Share split effect on trading volume activity and abnormal return in Indonesia

Assyifa, Najwa Fulki, Yuliana, Indah ORCID: https://orcid.org/0000-0002-6346-7850 and Prajawati, Maretha Ika ORCID: https://orcid.org/0000-0002-3084-4031 (2025) Share split effect on trading volume activity and abnormal return in Indonesia. Jurnal Inovasi Pendidikan Ekonomi, 15 (1). pp. 88-97. ISSN 2621-5624

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Abstract

The significant economic contraction experienced by Indonesia as a consequence of the 2020 pandemic was paralleled by a marked decline in the frequency of corporate stock splits compared to the preceding year. However, in the years that followed, the national economy demonstrated signs of recovery and consistent growth. This trend was concomitantly reflected in the increased prevalence of stock split implementations by publicly listed companies. This investigation employed a quantitative research methodology and applied purposive sampling techniques to identify a sample of 60 firms that executed stock split actions between 2019 and 2024. The research’s empirical foundation was derived from secondary data, systematically sourced from the official database of the Indonesia Stock Exchange (IDX). Hypothesis testing was conducted using the Wilcoxon signed-rank test, which was employed to assess the presence of statistically significant differences in both trading volume activity and abnormal returns surrounding the execution of stock split events. The empirical outcomes derived from analyzing data spanning the 2019–2024 period reveal that abnormal returns exhibited statistically significant variation between the pre- and post-split phases. Conversely, the outcomes indicate no significant differences in trading volume activity across the same temporal benchmarks.

Item Type:	Journal Article
Keywords:	share split; stock liquidity; trading volume activity; abnormal return
Subjects:	14 ECONOMICS > 1402 Applied Economics > 140207 Financial Economics 14 ECONOMICS > 1402 Applied Economics
Divisions:	Faculty of Economics > Department of Management
Depositing User:	Maretha Ika Prajawati
Date Deposited:	21 Aug 2026 09:29

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