ARTICLE
TITLE

Reaksi Pasar terhadap Ketepatwaktuan Penyampaian Laporan Keuangan

SUMMARY

The primary objective of this study is to investigate whether there is market reaction to the timeliness of financial report submission. Market reaction is surrogated by the impact the firms no to submit financial report on timelines on the quality of earnings information/ERC (hypothesis 1). Secondary objectives of this study is to investigate whether there is impact degree of persistence, growth, and predictability on the quality of earnings information/ERC (hypothesis 2). The second secondary objectives of this study is to investigate whether there is impact degree of risk (ß) on the quality of earnings information/ERC (hypothesis 3). The third secondary objectives of  this study is to investigate whether there is impact firm size on the quality of earnings information/ERC (hypothesis 4). To conclude all of the objectives mentioned above, in model 1, cumulative abnormal returns 1 (CAR 1) are regressed on dummy (D), unexpected earnings (MUE), multiplication of dummy (D) and unexpected earnings (MUE), multiplication of market book value (MBV) and unexpected earnings (MUE), multiplication of risk (ß) and unexpected earnings (MUE), and multiplication of firm size (FZ) and unexpected earnings (MUE). Furthermore, in model 2, cumulative abnormal returns 2 (CAR 2) are regressed on dummy (D), unexpected earnings (MUE), multiplication of dummy (D) and unexpected earnings (MUE), multiplication of market book value (MBV) and unexpected earnings (MUE), multiplication of risk (ß) and unexpected earnings (MUE), and multiplication of firm size (FZ) and unexpected earnings (MUE). While in model 1, cumulative abnormal returns (CAR 1) are measured using event windows, from 5 days before to 5 days after the submission of financial report [-5,+5], in model 2, cumulative abnormal returns (CAR 2) are measured using event windows, from 10 days before to 10 days after the submission of financial report [-10,+10]. Chow F-Test is also used to conclude whether there is impact the firms not to submit financial report on timelines on the quality of earnings information. This study uses the sample of 82 firm years of manufacturing firms listed on the Jakarta Stock Exchange. This study uses one observation periods, 1998 – 2001 with 82 cases. The results of this study shows that the null hypothesis 1, 2  and 3 can be rejected on both model 1 and model 2. Inversely, this study shows that the null hypothesis 4 can not be rejected on both model 1 and model 2. The Chow F-Test shows that the firms not to submit financial report on timelines impacts on the quality of earnings information

 Articles related

ni luh astrid mayangsari, Ni Luh Putu Wiagustini    

Stock split ialah suatu jenis kegiatan dalam lingkup pasar modal yang dapat dilaksanakan oleh perusaahaan yang telah go public sebagai upaya meningkatkan kuantitas banyaknya saham yang ada dipasaran. Pada saat harga saham berada pada angka yang terlalu t... see more


steven christianto, Ida Bagus Anom Purbawangsa    

Right issue adalah kegiatan penawaran umum terbatas kepada investor saat ini untuk memberi mereka hak untuk memesan dulu. Tujuan penelitian ini adalah untuk mengetahui reaksi pasar pada peristiwa right issue yang diukur dengan abnormal return, dan tradin... see more


I Gusti Ayu Ade Anggariani, I Gusti Ngurah Agung Suaryana    

Perppu Nomor 1 Tahun 2017 merupakan salah satu informasi yang dapat digunakan untuk menganalisis reaksi pasar. Tujuan penelitian ini untuk membuktikan secara empiris terdapatnya abnormal return dan trading volume activity yang signifikan di sekitar pener... see more


Nyoman Suta Artama, Made Gede Wirakusuma    

Tujuan penelitian ini adalah untuk mengetahui reaksi pasar pada peristiwa stock split dan reverse stock split dengan menggunakan abnormal return dan trading volume activity. Penelitian ini merupakan event study dengan periode pengamatan selama 7 hari ker... see more


Made Surya Wijaya, I Putu Sudana    

Tujuan penelitian ini adalah untuk mengetahui pengaruh intensitas pengungkapan dalam sustainability report pada reaksi pasar yang diproksikan dengan return saham dan volume perdagangan saham dengan kinerja keuangan perusahaan sebagai variabel kontrol yan... see more