PENGARUH MANAJEMEN LABA TERHADAP REAKSI PASAR DAN RISIKO INVESTASI PADA PERUSAHAAN PUBLIK DI BURSA EFEK JAKARTA
Abstract: Earning
is an important factor to estimate the performance of company as well as a base
to estimate the future profit. Investors pay much attention to the profit
earned, without paying attention to the process of forming the information. The
neglect of investors makes managers conduct "earning management". The
Research analized about earnings management of manufacture's company in Jakarta
Stock Exchange (JSX). The research aims to: 1) Analyzing the difference of
market reaction to the earnings management and non earnings management's
companies. 2) Analyzing the difference of investment risk between earnings
management and non earnings management's companies.
The
research was done to manufacture's companies listed in JSX. Among 157
manufacture's companies listed in 2001, 32 companies were taken to become
sample. Using total accruals by indicator, earnings management was analized
with discretionary accrual approach. The sample were divided into two types, 12
companies were earnings management and 20 companies were non earnings
management. Independent sample t-test was used to analyzed data after it has
normal distribution by Kolmogorov-Smirnov test.
The
result show that there was no difference of the market reaction between
earnings management's companies and non earnings management's companies and
there was no difference of investment risk between earnings management's
companies and non earnings management's companies. It based of the result of independent
sample t-test that show the probability of amount market reaction and
investment risk were not significant in 5 percent.
Keywords:
Earnings Management, Market Reaction, Investment Risk
Penulis: Dul
Muid (Staf Pengajar Fakultas Ekonomi Universitas Diponegoro Nanang Catur P, Fakultas
Ekonomi Universitas Diponegoro).
Kode
Jurnal: jpmanajemendd050003
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