 IMAS 7,800 8,050 7,950 7,900 7,800
15 INDS 3,128.00 3,017.60 2,944.00 2,870.40 2,852.00 16 MDRN 653.85 625.82 681.87 653.85 672.53
17 KREN 230 235 225 225 220
18 DKFT 375 360 355 360 350
19 KLBF 970 990 980 980 980
20 ACES 760 760 760 760 730
21 JPFA 2,050 1,960 1,950 1,970 1,950
22 SMRA 1,290 1,320 1,290 1,190 1,140
23 ARNA 840 830 800 800 800
24 TOWR 3,000 2,825 2,825 3,000 2,975
25 AMRT 670 650 670 650 660
26 JRPT 980 980 1,000 1,000 990
27 TLKM 2,250 2,250 2,225 2,225 2,200
28 BATA 1,320 1,650 2,025 1,350 1,340
29 JKON 510 530 530 530 540
30 ALMI 320 316 317 301 300
31 INAI 320 313 304 300 290
32 TOTO 3,891.79 3,861.85 3,682.23 3,592.42 3,782.02 33 MLBI 12,325 11,775 12,000 11,975 11,750
Daftar Ask Price 5 hari Sebelum Stock Split
No Kode H-5 H-4 H-3 H-2 H-1
1 BBRI 10,100 10,100 10,150 9,700 9,050
2 LSIP 10,600 10,700 10,800 10,750 10,450
3 BTPN 10,800 10,750 10,800 10,900 11,500
4 INTA 3,775 3,775 3,850 3,825 3,800
5 PBRX 1,573.13 1,598.64 1,692.18 1,666.67 1,632.65
6 MAIN 5,300 5,350 5,300 5,150 5,250
7 AUTO 14,960.00 14,816.15 15,007.95 15,391.55 15,631.30
8 SSIA 1,330 1,340 1,330 1,340 1,330
9 JTPE 1,470 1,470 1,470 1,480 1,450
10 MTSM 3,000 3,000 3,000 3,000 3,000
11 PTRO 41,000 43,500 43,500 44,500 43,500
12 PWON 790 790 790 790 790
13 ASII 64,650 64,550 64,200 63,000 61,200 14 IMAS 15,900 15,850 14,700 14,900 15,150 15 INDS 3,937.61 4,047.99 4,011.19 4,011.19 4,047.99 16 MDRN 2,872.25 2,872.25 2,662.09 2,825.55 2,802.20
17 KREN 910 910 900 930 930
18 DKFT 1,620 1,630 1,720 1,950 1,920
19 KLBF 4,375 4,550 4,575 4,575 4,725
20 ACES 6,700 6,850 6,800 6,850 6,700
21 JPFA 8,900 8,800 8,700 8,800 9,150
22 SMRA 2,250 2,150 2,100 2,100 2,300
23 ARNA 3,175 3,250 3,025 3,175 3,225
24 TOWR 28,000 28,000 28,000 28,000 27,850
25 AMRT 6,200 6,300 6,300 6,100 6,350
26 JRPT 5,000 5,000 5,000 4,950 4,700
27 TLKM 10,500 10,600 10,600 10,600 10,000 28 BATA 85,000 85,000 85,000 85,000 85,000
29 JKON 2,350 2,550 2,500 2,500 2,450
30 ALMI 570 570 580 550 560
31 INAI 575 580 580 630 550
32 TOTO 6,860.52 6,636.00 6,685.90 6,985.26 3,542.53 33 MLBI 1,250,000 1,250,000 1,250,000 1,250,000 12,500
Daftar Ask Price 5 hari Setelah Stock Split
No Kode H1 H2 H3 H4 H5
1 BBRI 4,850 5,000 4,950 4,925 4,950
2 LSIP 2,100 2,125 2,150 2,250 2,275
3 BTPN 2,500 2,500 2,450 2,400 2,475
4 INTA 750 750 730 720 690
5 PBRX 399.66 382.65 382.65 391.16 399.66
6 MAIN 1,020 1,020 1,010 1,010 1,010
7 AUTO 3,116.67 3,092.69 4,075.64 3,979.74 4,003.72
8 SSIA 330 325 325 330 340
9 JTPE 295 295 275 275 280
10 MTSM 750 750 710 710 710
11 PTRO 4,500 4,450 4,350 4,250 4,150
12 PWON 199 200 199 199 199
13 ASII 6,600 6,700 6,600 6,550 6,450
14 IMAS 7,550 7,750 7,750 7,800 7,250
15 INDS 3,017.60 2,925.60 2,778.40 2,760.00 2,778.40 16 MDRN 597.80 597.80 616.48 625.82 635.16
17 KREN 220 225 225 215 215
18 DKFT 350 335 335 340 330
19 KLBF 950 940 960 960 960
20 ACES 720 720 740 720 690
21 JPFA 1,950 1,920 1,900 1,910 1,910
22 SMRA 1,210 1,250 1,190 1,100 1,090
23 ARNA 800 790 770 770 710
24 TOWR 2,775 2,775 2,725 2,850 2,800
25 AMRT 640 620 630 640 600
26 JRPT 980 900 980 990 950
27 TLKM 2,100 2,150 2,100 2,175 2,075
28 BATA 1,240 1,590 1,340 1,180 1,180
29 JKON 485 510 520 530 530
30 ALMI 316 315 317 300 300
31 INAI 314 285 290 293 289
32 TOTO 3,861.85 3,582.44 3,522.57 3,542.53 3,592.42 33 MLBI 11,800 11,000 11,250 11,575 11,550
Bid-Ask-Spread 5 hari Sebelum Stock Split
No Kode H-5 H-4 H-3 H-2 H-1
1 BBRI 0.0435835 0.0530120 0.0527578 0.0551378 0.0744681 2 LSIP 0.0594966 0.0321839 0.0228833 0.0275229 0.0329412 3 BTPN 0.0000000 0.0138568 0.0092166 0.0750552 0.0215054 4 INTA 0.0261438 0.0325733 0.0256410 0.0258065 0.0195440 5 PBRX 0.0160857 0.0865152 0.0537911 0.0201999 0.0358093 6 MAIN 0.0370370 0.0185185 0.0186916 0.0287081 0.0281690 7 AUTO 0.0063899 0.0192313 0.0158483 0.0185190 0.0242399 8 SSIA 0.0149254 0.0074349 0.0223048 0.0148148 0.0149254 9 JTPE 0.0268456 0.0268456 0.0268456 0.0067340 0.0272109 10 MTSM 0.0000000 0.0000000 0.0000000 0.0000000 0.0000000 11 PTRO 0.0660377 0.0193512 0.0383315 0.0222222 0.0316742 12 PWON 0.0250000 0.0250000 0.0372671 0.0372671 0.0250000 13 ASII 0.0130619 0.0342596 0.0146888 0.0188679 0.0376754 14 IMAS 0.0580153 0.0279938 0.0594059 0.0297521 0.0608000 15 INDS 0.0545429 0.0269083 0.0181843 0.0360385 0.0616765 16 MDRN 0.0000000 0.0398413 0.0840313 0.0483838 0.0487805 17 KREN 0.0217391 0.0109290 0.0219780 0.0212766 0.0212766 18 DKFT 0.0243902 0.0652819 0.1505376 0.0500000 0.0408163 19 KLBF 0.0501393 0.0217391 0.0054496 0.0480000 0.0515464 20 ACES 0.0366300 0.0428571 0.0289855 0.0216606 0.0437956 21 JPFA 0.0167131 0.0112994 0.0283286 0.0444444 0.0583554 22 SMRA 0.0434783 0.0994475 0.0800000 0.0800000 0.0320856 23 ARNA 0.0233463 0.0597015 0.1240310 0.0386100 0.0229885 24 TOWR 0.0000000 0.0656304 0.0000000 0.0000000 0.0053715 25 AMRT 0.0000000 0.0079051 0.0157480 0.0401606 0.0000000 26 JRPT 0.0000000 0.0000000 0.0000000 0.0000000 0.0518135 27 TLKM 0.0689655 0.0279070 0.0370370 0.0233100 0.0629540 28 BATA 0.0000000 0.0000000 0.0000000 0.0000000 0.0000000 29 JKON 0.1010101 0.0000000 0.0000000 0.0000000 0.0000000 30 ALMI 0.0000000 0.0173913 0.0000000 0.0357143 0.0350877 31 INAI 0.0086580 0.0338983 0.0000000 0.0000000 0.0701754 32 TOTO 0.0000000 0.0369013 0.0437944 0.0141859 0.1284998 33 MLBI 0.0000000 0.0000000 0.0000000 0.0392157 0.0392157
Bid-Ask-Spread 5 hari Setelah Stock Split
No Kode H1 H2 H3 H4 H5
1 BBRI 0.0304569 0.0295567 0.0396040 0.0349127 0.0200000 2 LSIP 0.0350877 0.0459770 0.0454545 0.0219780 0.0324324 3 BTPN 0.0582524 0.0392157 0.0400000 0.0307692 0.0200000 4 INTA 0.0392157 0.0392157 0.0533333 0.0408163 0.0425532 5 PBRX 0.0314255 0.0645161 0.0434866 0.0425362 0.0210443 6 MAIN 0.0289855 0.0289855 0.0292683 0.0292683 0.0196078 7 AUTO 0.0228127 0.0229876 0.0174920 0.0296732 0.0119051 8 SSIA 0.0150376 0.0303030 0.0303030 0.0729927 0.0431655 9 JTPE 0.0333333 0.0168067 0.0869565 0.0357143 0.0350877 10 MTSM 0.0000000 0.0000000 0.0000000 0.0000000 0.0000000 11 PTRO 0.0487805 0.0546448 0.0338983 0.0346821 0.0470588 12 PWON 0.0537897 0.0246914 0.0297030 0.0297030 0.0297030 13 ASII 0.0588235 0.0649819 0.0298507 0.0447761 0.0305344 14 IMAS 0.0325733 0.0379747 0.0254777 0.0127389 0.0730897 15 INDS 0.0359281 0.0309598 0.0578778 0.0392157 0.0261438 16 MDRN 0.0895618 0.0457985 0.1007278 0.0438082 0.0571542 17 KREN 0.0444444 0.0434783 0.0000000 0.0454545 0.0229885 18 DKFT 0.0689655 0.0719424 0.0579710 0.0571429 0.0588235 19 KLBF 0.0208333 0.0518135 0.0206186 0.0206186 0.0206186 20 ACES 0.0540541 0.0540541 0.0266667 0.0540541 0.0563380 21 JPFA 0.0500000 0.0206186 0.0259740 0.0309278 0.0207254 22 SMRA 0.0640000 0.0544747 0.0806452 0.0786026 0.0448430 23 ARNA 0.0487805 0.0493827 0.0382166 0.0382166 0.1192053 24 TOWR 0.0779221 0.0178571 0.0360360 0.0512821 0.0606061 25 AMRT 0.0458015 0.0472441 0.0615385 0.0155039 0.0952381 26 JRPT 0.0000000 0.0851064 0.0202020 0.0100503 0.0412371 27 TLKM 0.0689655 0.0454545 0.0578035 0.0227273 0.0584795 28 BATA 0.0625000 0.0370370 0.4071322 0.1343874 0.1269841 29 JKON 0.0502513 0.0384615 0.0190476 0.0000000 0.0186916 30 ALMI 0.0125786 0.0031696 0.0000000 0.0033278 0.0000000 31 INAI 0.0189274 0.0936455 0.0471380 0.0236088 0.0034542 32 TOTO 0.0077228 0.0750669 0.0443205 0.0139847 0.0514209 33 MLBI 0.0435233 0.0680571 0.0645161 0.0339703 0.0171674
Average Bid-Ask-Spread
No Kode Sebelum Stock Split (H-5 – H-1) Setelah Stock Split (H1 – H5)
1 BBRI 0.0557919 0.0309060
2 LSIP 0.0350056 0.0361859
3 BTPN 0.0239268 0.0376475
4 INTA 0.0259417 0.0430268
5 PBRX 0.0424802 0.0406017
6 MAIN 0.0262249 0.0272231
7 AUTO 0.0168457 0.0209741
8 SSIA 0.0148811 0.0383604
9 JTPE 0.0228964 0.0415797
10 MTSM 0.0000000 0.0000000
11 PTRO 0.0355234 0.0438129
12 PWON 0.0299068 0.0335180
13 ASII 0.0237107 0.0457933
14 IMAS 0.0471934 0.0363708
15 INDS 0.0394701 0.0380250
16 MDRN 0.0442074 0.0674101
17 KREN 0.0194399 0.0312732
18 DKFT 0.0662052 0.0629691
19 KLBF 0.0353749 0.0269005
20 ACES 0.0347858 0.0490334
21 JPFA 0.0318282 0.0296492
22 SMRA 0.0670023 0.0645131
23 ARNA 0.0537355 0.0587603
24 TOWR 0.0142004 0.0487407
25 AMRT 0.0127628 0.0530652
26 JRPT 0.0103627 0.0313192
27 TLKM 0.0440347 0.0506861
28 BATA 0.0000000 0.1536082
29 JKON 0.0202020 0.0252904
30 ALMI 0.0176387 0.0038152
31 INAI 0.0225464 0.0373548
32 TOTO 0.0446763 0.0385031
33 MLBI 0.0156863 0.0454468
Uji Asumsi Klasik
Hasil Uji Normalitas
One-Sample Kolmogorov-Smirnov Test
Sebeum Stock Splitl Sesudah Stock Split
N 33 33
Normal Parametersa,b Mean .0000000 .0000000
Std. Deviation .01505025 .02437147
Most Extreme Differences
Absolute .121 .184
Positive .121 .184
Negative -.076 -.150
Kolmogorov-Smirnov Z .695 1.059
Asymp. Sig. (2-tailed) .719 .212
a. Test distribution is Normal.
b. Calculated from data.
Hasil Uji Multikolinieritas
Coefficientsa
Model Sebelum Stock Split Setelah Stock Split
Tolerance VIF Tolerance VIF
1 Harga Saham .985 1.016 .973 1.028
Volume Perdagangan Saham .985 1.016 .973 1.028
a. Dependent Variable: Likuiditas Saham
Hasil Uji Autokorelasi Sebelum Stock Split
Runs Test
Unstandardized Residual
Test Valuea -.00009
Cases < Test Value 16
Cases >= Test Value 17
Unstandardized Residual
Test Valuea -.00434
Cases < Test Value 16
Cases >= Test Value 17
Total Cases 33
Number of Runs 20
Z .713
Asymp. Sig. (2-tailed) .476
a. Median
LAMPIRAN 18
Analisis Data
Statistik Deskriptif Variabel Penelitian Sebelum Stock Split
Descriptive Statistics
N Minimum Maximum Mean Std. Deviation
Harga Saham 33 568.00 1,012,500.00 41,883.8630 175,236.62130
Volume Perdagangan
Saham
33 .0000154182 .0184087787 .002396382918 .0040064129579
Likuiditas Saham 33 .0000000000 .0670023000 .030136006061 .0168507374264
Valid N (listwise) 33
Statistik Deskriptif Variabel Penelitian Setelah Stock Split
Descriptive Statistics
N Minimum Maximum Mean Std. Deviation
Hasil Analisis Regresi Setelah Stock Split
LAMPIRAN 19
Pengujian Hipotesis
Hasil Uji F Sebelum Stock Split
ANOVAa
Model Sum of Squares df Mean Square F Sig.
Regression 3.377 2 1.689 8.210 .001b
Model Unstandardized
Coefficients
Standardized
Coefficients
t Sig.
Collinearity
Statistics
B Std. Error Beta Tolerance VIF
1 (Constant) -2.294 .498 -4.605 .000
Ln Harga Saham -.012 .053 -.033 -.220 .828 .944 1.059
Ln Volume
Perdagangan Saham
.165 .043 .586 3.879 .001 .944 1.059
a. Dependent Variable: Ln Likuiditas Saham
Coefficientsa
Model Unstandardized
Coefficients
Standardized
Coefficients
t Sig.
Collinearity
Statistics
B Std. Error Beta Tolerance VIF
1 (Constant) -2.808 .675 -4.161 .000
Ln Harga Saham .078 .083 .145 .944 .353 .999 1.001
Ln Volume
Perdagangan Saham
.132 .039 .516 3.356 .002 .999 1.001
Model Sum of Squares Df Mean Square F Sig.
1
Regression 3.323 2 1.661 6.151 .006b
Residual 8.103 30 .270
Total 11.425 32
a. Dependent Variable: Ln Likuiditas Saham
b. Predictors: (Constant), Ln Volume Perdagangan Saham, Ln Harga Saham
Hasil Uji - t Sebelum Stock Split
Coefficientsa
Model Unstandardized
Coefficients
Standardized
Coefficients
t Sig.
B Std. Error Beta
1
(Constant) -2.294 .498 -4.605 .000
Ln Harga Saham -.012 .053 -.033 -.220 .828
Ln Volume
Perdagangan Saham
.165 .043 .586 3.879 .001
a. Dependent Variable: Ln Likuiditas Saham
Hasil Uji - t Setelah Stock Split
Coefficientsa
Model Unstandardized
Coefficients
Standardized
Coefficients
t Sig.
B Std. Error Beta
1
(Constant) -2.808 .675 -4.161 .000
Ln Harga Saham .078 .083 .145 .944 .353
Model Summaryb
Model R R Square Adjusted R Square Std. Error of the Estimate
1 .595a .354 .311 .4535251004427
a. Predictors: (Constant), Ln Volume Perdagangan Saham, Ln Harga Saham
b. Dependent Variable: Ln Likuiditas Saham
Koefisien Determinasi Setelah Stock Split
Model Summaryb
Model R R Square Adjusted R Square Std. Error of the Estimate
1 .539a .291 .244 .5197013840
a. Predictors: (Constant), Ln Volume Perdagangan Saham, Ln Harga Saham
