PENGARUH TINDAKAN PERATAAN LABA TERHADAP REAKSI PASAR DENGAN KUALITAS AUDITOR DAN KEPEMILIKAN MANAJERIAL SEBAGAI VARIABEL PEMODERASI
Oleh :
Mudjiono
Dosen Tetap STIE AKA Semarang
ABSTRACT
Financial statement is to represent result of from operational activity done by reported
company to external and also internal side of company. One of the most parameter is often
used for measure or improvement degradation of performance at company is profit. Profit
which mounting from previous period is indication that company performance is nicely and
this matter can influence the make-up of share price. Management action do policy of income
smoothing is to represent action to create stable profit and lessen covariance from market
return, also expected can give influence which to the advantage of price of stocks and also
assessment of manager performance defending it self in management of company utilize
importance of prosperity of company employees and also to facilitate all investor for the
predicted of return for future period. This research is to test reaction of market to action
income smoothing to the manufacturing business audit financial statement by independent
public accountant which with quality and less with quality which listed in the Indonesia Stock
Exchange (IDX). Besides also examine reaction of market to income smoothing to the
owneship of managerial. Population in this research is manufacturing business which listed
in Indonesia Stock Exchange from year 2004 until year 2006, while its determination of use
purposive method and pursuant to criterion obtained by sample counted 84
manufacturing business. this Research data represent obtained secondary data from
Indoesian Capital Market Directory (ICMD). Analysis data use multivariate regression
analysis. Result of from this research is showed that according to together all free variable in
this research have an effect on positive and significant to reaction of market. Results also
showed that the variable of the Auditor quality was not to influence relation between action
income smoothing with reaction of market at period announcement of company profit,
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