ANALISIS PERBEDAAN KINERJA KEUANGAN PERUSAHAAN YANG MELAKUKAN STOCK SPLIT DAN YANG TIDAK MELAKUKAN STOCK SPLIT PADA PERUSAHAAN MANUFAKTUR YANG GO PUBLIK DI BURSA EFEK INDONESIA

This study aims to determine differences in financial performance of the stock-split firms and companies that do not do stock splits. Study sample are manufacturing firms that go public in Indonesia Stock Exchange during the period 2002 to 2009. Measurement of financial performance using seven variables: current ratio, quick ratio, the average age of accounts receivable, fixed assets turnover, turnover of total assets, total debt to total assets, and ROI. Samples of this study using 42 samples consisted of 21 companies that the stocksplit and 21 companies that do not do stock splits. Selection of the sample using purposive sampling. Data analysis techniques used in this study were different test independent sample t test and Mann Whitney test. The data used were obtained from the Indonesian Capital Market Directory. Results of studies using samples of 42 companies in the manufacturing company based statistical tests using the current ratio, quick ratio, the average age of accounts receivable, total debt to total assets, and the ROI is not there a significant difference, while significant differences indicated by the fixed assets turnover ratio and total assets turnover. The results do not support the signaling theory which states that only companies with good financial performance that is able to perform a stock split as a stock split does not add economic value of the company. Keywords : stock split, the ratio of financial, manufacturing companies in BE