Analisis reaksi pasar atas pengumuman stock split pada perusahaan bertumbuh dan perusahaan tidak bertumbuh yang terdaftar di Bursa Efek Indonesia

The purpose of this study is to empirically test the difference in average trading
volume activity and abnormal return before and after stock split event in growing
companies and non-growing companies listed on the indonesian stock exchange.
This study uses Theory of Signalling and Trading Trade Theory. The population in
this study were all of companies did stock split on Indonesian Stock Exchange in
period 2012-2019, then sample are 85 companies. The data analysis is hypothesis
testing using paired sampel t-test. The result showed that there are a reaction and
descrease in trading volume activity and abnormal return on stock split in ungrowth
companies. However, in a growth companies there is a reaction and increase in
trading volume activity, although there is no reaction to the abnormal return.

Keywords: Trading volume activity, Abnormal return, Stock split, Growth and Ungrowth Company