THE IMPACT OF STOCK SPLIT ANNOUNCEMENT ON TRADING VOLUME, RETURN, AND STOCK PRICE IN COMPANIES IN PERIOD BEFORE AND DURING COVID-19

Abstract

The purpose of this study was to determine the effect of stock split announcements on trading volume, return and stock price in companies before and during Covid-19. The research method used in this research is quantitative research method. The sample in this study were companies that announced a stock split of 36 companies. The method of determining the sample using purposive sampling technique. This study uses a statistical analysis test of two sample tests with a 15-day observation period is t = -7 (7 days before stock split), t = 0 (event date) and t = +7 (7 days after stock split). The data analysis method used in this study is the Wilcoxon Signed Ranks Test. The results of this study indicate that there is a statistically significant difference in the average TVA before and after the announcement in the period before and during Covid-19. While there is no statistically significant difference in the average return and stock price before and after the announcement in the period before and during Covid-19.