HUBUNGAN MANAJEMEN LABA SEBELUM IPO TERHADAP RETURN SAHAM DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI
Abstract: The financial
statements is a source of information for investors in making investment
decisions. At the time of IPO, managers tend to take advantage of high
information asymmetry for earning management in order to attract investor in
earnings report. The purpose of this study is to investigate earnings
management during periods around the Initial Public Offering of a company. This
study also examine the effect of earnings management on stock returns and
examine firm size in moderating the relationship between earning management and
stock return. Sample of the study consists 68 non-financial companies that take
place IPO during 2005-2010. Research model to examine the discretionary
accruals using the Modified Jones models. One test sample t-test is used to test
whether significant discretionary accrual among IPOs and multiple linear
analysis is used to examine the effect of earnings management to market
reaction and the moderating influence of firm size in relation to the stock
returns of earnings management. The results shows that there are patterns of
earnings management in t-1, t0 and t +1 periods. 1 year of earnings management
before the IPO do not significantly influence stock returns. However, the
company size proved to moderate the relationship of earnings management 1 year
before the IPO shares to return with positive coefficient.
Penulis: Angga Surya, Indira
Januarti
Kode Jurnal: jpakuntansidd120524
