AUTHOR:
DRS. IMAM SUBEKTI, M.Si., AK
Dosen Fak. Ekonomi Unibraw
ABSTRACT:
This research aim to examine market reaction of earning information announced by smoother companies and non smoother companies. Earning information will be told informative if the information can influence perpetrator of market in taking decision of investment. Investor oftentimes only centrally at earnings information not on procedure used to yield earnings information, so that this
matter push management to conduct action earnings management known as income smoothing.The research sample is manufacturing industry which enlist since year 1999-2002 by using method of purposive sampling. There are 84 company fulfilling criterion as this research sample. The proxy of market reactions are abnormal return (AR) and trading volume activity (TVA), while for the earnings information used proxy unexpected earnings which grouped become positive earnings surprise and negative earnings surprise. This research used Mann Whitney testing to exam mean of AR and TVA to the overall of hypothesis. The examinations result show that there are no difference AR and TVAbetween smoother companies with non smoother companies. Conclusion of which can taken away from entire result of examination is pursuant to efficiency market theory, hence Indonesia capital market haven’t yet efficient semi strength decisionally.
Keywords: Abnormal Return, Trading Volume Activity, positive earnings surprise, negative earnings surprise, smoother companies and non smoother companies.
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