Hubungan set investasi dengan perataan laba dan return saham
Wirniati, Vera (Adv.: Dr. Eko Suwardi, M.Sc), Dr. Eko Suwardi, M.Sc
The objectives of this research is to empirically examine whether Investment Opportunity Set (IOS) significantly associates with income smoothing and stock return. Based on 128 manufacturing firm listed in the Jakarta Stock Exchange. The income smoothing is used index eckel (1981) and variables are used as proxies of Investment Opportunity Set: ratio of market to book assets, ratio price to earning and ratio of capital expenditure to book assets. The IOS is measured used to classify from into growth and no-growth firms. These variables are analized by common factor analysis.
This research finds that growth firm have lower income smoothing than no growth firm. So growth firm have lower stock return than no growth firm, proxied by return realization.
Kata Kunci : Investment Opportunity Set (IOS), Common Factor Analysis, Income Smoothing, Index Eckel (1981) and Stock Return
