Analisis Reaksi Pasar Pada Pengumuman Stock Split Rasio Besar dan Kecil pada Perusahaan yang Terdaftar di Bursa Efek Indonesia

Hwang, Helena (2026) Analisis Reaksi Pasar Pada Pengumuman Stock Split Rasio Besar dan Kecil pada Perusahaan yang Terdaftar di Bursa Efek Indonesia. Undergraduate thesis, Universitas Katolik Musi Charitas.

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Abstract

This study aims to examine and analyze market reactions in the form of abnormal returns to stock split announcements with large and small ratios among companies listed on the Indonesia Stock Exchange during 2020–2024. An event study method is applied with a five-day window before and after the announcement and a 100-day estimation period. The sample consists of 43 companies selected using purposive sampling. Hypotheses are tested using the One Sample T-Test. The results indicate significant abnormal returns on T-3. Furthermore, the group of companies with large stock split ratios shows market reactions on T-3 and T+1, while the group with small stock split ratios shows market reactions only on T-3.

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