PENGARUH PERATAAN LABA DAN RASIO KEUANGAN TERHADAP REAKSI PASAR

Abstract

This research is meant to test the influence of income smoothing and financial ratio. The type of research is using quantitative. The samples are taken from property and real estate companies which are listed in Indonesia Stock Exchange in 2011-2014 periods which have been selected by using purposive sampling. The analysis method of this research has been done by using multiple linear regressions analysis technique. Based on the result of the analysis it can be concluded that income smoothing does not have any influence to the market reaction because income smoothing practices are not provided directly in the financial statements. Current ratio does not have any influence to the market reaction because the company pays more attention to the business expansion in the form of long term investment. Debt equity ratio has an influence to the market reaction because debt that is used for a long term investment is high, the value will make the company has good prospect in the future. Return on asset does not have any influence to the market reaction because the value of return on assets is small and it has not been able to attract the investors to invest yet. Earnings per share have an influence to the market reaction because the value of earnings per share is reflects the income which will be accepted by the stakeholders. Price earnings ratio does not have any influence to the market reaction because the rate of price that has been paid on profit is stable. Asset turnover has an influence to the market reaction because when the value of asset turnover will show that the fund is more efficient in the company.
Keywords: Income Smoothing, Financial Ratio, Stock Return.