PENGARUH STOCK SPLIT DAN STOCK REPURCHASE TERHADAP LIKUIDITAS SAHAM PADA PERUSAHAAN SEKTOR JASA YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI)

Abstract

Investors with higher stock liquidity will experience greater profits than investors with  lower stock liquidity, who will experience losses. The objective of this study is to examine the  effect of stock splits and stock repurchases on stock liquidity in service sector companies listed  on the Indonesia Stock Exchange. A total of 13 companies that implemented stock splits or  stock repurchases between 2021 and 2023 served as the research sample, analyzed using SPSS  version 25. The results indicate that stock splits negatively impact stock liquidity, caused by an  increase in the bid-ask spread and a decrease in trading volume due to lower buying and selling  activity after the stock price adjustment. Meanwhile, stock repurchases also negatively impact stock liquidity by reducing the number of shares outstanding, thereby narrowing the  availability of shares in the market and reducing trading frequency. These findings suggest  that although both policies are often considered strategies to increase company value, under  some circumstances they can actually hinder stock liquidity. Therefore, companies need to  consider the implications of stock splits and stock repurchases more thoroughly before making  decisions.

Keywords : Stock split, stock repurchase, stock liquidity