PERAN VARIABEL MODERASI UKURAN PERUSAHAAN PADA PENGARUH LABA AKUNTANSI DAN KOMPONEN ARUS KAS TERHADAP REAKSI PASAR

Abstract

This research aimed to examine the effect of accounting profit, and cash flow components on market reaction; with firm size as a moderating variable of Manufacturing companies listed on the Indonesia Stock Exchange 2019-2021. The market reaction was a proxy with Rit, firm size was a proxy with LNTA, accounting profit was a proxy with EAT, operation cash flow was a proxy with AKO, investment cash flow was a proxy with AKI, and funding cash flow was a proxy with AKP. The research was quantitative with 132 samples of manufacturing companies listed on the Indonesia Stock Exchange (IDX) 2019-2021. The data collection technique used purposive sampling. The data analysis technique used a t-partial test and Moderated Regression Analysis (MRA) test. The result showed that: (a) accounting profit, operational cash flow, investment cash flow, and firm size did not affect the market reaction, (b) funding cash flow had a positive effect on the market reaction, (c) firm size could moderate the effect of accounting profit on the market reaction and effect of funding cash flow on the market reaction, (d) firm size could not moderate the effect of market operation cash flow and effect of the investment cash flow on the market reaction.