PENGARUH PEMECAHAN SAHAM, DAN KEMAHALAN HARGA SAHAM TERHADAP LIKUIDITAS SAHAM, RETURN PADA PERUSAHAAN LQ 45 DI BURSA EFEK INDONESIA

Abstract

This study has two main purposed. The first goal is to prove empirically solving and expensiveness effect on the liquidity of the stock share price. The second goal is to prove empirically the effect of stock splits and stock price expensiveness on stock returns.

In this study, the population is around the LQ 45 firms listed on the Indonesia Stock Exchange, while a sample of 19 companies LQ 45 is consistent from year 2007 to 2011. The sampling process is done by using a purposive sampling method. The data used is the company's financial statements. To test the hypothesis we used the method of quantitative analysis using a multiple regression model and t-test statistics.

Based on the results of hypothesis testing on the first regression model found that stock splits and stock expensiveness no significant effect on the liquidity of the company's shares are listed on the Indonesian Stock Exchange. In the second regression model obtained results show that the stock split is a significant negative effect on stock returns received by investors in investing in any of the companies listed in Indonesia Stock Exchange share prices expensiveness while no significant effect on stock returns received by investors in investing in one of the companies listed on the Indonesian Stock Exchange.

Keyword : Stock Split, Over Value of Share, Stock Return