pengujian Reaksi Investor terhadap Publikasi Rasio-rasio keuangan Good News dan Bad News di sekitar Tanggal Publikasi: studi empiris pada perusahaan LQ 45 yang terdaftar di BEJ periode 2003-2005

Pratiwi, Indika Sekar, Dra. Sri HAndaru Yuliati, M.B.A.

2007 | Skripsi | S1 Management

The main limitation of most empirical studies pertaining to the usefulness of financial statements releases is that they did not examine yet the investor reaction to the good and bad news financial ratios. The purposes of this research are to test investor reaction to financial ratios announcement, investor reaction to the good and bad news financial ratios. This research used event study method to analyze investor reaction and T-test to analyze differences of investor reaction between the good and bad news financial ratios announcements. The sample consists of 118 LQ 45 companies that release financial ratios in the Jakarta Stock Exchange for the period of 2003-2005. The result show that JSE"s investors respond to the firms good news and bad news financial ratios announcement. Statistically, however, this study finds that there is no significant market reaction to the good and bad news financial ratios in 2004 and 2006. In 2005 this study finds that there is significant market reaction to the good and bad news financial ratios. There is no significant difference between investor reaction to the good and bad news financial ratios announcements. Keyword: financial ratios, good news and bad news, event study, abnormal return

Kata Kunci : financial ratios, good news and bad news, event study, abnormal return, Investasi