PENGARUH PERATAAN LABA (INCOME SMOOTHING) TERHADAP REAKSI PASAR MODAL (Studi Empiris Pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia selama tahun 2008 - 2012)
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Date
2014
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Publisher
Universitas Widyatama
Abstract
The practice of income smoothing is the work done by the company
management to reduce abnormal variations in earnings. This action is performed by
the management company as investors who tend to focus their attention on earnings
information compared with other information. The reaction of the capital market of
all information published in the capital market will be proxied by an increase in stock
price and volume trading activity (VTA). When the market reacts to new information
that reaches the new equilibrium price, it can be said that market conditions
efficiently.
This research was conducted to examine empirically the effect of income
smoothing on capital market reactions conducted research on manufacturing firm in
2008-2012, and listed on the Indonesian Stock Exchange, there were 58 samples
manufacturing company used as a benchmark study. This type of research used in
this research is study event, see the market's reaction to an event (event) that the
information is published as an announcement. Data collection techniques in this
research using secondary data is published financial statements, as well as a list of
daily stock price. Hypothesis test results of this research indicate that measures
income smoothing does not have a significant effect on the capital market reaction at
the Indonesian Stock Stock Exchange the period 2008-2012.
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Keywords
Peratan Laba (Income Smoothing), Reaksi Pasar Modal, Pasar Efisien, Income Smoothing, Reaction Capital Markets, Efficient Markets