ANALISIS VARIABEL AKUNTANSI KUARTALAN, VARIABEL PASAR, DAN ARUS KAS OPERASI YANG MEMPENGARUHI BID-ASK SPREAD
Abstract: The objectives of
the research are to analyze the information content of quarterly accounting variable,
market variable, and operation cash flow toward bid-ask spread as well as to
analyze the differences of information content between accounting variable in
the fourth quarter and interim quarter in affecting bid-ask spread around the
announcement of financial statement. This research uses event study method to
know the effect of asset growth, asset size, leverage, liquidities, earnings
variability, closing price, volume, and cash low from operation ratio on
bid-ask spread. This research uses 684 samples that are 521 interim quarter and
163 fourth quarterly financial statements and concludes that the accounting
variable in the announcement of quarterly financial statement which
significantly affects bid-ask spread is liquidity. While the market variable
that significantly affects bid-ask spread are closing price and volume. All the
result are consistent in the announcement of quarterly financial statement as
well as in the fourth quarterly financial statement. Chow Test shows that there
is no different coefficient between interim quarterly and the fourth quarterly.
Keywords: Bid-ask spread,
quarterly financial statement, accounting variable, market variable, and cash
flow from operation
Penulis: Tumirin
Kode Jurnal: jpakuntansidd050010
