ANALISIS PENGARUH STOCK SPLIT TERHADAP RETURN SAHAM PT. KALBE FARMA, Tbk YANG TERDAFTAR DI BURSA EFEK INDONESIA

Abstract

This research aims to know whether the company stock split policy takes effect on the stock returns and if there is any average different of the abnormal return stock returns before and after the stock split of PT. Kalbe Farma, Tbk which registered at Indonesia Stock Exchange. The hypotesis of this research is the stock split takes effect significantly on the stock returns and there is average different of the abnormal stock returns before and after stock split.

Type of research that is used is an event study research. This research used the secondary data as the source data and the sample data PT. Kalbe Farma, Tbk which did stock split on 8 October 2012, using the purposive sampling method. The examination of hypotesis is using the Paired T-Test with the significant level of 5%.

The result of this Paired T-Test shows that the stock split doesn"™t take effect on the stock returns and there is no significant different with the abnormal stock returns before stock split and after stock split.

Key words : stock split, stock returns, abnormal stock returns.