Market reaction on stock split 2020-2023 in ASEAN

Yuliana, Indah ORCID: https://orcid.org/0000-0002-6346-7850 and Assyifa, Najwa Fulki (2025) Market reaction on stock split 2020-2023 in ASEAN. Jurnal ASET (Akuntansi Riset), 17 (1). pp. 151-166. ISSN 2541-0342

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Abstract

This study aims to analyze the differences in capital market reactions across ASEAN countries to stock splits occurring between 2020 until 2023. The research adopts a quantitative approach using secondary data from 177 ASEAN companies that executed stock splits during this period. To examine market reactions, the study employs variables such as share price, trading volume activity, abnormal returns, and priceearnings ratio, analyzed using the Wilcoxon Signed Rank Test and Paired Sample t-test. The findings reveal that each ASEAN country's capital market exhibited distinct reactions. Malaysia demonstrated the most significant variations in market behavior before, during, and after stock splits, while Vietnam showed the least pronounced differences across these phases. This study seeks to expanding the literature on the stock split phenomenon, particularly within the context of ASEAN capital markets, by examining the alignment between market reactions to stock splits and financial theories - specifically Signaling Theory and Trading Range Theory. Additionally, the research serves as a valuable reference for companies, investors, and regulators in formulating stock split-related strategies, investment decisions, and policy frameworks. The analysis focuses on ASEAN-listed companies that underwent stock splits between 2020 and 2023, segmented into three event windows: pre- and during the stock split, during and postsplit, and pre- and post-split.

Item Type:	Journal Article
Keywords:	Stock split, Share price, Trading volume activity, Abnormal return, Price-earning ratio
Subjects:	15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1502 Banking, Finance and Investment > 150205 Investment and Risk Management
Divisions:	Faculty of Economics > Department of Management
Depositing User:	indah yuliana
Date Deposited:	09 Dec 2025 11:16

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