ANALISIS ABNORMAL RETURN SEBELUM DAN SESUDAH MELAKUKAN CORPORATE ACTION STOCK SPLIT MAUPUN RIGHTS ISSUE (Studi pada Perusahaan yang Terdaftar di Bursa Efek Indonesia)

Abstrak

This study aims to determine whether there are differences in abnormal returns before and after the rights issue or stock split. Sampling was carried out using purposive sampling technique and obtained as many as 33 companies for rights issue events and 55 companies for stock split events. The observation period was carried out 5 days before and 5 days after the event. The analysis technique used was the Wilcoxon Signed Ranks Test using IBM Statistics SPSS 26 with a significance level of 5%. The results showed that there are no difference in abnormal returns before and after the rights issue and there are differences in abnormal returns before and after the stock split. This show that stock split does not have information content or it has but the market not to reacted to the announcement.