ANALISIS PERBEDAAN KINERJA KEUANGAN SEBELUM DAN SESUDAH STOCK SPLIT PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

Abstract

The goal of this research is as the advisory to the research of stock split, to find and analyze the effect of stock split decision toward the financial condition of a company, before and after stock split. The measurement of company advancement is using five financial ratio; return and shareholders’ equity, earnings per share, invested capital turnover, equity turnover and debt/equity ratio. Population of this research is the whole registered companies in Bursa Efek Indonesia during the year 2004 to 2008 with eight go public companies that used stock split in 2006 as the samples. The sampling technique is purposive sampling to adjust with the research goal. The data analysis is using paired samples test to measure the average two connected samples using SPSS ver.17. The result of the research indicates that stock split results significant differences at the ratio measurement ROE, EPS, and DER because the probability is less than 0.05, in contrast the ICT and ET indicate not significant differences, because the probability is more than 0.05. Furthermore the mean of ROE and EPS is decreased after the stock split which mean that the company also lower in the advancement and profit, therefore the result of this research doesn’t support signaling theory. In the ICT and ET testing, the average value is increasing after stock split in investment requirement, so the testing supports signaling theory because the company is improving although both ratios has no significant difference. The ratio of DER has higher average value after stock split, so the company succumb decreasing point (debt higher than capital) and the result successfully supports signaling theory.