Investor Responses to Stock Split from Consumer Goods Sector in Indonesia

Catherine; Alicia Putri Kharisma Candra Dewi

doi:10.31580/apss.v9i1.2286

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Published: Jan 28, 2022

DOI: https://doi.org/10.31580/apss.v9i1.2286

Keywords:

Investor Responses, Corporate Action, Stock Split, Consumer Goods, Market Capitalization, Firm Size

Catherine

Business Accounting, Petra Christian University, Indonesia

Alicia Putri Kharisma Candra Dewi

Business Accounting, Petra Christian University, Indonesia

Abstract

The purpose of this study is to analyze the investor responses to stock split from the consumer goods sector in Indonesia. The sample used in this study is 56 companies from the consumer goods sector in 2016-2020 and is listed on the Indonesia Stock Exchange. This study uses market capitalization and firm size as control variables. The measurement of the investor responses is CAR (Cumulative Absolute Return) using the event window (-5,0,+5), (-2,0,+2), and (-1,0,+1) with an estimation period of 130 days. The main findings of this study is that there is a negative response from investors to the stock split in the Consumer Goods sector in Indonesia.

Issue

Vol. 9 No. 1 (2022): ASIA Proceedings of Social Sciences

Section

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