Analisis Reaksi Investor terhadap Pengumuman Laba: studi empiris pada perusahaan manufaktur yang terdaftar di bursa efek jakarta tahun 2001-2004

Devi, Putu Satvika, Drs. L. Suparwoto, M.Sc. Ak.

2007 | Skripsi | S1 Extention - Accounting

Information about earnings is the primary focus of a financial reporting. Investors reaction to the earnings announcement indicates that the announcement have information content. The objective of the study is to prove the investors reaction to the earnings announcement empirically, meaning that there are abnormal return around the earnings announcement date.



The study uses the event study approach. The sample were taken from the manufacturing company listed in Jakarta Stock Exchange and reported earnings in 2001-2004. Event period was seven days and estimation period was one hundred days. Expected return depended on the mean adjusted model. The study result proved that investors react to the earnings announcement because there were significant abnormal return within the earnings announcement dates.

Keyword: investors reaction, earnings announcement, information content, abnormal return

Kata Kunci : Reaksi Investor, Pengumuman Laba, Investasi, Perusahaan Manufaktur, BEJ