PENGARUH PERATAAN LABA, TOTAL ARUS KAS DAN LEVERAGE TERHADAP REAKSI PASAR PADA PERUSAHAAN PUBLIK YANG LISTING DI BURSA EFEK INDONESIA (BEI)

Lestari, Tika (2012) PENGARUH PERATAAN LABA, TOTAL ARUS KAS DAN LEVERAGE TERHADAP REAKSI PASAR PADA PERUSAHAAN PUBLIK YANG LISTING DI BURSA EFEK INDONESIA (BEI). S1 thesis, Universitas Negeri Jakarta.

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Abstract

Tika Lestari, 2011; The Influence of Income Smoothing, Cash Flow Total and Leverage to Market Reaction in the Companies listed at the Indonesia Stock Exchange Tutors; Rida Prihatni, SE.,Akt. M.Si., dan Yunika Murdayanti,SE.,M.Si Generally, the purpose of the research are: 1) to know about the influence of income smoothing to market reaction, (2) to know about the influence of cash flow total to market reaction, and (3) to know about the influence of leverage to market reaction. This research used 40 companies listed at Indonesia Stock Exchange except for financial firms from the years 2007-2009 selected by purposive sampling method. The data is calculated Eckel index value to know companies that perform income smoothing, cash flow total , leverage, and cummulative abnormal return. This research used classical assumptions to find out whether the specified regression equation is a model that can produce an unbiased estimate of the test for normality, multicollinearity, autocorrelation, and heterokedastisitas, descriptive statistics for statistical testing and multiple linear regression to test the hypothesis. Results of multiple linear regression in this test is Y = 0.112 + Log 0.010 X1 – Log 0.003 X2 – 0.185 X3 + e. The test results showed that leverage significant influence to market reaction, while income smoothing and cash flow total did not influence to the market reaction. This is because investors have learned the practice of income smoothing that is performed by the company, the weakness in the calculation of earnings smoothing by using the index Eckel, and also happens to global there is conditions in 2008 which resulted in reduced stock price, IHSG, and the purchasing power of investors in investing.

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