ANALYSIS OF TRADING VOLUME AND STOCK RETURNS BEFORE AND AFTER STOCK SPLIT IN MANUFACTURING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE FOR THE 2019–2023 PERIOD

Abstract

This study aims to examine the differences in trading volume and stock returns before and after stock splits in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the period 2019–2023. The population of this study includes all manufacturing companies listed on the IDX during the specified period. The sample was selected using a purposive sampling method, resulting in 11 companies that met the criteria. The analytical method used is the difference test with an observation period of 10 days before (t-10) and 10 days after (t+10) the stock split. Hypothesis testing was conducted using the Paired Sample t-Test for normally distributed data and the Wilcoxon Signed Rank Test for non-normally distributed data. The results show a significant difference in trading volume before and after the stock split, while no significant difference was found in stock returns before and after the stock split.