Analisis Perbedaan Reaksi pasar dan Risiko Investasi Antara Perusahaan Yang Melakukan perataan Laba dan perusahaan yang Tidak Melakukan perataan Laba di Bursa Efek Jakarta Pasca Krisis Moneter di Indonesia

Abstract

This research was intended to examine the differences between the componies performance with income smoothing and without income smoothing. The performances were meosured by Ecket Indix. The variable were measuredln this research is cumulative Abnormal Return (CAR) and Risk (standart Deviation). This Research is motivated by the result of Mas'ud Mahfoedz (lggl) and many researches which stoted thot there ai many corporates make management earnings with income smoothing, it can make the fiiancial report good looking even that's not true. The historical data's used in this research were taken from Jakarta stock Exchange data during 1999 until 2005 which were selicted by purposive sampling technique. There was a null hypotheses which was tested. It was stated that there is no dffirences market reociin between comparnies performance iycong with sntoothing arul without income smoothing afte) Indonesia crisis. The hypotheses was tested by T paired sample test. The result showed that no dffirences market reaction between companies performance with income smoothing and without income smoothing in tie first and second observation. But hwe significant dffirences between companies performance with income smoothing ind withotii income smoothing in third hypothesis. It is in accordance with Aisih and Gudono (2000)