Analisis Motivasi Dibalik Stock Split dan Reverse Stock Split
lmplication of 0wnership Structure and financialIlecision toward tirm Ualue with
$tructural Equation Modelinq IStMl Analysis Method ttmpirical Study at lndonesia
Stnck [xchanqe]
Ahmad Rndoni: l{urfarhana: Bahrul Yaman
l
Penqaruh Corporate
0bliUasi
:
trf;.r. ::_';:4r
,*.."t..
I -,:'*.
lndoyama l{asarud
r,l"
ri
Penuaruh AkuntabilitO-silan l(omitmen 0rqanisasi
Ilewil lentanu AnUgaran
ffi
,
:rr,rd
,ffi
I
TerhadaP
ii,;,,u,,
il
Reskino
ffi
ffi
Menjadikan Zakat neita3ian $ebagai PilaruQtamffia
Ummat
:
it:{'r-+-.i
rj:FPa'i'
llriii ili^
ffi
ilruf,
#
ir.i€
Analisis Motivasi Dibalilt Stoclt Split dan
l-iquiditas dan Return Saham
Titi llewi Warninda: lYisudowati Ayu Suuito
It lfhilH ndrffi rilnh ot llt ffi ffi
ttflflffr h rmlU of Fmb d Hm*|;rtr
HurdUJ*rh
ITitr TTN
re
Iffi $
ffi
ffi
J
Etikonomt'l
i'fil'ii;#l'ffi
lwwwm
1wffiffiffi
(=
:
:
)
I
;s
F
:
s
F:,-r{' j
*"3:
i
?: s -s =
Ei:==;
; 5
:-;
S
=
=.:A}!:
-:-::-:'= =:r=i
'= = : I=, Zi=.1,
a. = = ;
-:t-ri
?L
* !tEi
r €Elji
*-G$:;
}i=i:
=:-',=
=::==
:::
n ! = i '_ - = .; =,i_
z==u;S
€
=.
j +i E
s;iiEZr;jE:
;ii5: F ::€*tn:s;48;
:1l't
EF"F'l
,*;:t:*i;{
,i;:t:*Z;i;; -=
*!;;i
=i
rc4 $fi
-.l
s;ii,{}::EeZ
iiili':4'E,
i=,
ie:FS
6j
r r; -=; _:: it;EEIE"
liiii
i;i€E=r;g83
i
t
i*i: i
=t =:-j==":1
:,i!::
4:c s.. -=
=
S !- -k h e:.r, i:;
F ! Er,ci i' Fa: I:
: :7F d i: +;G
$; i tii
E ;: i';
i
?= iS=:
$ t $ i g : n ; g I jjiFi=
r;
;
!
;
i
=
=E=,+"loI-,EiEt+\-:
E1=;'tF::t-+v'x:-i
t= =jg
t * j * j + i : = ,: : E t =u - = = + L L E-: i i: t = j.v
=z
- t
-* Z 4; * E
E iE >z *.
E: {
i d-i E
*c- F
:
i
r',c':.:
S
r:
c
;,
t'
I
i..
E
:
A'
I
;
-:
=
=
='
=
= = = =
,, z; E 3
i
+€ : ; ;
::::
t
! ji j€E
:
i
l-iv-=:'cJ
j
ae
t. :
rF:
E
e*
:*
F,:. FEfT
;=/:
=
=
:izjE;
z=;;-:E€r's$;eE i= i?; t4=;
P
::!S'"-€=t,f.=c:.:{==
-=1
;: l;
i
1!i
==EE;*i
i:1
E{=s€L€SLiZ
&iHi :.t^= €.E's iEi;
E
r
2+.E
i i€
i i;LE
:EXg+t
h-i - i
!,4iEi€
r;i;;j
?i;5;.
E
=i
;+:?=;
r3-i3
,!.
EiEA"
E r+r
:
I= ir(-i4
c-k=;&?tfE?r=+'-\EycF=Z-:'),
F
5E€io:€
=
ir==
*=aiV
jli!1
=ri-=
-t=
€:Zli=,=
n-
tE l===:
* +E;je
igE!:,;
i*t'i;i=*
i{i;!=;;r*i'!
i
==
rg=i{:i 1€xii1 :::-=i,
;81?; FEri;fr i;:i14-;;E::=;
;?=+:=;=
;tttE
;E, -?+:i
3+ e! t
3,; E -s !"= :. = t
:
!.: J .!. i i
I; +;'j
;:li;
E
iiili€
i'uiE=1-i
!iEiri:Lf
tt;+i
Ei+*ri=?!lia
d
_ -, 4;
i'
n,t;E
-- "8, k
e
=
a'J
'
€
r=S i A 5,
-= < 5
.' I
a
=
-' 2 = =
= -'-.-
= i
= +;.ii{*;*}i-E::=i=i=sa
'J s - -d * f E ' ,. a : X
A,
i i a\ = 3 = ,
*'t
:1 tr. { : * E F
-:iZ
;;ie7=E=-t
' E = E.s==:=
s i )! : : E ;= l=rE 3-i E
=
I
:
L=E +: !i:
-: =
=
+
i{r?+i;jjr;47+1.2.==:
lI:."
i=rqr
!; u= tE=5
i =j-N :*
s z'-At L
-o
Z t S "l"';
j
..?, S
H'?5:
7
€
4 ;;
E
= =' t{
-? -4
+! !E2: r-t
Ei;;:a;=_
r' ?^.= - =- i.:
rt=
Eyaij
iEE=
n
I:i-=
i i:\x
;*
Eii=, ls.=
=
;E -5i i: 4 :I z. := :
+ ;{= i 1;2
?Ei'*: < t
g?
==r
:i
u=
=.
iL:s'-i;-
==1
E ; I S 2= =
-t
=
E r i : ; :, ;
;t=
:i:
ii-:=
rI, ii ; it; ; 7^x 7 ;' i*::"i= 4 ; ;; i:; j==,i1,:':
:i
r, ;
t
: ;E'*li=z;s=;
;:, ii3i7+,
=
=
=;E
--'a I :. :,, = ; /,,, 2,-"i
t
j 1=
:
a= = i t oi
E
i
i =t
=
-;
!; i
i i 71 =i E i =;- :. - a : ; : j== 1: :' : S
:
-= -!
:
:f-:i:
= =
'- F c
!:
Z-
s
==
"
=?
-
r'
-- +
--i. i
;
=
'
= |
=
1
=
=
\!:
;+7+=2= =:t_: ==, - j,_",'=t=-i,=:::
==.-:==:==
-'=
: 1.=-::=i-.::
;:2=
=
":---,=7ai=====:-,
s
=_
irj:i!'
-= ;1!i
:1
=: il
1
:;
':) E +
-S ;,
;i+==:i=='::-='r=:
I'
j.n:
-:,.rE
g=j + ?=:>3=i
+=
L
?
i
.+,, F.
:!-t=,
=
= ==
A'-
+
r,:\17
i==
-+t*
a
i E
; iL
L
+
i i 4" E - + : 5 -
E
.
cr:
Ii I';
i iE sg i I;+ i:; :iti:=
Y
S
j.r
>L
;
-r
-t+t r,
:4
ii
E .j {'
:=i
a
F, i-i
i;v
n
;4;j.;
r;
ir
=E;
=i5
Fig +*Es=
Ei si i rEq
-"Li= i;i
i;;::
i;
*
F
+i
+a
=:
;:
=
jd-:'
=n
= F'rE =E4;
Y - =:
E=
i
4Li. si
i = _:€ *:s :I = = : ;=
2
E
!i
i
=I
;-tE
i
I ia
:
ii E*r E: ii ;5i = E ; L; € iEg
!i;
E-1i
-L;
s.
t :J t=t; r.==i
?E
f ;e € r -"'-d
7
Lr =
E i d r _\ c E I ij 3 E
? i; iiR; .j i: i=,
N
.r
+ ,r; =
.,
d€'1,
= :=+i
=
=
='
ud
=
=
':;.-\ca[-tr;i.\ctr-::G-q-1a:. |, e.d !
-:
(Ic- :€EEr
i*i.*,r=
r ; z.
l-
ig='; :=:rE:::
:== s:::
i=-=;_
-j .-j
i
;
;;
:,i
:
i 7- E d-F, :x
:
=
=
_i
^
\
!- i
t S -e _ =
= = a; =
- =
e.i;iiErii"
S$"; i i
=:7=:.:-=:
Z;
4j
F
s
z;*iS
: - =
j i5
E
I =: =
3 ; z t: : i = +
!5 =,AF
T=i;t
:€4:i;i\=7t==:,i;
= =t=.: =
c
i
tr
s'
X-'otr
E : t>_.* j*€sE,i;=r:i7:7;2=
; i : t? +* I f : _: : = !=: iF. :+s
F;rs; € ! ;5
'.-,3F!
i **::i:i
s s;:i
;:i:= :ii;EF
iSs;itE=4iE1:;
ae
$ig
Ei.;
: i; Li:==1
E--r=+*;
--
j'
59-r;
i;tr i:E',=\ Ei
3-v:E!3i+
A;
iE
t; i E * E i 9 L
i: ts i,t
ii tt
: F iz j,c4
ii*Ait
':; {E i E -i
;= *V,I
E{
q* EE+ : J
E;; i l ;= E€
.. =
i= i5i3=
=
f ,s=i=
E:Z- _si rtrs=E:
E;
1 f : il-€ ; € \1'1=
iE
x= a:
--:
;:E-:sI
!6:'c's
;
E;
E
:
:
1 : ! ; 7 ; t ?, i :" i f: . = =
+
i
: z ; :-*;€ :1 4 E7=: i; 2 i; = r; =, ,i: ;= t7;-y;dF€L::=4:t,
.=, + * *
; = : i r: =- i
*; ;+ ; r1; q a ii: I t i ; : at,
;:
z_; ; iE.i { -:
:
iEF€eE!n/
*=
==,
;\s;i:
-*: i : !
i-===,
I
; I ; z v ; + s j i-:.
:= j
gt s e * ! +s =i
E=::
S
:
++S*5FE s-=='--+7--i:
=
€
i1=
?,-?
ji
{'i;-+: i
i
i;Eli
=
=
i i.i
i
:
:EEE=FsEqE
i,jsF ti*s
F
F ii ii
=rEtr'C
=
ij
iE :il
i;
--s'r--:-'L-;,s==tJ:---=
S
: i
-:: i
s +i+iE;l:
.
-
= =
I
= -
i
;-.=
riE!
=5ii
:iiJ-i:l;r-j-'=z:.-'
SL:=;G:
= :
-
;
f.:
=7Ji-iii,,:
7Lt;li=_
-
; - ---=
;
::,
;1=
.* ;"*as:F,.=
i+;+
i==;iTs
=Ei:i2=r=i
:sf
n'a.=;=s
I $,+2='E
iz= i3 lj!t=,;=;?,,
lr=i
$tructural Equation Modelinq IStMl Analysis Method ttmpirical Study at lndonesia
Stnck [xchanqe]
Ahmad Rndoni: l{urfarhana: Bahrul Yaman
l
Penqaruh Corporate
0bliUasi
:
trf;.r. ::_';:4r
,*.."t..
I -,:'*.
lndoyama l{asarud
r,l"
ri
Penuaruh AkuntabilitO-silan l(omitmen 0rqanisasi
Ilewil lentanu AnUgaran
ffi
,
:rr,rd
,ffi
I
TerhadaP
ii,;,,u,,
il
Reskino
ffi
ffi
Menjadikan Zakat neita3ian $ebagai PilaruQtamffia
Ummat
:
it:{'r-+-.i
rj:FPa'i'
llriii ili^
ffi
ilruf,
#
ir.i€
Analisis Motivasi Dibalilt Stoclt Split dan
l-iquiditas dan Return Saham
Titi llewi Warninda: lYisudowati Ayu Suuito
It lfhilH ndrffi rilnh ot llt ffi ffi
ttflflffr h rmlU of Fmb d Hm*|;rtr
HurdUJ*rh
ITitr TTN
re
Iffi $
ffi
ffi
J
Etikonomt'l
i'fil'ii;#l'ffi
lwwwm
1wffiffiffi
(=
:
:
)
I
;s
F
:
s
F:,-r{' j
*"3:
i
?: s -s =
Ei:==;
; 5
:-;
S
=
=.:A}!:
-:-::-:'= =:r=i
'= = : I=, Zi=.1,
a. = = ;
-:t-ri
?L
* !tEi
r €Elji
*-G$:;
}i=i:
=:-',=
=::==
:::
n ! = i '_ - = .; =,i_
z==u;S
€
=.
j +i E
s;iiEZr;jE:
;ii5: F ::€*tn:s;48;
:1l't
EF"F'l
,*;:t:*i;{
,i;:t:*Z;i;; -=
*!;;i
=i
rc4 $fi
-.l
s;ii,{}::EeZ
iiili':4'E,
i=,
ie:FS
6j
r r; -=; _:: it;EEIE"
liiii
i;i€E=r;g83
i
t
i*i: i
=t =:-j==":1
:,i!::
4:c s.. -=
=
S !- -k h e:.r, i:;
F ! Er,ci i' Fa: I:
: :7F d i: +;G
$; i tii
E ;: i';
i
?= iS=:
$ t $ i g : n ; g I jjiFi=
r;
;
!
;
i
=
=E=,+"loI-,EiEt+\-:
E1=;'tF::t-+v'x:-i
t= =jg
t * j * j + i : = ,: : E t =u - = = + L L E-: i i: t = j.v
=z
- t
-* Z 4; * E
E iE >z *.
E: {
i d-i E
*c- F
:
i
r',c':.:
S
r:
c
;,
t'
I
i..
E
:
A'
I
;
-:
=
=
='
=
= = = =
,, z; E 3
i
+€ : ; ;
::::
t
! ji j€E
:
i
l-iv-=:'cJ
j
ae
t. :
rF:
E
e*
:*
F,:. FEfT
;=/:
=
=
:izjE;
z=;;-:E€r's$;eE i= i?; t4=;
P
::!S'"-€=t,f.=c:.:{==
-=1
;: l;
i
1!i
==EE;*i
i:1
E{=s€L€SLiZ
&iHi :.t^= €.E's iEi;
E
r
2+.E
i i€
i i;LE
:EXg+t
h-i - i
!,4iEi€
r;i;;j
?i;5;.
E
=i
;+:?=;
r3-i3
,!.
EiEA"
E r+r
:
I= ir(-i4
c-k=;&?tfE?r=+'-\EycF=Z-:'),
F
5E€io:€
=
ir==
*=aiV
jli!1
=ri-=
-t=
€:Zli=,=
n-
tE l===:
* +E;je
igE!:,;
i*t'i;i=*
i{i;!=;;r*i'!
i
==
rg=i{:i 1€xii1 :::-=i,
;81?; FEri;fr i;:i14-;;E::=;
;?=+:=;=
;tttE
;E, -?+:i
3+ e! t
3,; E -s !"= :. = t
:
!.: J .!. i i
I; +;'j
;:li;
E
iiili€
i'uiE=1-i
!iEiri:Lf
tt;+i
Ei+*ri=?!lia
d
_ -, 4;
i'
n,t;E
-- "8, k
e
=
a'J
'
€
r=S i A 5,
-= < 5
.' I
a
=
-' 2 = =
= -'-.-
= i
= +;.ii{*;*}i-E::=i=i=sa
'J s - -d * f E ' ,. a : X
A,
i i a\ = 3 = ,
*'t
:1 tr. { : * E F
-:iZ
;;ie7=E=-t
' E = E.s==:=
s i )! : : E ;= l=rE 3-i E
=
I
:
L=E +: !i:
-: =
=
+
i{r?+i;jjr;47+1.2.==:
lI:."
i=rqr
!; u= tE=5
i =j-N :*
s z'-At L
-o
Z t S "l"';
j
..?, S
H'?5:
7
€
4 ;;
E
= =' t{
-? -4
+! !E2: r-t
Ei;;:a;=_
r' ?^.= - =- i.:
rt=
Eyaij
iEE=
n
I:i-=
i i:\x
;*
Eii=, ls.=
=
;E -5i i: 4 :I z. := :
+ ;{= i 1;2
?Ei'*: < t
g?
==r
:i
u=
=.
iL:s'-i;-
==1
E ; I S 2= =
-t
=
E r i : ; :, ;
;t=
:i:
ii-:=
rI, ii ; it; ; 7^x 7 ;' i*::"i= 4 ; ;; i:; j==,i1,:':
:i
r, ;
t
: ;E'*li=z;s=;
;:, ii3i7+,
=
=
=;E
--'a I :. :,, = ; /,,, 2,-"i
t
j 1=
:
a= = i t oi
E
i
i =t
=
-;
!; i
i i 71 =i E i =;- :. - a : ; : j== 1: :' : S
:
-= -!
:
:f-:i:
= =
'- F c
!:
Z-
s
==
"
=?
-
r'
-- +
--i. i
;
=
'
= |
=
1
=
=
\!:
;+7+=2= =:t_: ==, - j,_",'=t=-i,=:::
==.-:==:==
-'=
: 1.=-::=i-.::
;:2=
=
":---,=7ai=====:-,
s
=_
irj:i!'
-= ;1!i
:1
=: il
1
:;
':) E +
-S ;,
;i+==:i=='::-='r=:
I'
j.n:
-:,.rE
g=j + ?=:>3=i
+=
L
?
i
.+,, F.
:!-t=,
=
= ==
A'-
+
r,:\17
i==
-+t*
a
i E
; iL
L
+
i i 4" E - + : 5 -
E
.
cr:
Ii I';
i iE sg i I;+ i:; :iti:=
Y
S
j.r
>L
;
-r
-t+t r,
:4
ii
E .j {'
:=i
a
F, i-i
i;v
n
;4;j.;
r;
ir
=E;
=i5
Fig +*Es=
Ei si i rEq
-"Li= i;i
i;;::
i;
*
F
+i
+a
=:
;:
=
jd-:'
=n
= F'rE =E4;
Y - =:
E=
i
4Li. si
i = _:€ *:s :I = = : ;=
2
E
!i
i
=I
;-tE
i
I ia
:
ii E*r E: ii ;5i = E ; L; € iEg
!i;
E-1i
-L;
s.
t :J t=t; r.==i
?E
f ;e € r -"'-d
7
Lr =
E i d r _\ c E I ij 3 E
? i; iiR; .j i: i=,
N
.r
+ ,r; =
.,
d€'1,
= :=+i
=
=
='
ud
=
=
':;.-\ca[-tr;i.\ctr-::G-q-1a:. |, e.d !
-:
(Ic- :€EEr
i*i.*,r=
r ; z.
l-
ig='; :=:rE:::
:== s:::
i=-=;_
-j .-j
i
;
;;
:,i
:
i 7- E d-F, :x
:
=
=
_i
^
\
!- i
t S -e _ =
= = a; =
- =
e.i;iiErii"
S$"; i i
=:7=:.:-=:
Z;
4j
F
s
z;*iS
: - =
j i5
E
I =: =
3 ; z t: : i = +
!5 =,AF
T=i;t
:€4:i;i\=7t==:,i;
= =t=.: =
c
i
tr
s'
X-'otr
E : t>_.* j*€sE,i;=r:i7:7;2=
; i : t? +* I f : _: : = !=: iF. :+s
F;rs; € ! ;5
'.-,3F!
i **::i:i
s s;:i
;:i:= :ii;EF
iSs;itE=4iE1:;
ae
$ig
Ei.;
: i; Li:==1
E--r=+*;
--
j'
59-r;
i;tr i:E',=\ Ei
3-v:E!3i+
A;
iE
t; i E * E i 9 L
i: ts i,t
ii tt
: F iz j,c4
ii*Ait
':; {E i E -i
;= *V,I
E{
q* EE+ : J
E;; i l ;= E€
.. =
i= i5i3=
=
f ,s=i=
E:Z- _si rtrs=E:
E;
1 f : il-€ ; € \1'1=
iE
x= a:
--:
;:E-:sI
!6:'c's
;
E;
E
:
:
1 : ! ; 7 ; t ?, i :" i f: . = =
+
i
: z ; :-*;€ :1 4 E7=: i; 2 i; = r; =, ,i: ;= t7;-y;dF€L::=4:t,
.=, + * *
; = : i r: =- i
*; ;+ ; r1; q a ii: I t i ; : at,
;:
z_; ; iE.i { -:
:
iEF€eE!n/
*=
==,
;\s;i:
-*: i : !
i-===,
I
; I ; z v ; + s j i-:.
:= j
gt s e * ! +s =i
E=::
S
:
++S*5FE s-=='--+7--i:
=
€
i1=
?,-?
ji
{'i;-+: i
i
i;Eli
=
=
i i.i
i
:
:EEE=FsEqE
i,jsF ti*s
F
F ii ii
=rEtr'C
=
ij
iE :il
i;
--s'r--:-'L-;,s==tJ:---=
S
: i
-:: i
s +i+iE;l:
.
-
= =
I
= -
i
;-.=
riE!
=5ii
:iiJ-i:l;r-j-'=z:.-'
SL:=;G:
= :
-
;
f.:
=7Ji-iii,,:
7Lt;li=_
-
; - ---=
;
::,
;1=
.* ;"*as:F,.=
i+;+
i==;iTs
=Ei:i2=r=i
:sf
n'a.=;=s
I $,+2='E
iz= i3 lj!t=,;=;?,,
lr=i