Pengaruh Pengumuman Laba terhadap Harga Saham pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Jakarta

Muliana, Dr. Mamduh M Hanafi, M.B.A.

2007 | Skripsi | S1 Management

Investment in stock is risky investment. So that, investor requires higher rate at return from the investment than of other investments with lower risk. In order to earn these return, investor need to have the ability to read all of the relevant signals, analyze them and then determine whether to buy, hold or sell particular stocks. Earnings announcement is one of the signals about future prospect of the firm. Earnings announcement is one of publicly available information, that could convey a useful information to investors in making investment decision in stock. The objectives of this study is to examine whether earnings announcement have a positive effect to stock price. To achieve the objectives, the study uses the simple regression model to analyze sampling data of 41 manufacturing companies that their shares are sold at the Jakarta Stock Exchange during the period of April 2005 to April 2006. The study uses Standardized Unexpected Earning (SUE) as variable of earnings announcement and Cumulative Abnormal Return (CAR) as variable of stock price. Based on the result of hyphotesis testing, this study concludes that earnings announcement do not have an effect on stock price, especially at manufacturing companies in the Jakarta Stock Exchange. Because level of earning (Earning Per Share/EPS) as information for investor in making investment decision in stock didn't matched to investor expectation. Therefore, though the emiten announce the earning as a good news, but the investor assumes it as a bad news. So, stock price not increase after earnings announced. Keywords : Return, Earnings announcement, Stock price.

Kata Kunci : Return, Earnings announcement, Stock price, Harga Saham, Pasar Modal, Investasi, Penguman Laba