PENILAIAN PASAR TERHADAP MANAJEMEN LABA

Sedianingsih ., Zahroh Naimah

= http://dx.doi.org/10.20473/jeba.V25I12015.%25p
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Abstract


The objective of this research is to provide empirical evidence in pricing firm's earnings management. Earnings
management can be motivated by the management intent to achieve or exceed three thresholds that is zero, past
period earnings, and analyst forecast consensus. This research tries to examine how market reaction to
earnings management that conducted to meet threshold number.
The objective of hypothesis testing is to examine how market reaction to the firm that can exceed earnings
threshold compare with the firm that can not meet earnings threshold. Earnings thresholds measured by zero
earnings and past earnings. The market reaction is measured by firm abnormal return surrounding earnings
announcement date.
The sample is the firms that listed in IDX that published its financial statement at December 31, 2009-2011. The
variables consist of dependent and independent variables. The dependent variables are cumulative abnormal
return 3 days surroundings earnings announcement date; independent variables are asymmetry of information
(info), a company that can exceed the earnings threshold (post), earnings (EARN) and changes in earnings
(EARNCH).
Abnormal return of the firms that can exceed earning threshold surrounding earning accouncement date is
higher than the firm that cannot achieve earnings threshold. The higher of abnormal earnings of the firms that can exceed earnings threshold compare with the firm that cannot achieve earnings threshold would not reverse
at the next earnings announcement date.
The result shows that the firm that exceeded earnings threshold would receive lower return at the next period,
only if the firm face higher information asymmetri. The research provides evidence that the abnormal reversal
is the earnings announcement data one year after the initial earnings announcement.
Keywords: earnings management, earnings threshold, the asymmetry of information

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Jurnal Ekonomi dan Bisnis Airlangga (JEBA) (p-ISSN: 2338-2686; e-ISSN: 2597-4564) is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License