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Pengaruh income smoothing terhadap volume perdagangan saham dan return saham perusahaan : Studi kasus pada perusahaan-perusahaan dalam industri manufaktur yang tercatat di Bursa Efek Jakarta periode 1999 - 2003
In making investment decision, sometimes investors? only pay attention on net income numbers, without regard to the procedures and accounting policies taken by the company to generate those numbers, which leads to management action to do earnings management. The most popular earnings management pattern taken by management is income smoothing, that is a means taken by management in order to minimize volatility of company?s earnings from one period to another that results smooth earnings pattern as expected by the management. This research is conducted in order to get empirical evidence of whether income smoothing practice by public companies joined in manufacturing industry affects or whether there is different effect on investment decisions taken by investors. Those investment decisions are reflected in the changes of trading volume activity dan stock return. This research also observed on what kind of factors affecting the company to do income smoothing practice. This research is conducted by taking sample from companies in manufacturing industry listed in Jakarta Stock Exchange for 1999-2003, which consist of 60 samples. Data needed in this research are net sales, net income, total asset, amount of shares outstanding, amount of shares traded, dates of financial statement received by BAPEPAM, daily company stock price index, daily stock price index. Eckel?s index was used to analyze whether income smoothing practices exists, which results on 13 companies conducted income smoothing practices. Afterward, significance test (p-value) used to proved whether there is differences on trading volume activity and stock return, before and after earnings announcement for smoothing company, and after earnings announcement between smoothing and non smoothing company. Besides that, linier multiple regression is used to see what factors affecting company to conduct income smoothing practices. The results of this study shows that: (1) there was no significant influence of income smoothing practices conducted by the companies in trading volume activity and stock return before and after earnings announcement for smoothing company, (2) there was no significant difference of income smoothing practices influence in trading volume activity and stock return between companies implementing income smoothing and that of companies do not conduct income smoothing practices. These could happen probably because Indonesian Capital Market is weak form efficient. Besides that, this study shows that income smoothing practices conducted by the companies not affected by last period earnings, neither by the size of the company. Ada tabel
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| 5166 | PSB lt.2 - Karya Akhir | 1 |
| Penerbit | Depok Departemen Akuntansi Fakultas Ekonomi Universitas Indonesia., 2005 |
|---|---|
| Edisi | - |
| Subjek | Manufacturing industry Capital market Stock return Trading Income smoothing |
| ISBN/ISSN | - |
| Klasifikasi | - |
| Deskripsi Fisik | xiii, 98 p. : diagr ; 30 cm |
| Info Detail Spesifik | - |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas | Tidak Ada Data |