Analisis faktor yang memengaruhi likuiditas saham melalui keputusan stock split

Abstract

Several companies that did stock splits experienced increased liquidity, but some did not. The purpose of this research is to analyze the factors that have an impact on stock split decisions and their effect on stock liquidity. According to Copeland, several things motivate the company's board of directors to announce a stock split in the trading range theory and signaling theory. Logistic regression analysis and path analysis with bootstrapping were used in this study. Seventeen companies were sampled from the consumer cyclical sector indexed on the Indonesia Stock Exchange (IDX). Research shows that the level of overpriced stock prices (PBV) impacts stock split decisions and stock liquidity (TVA). The stock split decision affects TVA. Conversely, financial performance (EPS) does not impact stock split decisions and stock liquidity. On the other hand, stock split decisions can mediate the high price of stock prices but cannot act as an intermediary between financial performance and stock liquidity. Beberapa perusahaan yang melakukan stock split mengalami peningkatan likuiditas, tetapi beberapa tidak. Tujuan riset ini untuk menganalisis faktor-faktor yang berdampak pada keputusan stock split dan pengaruhnya pada likuiditas saham. Terdapat beberapa hal yang memotivasi dewan direksi perusahaan membuat pengumuman stock split menurut Copeland dalam trading range theory dan signaling theory. Analisis regresi logistik dan analisis jalur (path analysis) dengan bootstrapping digunakan dalam studi ini. Sebanyak 17 perusahaan dijadikan sampel yang berasal dari sektor consumer cyclical yang terindeks di Indonesia Stock Exchange (IDX). Penelitian memberikan hasil bahwa tingkat kemahalan harga saham (PBV) berdampak pada keputusan stock split dan likuiditas saham (TVA). Keputusan pemecahan saham berdampak terhadap TVA. Sebaliknya, kinerja keuangan (EPS) tak berdampak pada keputusan stock split dan likuiditas saham. Di sisi lain keputusan pemecahan saham dapat memediasi tingkat kemahalan harga saham namun tidak dapat menjadi perantara kinerja keuangan terhadap likuiditas saham.