PENGARUH PROFITABILITAS, STRUKTUR MODAL, PROSPEK PERTUMBUHAN, DAN VALUASI PERUSAHAAN TERHADAP IMBALAN TIDAK NORMAL PADA PERUSAHAAN PUBLIK

Agustinus Susilo

Abstract


The purpose of this research is to identify the effect of profitability, capital structure, growth prospect, and company valuation on abnormal return (market-adjusted model) of public companies around the announcement of stock split in Indonesia Stock Exchange in the period of 2010-2013. In this research, Return on Equity (ROE) is used as a proxy of profitability, Debt to Equity Ratio (DER) as a proxy of capital structure, Price to Earnings Ratio (PER) as a proxy of growth prospect, and Price to Book Value (PBV) as a proxy of company valuation. The results of this research indicate that profitability, capital structure, growth prospect, and company valuation simultaneously have no significant effect on abnormal return. Partially, profitability has positive and not significant effect on abnormal return, while capital structure, growth prospect, and company valuation have negative and not significant effect on abnormal return.

Keywords: Profitability, Capital Structure, Growth Prospect, Company Valuation, Stock Split, Reverse Split, and Abnormal Return


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References


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