Pengaruh Tingkat Kemahalan Harga Saham, Kinerja Keuangan Dan Size Perusahaan Terhadap Keputusan Perusahaan Melakukan Stock Split

Abstract

Stock split is one way for company  maintain of the stock liquidity position when the stock price is too high would create a tendency for stocks to decline, because the purchasing power of investors to the stock would be reduced, therefore stock split activity is needed. In general, this study aims to determine the effect of overpriced stock price, financial performance and the size of the company's decision to conduct a stock. In this study used 70 companies listed in Indonesia Stock Exchange. The data used are secondary data obtained from the Indonesian Capital Market of Directory (ICMD).

The time of observation begin 2008 until 2011. The research use two category variables. First dependent variable is the company's stock split decision, the second variable is independent. The variable consist of level of expensiveness stock price, financial performance covering liquidity and profitability as well as the size of the company. The test of perform of the hypothesis have been using logistic regression models. Based on the results of hypothesis testing found that liquidity is measured by the current ratio significantly influence the company's for stock split decision. The test results also showed that the level of expensiveness stock price, profitability and individual firm size have not significantly influence to the company's stock split decision.

Keywords        Stock Split, Stock Price Level expensiveness, Financial Performance and Size