Abstract
This research focus on the effect of financial leverage on stock liquidity, with control variables included stock risk, return on assets, market capitalization, volume, institutional ownership during 2003-2004. This research used 86 manufacture company that listing in Jakarta Stock Exchange. Analysis method use multivariate regression. The result of partial multivariate regression indicates that financial leverage as independent variable and control variables include stock risk, return on assets, market capitalization, volume, institutional ownership have positive impact on stock liquidity. Independent variable is financial leverage and control variables include return on assets, volume, institutional ownership have significant impact on stock liquidity, while other control variables such as stock risk and market capitalization have not significant impact on stock liquidity. Simultaneously, financial leverage, stock risk, return on assets, market capitalization, volume, institutional ownership have significant impact on stock liquidity.
Highlights
This research focus on the effect of financial leverage
The result of partial multivariate regression indicates that financial leverage as independent variable and control variables include stock risk
that the probability of an information based is lower in actively traded stocks
Summary
Likuiditas saham merupakan salah satu faktor penting yang perlu dipertimbangkan investor dalam melakukan investasi pada saham. Investor sebaiknya memilih saham yang likuid apabila investor tersebut melakukan investasi jangka pendek dengan tujuan untuk mendapatkan capital gain, karena saham yang likuid mudah dikonversi menjadi kas, sehingga dapat digunakan untuk mengantisipasi pola pendapatan dan pembiayaan yang tidak teratur serta untuk memenuhi kebutuhan yang mendadak. Pada periode prapembukaan dan sesi perdagangan, anggota bursa efek dapat memasukkan penawaran jual dan atau permintaan beli sesuai dengan ketentuan satuan perdagangan dan satuan perubahan harga (fraksi) serta ketentuan auto rejection (Kep-307/BEJ/12-2006). Prioritas waktu (time priority) yaitu untuk penawaran jual atau permintaan beli pada harga yang sama, prioritas diberikan kepada pihak yang terlebih dahulu memasukkan penawaran jual atau permintaan beli. Pertemuan antara harga penawaran jual terendah dengan harga permintaan beli yang cepat terjadi karena bid-ask spread-nya rendah, menunjukkan likuiditas saham yang tinggi, dan sebaliknya
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
