REAKSI INVESTOR TERHADAP PUBLIKASI LAPORAN KEUANGAN DI MEDIA MASSA PADA PERUSAHAAN PUBLIK
Abstract: It is widely known
that financial statement provide accounting information helping
the investor to evaluate the
company financial performance.
Company value could be drawn by accounting information in the financial
statement. The availability of this information can help the investor to make
investment decision. To prove it, this research analyzes and
tests the content
of the accounting
information in financial statement that published in
newspapers. The testing for the investment performance could
be reflected by the trading
volume and the
stock price of the
companies that listing
in BEJ, with
total samples 51 companies from 2005 till 2007. First
research has objective to analyze the influence of the financial statement
published to the trading volume activity. This analysis is for all the samples
and clustered by industry. The Result
of the analysis during 5 days before and 5 days after the published is only has a
significant difference trading volume for basic industry. Second research has
objective to analyze the influence of the financial statement
published to the
excess return. The
result of this event window for 11 days around the
published date shows that there is a significant difference for stock price for
the 2 days periods before the published. The significant level is lower than
0,05, it means reject Ho. In conclusion, the published of the financial
statement is significant influence the excess return.
Keywords: Trading volume
activity and excess return
Penulis: SHANTI S
Kode Jurnal: jpakuntansidd120104
