Determinants Of Stock Split With Dividend Policy As A Moderating Variable In Companies Listed On The Indonesian Stock Exchange
Keywords:
Stock Split, Abnormal Return, Trading Volume Activity, Stock Price, Bid-Ask Spread, Market Performance, Dividend Policy
Abstract
This study aims to analyze the factors influencing companies to undertake stock splits and examine the role of dividend policy as a moderating variable in the relationship between these determinants and stock splits. The independent variables used in this study include abnormal returns, trading volume activity, stock price, bid-ask spread, and market performance. Dividend policy is moderated using the dividend payout ratio. This study was conducted on companies listed on the Indonesia Stock Exchange (IDX) during the 2021-2024 period. Data were obtained through documentation methods from annual financial reports and market data published by the IDX. The sample selection was conducted using purposive sampling, with a sample size of 168 companies. The analytical method used was moderated regression analysis to test the direct and interaction effects between variables using SPSS 30 software. The results showed that abnormal returns, trading volume activity, stock price, and market performance significantly influenced stock splits, while the bid-ask spread had no direct effect. Dividend policy is shown to moderate the relationship between abnormal returns and stock prices but does not moderate the relationship between trading volume activity, bid-ask spread, and market performance with stock splits. This finding suggests that companies consider market signals and dividend strategies simultaneously when making stock split decisions. This research provides theoretical contributions to the corporate finance literature and provides practical implications for investors and company management in understanding stock and dividend policy strategies in the Indonesian capital market.
References
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Alfarisy, S., & Raden, D. S. (2022). Analisis Pengaruh Stock Split dan Right Issue Terhadap Abnormal Return dan Trading Volume Activity Pada Perusahaan yang Terdaftar di Indeks LQ45 di Bursa Efek Indonesia (BEI) Periode 2015-2020. Diponegoro Journal of Management, 11(1), 1-8. https://ejournal3.undip.ac.id/index.php/djom/index
Andi, I. L., Nugraha, A. A., Siti, W. B. K., & Muh Djabir. (2024). Analisis Abnormal Return, Trading Volume Activity, dan Bid-Ask Spread Pada Perusahaan Yang Melakukan Stock Split di Bursa Efek Indonesia. Jurnal Business, Technology & Science, 2(3), 33-44. https://doi.org/10.56858 /bugis.v2i1.217
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Ayu, P. K. P., Kartika, H. T., & Siti, N. (2020). A Return and Trading Volume Activity Analysis on Before and After Stock Split Announcement (at Indonesian Stock Exchange Period 2014-2018). The International Journal of Business Management and Technology, 4(1), 30-36. https://repository.uniba.ac.id/id/eprint/791
Brizan, S. B., Ahmad, F. A., & Ari, K. W. (2019). The Effect of Stock Split on Liquidity Stock in Companies Which Listed on BEI 2007-2015. International Journal of Economics, Business and Management Research, 3(11), 160-169.
Danastri, M. N., & Paulus, T. B. H. (2024). The Impact of Stock Split Announcement on Trading Volume, Return, and Stock Price in Companies in Period Before and During Covid-19. Diponegoro Journal of Accounting, 13(3), 1-15. http://ejournal-s1.undip.ac.id/index.php/accounting
Dewi, N., & Dian, A. S. (2024). Analisis Komparatif Abnormal Return, Treding Volume Activity, Harga Saham Terhadap Stock Split. REVITALISASI: Jurnal Ilmu Manajemen, 13(1), 105-116. https://doi.org/10.32503/revitalisasi.v13i1.4881
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Dyah, A. W. W., Saryadi & Dinalestari, P. (2024). Analisis Perbedaan Kinerja Pasar Sebelum dan Sesudah Stock Split Pada Perusahaan Sektor Barang Konsumsi Terdaftar di Bursa Efek Indonesia. Jurnal Ilmu Administrasi Bisnis, 13(1), 166-173. https://doi.org/10.14710/jiab.2024.40225
Fahmi, O., & Roza, M. (2020). Analisis Perbedaan Abnormal Return dan Bid Ask Spread Sebelum dan Sesudah Melakukan Pemecahan Saham (Stock Split) pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Periode dari Tahun 2010-2015. Jurnal Akuntansi Kompetif, 3(2), 43-53. https://doi.org/10.35446/akuntansikompetif.v3i2.418
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Hery, H., & Lina. (2023). Effect of Stock Split on Abnormal Return, Trading Volume Activity, Stock Price, Bid-Ask Spread, and Systematic Risk of Companies. Jurnal Manajemen dan Kewirausahaan, 11(2), 184-194. https://jurnal.unmer.ac.id/index.php/jmdx/index
Hidayati, A. R., & Faizal, S. D. (2024). Analisis Trading Volume Activity dan Abnormal Return Sebelum dan Sesudah Stock Split pada Perusahaan yang Listing di BEI Tahun 2019-2022. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 6(1), 185-200. https://journal-laaroiba.com/ojs/index.php/alkharaj/article/view/216
Hidayati, S., & Putri, F. S. M. (2022). Differences between before and after stock split in companies listed on the Indonesia Stock Exchange. International Journal of Research in Business and Social Science, 2147- 4478, 11(2), 252–259. https://doi.org/10.20525/ijrbs.v11i2.1617
Hirmawan, A. (2018). Analisis Perbandingan Abnormal Return dan Trading Volume Activity Sebelum dan Sesudah Stock Split Periode 2015-2016. AKSES: Jurnal Ekonomi Dan Bisnis, 13(2).
Indriani, B. F. (2022). The Market Reaction to Stock Split Announcement. Journal of Business and Management Review, 3(12), 869-880. https://doi.org/10.47153/jbmr312.5572022
Karim, A. A., Darwis, H., & Meliana. (2022). Perbandingan harga saham, volume perdagangan dan abnormal return sebelum dan sesudah stock split pada perusahaan bertumbuh dan tidak bertumbuh (Studi pada perusahaan yang terdaftar di Bursa Efek Indonesia) Periode 2014-2018. Jurnal TRUST Riset Akuntansi, 10(1), 373–380. https://doi.org/10.33387/jtrans.v10i1.5877
Keyzia, D. Z., Maryam, M., & Lawren, J. R. (2024). Analisis Stock Return, Abnormal Return, dan Trading Volume Activity Pada Perusahaan yang Melakukan Stock Split yang Terdaftar di Bursa Efek Indonesia Pada Saat Pandemi. Jurnal EMBA, 12(3), 1448-1454.
Mardiyaningsih, E., & Andhitiyara, R. (2020). Analisis Perbandingan Sebelum dan Sesudah Stock Split Dengan Tingkat Likuiditas Saham, Harga Saham, dan Return Saham Pada Indeks Saham Kompas 100 Tahun 2014 – 2018. Journal of Infomation System, Applied, Management, Accounting and Research, 4.
Maulana, M. I., & Indah, Y. (2022). Analysis of the Effect of Stock Split Corporate Action on Stock Prices with Liquidity as an Intervening Variable. Jurnal Manajemen dan Kewirausahaan, 10(1), 42-48. https://jurnal.unmer.ac.id/index.php/jmdx/index
Natali, Y. (2018). The Impact of Stock Split on the Performance in Indonesian Manufacturing Companies. Binus Business Review, 9(1), 39-46. https://doi.org/10.21512/bbr.v9i1.3790
Nita, A. (2024). Analisis Komparasi Harga Saham, Volume Perdagangan Saham dan Trading Frequency Sebelum dan Sesudah Stock Split. Juremi: Jurnal Riset Ekonomi, 4(1), 255-262.
Nuzula, N. F., & Nurlaily, F. (2020). Dasar-Dasar Manajemen Investasi. Universitas Brawijaya Press.
Pangesti, A. P. K., Titisari, K. H., & Nurlaela, S. (2020). A Return and Trading Volume Activity Analysis on Before and After Stock split Announcement. The International Journal of Business Management and Technology, 4(1), 30-36.
Pernamasari, R., & Sugiyanto. (2022). The effect of earnings management and profitability on stock prices future: Information asymmetry as moderating. Asian Journal of Economics, Business and Accounting, 22(16), 9–16. https://doi.org/10.9734/ajeba/2022/v22i1630631
Prabodini, M., & Rathnasingha, P. M. (2022). The Impact of Stock Split Announcements on Stock Prices: Evidence from Colombo Stock Exchange. Journal of Asian Finance, Economics and Business, 9(5), 41-51. https://doi.org/10.13106/jafeb.2022.vol9.no5.0041
Puspita, N. V., & Yuliari, K. (2019). Analisis Pengaruh Stock Split Terhadap Harga Saham, Abnormal Return Dan Risiko Sistematik Saham Perusahaan (Studi Pada Perusahaan Yang Terdaftar di BEI 2016-2018). Ekonika: Jurnal Ekonomi Universitas Kadiri, 4(1), 95. https://doi.org/10.30737/ekonika.v4i1.335
Satria, K., & Adnan. (2018). Analisis Peristiwa Stock Split Terhadap Harga Saham, Likuiditas Saham dan Abnormal Return (Studi Kasus Pada Perusahaan Manukfaktur Yang Terdaftar di Bursa Efek Indonesia Tahun 2011-2015). Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi (JIMEKA), 3(3), 364–384.
Sihombing, P. (2018). Corporate Financial Management. PT. Penerbit IPB Pres: Bogor.
Soyza, W. S. S., Kodithuwakku, K. A. S. S., & Samarakoon, S. M. R. K. (2021). Stock price reaction to the stock splits announcement of listed companies in the Colombo stock exchange. Vidyodaya Journal of Management, 7(2), 17–33. https://doi.org/10.31357/ vjm.v7iII.5094
Syahrul, R., & Ratna, S. (2024). Analisis Perbedaan Abnormal Return Saham dan Volume Perdagangan Saham Sebelum dan Sesudah Stock Split. Economics and Digital Business Review, 5(2), 432-443. https://doi.org/10.37531/ecotal.v5i2.1547
Tiara, W. A. (2022). Analisis Perbandingan Harga Saham PT. Bank Central Asia Tbk. Sebelum dan Sesudah Stock Split. Jurnal Ekonomi dan Bisnis, 10(1), 311-315. https://doi.org/10.34308/eqien.v10i1.527
Titi, S. I., & Amrie, F. (2021). Kebijakan Stock Split Perusahaan Non-Financial di Indonesia: Manajemen Laba, Kinerja Operasi, Kinerja Pasar. Owner: Riset & Jurnal Akuntansi, 5(2), 345-357. https://doi.org/10.33395/owner.v5i2.483
Umar, S., Nizwan, Z., & Rini, Y. P. (2022). Analysis of the Effect of Stock Split and Dividend Policy on the Stock Liquidity of Go Public Companies. Jurnal Penelitian Ilmu Ekonomi, 12(2), 118-124. https://doi.org/10.30741/wiga.v12i2.812
Wati, Y., Chandra, T., & Wijaya, E. (2022). Analysis of the influence events on the increase and decrease of world oil prices on abnormal return and trading volume activity in mining sector companies that registered in Indonesia Stock Exhange. International Conference on Business Management and Accounting (ICOBIMA), 1(1), 181–192.
Yolanda, P. S., Christina, H. T. R., & Lukas, P. (2024). Analysis of Differences in Stock Trading Volume, Bid-Ask Spread, and Abnormal Returns Before and After a Stock Split: Empirical Evidence from Companies Listed on the Indonesian Stock Exchange. Journal Management, Business, and Accounting, 23(1), 31-40. https://doi.org/10.33557/mbia.v23i1.2754
Yosepphira, I. P. R., & Supramono. (2024). Keberhasilan Harga Saham dan Aksi Stock Split. Center for Accounting Development and Research, 7(1), 38-57. https://doi.org/10.24246/persi.v7i1.p38-57
Yuhendri, V. I. (2019). Analisis Perbedaan Trading Volume Activity dan Abnormal Return Sebelum dan Sesudah Stock Split (Studi Pada Perusahaan yang Melakukan Stock Split yang Terdaftar di Bursa Efek Indonesia Periode 2016-2018). (Tesis, Universitas Brawijaya Malang). https://repository.ub.ac.id/id/eprint/172697/
Zakiyah, A., & Nurweni, H. (2020). Analisis Perbandingan Trading Volume Activity, Bid-Ask Spreaddan Abnormal Return Sebelum dan Sesudah Adanya Pengumuman Stock Split pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Periode Januari 2015-Oktober 2018. Telaah Bisnis, 19(2), 95. https://doi.org/10.35917/Tb.V19i2.172
Akhmad, H. R., Bambang, W., & Titiek, A. (2021). Impact of Before and After Stock Split on Trading Volume Activity, Stock Returns, and Abnormal Returns (Study on Companies Listed on the IDX in 2015-2019). Jurnal Manajemen Bisnis dan Kewirausahaan, 1(3), 173-179. http://ejournal.umm.ac.id/index.php/jamanika
Alfarisy, S., & Raden, D. S. (2022). Analisis Pengaruh Stock Split dan Right Issue Terhadap Abnormal Return dan Trading Volume Activity Pada Perusahaan yang Terdaftar di Indeks LQ45 di Bursa Efek Indonesia (BEI) Periode 2015-2020. Diponegoro Journal of Management, 11(1), 1-8. https://ejournal3.undip.ac.id/index.php/djom/index
Andi, I. L., Nugraha, A. A., Siti, W. B. K., & Muh Djabir. (2024). Analisis Abnormal Return, Trading Volume Activity, dan Bid-Ask Spread Pada Perusahaan Yang Melakukan Stock Split di Bursa Efek Indonesia. Jurnal Business, Technology & Science, 2(3), 33-44. https://doi.org/10.56858 /bugis.v2i1.217
Anuna, A., Mangantar, M., & Untu, V. (2021). Analisis komparasi kinerja keuangan antara perusahaan investor luar negeri dan perusahaan investor domestik. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 9(1), 797–806.
Ayu, P. K. P., Kartika, H. T., & Siti, N. (2020). A Return and Trading Volume Activity Analysis on Before and After Stock Split Announcement (at Indonesian Stock Exchange Period 2014-2018). The International Journal of Business Management and Technology, 4(1), 30-36. https://repository.uniba.ac.id/id/eprint/791
Brizan, S. B., Ahmad, F. A., & Ari, K. W. (2019). The Effect of Stock Split on Liquidity Stock in Companies Which Listed on BEI 2007-2015. International Journal of Economics, Business and Management Research, 3(11), 160-169.
Danastri, M. N., & Paulus, T. B. H. (2024). The Impact of Stock Split Announcement on Trading Volume, Return, and Stock Price in Companies in Period Before and During Covid-19. Diponegoro Journal of Accounting, 13(3), 1-15. http://ejournal-s1.undip.ac.id/index.php/accounting
Dewi, N., & Dian, A. S. (2024). Analisis Komparatif Abnormal Return, Treding Volume Activity, Harga Saham Terhadap Stock Split. REVITALISASI: Jurnal Ilmu Manajemen, 13(1), 105-116. https://doi.org/10.32503/revitalisasi.v13i1.4881
Duffy, J., Rabanal, J. P., & Rud, O. A. (2023). Market reactions to stock splits: Experimental evidence. of Economic Behavior https://doi.org/10.1016/J.JEBO.2023.08.003
Dyah, A. W. W., Saryadi & Dinalestari, P. (2024). Analisis Perbedaan Kinerja Pasar Sebelum dan Sesudah Stock Split Pada Perusahaan Sektor Barang Konsumsi Terdaftar di Bursa Efek Indonesia. Jurnal Ilmu Administrasi Bisnis, 13(1), 166-173. https://doi.org/10.14710/jiab.2024.40225
Fahmi, O., & Roza, M. (2020). Analisis Perbedaan Abnormal Return dan Bid Ask Spread Sebelum dan Sesudah Melakukan Pemecahan Saham (Stock Split) pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Periode dari Tahun 2010-2015. Jurnal Akuntansi Kompetif, 3(2), 43-53. https://doi.org/10.35446/akuntansikompetif.v3i2.418
Hartono, Jogiyanto. (2017). Teori Portofolio dan Analisis Investasi. Edisi Kedelapan. Yogyakarta: BPFE.
Hery, H., & Lina. (2023). Effect of Stock Split on Abnormal Return, Trading Volume Activity, Stock Price, Bid-Ask Spread, and Systematic Risk of Companies. Jurnal Manajemen dan Kewirausahaan, 11(2), 184-194. https://jurnal.unmer.ac.id/index.php/jmdx/index
Hidayati, A. R., & Faizal, S. D. (2024). Analisis Trading Volume Activity dan Abnormal Return Sebelum dan Sesudah Stock Split pada Perusahaan yang Listing di BEI Tahun 2019-2022. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 6(1), 185-200. https://journal-laaroiba.com/ojs/index.php/alkharaj/article/view/216
Hidayati, S., & Putri, F. S. M. (2022). Differences between before and after stock split in companies listed on the Indonesia Stock Exchange. International Journal of Research in Business and Social Science, 2147- 4478, 11(2), 252–259. https://doi.org/10.20525/ijrbs.v11i2.1617
Hirmawan, A. (2018). Analisis Perbandingan Abnormal Return dan Trading Volume Activity Sebelum dan Sesudah Stock Split Periode 2015-2016. AKSES: Jurnal Ekonomi Dan Bisnis, 13(2).
Indriani, B. F. (2022). The Market Reaction to Stock Split Announcement. Journal of Business and Management Review, 3(12), 869-880. https://doi.org/10.47153/jbmr312.5572022
Karim, A. A., Darwis, H., & Meliana. (2022). Perbandingan harga saham, volume perdagangan dan abnormal return sebelum dan sesudah stock split pada perusahaan bertumbuh dan tidak bertumbuh (Studi pada perusahaan yang terdaftar di Bursa Efek Indonesia) Periode 2014-2018. Jurnal TRUST Riset Akuntansi, 10(1), 373–380. https://doi.org/10.33387/jtrans.v10i1.5877
Keyzia, D. Z., Maryam, M., & Lawren, J. R. (2024). Analisis Stock Return, Abnormal Return, dan Trading Volume Activity Pada Perusahaan yang Melakukan Stock Split yang Terdaftar di Bursa Efek Indonesia Pada Saat Pandemi. Jurnal EMBA, 12(3), 1448-1454.
Mardiyaningsih, E., & Andhitiyara, R. (2020). Analisis Perbandingan Sebelum dan Sesudah Stock Split Dengan Tingkat Likuiditas Saham, Harga Saham, dan Return Saham Pada Indeks Saham Kompas 100 Tahun 2014 – 2018. Journal of Infomation System, Applied, Management, Accounting and Research, 4.
Maulana, M. I., & Indah, Y. (2022). Analysis of the Effect of Stock Split Corporate Action on Stock Prices with Liquidity as an Intervening Variable. Jurnal Manajemen dan Kewirausahaan, 10(1), 42-48. https://jurnal.unmer.ac.id/index.php/jmdx/index
Natali, Y. (2018). The Impact of Stock Split on the Performance in Indonesian Manufacturing Companies. Binus Business Review, 9(1), 39-46. https://doi.org/10.21512/bbr.v9i1.3790
Nita, A. (2024). Analisis Komparasi Harga Saham, Volume Perdagangan Saham dan Trading Frequency Sebelum dan Sesudah Stock Split. Juremi: Jurnal Riset Ekonomi, 4(1), 255-262.
Nuzula, N. F., & Nurlaily, F. (2020). Dasar-Dasar Manajemen Investasi. Universitas Brawijaya Press.
Pangesti, A. P. K., Titisari, K. H., & Nurlaela, S. (2020). A Return and Trading Volume Activity Analysis on Before and After Stock split Announcement. The International Journal of Business Management and Technology, 4(1), 30-36.
Pernamasari, R., & Sugiyanto. (2022). The effect of earnings management and profitability on stock prices future: Information asymmetry as moderating. Asian Journal of Economics, Business and Accounting, 22(16), 9–16. https://doi.org/10.9734/ajeba/2022/v22i1630631
Prabodini, M., & Rathnasingha, P. M. (2022). The Impact of Stock Split Announcements on Stock Prices: Evidence from Colombo Stock Exchange. Journal of Asian Finance, Economics and Business, 9(5), 41-51. https://doi.org/10.13106/jafeb.2022.vol9.no5.0041
Puspita, N. V., & Yuliari, K. (2019). Analisis Pengaruh Stock Split Terhadap Harga Saham, Abnormal Return Dan Risiko Sistematik Saham Perusahaan (Studi Pada Perusahaan Yang Terdaftar di BEI 2016-2018). Ekonika: Jurnal Ekonomi Universitas Kadiri, 4(1), 95. https://doi.org/10.30737/ekonika.v4i1.335
Satria, K., & Adnan. (2018). Analisis Peristiwa Stock Split Terhadap Harga Saham, Likuiditas Saham dan Abnormal Return (Studi Kasus Pada Perusahaan Manukfaktur Yang Terdaftar di Bursa Efek Indonesia Tahun 2011-2015). Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi (JIMEKA), 3(3), 364–384.
Sihombing, P. (2018). Corporate Financial Management. PT. Penerbit IPB Pres: Bogor.
Soyza, W. S. S., Kodithuwakku, K. A. S. S., & Samarakoon, S. M. R. K. (2021). Stock price reaction to the stock splits announcement of listed companies in the Colombo stock exchange. Vidyodaya Journal of Management, 7(2), 17–33. https://doi.org/10.31357/ vjm.v7iII.5094
Syahrul, R., & Ratna, S. (2024). Analisis Perbedaan Abnormal Return Saham dan Volume Perdagangan Saham Sebelum dan Sesudah Stock Split. Economics and Digital Business Review, 5(2), 432-443. https://doi.org/10.37531/ecotal.v5i2.1547
Tiara, W. A. (2022). Analisis Perbandingan Harga Saham PT. Bank Central Asia Tbk. Sebelum dan Sesudah Stock Split. Jurnal Ekonomi dan Bisnis, 10(1), 311-315. https://doi.org/10.34308/eqien.v10i1.527
Titi, S. I., & Amrie, F. (2021). Kebijakan Stock Split Perusahaan Non-Financial di Indonesia: Manajemen Laba, Kinerja Operasi, Kinerja Pasar. Owner: Riset & Jurnal Akuntansi, 5(2), 345-357. https://doi.org/10.33395/owner.v5i2.483
Umar, S., Nizwan, Z., & Rini, Y. P. (2022). Analysis of the Effect of Stock Split and Dividend Policy on the Stock Liquidity of Go Public Companies. Jurnal Penelitian Ilmu Ekonomi, 12(2), 118-124. https://doi.org/10.30741/wiga.v12i2.812
Wati, Y., Chandra, T., & Wijaya, E. (2022). Analysis of the influence events on the increase and decrease of world oil prices on abnormal return and trading volume activity in mining sector companies that registered in Indonesia Stock Exhange. International Conference on Business Management and Accounting (ICOBIMA), 1(1), 181–192.
Yolanda, P. S., Christina, H. T. R., & Lukas, P. (2024). Analysis of Differences in Stock Trading Volume, Bid-Ask Spread, and Abnormal Returns Before and After a Stock Split: Empirical Evidence from Companies Listed on the Indonesian Stock Exchange. Journal Management, Business, and Accounting, 23(1), 31-40. https://doi.org/10.33557/mbia.v23i1.2754
Yosepphira, I. P. R., & Supramono. (2024). Keberhasilan Harga Saham dan Aksi Stock Split. Center for Accounting Development and Research, 7(1), 38-57. https://doi.org/10.24246/persi.v7i1.p38-57
Yuhendri, V. I. (2019). Analisis Perbedaan Trading Volume Activity dan Abnormal Return Sebelum dan Sesudah Stock Split (Studi Pada Perusahaan yang Melakukan Stock Split yang Terdaftar di Bursa Efek Indonesia Periode 2016-2018). (Tesis, Universitas Brawijaya Malang). https://repository.ub.ac.id/id/eprint/172697/
Zakiyah, A., & Nurweni, H. (2020). Analisis Perbandingan Trading Volume Activity, Bid-Ask Spreaddan Abnormal Return Sebelum dan Sesudah Adanya Pengumuman Stock Split pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Periode Januari 2015-Oktober 2018. Telaah Bisnis, 19(2), 95. https://doi.org/10.35917/Tb.V19i2.172
Published
2025-10-17
How to Cite
Sarah Sinadela, Ratih Kusumastuti, & Nela Safelia. (2025). Determinants Of Stock Split With Dividend Policy As A Moderating Variable In Companies Listed On The Indonesian Stock Exchange. International Journal of Economics, Business and Innovation Research, 4(06), 259-286. https://doi.org/10.63922/ijebir.v4i06.2387
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