Analisis Pengaruh Stock Split Terhadap Perubahan Harga Saham dan Volume Perdagangan Saham di Bursa Efek Indonesia Periode 2003-2007 - Unika Repository

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Daftar Pustaka

Brennan, M.J. dan T.E. Copeland, 1998. Stock Split, Stock Prices, and Transaction Cost. Journal of Financial Economics 22, pp.83-101.

Ewijaya dan Nur Indriantoro. Analisis Pengaruh Pemecahan Saham Terhadap Perubahan Harga Saham. Jurnal Riset Akuntansi Indonesia. Vol. 2, No. 1, Hal. 53-65, Januari 1999.

Harsono, Margaretha. 2004. Analisis Pemecahan Saham: Dampaknya Terhadap Likuiditas Perdagangan dan Pendapatan Saham. BalanceVol. 1, Hal 73-86, Maret 2004.

Khomsiyah dan Sulistyo, Faktor Tingkat Kemahalan Harga Saham, Kinerja Keuangan Perusahaan dan Keputusan Pemecahan Saham (Stock Split):

Aplikasi Analisis Diskriminasi. Jurnal Ekonomi dan Bisnis Indonesia, Vol. 16. No.3, hal. 338-400, September 2001.

Marwata, Kinerja Keuangan, Harga Saham dan Pemecahan Saham. Jurnal Riset Akuntansi Indonesia, Vol.6, No. 3, hal. 264-275, September 2001

Rohana, Jeannet dan Mukhlasin, Analisis Faktor-Faktor Yang Mempengaruhi Stock Split dan Dampak Yang Ditimbulkannya.Simposium Nasional Akuntasi VI, Surabaya 16-17 Oktober 2003.

Setiyanto, Agus, 2006. Analisis Likuiditas Saham Sebelum dan Sesudah Stock Split di Bursa Efek Jakarta Periode 2003-2005. Universitas Islam Indonesia, Yogyakarta: 2006.

Sutrisno, Wang, 2000. Pengaruh Stock Split Terhadap Likuiditas dan Return Saham di Bursa Efek Jakarta. Jurnal Manajemen dan Kewirausahaan, September, Vol. 2. No.2: 1-13.

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DATA PERUSAHAAN YANG MELAKUKAN STOCK SPLIT DI BURSA

EFEK INDONESIA PERIODE 2003-2007

No Nama Perusahaan KODE Tipe Stock Split Tanggal Stock Split

1 Pan Brothers Tbk PBRX Stock Split 10 Januari 2003 2 Bank Danamon Tbk BDMN Reverse Stock 22 Januari 2003 3 Bank NISP Tbk NISP Stock Split 10 Februari 2003 4 Cipta Panelutama Tbk CITA Penyesuaian

Waran 21 Februari 2003 5 Sinar Mas Multiartha Tbk SMMA Reverse Stock 4 Maret 2003 6 Bakrie Finance Corporation MTFN Reverse Stock 6 Maret 2003 7 Panin Insurance Tbk PNIN Stock Split 3 Juni 2003 8

Clipan Finance Indonesia

Tbk CFIN Stock Split 2 Juli 2003 9 Selamat Sempurna Tbk SMSM Stock Split 8 Juli 2003 10 Panin Life Tbk PNLF

Stock Split & Penyesuaian

Waran 28 Juli 2003 11 Unilever Indonesia Tbk UNVR Stock Split 3 September 2003 12 Asuransi Harta Aman

Pratama Tbk AHAP Stock Split 15 September 2003 13 Suba Indah Tbk SUBA &

SUBA-W Reverse Stock 1 Oktober 2003 14 Central Korporindo

Internasionanl Tbk CNKO Reverse Stock 19 November 2003 15 Pool Advista Indonesia Tbk POOL Stock Split

16 Enseval Putera Megatrading

Tbk EPMT Stock Split 11 Desember 2003 17 Bank Negara Indonesia Tbk BBNI Reverse Stock 23 Desember 2003 18 Kalbe Farma Tbk KLBF Stock Split 2 Januari 2004 19 Dankos Laboratories Tbk DNKS Stock Split 6 Februari 2004 20 Ekadharma Tape Industries

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26 Jakarta International Hotel

dan Development Tbk JIHD Stock Split 12 Mei 2004 27 Bank Niaga Tbk BNGA Reverse Stock 21 Mei 2004 28 Bank Permata Tbk BNLI Reverse Stock 8 Juni 2004 29 Bank Central Asia Tbk BBCA Stock Split 8 Juni 2004 30 International Nickel

Indonesia Tbk INCO Stock Split 3 Agustus 2004 31 Rig Tenders Indonesia Tbk RIGS Stock Split 18 Agustus 2004 32 Sari Husada Tbk, PT SHDA Stock Split 1 September 2004 33 Telekomunikasi Indonesia

Tbk TLKM Stock Split 28 September 2004 34 Sierad Produce Tbk SIPD Reverse Stock 15 Oktober 2004 35 Ramayana Lestari Sentosa

Tbk RALS Stock Split 22 Oktober 2004 36 Bakrie Sumatera Plantations

Tbk UNSP Stock Split 3 November 2004 37 Berlian Laju Tanker Tbk BLTA Stock Split 9 November 2004 38 Berlian Laju Tanker Tbk BLTA-W

Penyesuaian

Waran 9 November 2004 39 Davomas Abadi Tbk DAVO Stock Split 17 Desember 2004 40 Bank Central Asia Tbk BCIC Penyesuaian

Waran 41 Kresna Graha sekurindo Tbk KREN-W

Penyesuaian

Waran 5 Januari 2005 42

Inti Indah Karya Plasindo Tbk

IIKP-IIKP-W Reverse Stock 19 Januari 2005 43 Lippo E-Net Tbk LPLI Reverse Stock 27 Januari 2005 44 Lippo E-Net Tbk LPLI Reverse Stock 17 Februari 2005 45 Bakrie & Brothers Tbk, PT BNBR Reverse Stock 22 Februari 2005 46

Eatertainment International

Tbk SMMT Stock Split 8 Maret 2005 47 Bakrie & Brothers Tbk, PT BNBR Reverse Stock 14 Maret 2005 48 Lippo E-Net Tbk LPLI Reverse Stock 28 Maret 2005 49 Artha Pacific Internasional

Tbk

APIC &

APICW Reverse Stock 18 April 2005 50 United Capital Indonesia

Tbk, PT

UNIT &

UNITW Reverse Stock 30 Mei 2005 51 Sinar Mas Agro Resources

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53 Ciputra Surya Tbk, PT CTRS Stock Split 25 Juli 2005 54 Indoexchange Tbk, PT INDX Reverse Stock 25 Agustus 2005 55 Tigaraksa Satria Tbk, PT TGKA Stock Split 30 Agustus 2005 56 Hexindo Adiperkasa Tbk, PT HEXA Stock Split 1 September 2005 57 Prima Alloy Steel Universal

Tbk, PT PRAS Stock Split 20 September 2005 58 Humpuss Intermoda

Transportasi Tbk, PT HITS Stock Split 15 Desember 2005 59 Pelayaran tempuran Emas

Tbk, PT TMAS Stock Split 17 Maret 2006 60 Duta Pertiwi Nusantara Tbk,

PT DPNS Stock Split 8 Juni 2006 61 Pembangunan Jaya Ancol

Tbk, PT PJAA Stock Split 10 Juli 2006

62 Jaka Inti Reatindo Tbk, PT JAKA Reverse Stock 19 Juli 2006 63 Lippo Karawaci Tbk, PT LPKR Stock Split 28 Juli 2006 64 Bukit Sentul Tbk, PT BKSL Reverse Stock 1 Agustus 2006 65 Jaya Real Property Tbk, PT JRPT Stock Split 14 Agustus 2006 66 Tempo Scan Pacific Tbk, PT TSPC Stock Split 14 September 2006 67 PT. Global Mediacom Tbk BMTR Stock Split 24 April 2007 68 PT. Davomas Abadi Tbk. DAVO Stock Split 28 Mei 2007 69 PT. Jaya Pari Steel Tbk JPRS Stock Split 12 Desember 2007 70 PT. Akr Corporindo Tbk AKRA Stock Split 27 Juli 2007 71 PT. Antam Tbk. ANTM Stock Split 12 Juli 2007 72 PT. Sorini Agro Asia _{Corporindo Tbk.}

SOBI Stock Split 22 Agustus 2007 73 PT. Hortus Danavest Tbk. _HADE Stock Split 10 September 2007 74 PT. Humpuss Intermoda

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DATA PENELITIAN

No.

Kode Saham HARGA SAHAM

Hari ke- -6 -5 -4 -3 -2 -1 0 1 2 3 4 5

1 PBRX 2000 2000 2000 2000 1775 1825 365 365 365 365 350 350

2 NISP 425 350 400 415 415 380 200 210 215 220 225 225

3 PNIN 280 300 300 300 295 305 165 165 165 165 175 165

4 CFIN 200 205 205 215 215 210 105 110 105 115 110 130

5 SMSM 1725 1725 1700 1700 1700 1750 325 335 335 335 325 325

6 PNLF 425 415 420 420 415 435 110 105 105 115 115 115

7 UNVR 27500 27400 27650 27800 29750 30250 3375 3425 3450 3400 3325 3200

8 AHAP 5050 4650 4300 4200 4375 4000 390 415 415 330 350 380

9 POOL 11000 10960 11060 11120 11900 12100 1350 1370 1380 1360 1330 1280

10 EPMT 1650 1850 1900 1825 1850 1900 390 385 400 400 400 395

11 KLBF 1050 1025 1025 1000 1000 1000 500 550 500 525 550 600

12 DNKS 1500 1450 1475 1450 1475 1475 750 750 750 750 750 725

13 EKAD 1200 1200 1275 1300 1275 1250 250 225 245 245 245 220

14 APIC 1725 1725 1725 1725 1725 1725 170 175 170 160 170 140

15 ISAT 18000 17400 17000 16650 16750 17450 3500 3800 3825 3750 3725 3675

16 JIHD 575 575 525 525 500 500 255 250 240 205 215 220

17 BBCA 3700 3675 3675 3575 3450 3500 1775 1800 1800 1800 1775 1825

18 INCO 34800 34350 34200 34400 34550 34300 8750 8750 8700 8600 8400 8050

19 RIGS 9900 9900 9900 9900 9900 9900 1000 1000 1000 900 900 900

20 SHDA 21000 21000 21000 21000 21000 21000 2125 2125 2125 2075 2100 2000

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22 RALS 4375 4350 4350 4325 4275 4150 875 875 850 850 850 850

23 UNSP 2903 2883 2883 2805 2707 2746 1392 1412 1412 1412 1392 1432

24 BLTA 27301 26948 26830 26987 27104 26908 6864 6864 6825 6747 6590 6315

25 DAVO 7767 7767 7767 7767 7767 7767 785 785 785 706 706 706

26 SMMT 16475 16475 16475 16475 16475 16475 1667 1667 1667 1628 1647 1569

27 SMAR 3900 3900 3900 3900 3900 3900 880 860 930 1050 1050 1070

28 CTRS 1320 1330 1330 1300 1320 1320 650 680 670 670 650 650

29 TGKA 3000 3000 3000 3000 3000 3000 300 300 300 300 300 300

31 PRAS 800 800 800 870 840 860 175 175 175 175 150 150

32 HITS 2750 2800 2800 2800 2800 2800 560 560 560 560 560 570

33 TMAS 1590 1600 1730 1800 1750 1840 910 900 900 910 930 910

34 DPNS 1000 1000 1000 1080 1040 980 500 420 420 405 405 405

35 PJAA 1740 1780 1860 2040 2025 1900 960 960 970 970 930 910

36 LPKR 1710 1710 1710 1710 1740 1800 900 900 900 900 890 900

37 JRPT 3300 3300 3300 3225 2950 2900 580 580 580 580 580 580

38 TSPC 6250 6250 6250 6450 6500 6550 6500 6600 6750 6650 6650 6550

39 BMTR 4975 5200 5250 5150 5150 5250 1190 1120 1130 1190 1200 1180

40 DAVO 600 580 580 580 600 610 290 280 280 280 290 285

41 ANTM 12600 12900 13600 13700 13250 13250 2650 2650 2600 2600 2575 2700

42 AKRA 4950 5075 5200 5300 5300 5500 1120 1090 1100 1080 1090 1110

43 SOBI 3500 3250 3100 3250 3600 3600 3800 3600 730 730 730 730

44 HADE 800 800 800 800 800 800 375 400 400 400 370 370

45 HITS 1590 1590 1590 1590 1590 1590 800 800 800 830 850 880

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No.

Kode

Saham Rit

Hari ke- -5 -4 -3 -2 -1 0 1 2 3 4 5

1 PBRX 0.0000 0.0000 0.0000 -0.1125 0.0282 -0.8000 0.0000 0.0000 0.0000 -0.0411 0.0000 2 NISP -0.1765 0.1429 0.0375 0.0000 -0.0843 -0.4737 0.0500 0.0238 0.0233 0.0227 0.0000 3 PNIN 0.0714 0.0000 0.0000 -0.0167 0.0339 -0.4590 0.0000 0.0000 0.0000 0.0606 -0.0571 4 CFIN 0.0250 0.0000 0.0488 0.0000 -0.0233 -0.5000 0.0476 -0.0455 0.0952 -0.0435 0.1818 5 SMSM 0.0000 -0.0145 0.0000 0.0000 0.0294 -0.8143 0.0308 0.0000 0.0000 -0.0299 0.0000 6 PNLF -0.0235 0.0120 0.0000 -0.0119 0.0482 -0.7471 -0.0455 0.0000 0.0952 0.0000 0.0000 7 UNVR -0.0036 0.0091 0.0054 0.0701 0.0168 -0.8884 0.0148 0.0073 -0.0145 -0.0221 -0.0376 8 AHAP -0.0792 -0.0753 -0.0233 0.0417 -0.0857 -0.9025 0.0641 0.0000 -0.2048 0.0606 0.0857 9 POOL -0.0036 0.0091 0.0054 0.0701 0.0168 -0.8884 0.0148 0.0073 -0.0145 -0.0221 -0.0376 10 EPMT 0.1212 0.0270 -0.0395 0.0137 0.0270 -0.7947 -0.0128 0.0390 0.0000 0.0000 -0.0125 11 KLBF -0.0238 0.0000 -0.0244 0.0000 0.0000 -0.5000 0.1000 -0.0909 0.0500 0.0476 0.0909 12 DNKS -0.0333 0.0172 -0.0169 0.0172 0.0000 -0.4915 0.0000 0.0000 0.0000 0.0000 -0.0333 13 EKAD 0.0000 0.0625 0.0196 -0.0192 -0.0196 -0.8000 -0.1000 0.0889 0.0000 0.0000 -0.1020 14 APIC 0.0000 0.0000 0.0000 0.0000 0.0000 -0.9014 0.0294 -0.0286 -0.0588 0.0625 -0.1765 15 ISAT -0.0333 -0.0230 -0.0206 0.0060 0.0418 -0.7994 0.0857 0.0066 -0.0196 -0.0067 -0.0134 16 JIHD 0.0000 -0.0870 0.0000 -0.0476 0.0000 -0.4900 -0.0196 -0.0400 -0.1458 0.0488 0.0233 17 BBCA -0.0068 0.0000 -0.0272 -0.0350 0.0145 -0.4929 0.0141 0.0000 0.0000 -0.0139 0.0282

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Hari ke- -5 -4 -3 -2 -1 0 1 2 3 4 5

1 PBRX 0 0 0 500 1000 0 0 0 0 50000 0

2 NISP 5000 756500 523000 0 65500 110000 315000 44500 1240000 20000 0 3 PNIN 8590500 7378500 2671500 2953500 6913500 10934000 3286500 9667500 4246500 5878000 2453500 4 CFIN 2601000 5116000 8871000 6385000 8161000 1508500 2433500 1847000 5472000 8052000 59024000 5 SMSM 0 400500 104000 17000 497500 1970500 2172500 1923000 216500 162500 1665000 6 PNLF 129000 60500 139500 87000 280000 3314500 263500 130500 2592000 3761000 855500 7 UNVR 48000 161500 157500 533000 379000 8632500 16570000 4811000 3601500 2815000 2838000 8 AHAP 817500 629500 80500 152500 2003000 13836000 5399500 4194000 20850000 10113000 12917000 9 POOL 19200 64600 63000 213200 151600 3453000 6628000 1924400 1440600 1126000 1135200 10 EPMT 7887000 2082500 1920000 1067000 4114500 26832000 5302500 17959000 8582000 5982000 6250500 11 KLBF 5481500 2063500 2018000 6507000 2302000 940000 17403000 26737500 2136000 26092000 23885500 12 DNKS 4367000 2050000 570500 86000 552500 455000 1325000 781500 2457000 2670500 745000

13 EKAD 23500 173500 152500 225500 10000 0 7500 25500 0 0 1500

14 APIC 5000 5000 0 0 5000 60992000 36666000 39508500 99051000 55623500 122363500 15 ISAT 1059000 3759000 1402500 2523500 2985500 7410000 29770000 15455000 6001500 6963500 2762500 16 JIHD 2572500 3206500 4920000 4569000 1822000 8082500 3426000 6824000 8744000 14472500 6585000 17 BBCA 676000 4206500 24065000 44204500 15286500 24957500 14714500 8279500 6791500 7927000 14881000 18 INCO 226000 120500 45000 484000 429000 902000 1101000 819500 1305500 161500 1121000

19 RIGS 0 500 0 0 7500 0 0 0 30000 20000 0

20 SHDA 0 0 0 52000 500 11000 0 0 5000 7500 41500

21 TLKM 41431000 9350500 13298000 4144000 11241000 18019000 5874000 8585500 21677500 150 24965500 22 RALS 846500 917500 929000 685000 1690500 2344000 1730500 2565000 205500 4061500 3516500 23 UNSP 530322 3299999 18878993 34678430 11992259 19579159 11543525 6495268 5327932 6218732 11674145 24 BLTA 177297 94532.25 35302.5 379698 336550.5 707619 863734.5 642897.8 1024165 126696.8 879424.5

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27 SMAR 0 3000 0 0 1000 7500 33500 2485000 981500 124500 964000 28 CTRS 3937000 1980000 1507000 6791500 1436000 4460500 18821500 68227500 24205000 21369000 16731500

29 TGKA 0 500 0 0 0 0 0 0 0 0 0

31 PRAS 0 2500 204500 34000 1500 0 0 0 0 10000 0

32 HITS 15000 0 2500 2500 0 0 0 0 0 0 23500

33 TMAS 565000 4624500 2549000 1417500 5092000 1843000 949000 1587000 2644500 1329500 863000

34 DPNS 0 45000 377000 102000 2500 15500 4000 0 3000 150000 0

35 PJAA 318000 1037000 7348000 4962500 2231500 1898500 440000 1032500 888500 1822500 522000 36 LPKR 5830000 4373500 10622000 9610000 17586500 15340500 14706000 13591000 18578500 12640000 15599000

37 JRPT 0 13000 82000 214500 47500 55000 0 0 0 0 833000

38 TSPC 193000 213000 474500 977500 120500 108500 239000 503000 113500 115000 138500 39 BMTR 6157500 3947000 2324000 1937500 2456000 144587000 84409500 25908000 118187000 61850000 33816500 40 DAVO 186000 233500 1495500 15655000 8297500 2887000 1553000 509500 285000 683500 2192500 41 ANTM 15189000 27898500 35677500 14748500 22599500 92598500 27336500 8288500 15128000 20367500 39736000 42 AKRA 2428000 1591000 2061500 2948000 2449000 3525000 7182000 11596000 10382500 7710500 8979000 43 SOBI 0 0 0 1195500 102500 1050500 300000 1090000 3318000 5040000 1278500

44 HADE 0 0 0 0 25000 500 35000 0 0 20000 0

45 HITS 0 0 0 0 0 0 0 0 24000 11000 30500

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RATA-RATA RETURN SAHAM DAN VOLUME PERDAGANGAN

No. Kode Saham

Rit Volume Perdagangan Sebelum Sesudah Sebelum Sesudah

1 PBRX -0.016866 -0.008219 300 10000 2 NISP -0.016090 0.023959 270000 323900 3 PNIN 0.017732 0.000693 5701500 5106400 4 CFIN 0.010105 0.047149 6226800 15365700 5 SMSM 0.002984 0.000184 203800 1227900 6 PNLF 0.004961 0.009957 139200 1520500 7 UNVR 0.019573 -0.010406 255800 6127100 8 AHAP -0.044356 0.001121 736600 10694700 9 POOL 0.019573 -0.010406 102320 2450840 10 EPMT 0.029898 0.002728 3414200 8815200 11 KLBF -0.009640 0.039524 3674400 19250800 12 DNKS -0.003160 -0.006667 1525200 1595800 13 EKAD 0.008654 -0.022630 117000 6900 14 APIC 0.000000 -0.034391 3000 70642500 15 ISAT -0.005823 0.010519 2345900 12190500 16 JIHD -0.026915 -0.026681 3418000 8010300 17 BBCA -0.010888 0.005673 17687700 10518700 18 INCO -0.002865 -0.016426 260900 901700 19 RIGS 0.000000 -0.020000 1600 10000 20 SHDA 0.000000 -0.011820 10500 10800 21 TLKM 0.005016 0.013063 15892900 12220530 22 RALS -0.010452 -0.005714 1013700 2415800 23 UNSP -0.010895 0.005788 13876000.65 8251920.15 24 BLTA -0.002871 -0.016422 204676.05 707383.65 25 DAVO 0.000000 -0.020127 1255.2 7845 26 SMMT 0.000000 -0.011817 8237.25 8472.6 27 SMAR 0.000000 0.041350 800 917700 28 CTRS 0.000081 0.000319 3130300 29870900

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30 HEXA 0.009205 0.008280 180300 794000 31 PRAS 0.015365 -0.028571 48500 2000

32 HITS 0.003636 0.003571 4000 4700

33 TMAS 0.030331 0.000119 2849600 1474600 34 DPNS -0.002946 -0.039143 105300 31400 35 PJAA 0.019125 -0.010465 3179400 941100 36 LPKR 0.010405 0.000025 9604400 15022900 37 JRPT -0.024990 0.000000 71400 166600 38 TSPC 0.009489 0.001652 395700 221800 39 BMTR 0.011042 -0.001012 3364400 64834200 40 DAVO 0.003563 -0.003202 5173500 1044700 41 ANTM 0.010516 0.004012 23222600 22171300 42 AKRA 0.021370 -0.001637 2295500 9170000 43 SOBI 0.007699 -0.169971 259600 2205300 44 HADE 0.000000 -0.001667 5000 11000

45 HITS 0.000000 0.019378 0 13100

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Descriptive Statistics

N Minimum Maximum Mean Std. Deviation Return_Sebelum ₄₆ _-,04 _,03 _,0019 _,01416 Return_Sesudah ₄₆ _-,17 _,05 _-,0057 _,03050 Vol_Perdagangan_Sebelu

m 46 ,00 23222600.00 2858823.6772 5171178.17984

Volume_Perdagangan_Se

sudah 46 ,00 70642500.00 7609760.6826 14655086.41914

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T-Test Return Saham

Paired Samples Statistics

Mean N Std. Deviation

Std. Error Mean Pair 1 Return_Sebelum ,0019 46 ,01416 ,00209

Return_Sesudah -,0057 46 ,03050 ,00450

Paired Samples Correlations

N Correlation Sig. Pair 1 Return_Sebelum &

Return_Sesudah 46 -,065 ,666

Paired Samples Test

,00762 ,03446 ,00508 -,00261 ,01786 -2,005 45 ,048

Return_Sebelum -Return_Sesudah Pair

1

Mean Std. Deviation

Std. Error

Mean Lower Upper

95% Confidence Interval of the

Difference Paired Differences

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T-Test Volume Perdagangan Saham

Paired Samples Statistics

Mean N Std. Deviation

Std. Error Mean Pair 1 Vol_Perdagangan_Sebelu

m 2858823.6₇₇₂ 46 5171178.17984 762448.62646 Volume_Perdagangan_Se

sudah 7609760.6₈₂₆ 46 14655086.41914 2160774.60926

Paired Samples Correlations

N Correlation Sig. Pair 1 Vol_Perdagangan_Sebelu

m &

Volume_Perdagangan_Ses udah

46 ,234 ,118