ARI SULISTYASIH, 040913371 (2012) PENGARUH INCOME SMOOTHING TERHADAP REAKSI PASAR PADA PERUSAHAAN JASA DI BURSA EFEK INDONESIA (BEI) TAHUN 2007- 2009. Skripsi thesis, UNIVERSITAS AIRLANGGA.

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Abstract

This research is studying the market reaction to an event that the information published. The purpose of this study is to analyze the level of the Income Smoothing effect on the market reaction around the earnings announcement date. The approach used in this research is quantitative approach with parametric statistical analysis of Mann-Whitney Test in testing the hypotheses that have been made. Income Smoothing as independent variable, Earning Response as dependent variable is measured by Abnormal Return. In Abnormal Return calculation, the researcher used a estimation model of the Market Adjusted Model to determine the return expectations. The samples studied were 58 service companies listed in Indonesia Stock Exchange (IDX) 2007-2009 period. Data used in this research is secondary data in the form of financial statemens of companies listed on IDX service, which is obtained from www.idx.co.id and the stock price data of the companies that announced earnings and the Composite Stock Price Index gained from Atma Jaya University Exchange Corner Jogjakarta. Based on the analysis, it was found that Income Smoothing affect the market reaction significantly around earnings announcement dates. This is indicated by the results of statistical tests that produce conclusions that the market reaction on Income Smoother Companies are less than the market reaction on non Income Smoother Companies.

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