Hubungan Manajemen Laba Sebelum IPO dan Return Saham dengan Kecerdasan Investor sebagai Variabel Pemoderasi
Abstract: The major purpose of this
study is to investigate association between earnings management before Initial
Public Offerings (IPO) and stock’s returns with investors sophistication as a
moderating variable. Institutional ownership is used to proxy investors
sophistication.
The JSX’s IPO companies from 1990 to
2002 were used as samples. The first sample was 75 companies which
institutional ownership ≥ 40% and the second was 63 companies that
institutional ownership ≥ 60%. Instrumental Variable Approach (Kang and
Sivaramakrishnan, 1995) was used to detect earnings management.
This study provides an evidence that issuers
report unusually high earnings management around IPO (two years before and five
years after IPO). Issuers used mean reversing strategy in two years before IPO
period (income decreasing) for preparing earnings management in the next period
(income increasing). Furthermore, this study documented a negative association
between earnings management and stock’s returns with investors sophistication
as moderating variable. One interpretation of this finding is that high earnings
management has substantial stock’s returns consequences when investors
sophistication factor was taken into account. This finding is consistent with
the prior research developed by Balsam et al., 2002.
Key words:
IPO, Earnings Management, Instrumental Variable Approach, Stock’s Returns,
Investors Sophistication.
Penulis: Joni
dan Jogiyanto H. M. (Fakultas Ekonomika Universitas Kristen Maranatha, Bandung
& Fakultas Ekonomika Universitas Gadjah Mada, Yogyakarta.)
Kode
Jurnal: jpakuntansidd090002
